Document:

Exhibit 10.1

  

  
     

    

    SHAREHOLDER’S DEED

    

    

    BY AND BETWEEN

    

    

    TRONOX HOLDINGS PLC

    

    

    AND

    

    

    EXXARO RESOURCES LIMITED

    

    

    AS OF

    

    

    MARCH 14, 2019

     

      

    
      
        

    

    
    TABLE OF CONTENTS

    

      	 	 	
              Page

            
	 	 	 
	
              1.

            	
              The Company’s Representations and Warranties

            	
              1

            
	 	 	 
	
              2.

            	
              The Shareholder’s Representations and Warranties

            	
              2

            
	 	 	 
	
              2.A

                  

            	Condition Precedent	3
	

            	 	 
	
              3.

            	
              Covenants and Agreements of the Shareholder

            	
              3

            
	 	 	 
	
              4.

            	
              Preemptive Rights

            	
              5

            
	 	 	 
	
              5.

            	
              [Reserved]

            	
              7

            
	 	 	 
	
              6.

            	
              Flip-in Rights.

            	
              7

            
	 	 	 
	
              7.

            	
              Other Rights.

            	
              7

            
	 	 	 
	
              8.

            	
              Legend on Certificates

            	
              7

            
	 	 	 
	
              9.

            	
              Governance Matters

            	
              8

            
	 	 	 
	
              10.

            	
              Registration Rights

            	
              14

            
	 	 	 
	
              11.

            	
              Termination

            	
              21

            
	 	 	 
	
              12.

            	
              Affiliates

            	
              21

            
	 	 	 
	
              13.

            	
              Specific Performance

            	
              22

            
	 	 	 
	
              14.

            	
              Responsibility for Compliance; Shareholder Capacity

            	
              22

            
	 	 	 
	
              15.

            	
              [Reserved]

            	
              22

            
	 	 	 
	
              16.

            	
              No Circumvention; Cumulative Remedies

            	
              22

            
	 	 	 
	
              17.

            	
              Amendment and Modification

            	
              23

            
	 	 	 
	
              18.

            	
              Notices

            	
              23

            
	 	 	 
	
              19.

            	
              Severability; Waiver.

            	
              24

            
	 	 	 
	
              20.

            	
              Assignment.

            	
              24

            
	 	 	 
	
              21.

            	
              Governing Law.

            	
              24

            
	 	 	 
	
              22.

            	
              Jurisdiction and Venue

            	
              24

            
	 	 	 
	
              23.

            	
              Counterparts.

            	
              25

            
	 	 	 
	
              24.

            	
              Headings; Construction.

            	
              25

            
	 	 	 
	
              25.

            	
              Joint Draft.

            	
              26

            
	 	 	 
	
              26.

            	
              Entire Agreement.

            	
              26

            
	 	 	 
	
              27.

            	
              Third Parties.

            	
              26

            

       

      

    

    
      i

      
        

    

    
    
      SHAREHOLDER’S DEED

      
        

        

        SHAREHOLDER’S DEED (this “Deed”), dated as of March 14,
            2019, by and between Tronox Holdings plc, an English public limited company (the “Company”), and Exxaro Resources Limited, a corporation organized under the laws of
            the Republic of South Africa (“ERL” or the “Shareholder”).

        

        

        WHEREAS, Tronox Limited, an Australian company (“Australian Tronox”),

            ERL and Thomas Casey entered into the Shareholder’s Deed in order to establish certain rights, restrictions and obligations of the Company and the Shareholder relating to Australian Tronox, dated as of 15 June 2012, as amended (the “Original Deed”);

        

        

        WHEREAS, the Company proposes to acquire the entire issued share capital of Australian Tronox by two schemes of arrangement pursuant
            to Part 5.1 of the Corporations Act 2001 (Cth) (the “Schemes”).  Upon implementation of the Schemes, Australian Tronox will become a wholly-owned subsidiary of the
            Company (“Implementation”). The Original Deed will terminate with effect from Implementation in accordance with Section 11(ii) of the Original Deed and, from such
            date, the governance arrangements between the Company, Australian Tronox and ERL shall be subject to the terms of this Deed, the Exxaro Mineral Sands Transaction Completion Agreement (the “Completion Agreement”) entered into by Australian Tronox, Tronox LLC, Tronox UK Holdings Limited,  Tronox Global Holdings Pty Limited, the Company and ERL on 26 November 2018 and the Shareholders’ Agreement in respect
            of Australian Tronox’s and ERL’s ownership of certain South African companies, dated as of 15 June 2012, as amended (collectively referred to herein as the “Transaction
                Agreements”); and

        

        

        NOW, THEREFORE, in consideration of the mutual agreements contained herein and in the Completion Agreement and intending to be
            legally bound hereby, the parties hereto agree as follows:

        

        

        
          
            
              
                
                  
                    1.            The Company’s Representations and
                          Warranties.

                  

                

              

            

          

        

        

        

        The Company represents and warrants to the Shareholder as follows:

        

        

        
          (a)          Good Standing.  The Company is a public company limited by shares incorporated under the English Companies Act 2006 (the “Companies Act”) with registered number 11653089, whose registered office is at 3rd Floor 25 Bury Street, London, SW1Y 2AL;

           

          (b)          Authority.  Save for any approval or consents required in order for Implementation to occur, the Company has full legal capacity and power to enter into this Deed
              and carry out the transactions that this Deed contemplates;

           

          (c)          Binding Agreement.  This Deed has been duly and validly authorized, executed and delivered by the Company and, assuming the
              accuracy of the representation and warranty of the Shareholder in Section 2(c), constitutes a legal, valid and binding obligation of the Company, enforceable against the Company in accordance with its terms, except to the extent that (i) such
              enforceability may be limited by bankruptcy, insolvency, reorganization, moratorium or other similar laws now or hereafter in effect affecting creditors’ rights generally and (ii) the remedy of specific performance and injunctive and other
              forms of equitable relief may be subject to certain equitable defenses and to the discretion of the court before which any proceedings therefor may be brought; and

           

          
            1

            
              

          

          (d)          No Conflict.  The execution and delivery of this Deed and the consummation of the transactions contemplated hereby will not conflict with, result in the breach of
              any of the terms or conditions of, constitute a default under or violate, accelerate or permit the acceleration of any other similar right of any other party under, the Company’s Articles, any law, rule or regulation or any agreement, lease,
              mortgage, note, bond, indenture, license or other instrument or undertaking, to which the Company is a party or by which the Company or its properties may be bound, nor will such execution, delivery and consummation violate any order, writ,
              injunction or decree of any federal, state, local or foreign court, administrative agency or governmental or regulatory authority or body (each, an “Authority”)

              to which the Company or any of its properties is subject, the effect of any of which, either individually or in the aggregate, would impair in any material respect the ability of the Company to perform its obligations hereunder.

           

          
            
              2.            The Shareholder’s Representations and
                    Warranties.

            

          

           

          The Shareholder represents and warrants to the Company as follows:

           

          (a)          Good Standing. ERL is a company limited by shares organized under the laws of the Republic of South Africa with registered number
              2000/011076/06, whose registered office is at Exxaro Corporate Centre, Roger Dyason Road, Pretoria West, Gauteng, 0002;

           

          (b)          Authority.  The Shareholder has full legal capacity and power to enter into this Deed and carry out the transactions that this Deed contemplates;

           

          (c)          Binding Agreement.  This Deed has been duly and validly authorized, executed and delivered by the Shareholder, and, assuming the accuracy of the representation and warranty of the
              Company in Section 1(c), constitutes a legal, valid and binding agreement of the Shareholder, enforceable against the Shareholder in accordance with its terms, except to the extent that (i) such enforceability may be limited by bankruptcy,
              insolvency, reorganization, moratorium or other similar laws now or hereafter in effect affecting creditors’ rights generally and (ii) the remedy of specific performance and injunctive and other forms of equitable relief may be subject to
              certain equitable defenses and to the discretion of the court before which any proceedings therefor may be brought;

           

          (d)          Ownership of Shares.  Immediately following Implementation, (i) except for the Company’s ordinary shares (the “Shares”)

              Beneficially Owned by the Shareholder and the Shareholder’s rights arising under the Transaction Agreements, neither the Shareholder nor any of its Affiliates (for the purposes of this Deed, the term “Affiliates” shall be defined as such term is defined on the date hereof under the rules and regulations promulgated by the Securities and Exchange Commission (the “Commission”) under the Securities Act of 1933, as amended (the “Securities Act”), provided that for purposes of this
              Deed the Company, any of its past or present directors, and the Shareholder shall not be deemed to be Affiliates of each other), (1) Beneficially Owns any equity securities of the Company entitled to vote at any general meeting of the Company
              or (2) possesses any rights to acquire any Shares or (3) has any voting power in the Company; and (ii) the Shareholder Beneficially Owns such Shares free and clear of any liens, restrictions on transfer (other than any restrictions under the
              Securities Act, the applicable securities laws of any other jurisdiction and the provisions of this Deed and the other Transaction Agreements), options, warrants, rights, calls, commitments, proxies or other contract rights; and

           

          
            2

            
              

          

          (e)          No Conflict.  The execution and delivery of this Deed and the consummation of the transactions contemplated hereby will not conflict with, result in the breach of any of the terms
              or conditions of, constitute a default under or violate, accelerate or permit the acceleration of any other similar right of any other party under, constitutive documents of the Shareholder, any law, rule or regulation, or any agreement,
              lease, mortgage, note, bond, indenture, license or other instrument or undertaking, to which the Shareholder is a party or by which the Shareholder or its properties may be bound, nor will such execution, delivery and consummation violate any
              order, writ, injunction or decree of any Authority to which the Shareholder or any of its properties is subject, the effect of any of which, either individually or in the aggregate, would impair in any material respect the ability of the
              Shareholder to perform its obligations hereunder.

           

          
            
              2.A         Condition Precedent

            

          

           

          This Deed becomes effective immediately upon the Implementation having occurred.  A written confirmation from the Company to the
              Shareholder to the effect that the Implementation has occurred shall be a good and sufficient confirmation for the purposes of this Section.

           

          
            
              3.            Covenants and Agreements of the
                    Shareholder.

            

          

           

          (a)          [Reserved]

           

          (b)          [Reserved]

           

          (c)          Restriction on Acquisition of Shares.  The Shareholder will not, and will cause each of its Affiliates not to, acting alone or through participation with a Section 13(d) Group (as
              defined below), acquire or intend to acquire Beneficial Ownership (as defined below) of any Shares (including through the acquisition of ownership or control of another member of the Company) if, following such acquisition, the Shareholder
              and its Affiliates will have Beneficial Ownership greater than or equal to 50% of the Shares (the “Limit”); unless the Shareholder complies with the following
              procedures:

           

          

          
            
              (i)      The Shareholder must first bring any proposal to equal or exceed the Limit to the Company’s Board of Directors (the “Board”)

                  on a confidential basis and in a form which would not reasonably be expected to require the Company to make a public announcement concerning such proposal.  The proposal must be either for a takeover offer for all of the Shares in the
                  Company (a “Takeover Offer”) or for a negotiated transaction with the Company (each an “Acquisition Proposal”).  Authority for the review, negotiation and recommendation to the Board and, if applicable, the Company’s shareholders of any such Acquisition Proposal will be delegated to the Special
                  Committee (as defined in Section 9(f) below).

               

                  

              (ii)    The Shareholder and the Special Committee shall negotiate the Acquisition Proposal in good faith for 30 days in order to reach a mutually acceptable arrangement in respect of the Acquisition Proposal that is
                  in the best interest of the Company’s shareholders.

            

          

          
            
               

                

              
                3

                
                  

              

            

          

          
            
              (iii)     If the Special Committee and the Shareholder cannot reach an agreement on the Acquisition Proposal or if the Special Committee cannot recommend the Acquisition Proposal to the Board or the
                  Company’s shareholders at the end of such 30-day negotiating period, then the Shareholder, either acting alone or through its participation with a Section 13(d) Group, may make a takeover offer to acquire all, but not less than all, of
                  the issued Shares held by Non-affiliated Members (as defined below) (a “Unilateral Takeover Offer”); provided that it must be a condition of any such Unilateral Takeover Offer that at the time the Unilateral Takeover Offer becomes unconditional, binding acceptances have been received from at
                  least a majority of the Shares held by Non-affiliated Members and those shareholders have no right to withdraw their acceptances, and such condition may not be waivable by the offeror for the Unilateral Takeover Offer or any other person
                  (the “Non-waivable Majority of Minority Condition”).

               

                

            

          

          
            
              (iv)     An increase of the voting power of the Shareholder or an Affiliate of the Shareholder which occurs in compliance with this Section 3(c) is exempted from Article 152 of the Company’s Articles.

               

                

            

          

          
            
              (v)      For purposes of this Deed, “Non-affiliated Members” means those holders of Shares other than Shareholder,
                  its Affiliates and members of its Section 13(d) Group, if any.

               

                

            

          

          
            
              (vi)     For purposes of this Deed, a “Section 13(d) Group” means any Person acting together with its Affiliates and
                  any other members of a “group,” within the meaning of Section 13(d)(3) of the Exchange Act of 1934, as amended (the “Exchange Act”) of which it is a
                  part, either through a formal agreement or an informal arrangement.

               

                

            

          

          
            
              (vii)   For purposes of this Deed, “Beneficial Ownership” shall have the meaning ascribed to the term “beneficial ownership” in
                  Rule 13d-3 under the Exchange Act without regard to the sixty day requirement in Rule 13d-3(d)(1)(i) and, in addition, the term “Beneficial Ownership” shall also include any Shares for which a disclosure obligation exists for the Shares
                  pursuant to Section 13(d)(1)(E) of the Exchange Act in respect of any derivative transaction or derivative securities. The term “Beneficially Owned”
                  shall be construed accordingly.

               

                

            

          

          
            
              (viii)   Notwithstanding the foregoing, Beneficial Ownership increases that cause the Shareholder to exceed the Limit which result directly from share distributions or share splits made available to
                  holders of Shares generally or a reduction in the Company’s share capital shall not be deemed to have caused the Shareholder or an Affiliate to exceed the Limit if the Shareholder or Affiliate reduces its Beneficial Ownership in the
                  Shares below the Limit within three months of such event; provided, however,
                  that the Shareholder shall not and shall procure that any Affiliate, or anyone holding Shares on their behalf, does not vote any Shares they hold in excess of the Limit during the period its Beneficial Ownership exceeds the Limit.

               

                

              
                4

                
                  

              

            

          

          (d)          [Reserved]

           

          (e)          Restrictions on Participation in Certain  Shares Votes.  Subject to Section 3(g), the Shareholder will not, directly or indirectly, through one or more intermediaries or otherwise,
              and will cause each of its Affiliates not to, acting alone or as part of a Section 13(d) Group, (i) make, or in any way participate in, any “solicitation” of “proxies” (as such terms are defined or used in Regulation 14A under the Exchange
              Act) with respect to any  Shares (including by the execution of actions by written consent) or become a “participant” in any “election contest” (as such terms are defined or used in Regulation 14A under the Exchange Act), in each case, with
              respect to any director that is not nominated by the Shareholder (“Non-Exxaro Director”) or position or (ii) seek to advise, encourage or influence (including with
              respect to the nomination of any nominees) any person or group with respect to the voting of any Shares (including any “withhold the vote” or similar campaign with respect to the Company or the Board) with respect to any Non-Exxaro Director
              or position, regardless of whether the Company is subject to the rules and regulations promulgated under the Exchange Act; provided, however, that the Shareholder shall not be prevented hereunder from being a “participant” in support of the management of the Company, by reason of the membership of the Exxaro Directors on the
              Board or exercise of the Shareholder’s Beneficial Ownership of the Shares in accordance with this Deed.

           

          (f)          Voting at meetings of members.  Subject to Section 3(g) if the Shareholder is eligible or entitled to vote on the removal of a Non-Exxaro
              Director, the Shareholder undertakes that it will not, and will procure that any person holding the Shares on its behalf will not, exercise its right to vote on a resolution for the removal of a Non-Exxaro Director.

           

          (g)          Certain restrictions cease to apply. Sections 3(e) and 3(f) cease to apply to the Shareholder if the Shareholder’s Beneficial Ownership of the
              Shares exceeds fifty percent as a result of: (i) an Acquisition Proposal on which the Shareholder and Special Committee have reached agreement pursuant to Section 3(c) (provided that in the case of an Acquisition Proposal proceeding by way of
              negotiated Takeover Offer, the Takeover Offer must have become wholly unconditional) or (ii) a Unilateral Takeover Offer by it in compliance with Section 3(c)(iii) containing a Non-waivable Majority of Minority Condition becoming wholly
              unconditional

           

          
            
              4.            Preemptive Rights.

            

          

           

          (a)          During the period beginning on the date hereof and ending on the
              date on which the Exxaro Voting Interest (as defined in Section 9(c)(i) below) is less than 7.5%, if the Company issues any additional Shares (an “Additional Issuance”),

              except for issuances pursuant to (i) any option to acquire Shares, warrants, convertible securities or other rights to purchase shares of the Company existing at the date
              of this Deed, (ii) any benefit plan or other employee or director plan or arrangement or any awards granted thereunder, (iii) an employee share ownership or purchase plan, or (iv) any share split, share distribution or similar distribution
              made available to holders of Shares generally (including the Shareholder) (each a “Permitted Issuance”), then during the 30-day period following the date on which
              the Company has given the Shareholder written notice of the occurrence of the Additional Issuance, the Shareholder, or any person holding Shares on its behalf, shall be entitled to subscribe for (and the Company must, subject to the Companies
              Act, issue), at the then Current Market Price (as defined below), up to that number of Shares obtained by calculating, on the third business day (a “business day”,
              for purposes of this Deed, means a day other than a Saturday or a Sunday that is not an official public holiday in Johannesburg, New York or London) prior to the closing date of such issue, (1) the product of (A) the quotient of (x) the
              number of Shares owned by the Shareholder immediately prior to the Additional Issuance divided by (y) the aggregate number of Shares immediately prior to the Additional Issuance and (B) the aggregate number of Shares being issued by the
              Company in the Additional Issuance and (2) subtracting from such product the number of Shares, if any, issued to (or on behalf of), or purchased by (or on behalf of), the Shareholder in such Additional Issuance and the number of Shares
              otherwise acquired by (or on behalf of) the Shareholder during the period beginning on the date of the Additional Issuance until the third business day prior to the closing date of such issue.  If there is more than one registered holder of
              the Exxaro Voting Interest at the date of an Additional Issuance, the entitlement of each Shareholder to subscribe for Shares under Section 4(a) will be apportioned (as nearly as practicable) among the Shareholders in proportion to the number
              of Shares each Shareholder holds and otherwise in accordance with Section 4(a).

           

          
            5

            
              

          

          (b)          For purposes hereof, the “Current Market Price” on the date of the calculation thereof shall be deemed to be the arithmetic average of the volume weighted average price per Share for each of the 30 consecutive Trading Days
              immediately prior to such date (x) if the Shares are not listed or admitted for trading on any national, international or foreign securities exchange but trades in the Shares are otherwise quoted or reported by the OTC Bulletin Board service
              (the “OTCBB”) or such other quotation system then in use, as reported by Bloomberg (or in the event such price is not so reported for any such Trading Day for any
              reason or is manifestly erroneous, as reasonably determined by an Approved Bank), or (y) if the Shares are listed or admitted for trading on any national, international or foreign securities exchange, as reported by such exchange (provided
              that if the Shares are listed on more than one national, international or foreign securities exchange, then the national, international or foreign securities exchange with the highest average trading volume for the Shares during the 30
              Trading Day period shall be used for such purpose; provided further that in the event
              such price is not so reported for any such Trading Day for any reason or is manifestly erroneous, as reasonably determined by an Approved Bank); provided, however, that in the event that the Current Market Price per share of the applicable Shares is determined during a period following the announcement by the Company of
              (A) a dividend or distribution on such Shares payable in such Shares or securities convertible into such Shares, or (B) any conversion, subdivision, combination, consolidation, reverse share split or reclassification of such Shares, and the
              ex-dividend date for such dividend or distribution, or the record date for such conversion, subdivision, combination, consolidation, reverse stock split or reclassification shall not have occurred prior to the commencement of the requisite 30
              Trading Day period, then the Current Market Price shall be properly adjusted to take into account ex-dividend trading.

           

          (c)          If the Shares are not publicly held or not so listed or traded,
              Current Market Price per share shall mean the fair value per share as determined in good faith by an Approved Bank (as defined below), whose determination shall be conclusive for all purposes. The term “Trading Day” shall mean a day on which the OTCBB is open for the transaction of business or, if the Shares are listed or admitted to trading on the applicable national, international or foreign
              securities exchange, a day on which such national, international or foreign securities exchange is open for transaction of business.  The term “Approved Bank” shall
              mean any of JPMorgan, Morgan Stanley, Credit Suisse, Citi, Bank of America Merrill Lynch, or Barclays (or their respective successors).

           

          
            6

            
              

          

          
            
              5.           [Reserved].

            

          

           

          
            
              6.           Flip-in Rights.

            

          

           

          The Flip-in Rights are now contained in the Completion Agreement.

          

          

          
            
              7.           Other Rights.

            

          

           

          (a)          Matching Rights.  If any other person who is or becomes a holder of 3% or more of the Shares is granted rights by the Company as a shareholder of the Company (solely in such
              capacity) that are more favorable to such shareholder than the rights granted to the Shareholder pursuant to this Deed, the Company shall promptly cause this Deed to be amended to cause the corresponding rights to be provided to the
              Shareholder under this Deed.  In determining whether a holder of the Shares is granted rights more favorable than the rights granted to the Shareholder under this Deed, no account shall be taken of any restrictions or obligations to which the
              Shareholder is subject under this Deed or to which such holder agrees.

           

          (b)          Dividend Reinvestment Plans.  For as long as the Exxaro Voting Interest (as defined below) is at least 7.5%, the Company may not adopt, approve
              or recommend to the Company’s shareholders a dividend reinvestment plan (or any plan with similar effect) without the Shareholder’s prior written approval.

           

          (c)          Persons to be bound by the Agreement. For the avoidance of doubt, the Shareholder shall cause any person who holds legal title to Shares, which
              are Beneficially Owned by the Shareholder, to comply with the provisions of this Deed and to be bound by all obligations of the Shareholder under this Deed.

           

          8.            Legend on Certificates.  The Shareholder hereby acknowledges and agrees that, if any certificates are issued in respect of the Shareholder’s Shares, each certificate shall include the following
              legend:

           

          THE SHARES REPRESENTED BY THIS CERTIFICATE HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES
              ACT”), AND MAY BE OFFERED OR SOLD ONLY IF REGISTERED UNDER THE SECURITIES ACT OR IF AN EXEMPTION FROM REGISTRATION IS AVAILABLE. THESE SHARES ARE SUBJECT TO CERTAIN LIMITATIONS ON TRANSFER SET FORTH IN AN AGREEMENT, DATED AS OF 26 NOVEMBER
              2018, BETWEEN TRONOX LIMITED, TRONOX LLC, TRONOX HOLDINGS PLC, TRONOX UK HOLDINGS LIMITED, TRONOX GLOBAL HOLDINGS PTY LIMITED AND EXXARO RESOURCES LIMITED, INCLUDING, BUT NOT LIMITED TO, CERTAIN RESTRICTIONS AND LIMITATIONS ON THE SALE,
              TRANSFER, ASSIGNMENT, PLEDGE, ENCUMBRANCE OR OTHER DISPOSITION OF THE SHARES REPRESENTED BY THIS CERTIFICATE. A COPY OF SUCH AGREEMENT IS ON FILE WITH THE SECRETARY OF THE COMPANY AND HAS BEEN FILED BY THE COMPANY WITH THE SECURITIES AND
              EXCHANGE COMMISSION.

           

          
            7

            
              

          

          Within one business day after receipt by the Company of a demand by the Shareholder, the Company agrees to remove the legend in
              connection with Transfers in compliance with applicable law and as permitted in accordance with this Deed.

           

          
            
              9.            Governance Matters.

            

          

           

          (a)          [Reserved]

           

          (b)          Board Nominations.

           

          
            
              (i)     The nominating and corporate governance committee of the Board (the “Nominating Committee”) shall consist entirely of
                  Non-affiliated Directors (as defined in the Company’s Articles) and shall nominate for election the directors to be elected by shareholders as set forth in Section 9(b)(ii).

               

                

            

          

          
            
              (ii)     Subject to applicable law, relevant stock exchange rules and the Company’s corporate governance standards, the Nominating Committee shall nominate as directors to be elected by shareholders the
                  persons identified in a written nomination signed by the Shareholder (such nominated directors the “Exxaro Directors”).  Subject to applicable law and
                  to the extent that doing so would not be inconsistent with the directors’ duties, the Company shall use reasonable best efforts to cause the Board and the Nominating Committee to take all actions necessary (including recommending the
                  election of the Exxaro Directors to the Company’s general meeting) such that the Exxaro Directors designated for nomination in accordance with this Section 9(b) shall be elected as directors.

               

                

            

          

          
            
              (c)          Board Representation.

            

          

           

          
            
              (i)      “Exxaro Voting Interest” means, the quotient, expressed as a percentage, obtained by dividing (i) the
                  aggregate number of Shares Beneficially Owned by the Shareholder by (ii) the aggregate number of issued Shares. For as long as the Exxaro Voting Interest is at least ten percent (10%), the number of Exxaro Directors shall be appointed by
                  the Board or elected at a general meeting and maintained in office in accordance with the following chart:

            

             

            

          

          	
                  Exxaro

                   Voting

                   Interest

                	
                  Number of Exxaro Directors in Relation to Total Number of Directors:

                
	
                  9 or <

                	
                  10

                	
                  11

                	
                  12

                	
                  13

                	
                  14

                	
                  15

                	
                  16

                	
                  17

                	
                  18

                	
                  19+

                
	
                  30% or >

                	
                  3

                	
                  3

                	
                  3

                	
                  3

                	
                  4

                	
                  4

                	
                  4

                	
                  5

                	
                  5

                	
                  5

                	
                  6

                
	
                  20-29.9%

                	
                  2

                	
                  2

                	
                  2

                	
                  2

                	
                  3

                	
                  3

                	
                  3

                	
                  4

                	
                  4

                	
                  4

                	
                  5

                
	
                  10-19.9%

                	
                  1

                	
                  1

                	
                  1

                	
                  1

                	
                  2

                	
                  2

                	
                  2

                	
                  3

                	
                  3

                	
                  3

                	
                  4

                

          

          

          
            
              (ii)     If at any time the number of Exxaro Directors in office is less than the appropriate number of Exxaro Directors indicated above, the Shareholder may, by written notice to the Nominating
                  Committee, nominate new Exxaro Director candidates to serve as Exxaro Directors, and the Company shall promptly take, and cause the Nominating Committee to promptly take, all actions necessary or advisable to appoint such nominated
                  candidates as Exxaro Directors to serve until the next election of directors, as provided in the Company’s Articles, and, if required, to call a general meeting at which the election of directors will be considered.

               

                

              
                8

                
                  

              

            

          

          
            
              (iii)    Subject to applicable law, relevant stock exchange rules and the Company’s corporate governance standards, and to the extent that doing so would not be inconsistent with the directors’ duties,
                  the Company shall use its best efforts to cause the Board and the Nominating Committee not to take any action to remove an Exxaro Director from office and shall promptly notify the Shareholder if any action is taken or proposed to be
                  taken seeking to remove an Exxaro Director from office.

               

                

            

          

          
            
              (iv)     When the number of Exxaro Directors:

               

                

            

          

          
            
              (1)       is reduced as a result of the Exxaro Voting Interest being below a designated threshold in Section 9(c)(i) on the day that is 120 days prior to the Company’s annual general meeting; or

               

                

            

          

          
            
              (2)       is reduced as a result of the Exxaro Voting Interest falling below ten percent (10%) (at any time),

               

                

            

          

          (each, a “Exxaro Director Triggering Event”),

              then the number of Exxaro Directors shall be reduced accordingly and the number of Exxaro Directors necessary to achieve such reduction shall resign from the Board (such resigning Exxaro Director(s) to be selected by the Shareholder within
              ten (10) days after the occurrence of the Exxaro Director Triggering Event). If the number of Exxaro Directors has not reduced by the tenth day after the date on which
                the Exxaro Triggering Event occurs, the number of Exxaro Directors shall be reduced automatically to the number set forth in Section 9(c)(i), with the Exxaro
                Director(s) whose last name(s) is alphabetically closest to the letters “ZZZZ” being designated the person(s) no longer eligible to serve on the Board and who automatically cease to be a director pursuant to the Company’s Articles.  Such
                cessation does not prevent the person being eligible for election or appointment as a director in the future.

           

          (d)          Voting Agreement.  The Shareholder agrees to procure that all of the Shares which it Beneficially Owns are voted  as necessary to ensure that
              at each general meeting at which an election of directors is held, (i) the number of Exxaro Directors set forth in Section 9(b)(ii) is elected and the directors nominated by the Shareholder become Exxaro Directors, and (ii) the number of
              “Shareholder Nominees” (as such term is defined in the separate Shareholders Agreement, to be entered into (the “Cristal Shareholders Agreement”), between the
              Company, Cristal Inorganic Chemicals Netherlands Coöperatief W.A. and The National Titanium Dioxide Company Limited (together, “Cristal”) that is set forth in
              Section 4.4 of the Cristal Shareholders Agreement are elected and such Shareholder Nominees become directors of the Company.  The Shareholder also agrees to procure that all of the Shares which it Beneficially Owns are voted as necessary to
              ensure that (i) no director elected pursuant to Section 4.4 of the Cristal Shareholders Agreement may be removed from office except as provided in the Cristal Shareholders Agreement; and (ii) any vacancies created by the resignation, removal
              or death of a director elected pursuant to Section 4.4 of the Cristal Shareholders Agreement shall be filled pursuant to the provisions of Section 4.4 of the Cristal Shareholders Agreement. The Shareholder agrees to execute any written
              consents required to effectuate the obligations of this Section 9(d).  The Shareholder is entering into this voting agreement for Cristal’s benefit in reliance on Cristal’s reciprocal undertaking to the Shareholder under the Cristal
              Shareholders Agreement.  Nothing in this Section 9(d) shall be construed as an admission that the Shareholder is, for the purposes of sections 13(d) or 13(g) of the Exchange Act, the Beneficial Owner of any Shares that may be Beneficially
              Owned by Cristal or that the Shareholder has formed a Section 13(d) Group with Cristal. Save in respect of this Section 9(d), this Deed shall not be construed to give any beneficiary of the Cristal Shareholders Agreement any consent or
              third-party rights under this Deed. Cristal shall have third party rights to enforce this Section 9(d) and no amendment may be made to this Section 9(d) without Cristal’s prior written consent (in addition to the consent required by Section
              17).

           

          
            9

            
              

          

          (e)          Board Committee Representation.  For so long as such membership is permitted by all applicable law and stock exchange listing requirements (as determined in good faith by the
              Board), the Board will cause the number of Exxaro Directors, if any, to serve as members of the various standing committees of the Board (other than the Nominating Committee and the Special Committee) proportional to their representation on
              the Board, rounded down to the larger of the nearest whole number and one.

           

          (f)           Special Committee. As and when needed in the Board’s discretion, the Board will form a special committee (the “Special Committee”) that will be comprised solely of Non-affiliated Directors, whose members are determined in the Board’s discretion to address all issues and matters relating to the
              transactions and other issues between the Shareholder and its Affiliates, on the one hand, and the Company and its Affiliates, on the other hand, including under this Deed, the other Transaction Agreements, the Company’s Articles, any
              Acquisition Proposal or any takeover, scheme of arrangement or other change of control transaction proposed by the Shareholder, or any of its Affiliates, in relation to the Company, and under any other agreement or arrangement relating to the
              business and affairs of the Company involving the Shareholder and its Affiliates, on the one hand, and the Company and its Affiliates, on the other hand.

           

          (g)          Quorum.  Meetings of the Board may be convened by the Chairman of the Board, any director,
              the CEO or in any other manner allowed by applicable law.  All directors must receive notice of any meeting of the Board in accordance with the Company’s Articles prior to such meeting, unless the notice requirement is waived by the
              directors.  For as long as the Exxaro Voting Interest is at least ten percent (10%), the Company shall cause the Board not to transact any business unless at least 2/3 of the directors then in office (of whom at least one must be an Exxaro
              Director (if any are then in office) or a designated alternate) are present at all times for there to be a quorum at any meeting of the Board.  If a Board meeting is adjourned because no Exxaro Director attends, and a quorum is not achieved
              at the second consecutive attempt to convene the Board meeting due to the failure of any Exxaro Director to attend, then the requirement for an Exxaro Director to constitute a quorum shall not apply with respect to such meeting only, and such
              meeting shall be deemed a quorate meeting, provided that each director receives notice of the adjourned Board meeting in accordance with the Company’s Articles.

           

          (h)          Board Approval Provisions.  The affirmative vote of any majority of directors present and voting at a quorate meeting is necessary to approve
              any matter properly submitted to the Board, except for the Board’s approval of the following matters (each, an “Extraordinary Matter”), each of which requires the
              affirmative vote of at least 2/3 of the directors then in office to approve such matter:

           

          
            10

            
              

          

          
            
              (i)       the election or early termination of the chairman of the Board;

               

                

            

          

          
            
              (ii)      the appointment or termination of the Company’s Chief Executive Officer;

               

                

            

          

          
            
              (iii)    the delegation by the Board of any of its powers to a committee of the Board where such delegation authorizes the committee to bind the Company without further Board approval;

               

                

            

          

          
            
              (iv)     any proposed amendment to the Company’s Articles (other than technical amendments that do not involve any material change);

               

                

            

          

          
            
              (v)      the decision to pay any dividends on the Shares;

               

                

            

          

          
            
              (vi)     the decision to adopt a dividend reinvestment plan;

               

                

            

          

          
            
              (vii)    the settlement of any material environmental claims in excess of US$50 million;

               

                

            

          

          
            
              (viii)  the issue of any Shares or securities convertible or exercisable into Shares other than Permitted Issuances where the amount to be issued when combined with any other Shares or securities convertible or
                  exercisable into Shares in the previous 12 months would exceed 12% of the Company’s then-issued Shares (and for the purposes of this calculation only any securities convertible or exercisable into Shares shall be treated as though such
                  conversion or exercise had occurred);

               

                

            

          

          
            
              (ix)    any material acquisition or disposition of the Company’s or any of its subsidiaries’ assets valued at more than US$250 million (on a consolidated basis), or represents more than 20% of the Company’s
                  consolidated total assets, as set out in the most recent consolidated audited accounts;

               

                

            

          

          
            
              (x)      the entry by the Company or any of its subsidiaries into any agreement or obligation under which the consideration payable has an aggregate value in excess of US$250 million or representing more
                  than 20% of the Company’s consolidated total long-term liabilities, as set out in the most recent consolidated audited accounts;

               

                

            

          

          
            
              (xi)    the Company’s entry into any other business area fundamentally different from its business following consummation of the Schemes or the Company fundamentally changing the scope of any existing business area,
                  including materially diversifying its business into new commodities, engaging in significant operations involving new minerals or materially engaging with other types of natural resources;

            

          

          
            
               

                  

              (xii)    the sale of all, or substantially all, of the Company’s business or assets, or the issue or  sale of a simple majority (or more) of the Shares to any person other than a related body corporate;
                  and

            

          

          
            
               

                  

              
                11

                
                  

              

              (xiii)   the entry into any arrangements concerning, or in any way initiating, a proceeding for voluntary administration, winding-up, liquidation, dissolution, merger or consolidation.

            

          

          
            
               

                  

              (i)      

                  Dividend Policy.  Subject to the Board’s
                  determination that the Company and its subsidiaries have sufficient legal reserves, the parties agree to procure that the amount of the Company’s dividends will be based on, among other things, the Company and its subsidiaries’ results of
                  operations, cash requirements, financial condition, contractual restrictions and other factors that the Board may deem relevant.  Approval of the exact amount and timing of any dividend declarations and payments requires the affirmative
                  vote of 2/3 of the directors then in office.

            

          

           

            

          (j)          Use of Information.

           

          
            
              (i)      Subject to the requirements of applicable law, regulation and rules (including the regulations and rules of any applicable stock exchange), the Shareholder shall, and shall cause its
                  representatives, or any person that is the registered holder of the Shares which are Beneficially Owned by the Shareholder, and the Exxaro Directors, to keep confidential all information and documents of the Company and its Affiliates
                  obtained by an Exxaro Director in such Exxaro Director’s capacity as a director unless such information (1) is or becomes publicly available other than as a result of a breach of this Section 9(j)(i) by the Shareholder, including by way
                  of actions taken by its representatives or such Exxaro Director; (2) was within the possession of the Shareholder or the Exxaro Director prior to it being furnished such information by or on behalf of the Company on a non-confidential
                  basis; provided that the source of such information was not known by the Shareholder, its representatives or the Exxaro Director after due inquiry to
                  be bound by a confidentiality agreement with, or other contractual, fiduciary or legal obligation of confidentiality to, the Company with respect to such information; or (3) is or becomes available to the Shareholder or the Exxaro
                  Director on a non-confidential basis from a source other than the Company or any of its representatives; provided that such source was not known to
                  the Shareholder or the Exxaro Director after due inquiry to be bound by a confidentiality agreement with, or other contractual, fiduciary or legal obligation of confidentiality to, the Company with respect to such information.  Nothing in
                  this Section 9(j)(i) shall prevent the Exxaro Directors, subject to compliance with applicable fiduciary duties, from sharing information with the Shareholder, which information will continue to be covered by the confidentiality
                  provisions of this Section 9(j)(i).

            

          

          
            
               

                  

              (ii)     The Shareholder may, at its expense on a business day during normal business hours, with reasonable prior notice to the Company’s management, visit and inspect the Company’s and its subsidiaries’
                  properties, examine its books of account and records, and discuss with members of management such company’s affairs, finances, and accounts.  The Company shall provide to the Shareholder copies of the Monthly Accounts within 30 days
                  following the end of each calendar month, within 45 days following the end of each fiscal half-year and within 45 days following the end of each fiscal year, such financial information about the Company’s operations as is necessary to
                  permit the Shareholder to prepare the financial disclosures required to satisfy the Shareholder’s disclosure obligations.   For purposes of this Section 9(j)(ii), “Monthly

                      Accounts” means, to the extent prepared in the ordinary course of business, the Company’s unaudited, consolidated financial statements, including the balance sheets and statements of income and cash flows, for the relevant
                  monthly period, prepared in accordance with US GAAP or IFRS (as applicable), separately identifying inter-company and related party transactions but not including footnotes.

            

          

          
            
               

                  

              
                12

                
                  

              

              (iii)    The Shareholder hereby acknowledges that as a result of its receipt of information regarding the Company and its Affiliates it may be, or be treated as being, in possession of material non-public
                  information (which for the purposes of this Section 9(j)(iii) includes information which could reasonably be expected to have a material effect on the price or value of a company’s securities) and it is aware of and agrees to comply with
                  (and it will procure that its Affiliates and representatives comply with) securities laws in the United Kingdom and the United States in relation to that material non-public information.  In addition, the Shareholder acknowledges that
                  other foreign securities laws may prohibit any person who has received from an issuer material, non-public information from purchasing or selling securities of such issuer or from communicating such information to any other person under
                  circumstances in which it is reasonably foreseeable that such person is likely to purchase or sell such securities.

            

          

           

            

          (k)          Management.  The parties hereto intend for the Company’s management to continue in office.  The Shareholder agrees it will support the
              appointment of Jeffry N. Quinn as a director and Chairman of the Board. Any proposed candidate to replace the Company’s Chief Executive Officer shall require the Shareholder’s prior approval (not to be unreasonably withheld or delayed). The
              Company shall notify the Shareholder whenever it seeks candidates to replace the Company’s Chief Executive Officer, and the Shareholder shall be entitled to propose candidates for such position, which the Company shall consider in good faith
              with any other candidates submitted for such position.  The appointment and termination of the Company’s Chief Financial Officer and all managing directors of the Company’s primary operating subsidiaries will be subject to approval by a
              simple majority of the Board.

           

          (l)           Exchange

                  Act Reporting; Listing on the Exchange.  The parties hereto shall use their reasonable best efforts to ensure that the Company remains current and timely in its reporting requirements under the Exchange Act and maintains its
              listing of the Shares on the New York Stock Exchange (or other internationally recognized stock exchange agreed to by the Shareholder, such agreement not to be unreasonably withheld).

           

          (m)         Subsidiary

                  Board Representation.

           

          
            
              (i)       For as long as the Exxaro Voting Interest is at least twenty percent (20%), the Shareholder may appoint the number of directors to serve on the board of each operating subsidiary of the Company,
                  other than a South African Subsidiary to which the South African Broad Based Socio-Economic Empowerment Charter for the Mining Industry promulgated in terms of section 100(2) of the MPRDA, as amended, substituted or re-promulgated from
                  time to time, applies, equal to one-third of all directors, rounded down to the larger of the nearest whole number and one.  The Company shall procure the appointment of the person or persons identified in a written nomination signed by
                  the holders of a majority of the Exxaro Shares as director(s) of such subsidiaries, provided such nominees comply with applicable legal requirements.

               

                

              
                13

                
                  

              

            

          

          
            
              (ii)     The Shareholder acknowledges and agrees that all strategic, financial and operating decisions concerning the Company and its subsidiaries will be made by the Company and that the directors of an
                  operating subsidiary will be deemed to be acting in the best interests of the subsidiary if they act in good faith in the best interests of the Company.

               

                

            

          

          10.          Registration Rights.

           

          (a)          Demand Registrations.

           

          
            
              (i)      Requests for Registration. At any time, the Shareholder may request in writing that the Company
                  effect the registration of all or any part of the Registrable Securities Beneficially Owned by the Shareholder and its Affiliates (a “Registration Request”).

                  Promptly after its receipt of any Registration Request, the Company will use its commercially reasonable efforts to register, in accordance with the provisions of this Deed, all Registrable Securities (as defined below) that have been
                  requested to be registered in the Registration Request. Any registration requested by the Shareholder pursuant to Section 10(a)(i) or 10(a)(iii) is referred to in this Deed as a “Demand Registration.”  As used herein, the term “Registrable Securities” shall mean (1) Shares; (2) any other shares or
                  securities that the Shareholder may be entitled to receive, or will have received pursuant to the Shareholder’s ownership of the Shares; and (3) any shares or securities issued or issuable directly or indirectly with respect to the shares
                  referred to in the foregoing clauses (1) and (2) by way of conversion or exchange thereof or share distribution or share split or in connection with a combination of shares, recapitalization, reclassification, merger, amalgamation,
                  arrangement, consolidation or other reorganization, in each case Beneficially Owned by the Shareholder.  As to any particular securities constituting Registrable Securities, such securities will cease to be Registrable Securities when (A)
                  they have been effectively registered for sale under the Securities Act pursuant to a Registration Statement (as defined below) and disposed of in accordance with the Registration Statement; (B) they have been sold to the public pursuant
                  to Rule 144 or other exemption from registration under the Securities Act; (C) they have been bought back and cancelled by the Company; or (D) when all remaining Registrable Securities can be sold pursuant to Rule 144 without limitation.

               

                

            

          

          
            
              (ii)      Limitation on Demand Registrations. At any time, the Shareholder will be entitled to initiate
                  no more than three Demand Registrations (including Short-Form Registrations permitted pursuant to Section 10(a)(iii)). No request for registration will count for the purposes of the limitations in this Section 10(a)(ii) if (1) the
                  Shareholder determines in good faith to withdraw the proposed registration prior to the effectiveness of the prospectus and other documents filed with the Commission to effect a registration under the Securities Act (“Registration Statement”) relating to such request due to marketing conditions (but only if the Shareholder reimburses the Company for all fees with respect
                  thereto) or regulatory reasons relating to the Company, (2) the Registration Statement relating to such request is not declared effective within 180 days of the date such Registration Statement is first filed with the Commission (other
                  than solely by reason of matters relating to the Shareholder) and the Shareholder withdraws its Registration Request prior to such Registration Statement being declared effective, (3) prior to the sale of at least 90% of the Registrable
                  Securities included in the applicable registration relating to such request, such registration is adversely affected by any stop order, injunction or other order or requirement of the Commission or other governmental agency or court for
                  any reason and the Company fails to have such stop order, injunction or other order of requirement removed, withdrawn or resolved to the Shareholder’s reasonable satisfaction within thirty days of the date of such order, (4) more than 10%
                  of the Registrable Securities requested by the Shareholder to be included in the registration are not so included pursuant to Section 10(a)(vi), or (5) the conditions to closing specified in the underwriting agreement or purchase
                  agreement entered into in connection with the registration relating to such request are not satisfied (other than as a result of a material default or breach thereunder by the Shareholder).

            

          

          
            
               

                  

              
                14

                
                  

              

              (iii)    Short-Form Registrations. The Company will, if requested by the Shareholder and the use of such
                  form is then available to the Company, use its commercially reasonable efforts to file a registration statement with the Commission on Form S-3 (“Short Form
                      Registration”) providing for the registration of, and the sale on a continuous or delayed basis of the Registrable Securities, pursuant to Rule 415. In no event shall the Company be obligated to effect any shelf
                  registration other than pursuant to a Short-Form Registration.

            

          

          
            
               

                  

              (iv)    Restrictions on Demand Registrations. To the extent allowed in the Completion Agreement, if the filing,
                  initial effectiveness or continued use of a registration statement, including a shelf registration statement pursuant to Rule 415, with respect to a Demand Registration would (1) require the Company to make a public disclosure of material
                  non-public information, which disclosure in the good faith judgment of the Company (A) would be required to be made in any Registration Statement so that such Registration Statement would not be materially misleading, (B) would not be
                  required to be made at such time but for the filing, effectiveness or continued use of such Registration Statement and (C) would in the good faith judgment of the Company reasonably be expected to have an adverse effect on the Company or
                  its business if made at such time, or (2) would in the good faith and judgment of the Board reasonably be expected to have an adverse effect on the Company or its business or on the Company’s ability to effect a planned or proposed
                  acquisition, disposition, financing, reorganization, recapitalization or similar transaction, then the Company may, upon giving prompt written notice of such action to the participants in such registration (each of whom hereby agrees to
                  maintain the confidentiality of all information disclosed to such participants) delay the filing or initial effectiveness of, or suspend use of, such Registration Statement, provided, that the Company shall not be permitted to do so (x)
                  more than two times during any twelve-month period or (y) for periods exceeding, in the aggregate, 100 days during any twelve-month period. In the event the Company exercises its rights under the preceding sentence, such Shareholders
                  agree to suspend, promptly upon their receipt of the notice referred to above, their use of any prospectus relating to such registration in connection with any sale or offer to sell Registrable Securities. If the Company so postpones the
                  filing of a prospectus or the effectiveness of a Registration Statement, the Shareholder will be entitled to withdraw such request and, if such request is withdrawn, such registration request will not count for the purposes of the
                  limitation set forth in Section 10(a)(ii).

            

          

          
            
               

                  

              
                15

                
                  

              

              (v)     Selection of Underwriters.  If the Shareholder intends that the Registrable Securities covered by its
                  Registration Request shall be distributed by means of an underwritten offering, the Shareholder will so advise the Company as a part of the Registration Request.  In such event, the lead underwriter to administer the offering will be an
                  Approved Bank chosen by the Shareholder.

            

          

          
            
               

                  

              (vi)    Priority on Demand Registrations. If the managing underwriter advises the Company that in its reasonable
                  opinion the number of Registrable Securities (and any other securities requested to be included in such offering) exceeds the number of securities that can be sold in such offering without adversely affecting the marketability of the
                  offering (including an adverse effect on the per share offering price), the Company will include in such offering only such number of securities that in the reasonable opinion of such underwriters can be sold without adversely affecting
                  the marketability of the offering (including an adverse effect on the per share offering price), which securities will be so included in the following order of priority: (1) first, Registrable Securities of the Shareholder and (2) second,
                  any other securities of the Company that have been requested to be so included.

               

                

            

          

          (b)          Piggyback Registrations.

           

          
            
              (i)      Right to Piggyback. At any time, whenever the Company proposes to register any of its
                  securities (other than a registration statement to be filed on Form S-8 or Form S-4 or any similar form from time to time or registration of shares of securities and/or options or other rights in respect thereof to be offered to
                  directors, members of management, employees, consultants, lenders or vendors of the Company or in connection with dividend reinvestment plans, each a “Special
                      Registration”) and other than a registration pursuant to Section 10(a), and the registration form to be filed may be used for the registration or qualification for distribution of Registrable Securities, the Company will
                  give prompt written notice (and in any event no later than fifteen business days prior to the filing of a Registration Statement with respect to such registration) to the Shareholder of its intention to effect such a registration and,
                  subject to Section 10(b)(iii), will include in such registration all Registrable Securities with respect to which the Company has received a written request from the Shareholder for inclusion therein within five business days after the
                  date of the Company’s notice (a “Piggyback Registration”). The Company may terminate or withdraw any registration under this Section 10(b) prior to the
                  effectiveness of such registration, whether or not the Shareholder has elected to include its Registrable Securities in such registration, and the Company will have no liability to the Shareholder in connection with such termination or
                  withdrawal.

            

          

          
            
               

                  

              (ii)    Underwritten Registration. If the registration referred to in Section 10(b)(i) is proposed to be
                  underwritten, the Company will so advise the Shareholder as a part of the written notice given pursuant to Section 10(b)(i). In such event, the right of the Shareholder to registration pursuant to this Section 10(b) will be conditioned
                  upon Shareholder’s (together with the Company) entry into an underwriting agreement in customary form with the underwriter or underwriters selected for such underwriting by the Company.

            

          

          
            
               

                  

              
                16

                
                  

              

              (iii)    Priority on Primary Registrations. If a Piggyback Registration relates to an underwritten
                  offering, and the managing underwriters advise the Company that in their reasonable opinion the number of securities requested to be included in such registration exceeds the number which can be sold without adversely affecting the
                  marketability of such offering (including an adverse effect on the per share offering price), the Company will include in such registration or prospectus only such number of securities that in the reasonable opinion of such underwriters
                  can be sold without adversely affecting the marketability of the offering (including an adverse effect on the per share offering price), which securities will be so included in the following order of priority: (1) first, the securities
                  the Company proposes to sell, and (2) other securities of the Company that have been requested to be so included pro rata on the basis of
                  the number of securities requested to be registered by the Shareholder or any other holder of securities.

            

          

           

            

          (c)          Registration Procedures. Subject to Section 10(a)(iv), whenever the Shareholder requests that any Registrable Securities be registered pursuant to Sections 10(a) or
              10(b) of this Deed, the Company will use its commercially reasonable efforts to effect the registration and sale of such Registrable Securities as soon as reasonably practicable in accordance with the intended method of disposition thereof
              and pursuant thereto. The Company shall use its commercially reasonable efforts to:

           

          
            
              (i)      prepare and file within 60 days of a request, with the Commission a Registration Statement with respect to such Registrable Securities, cooperate in all required filings with the Financial
                  Industry Regulatory Authority and thereafter use its commercially reasonable efforts to cause such Registration Statement to become effective as soon as reasonably practicable; provided that before filing a Registration Statement or any amendments or supplements thereto, the Company will, in the case of a Demand Registration, furnish to counsel to the Shareholder copies of all such
                  documents proposed to be filed, which documents will be subject to review and comment by such counsel, and the Company will make such reasonable changes to the Registration Statement or any amendments or supplements thereto (including
                  changes to, or the filing of amendments reflecting such changes to, documents incorporated by reference) as may be reasonably requested by the Shareholder subject to the Company’s obligations with respect to such Registration Statement;

            

          

          
            
               

                  

              (ii)     prepare and file with the Commission such amendments and supplements to such Registration Statement as may be necessary to keep such Registration Statement effective for a period of either (1)
                  not less than (A) three months, (B) if such Registration Statement relates to an underwritten offering, such longer period as a prospectus is required by law to be delivered in connection with sales of Registrable Securities by an
                  underwriter or dealer or (C) one year in the case of shelf registration statements (or in each case such shorter period ending on the date that the securities covered by such shelf registration statement cease to constitute Registrable
                  Securities) or (2) such shorter period as will terminate when all of the securities covered by such Registration Statement have been disposed of in accordance with the intended methods of disposition by the seller or sellers thereof set
                  forth in such Registration Statement (but in any event not before the expiration of any longer period required under the Securities Act), and comply with the provisions of the Securities Act with respect to the disposition of all
                  securities covered by such Registration Statement until such time as all of such securities have been disposed of in accordance with the intended methods of disposition by the seller or sellers thereof set forth in such Registration
                  Statement;

            

          

          
            
               

                  

              
                17

                
                  

              

              (iii)    furnish to Shareholder such number of copies, without charge, of such Registration Statement, each amendment and supplement thereto, including each preliminary prospectus, final prospectus, any
                  other prospectus (which for purposes of this Deed shall also include any prospectus filed under Rule 424, Rule 430A or Rule 430B under the Securities Act and any “issuer free writing prospectus” as such term is defined under Rule 433
                  promulgated under the Securities Act), all exhibits and other documents filed therewith and such other documents as such seller may reasonably request including in order to facilitate the disposition of the Registrable Securities owned by
                  the Shareholder;

            

          

          
            
               

                  

              (iv)     register or qualify such Registrable Securities under such other securities or blue sky laws of such jurisdictions as the Shareholder reasonably requests and do any and all other acts and things
                  that may be reasonably necessary to enable the Shareholder to consummate the disposition in such jurisdictions of the Registrable Securities owned by the Shareholder (provided that the Company will not be required to (i) qualify generally
                  to do business in any jurisdiction where it would not otherwise be required to qualify but for this subsection, (ii) subject itself to taxation in any such jurisdiction or (iii) consent to general service of process in any such
                  jurisdiction);

            

          

          
            
               

                  

              (v)     notify the Shareholder, at any time when a prospectus relating thereto is required to be delivered under the Securities Act, upon discovery that, or upon the discovery of the happening of any event as a
                  result of which, the prospectus contains an untrue statement of a material fact or omits any fact necessary to make the statements therein not misleading in the light of the circumstances under which they were made, and, as soon as
                  reasonably practicable, prepare and furnish to the Shareholder a reasonable number of copies of a supplement or amendment to such prospectus so that, as thereafter delivered to the purchasers of such Registrable Securities, such
                  prospectus will not contain an untrue statement of a material fact or omit to state any fact necessary to make the statements therein not misleading in the light of the circumstances under which they were made;

            

          

          
            
               

                  

              (vi)     notify the Shareholder (1) when such Registration Statement or the prospectus or any prospectus supplement or post-effective amendment has been filed and, with respect to such Registration
                  Statement or any post-effective amendment, when the same has become effective, (2) of any request by the Commission for amendments or supplements to such Registration Statement or to amend or to supplement such prospectus or for
                  additional information, and (3) of the issuance by the Commission of any stop order suspending the effectiveness of such Registration Statement or the initiation of any proceedings for any of such purposes;

            

          

          
            
               

                  

              
                18

                
                  

              

              (vii)    cause all such Registrable Securities to be listed on each securities exchange on which similar securities issued by the Company are then listed;

            

          

          
            
               

                  

              (viii)   provide a transfer agent and registrar for all such Registrable Securities not later than the effective date of such Registration Statement;

            

          

          
            
               

                  

              (ix)     enter into such customary agreements (including underwriting agreements and, lock-up agreements in customary form, and including provisions with respect to indemnification and contribution in
                  customary form) and take all such other customary actions as the Shareholder or the underwriters, if any, reasonably request in order to expedite or facilitate the disposition of such Registrable Securities (including making members of
                  senior management of the Company available to participate in “road show” and other customary marketing activities to the extent not unreasonably interfering with the business of the Company);

            

          

          
            
               

                  

              (x)     make available for inspection by the Shareholder and counsel to the Shareholder, any underwriter participating in any disposition pursuant to such Registration Statement and any attorney, accountant or other
                  agent retained by the Shareholder or underwriter, all financial and other records, pertinent corporate documents and documents relating to the business of the Company, and cause the Company’s officers, directors, employees and independent
                  accountants to supply all information reasonably requested by the Shareholder, underwriter, attorney, accountant or agent in connection with such Registration Statement, provided that it shall be a condition to such inspection and receipt
                  of such information that the inspecting person (1) enter into a confidentiality agreement in form and substance reasonably satisfactory to the Company and (2) agree to minimize the disruption to the Company’s business in connection with
                  the foregoing;

            

          

          
            
               

                  

              (xi)     in the event of the issuance of any stop order suspending the effectiveness of a Registration Statement, or of any order suspending or preventing the use of any related prospectus or ceasing
                  trading of any securities included in such Registration Statement for sale in any jurisdiction, use commercially reasonable efforts to promptly obtain the withdrawal of such order;

            

          

          
            
               

                  

              (xii)    obtain one or more comfort letters, addressed to the underwriters, if any, dated the effective date of such Registration Statement and the date of the closing under the underwriting agreement for
                  such offering, signed by the Company’s independent public accountants in customary form and covering such matters of the type customarily covered by comfort letters as such underwriters shall reasonably request; and

            

          

          
            
               

                  

              (xiii)  provide customary legal opinions of the Company’s counsel, addressed to the underwriters, if any, dated the date of the closing under the underwriting agreement, with respect to the Registration Statement,
                  each amendment and supplement thereto (including the preliminary prospectus) and such other documents relating thereto as the underwriter shall reasonably request in customary form and covering such matters of the type customarily covered
                  by legal opinions of such nature.

            

          

           

            

          
            19

            
              

          

          (d)          Furnishing of Information.  As a condition to registering Registrable Securities, the Company may require the Shareholder to furnish the
              Company with such information regarding the Shareholder and pertinent to the disclosure requirements relating to the registration and the distribution of such securities as the Company may from time to time reasonably request in writing.

           

          (e)          Registration Expenses.  Except as otherwise provided in this Deed, all expenses incidental to the Company’s performance of or compliance with
              this Deed, including all registration and filing fees, fees and expenses of compliance with securities or blue sky laws and printing expenses, messenger and delivery expenses, and fees and disbursements of counsel for the Company and all
              independent certified public accountants of the Company and other persons retained by the Company (collectively, “Registration Expenses”), will be borne by the
              Company. All underwriting discounts, selling commissions and transfer taxes applicable to the sale of Registrable Securities of the Shareholder or its Affiliates hereunder and any other expenses required by law to be paid by a selling
              security holder will be borne by the Shareholder.

           

          (f)           Holdback.  In consideration for the Company agreeing to its obligations under this Deed, the Shareholder agrees in connection with any
              registration of Shares (whether or not the Shareholder is participating in such registration) upon the request of the Company and the underwriters managing any underwritten offering of Shares, not to effect (other than pursuant to such
              registration) any public sale or distribution or other Transfer of Registrable Securities, including, but not limited to, any sale pursuant to Rule 144 or Rule 144A, without the prior written consent of the Company or such underwriters, as
              the case may be, during the Holdback Period (as defined below).  For purposes of this Deed, “Holdback Period” means, with respect to any registered offering covered
              by this Deed, (i) 180 days, subject to customary “booster shot” provisions, after and during the ten days before, the effective date of the related Registration Statement or, in the case of a takedown from a shelf registration statement, 90
              days after the date of the prospectus supplement filed with the Commission in connection with such takedown and during such prior period (not to exceed ten days) as the Company has given reasonable written notice to the Shareholder or (ii)
              such shorter period as the Company, the Shareholder and the underwriter of such offering, if any, shall agree.

           

          (g)          Registration in Foreign Jurisdictions.  If the Company does not list its Shares in the United States and instead lists its Shares in a jurisdiction other than the United States,
              then the Company and the Shareholder shall negotiate in good faith to enter into such amendments to this Deed as are necessary to ensure, that the Shareholder retains registration rights substantially similar to those granted under this Deed,
              as and to the extent permissible under the laws of such other jurisdiction.

           

          (h)          Rule 144 Reporting.  With a view to making available to the Shareholder the benefits of certain Commission rules and regulations that may
              permit the sale of the Registrable Securities to the public without registration after such time as a public market exists for the Registrable Securities, the Company agrees to use its reasonable best efforts to take the following actions:

           

          
            
              (i)       make and keep public information available, as those terms are understood and defined in Rule 144, at all times after the date that the Company becomes subject to the reporting requirements of
                  the Securities Act and the Exchange Act;

            

          

          
            
               

                  

              
                20

                
                  

              

              (ii)      file with the Commission, in a timely manner, all reports and other documents required of the Company under the Securities Act and the Exchange Act; and

            

          

          
            
               

                  

              (iii)    furnish to the Shareholder forthwith upon request a written statement by the Company as to its compliance with the reporting requirements of Rule 144, and of the Exchange Act (at any time after
                  it has become subject to such reporting requirements) and such other reports and documents as the Shareholder may reasonably request in connection with availing itself of any rule or regulation of the Commission allowing it to sell any
                  Registrable Securities without registration.

            

          

           

            

          11.          Termination.

           

          (a)          This Deed shall take effect on the date hereof and, subject to
              Section 11(b), remain in effect until the earliest of:

           

          
            
              (i)       the date on which the Company and the Shareholder agree in writing to the termination of this Deed;

                  

                

            

          

          
            
              (ii)      the date on which the number of Shares Beneficially Owned by the Shareholder (or Shareholders in aggregate, if there is more than one Shareholder at the relevant time) represent less than 5% of
                  the Company’s total issued Shares; and

            

          

          
            
               

                  

              (iii)     the date on which:

            

          

          
            
               

                  

              (1)       the Shareholder pays the consideration in respect of a Unilateral Takeover Offer made by it in compliance with Section 3(c) containing a Non-waivable Majority of Minority Condition which has
                  become wholly unconditional; or

            

          

          
            
               

                  

              (2)      an Acquisition Proposal made by the Shareholder in compliance with Section 3(c) and approved by the Special Committee under which the Shareholder acquires Shares representing at least 50% of the
                  Shares held by Non-affiliated Members completes.

            

          

           

            

          (b)          Following a termination of this Deed, Sections 11 (Termination) to 27 (Third Parties) inclusive shall survive
              termination.  In addition, if this Deed terminates pursuant to Section 11(a)(ii), 9(c)(iv) (Board representation) also shall survive termination, and if
              this Deed terminates pursuant to Section 11(a)(iii), Section 4 (Preemptive Rights), Section 9(l) (Maintenance of listing) and 10 (Registration Rights) also shall survive termination.

           

          12.          Affiliates.  A person or entity who at any time may be an Affiliate of the Shareholder shall be deemed to be an Affiliate of the Shareholder for purposes of this Deed while such person is an
              Affiliate of the Shareholder regardless of whether such person was such an Affiliate on the date hereof.

           

          
            21

            
              

          

          13.          Specific Performance.  Each of the parties hereto recognizes and acknowledges that this Deed is an integral part of the transactions contemplated in the Transaction Agreements, that the Company
              would not have entered into the Transaction Agreements unless this Deed was executed and that a breach by the Company of any covenants or agreements contained in this Deed will cause the Shareholder to sustain injury for which it would not
              have an adequate remedy at law for money damages, and a breach by the Shareholder of any covenants or agreements contained in this Deed will cause the Company to sustain injury for which it would not have an adequate remedy at law for money
              damages. Therefore each of the parties hereto agrees that in the event of any such breach by the Company or the Shareholder, the aggrieved party shall be entitled to the remedy of specific performance of such covenants and agreements and
              preliminary and permanent injunctive and other equitable relief in addition to any other remedy to which it may be entitled, at law or in equity, and the parties hereto further agree to waive any requirement for the securing or posting of any
              bond in connection with the obtaining of any such injunctive or other equitable relief.

           

          Further, subject to applicable law, relevant stock exchange rules and the Company’s corporate governance standards and
              to the extent that doing so would not be inconsistent with the directors’ duties, the Company agrees to use its best efforts to ensure that the rights granted in Section 9 are effective and that Shareholder enjoys the benefits of this Deed,
              including, without limitation, the Company’s undertaking to use its best efforts to cause the nomination and election of the Exxaro Directors as provided herein, which efforts will include, if necessary, seeking specific performance or other
              equitable relief in respect of Cristal’s obligations to vote any Shares which it Beneficially Owns in favor of the election of the Exxaro Directors, as is required by Section 4.3(b) of the Cristal Shareholders Agreement. Neither the Company,
              nor the Shareholder will, by any voluntary action, avoid or seek to avoid the observance or performance of any of the terms to be performed hereunder by the Company or the Shareholder (as the case may be), but will at all times in good faith
              assist in the carrying out of all of the provisions of this Deed and in the taking of all such actions as may be necessary or reasonably requested by the Shareholder or the Company (as the case may be) in order to protect its rights against
              impairment.

           

          14.          Responsibility for Compliance; Shareholder Capacity. The Shareholder shall be responsible for ensuring that its Affiliates, representatives and any person who is the registered holder of the
              Shares which are Beneficially Owned by the Shareholder adhere to the terms of this Deed applicable to such persons as if such persons were original parties hereto, shall be responsible for any breach of this Deed by its Affiliates,
              representatives and any person who is the registered holder of the Shares which are Beneficially Owned by the Shareholder, and shall take all reasonable measures to avoid any breach of this Deed by its Affiliates, representatives or any
              person who is the registered holder of the Shares which are Beneficially Owned by the Shareholder; provided, however, that any representative or Affiliate of the Shareholder serving as a director of the Company shall in no way be bound by the
              Shareholder’s obligations under this Deed in such person’s capacity as a director of the Company. The foregoing obligation shall not limit the remedies available to the Company for any breach of this Deed by any person

           

          15.         [Reserved]

           

          16.          No Circumvention; Cumulative Remedies.  The Shareholder agrees not to, directly or indirectly, take any actions, act in concert with any person who takes an action, or cause or allow any of its
              Affiliates, representatives or any person who is the registered holder of the Shares which are Beneficially Owned by the Shareholder to take any actions (including the failure to take a reasonable action) such that the resulting effect is to
              undermine in any material respect the effectiveness of any of the provisions of this Deed or any of the Transaction Agreements.  The rights, powers, privileges and remedies conferred upon the Company and Shareholder in this Deed are
              cumulative and are not exclusive of any other rights, powers, privileges or remedies provided by law.

           

          
            22

            
              

          

          17.          Amendment and Modification.  This Deed may be amended, modified and supplemented only by written agreement of the Shareholder and the Company.

           

          18.          Notices.  All notices, requests, demands and other communications required or permitted shall be deemed duly given (a) on the date of delivery if delivered personally, or by e-mail, telecopy or
              facsimile, upon confirmation of receipt, (b) on the first business day following the date of dispatch if delivered by a recognized next-day courier service, or (c) on the tenth business day following the date of mailing if delivered by
              registered or certified mail, return receipt requested, postage prepaid.  All notices hereunder shall be delivered as set forth below or pursuant to such other instructions as may be designated in writing by the party to receive such notice:

           

          (a)          If to the Shareholder, to:

           

          Exxaro Resources Limited

          Roger Dyason Road

          Pretoria West, 0183

          South Africa

          Attention: Riaan Koppeschaar

          Facsimile: +27 12 307 4145

          E-mail: riaan.koppeschaar@exxaro.com

           

          with a copy (which shall not constitute notice) to:

           

          Orrick, Herrington & Sutcliffe (UK) LLP

          107 Cheapside

          London EC2V 6DN

          United Kingdom

          Attention: Nell Scott

          Facsimile: +44 20 7862 4800

          E-mail: nscott@orrick.com

           

          or to such other person or address as the Shareholder shall furnish to the Company;

           

          (b)          If to the Company, to:

           

          Tronox Holdings plc

          263 Tresser Boulevard, Suite 1100

          Stamford, CT 06901Attention: General Counsel

          Facsimile: +1 203-705-3703

          E-mail: jeffrey.neuman@tronox.com

           

          with a copy (which shall not constitute notice) to:

           

          CMS Cameron McKenna Nabarro Olswang LLP

          Cannon Place, 78 Cannon Street

          London EC4N 6AF

          United Kingdom

          Attention:          Gary Green

          Facsimile: +44 20 7367 2000

          E-mail: gary.green@cms-cmno.com

           

          or to such other person or address as the Company shall furnish to the Shareholder in writing.

           

          
            23

            
              

          

          For the purposes of this Section 18, a business day is a day that is not a Saturday, Sunday or public holiday in London,
              Johannesburg or New York.

           

          19.          Severability; Waiver.  The provisions of this Deed shall be deemed severable and the invalidity or unenforceability of any
                provision shall not affect the validity or enforceability of the other provisions hereof. If any provision of this Deed, or the application thereof to any person or any circumstance, is invalid or unenforceable, (a) a suitable and equitable
                provision shall be substituted therefor in order to carry out, so far as may be valid and enforceable, the intent and purpose of such invalid or unenforceable provision; and (b) the remainder of this Deed and the application of such
                provision to other persons or circumstances shall not be affected by such invalidity or unenforceability, nor shall such invalidity or unenforceability affect the validity or enforceability of such provision, or the application thereof, in
                any other jurisdiction.  The express or implied waiver by any party to this Deed of any of its rights or remedies arising under this Deed or by law shall not constitute a continuing waiver of the right or remedy waived or a waiver of any
                other right or remedy.

           

          20.          Assignment.

           

          (a)          This Deed and all of the provisions hereof shall be binding upon and
              inure to the benefit of the parties hereto and their respective successors and permitted assigns, but except as otherwise expressly provided for or permitted herein neither this Deed nor any of the rights, interests or obligations hereunder
              shall be assigned by any party hereto without the prior written consent of the other parties.

           

          21.          Governing Law.  This Deed, and all claims, disputes, controversies or causes of action (whether in contract, tort, equity or otherwise) that may be based upon, arise out of or relate to this Deed
              or the negotiation, execution or performance of this Deed (including any claim, dispute, controversy or cause of action based upon, arising out of or related to any representation or warranty made in or in connection with this Deed or as an
              inducement to enter into this Deed), shall be governed by and construed in accordance with the laws of England and Wales, without giving effect to any choice or conflict of law provision or rule that would cause the application of the laws of
              any jurisdiction to apply.

           

          22.          Jurisdiction and Venue

           

          (a)          Any and all disputes, controversies and claims between or among the
              parties and arising under, relating to or in connection with this Deed, in any manner whatsoever, whether in contract, in tort, or otherwise, and including any dispute or controversy regarding the negotiation, execution, existence, validity,
              enforceability, performance or breach of this Deed (each, a “Dispute”), shall be brought exclusively in the courts of England and Wales (the “English Court”).

           

          
            24

            
              

          

          (b)          The Shareholder irrevocably appoints Law Debenture Corporate
              Services Limited, located on the date hereof at Fifth Floor, 100 Wood Street, London EC2V 7EX , as its true and lawful agent and attorney to accept and acknowledge service of any or all process against it in any action, suit or proceeding
              permitted by this Section 22, with the same effect as if such party were a resident of England, and had been lawfully served with such process in such jurisdiction, and waives all claims of error by reason of such service; provided that the
              party effecting such service shall also deliver a copy thereof on the date of such service to the other parties by facsimile or electronic mail in accordance with Section 18.  Each party will enter into such agreements with such agent as may
              be necessary to constitute and continue the appointment of such agent hereunder.  In the event that any such agent and attorney resigns or otherwise becomes incapable of acting, the affected party will appoint a successor agent and attorney
              in England reasonably satisfactory to the other parties, with like powers.

           

          (c)          Each party hereby irrevocably submits to the exclusive jurisdiction
              of the High Court of Justice in England in connection with any Dispute.

           

          (d)          Each party hereby irrevocably waives, to the fullest extent
              permitted by law, any objection that it may now or hereafter have to the laying of the venue of any such action, suit or proceeding brought in the English Court, and any claim that any such action, suit or proceeding brought in the English
              Court has been brought in an inconvenient forum.

           

          (e)          Each party hereby represents and acknowledges that it is acting solely in its commercial capacity in executing and delivering
              this Deed and in performing its obligations hereunder, and each party hereby irrevocably waives, with respect to all disputes, claims, controversies and all other matters of any nature whatsoever that may arise under or in connection with
              this Deed and any other document or instrument contemplated hereby, all immunity it may otherwise have as a sovereign, quasi-sovereign or state-owned entity (or similar entity) from any and all proceedings (whether legal, equitable, arbitral,
              administrative or otherwise), attachment of assets, and enforceability of judicial or arbitration awards.Counterparts.  This Deed may be executed simultaneously in two or more counterparts, each of
              which shall be deemed an original, but all of which together shall constitute one and the same instrument.

           

          24.          Headings; Construction.  The headings of the Sections of this Deed are inserted for convenience only and shall not constitute a part hereof or affect in any way the meaning or interpretation of
              this Deed.  References in this Deed to any gender include references to all genders, and references to the singular include references to the plural and vice versa.  The words “include”, “includes” and “including”, when used in this Deed
              shall be deemed to be followed by the phrase “without limitation”.  For purposes of this Deed, “person” means an individual, a corporation, a partnership, a limited liability company, an association, a trust or any other entity, group (as
              such term is used in Section 13 of the Exchange Act) or organization, including a governmental entity, and any permitted successors and assigns of such person.

           

          
            25

            
              

          

          25.          Joint Draft.  Each of the parties hereto participated in the drafting and negotiation of this Deed.  If an ambiguity or question of intent or interpretation arises, this Deed must be construed as
              if it is drafted by each of the parties, and no presumption or burden of proof shall arise favoring or disfavoring any party by virtue of authorship of any of the provisions of this Deed.

           

          26.          Entire Agreement.  This Deed, the Company’s Articles and the other Transaction Agreements (other than the Original Deed) will set forth the entire agreement and understanding of the parties hereto
              in respect of the subject matter contained herein, and supersede all prior agreements, promises, covenants, arrangements, communications, representations or warranties, whether oral or written, by any officer, employee or representative of
              any party hereto.

           

          27.          Third Parties.  Except as specifically set forth or referred to herein, nothing herein expressed or implied is intended or shall be construed to confer upon or give to any person or corporation,
              other than the parties hereto and their respective successors or assigns, any rights or remedies pursuant to the Contracts (Rights of Third Parties) Act 1999.

           

          
            26

            
              

          

          The parties hereto have caused this Deed to be duly executed as a deed, all as of the day and year first above written.

           

          	
                  EXECUTED as a DEED by

                	 	
                  )

                	 
	
                  EXARRO RESOURCES LIMITED

                	 	
                  )

                	 
	
                  on being signed by:

                	 	
                  )

                	
                  /s/ P. A. Koppeschaar

                
	
                  P. A. Koppeschaar

                	 	
                  )

                	 
	
                  in the presence of:

                	 	
                  )

                	 

          

          

          	
                  Signature of witness:

                	
                  /s/ S. S. Kotzé

                
	 	 
	
                  Name of witness:

                	
                  S. S. Kotzé

                

          
            

            

            [Signature page to the Tronox Holdings SHA]

          

           

          

          
            
              

          

          	
                  EXECUTED as a DEED by TRONOX HOLDINGS PLC:

                	 
	 	 	 
	
                  /s/ Timothy C. Carlson

                	 	
                  /s/ Steven Kaye

                
	
                  Signature of director

                	 	
                  Signature of director

                
	 	 	 
	
                  Timothy C. Carlson

                	 	
                  Steven Kaye

                
	
                  Name

                	 	
                  Name

                

          

          

          

          

          
            [Signature page to the Tronox Holdings SHA]Exhibit 10.2

  

   

  

  
    TRONOX HOLDINGS PLC

    AMENDED AND RESTATED MANAGEMENT EQUITY INCENTIVE PLAN

     

    ARTICLE I

    PURPOSE

     

    1.1 Establishment.
        Tronox Holdings plc (the successor to Tronox Limited), a public limited company incorporated under the laws of England and Wales (the “Company”), established an equity
        incentive plan known as the “Tronox Limited Management Equity Incentive Plan, as amended (the “Original Plan”). The Original Plan was amended and restated by the Company’s
        Board effective March 27, 2019 (the “Effective Date”) and became known as the “Tronox Holdings plc Amended and Restated Management Equity Incentive Plan” (the “Plan”).

     

    1.2 Purpose of the Plan. The Plan is intended to further
        the growth and profitability of the Company by increasing incentives and encouraging Share ownership on the part of the Employees, Members of the Board, and Independent Contractors of  the Company and its Subsidiaries. The Plan is intended to
        permit the grant of Awards that constitute Incentive Stock Options, Non-Qualified Share Options, Share Appreciation Rights, Restricted Share, Restricted Share Units, Performance Awards and Other Share-Based Awards, cash payments and such other
        forms as the Committee in its discretion deems appropriate, including any combination of the above.

     

    ARTICLE II

    DEFINITIONS

     

    The following words and phrases shall have the following meanings unless a different meaning is plainly required by the context:

     

    “Affiliate” means (i) any person or entity that directly or
        indirectly controls or is controlled by the Company and/or (ii) to the extent provided by the Committee, any person or entity in which the Company has a significant interest. The term “control” (including, with correlative meaning, the terms
        “controlled by” and “under common control with”), as applied to any person or entity, means the possession, directly or indirectly, of the power to direct or cause the direction of the management and policies of such person or entity, whether
        through the ownership of voting or other securities, by contract or otherwise.

     

    “Award” means, individually or collectively, a grant under
        the Plan of Incentive Stock Options, Non-Qualified Share Options, Share Appreciation Rights, Restricted Share, Restricted Share Units, Performance Awards and Other Share-Based Awards, cash payments and such other forms as the Committee in its
        discretion deems appropriate.

     

    “Award Agreement” means the written or electronic agreement
        setting forth the terms and conditions applicable to an Award.

     

     “Base Price” means the price at which a SAR may be
        exercised with respect to a Share.

     

    “Board” means the Company’s Board of Directors, as
        constituted from time to time.

    

    

    “Cause” means with respect to a Participant’s Termination
        from and after the date hereof, the following (unless the applicable Award Agreement states otherwise): (a) in the case where there is no employment agreement, consulting agreement, change in control agreement or similar agreement in effect between
        the Company or an Affiliate and the Participant at the time of the determination (or where there is such an agreement but it does not define “cause” (or words of like import)), termination due to: (i) the Participant’s material breach of any
        written agreement between the Company or any Affiliate and such Participant or the commission by a Participant of any indictable offense which carries a maximum penalty of imprisonment; (ii) perpetration by a Participant of an illegal act, or fraud
        which could cause demonstrable economic injury to the Company; (iii) continuing failure by the Participant to perform the Participant’s duties in any material respect, provided that the Participant is given notice and an opportunity to effectuate a
        cure as determined by the Committee; or (iv) a Participant’s willful misconduct with regard to the Company that could have a material adverse effect on the Company; or (b) in the case where there is an employment agreement, consulting agreement,
        change in control agreement or similar agreement in effect between the Company or an Affiliate and the Participant at the time of the determination that defines “cause” (or words of like import), “cause” as defined under such agreement; provided,
        however, that with regard to any agreement under which the definition of “cause” only applies on occurrence of a change in control, such definition of “cause” shall not apply until a change in control actually takes place and then only with regard
        to a termination thereafter. With respect to a Participant’s Termination of Directorship, “cause” means an act or failure to act that constitutes cause for removal of a director under applicable law.

     

    “Change in Control” means the occurrence, after the
        Effective Date, of any one or more of the following events; provided that, with respect to any Award that is subject to Section 409A of the Code, an event shall not be
        treated as a Change in Control hereunder unless such event also constitutes a “change in control event” within the meaning of Section 409A of the Code:

     

    
      
        

    

    (a)    any “person” as such term is used in Sections 13(d) and 14(d) of the Exchange Act (other than the Company, any trustee or other
        fiduciary holding securities under any employee benefit plan of the Company, or any company owned, directly or indirectly, by the shareholders of the Company in substantially the same proportions as their ownership of common Shares of the Company),
        becoming the beneficial owner (as defined in Rule 13d-3 under the Exchange Act), directly or indirectly, of securities of the Company representing more than fifty percent (50%) of the combined voting power of the Company’s then outstanding
        securities;

     

    (b)    any “person” as such term is used in Sections 13(d) and 14(d) of the Exchange Act (other than the Company, any trustee or other
        fiduciary holding securities under any employee benefit plan of the Company, any company owned, directly or indirectly, or by the shareholders of the Company in substantially the same proportions as their ownership of common Shares of the Company),
        becoming the beneficial owner (as defined in Rule 13d-3 under the Exchange Act) in one or a series of related transactions during any twelve (12)-month period, directly or indirectly, of securities of the Company representing thirty percent (30%)
        or more of the combined voting power of the Company’s then outstanding securities;

     

    (c)    during any one-year period, individuals who at the beginning of such period constitute the Board, and any new director (other than
        a director whose initial appointment occurs as a result of either an actual or threatened election contest or other actual or threatened solicitation of proxies or consents by or on behalf of a person other than the Board) whose election by the
        Board or nomination for election by the Company’s shareholders was approved by a vote of such number of directors as required by the Company’s Articles of Association, each of whom were either directors at the beginning of the one year period or
        whose election or nomination for election was previously so approved, cease for any reason to constitute at least a majority of the Board;

     

    (d)    a merger, consolidation, scheme of arrangement, share issue or other similar transaction of the Company or a direct or indirect
        subsidiary of the Company with any other company, other than a merger, consolidation, scheme of arrangement, share issue or other similar transaction which would result in the voting securities of the Company outstanding immediately prior thereto
        continuing to represent (either by remaining outstanding or by being converted into voting securities of the surviving entity) more than fifty percent (50%) of the combined voting power of the voting securities of the Company (including any
        successor to the Company or the ultimate parent company of the Company); provided, however, that a merger, consolidation, scheme of arrangement, share issue or other
        similar transaction effected to implement a recapitalization of the Company (or similar transaction) in which no person (other than those covered by the exceptions in subparagraphs (b) and (c)) acquires more than fifty percent (50%) of the combined
        voting power of the Company’s then outstanding securities shall not constitute a Change in Control; or

     

    (e)    the consummation of a sale or disposition of assets of the Company and/or its direct and indirect subsidiaries having a value
        constituting at least forty percent (40%) of the total gross fair market value of all of the assets of the Company and its direct and indirect subsidiaries (on a consolidated basis) immediately prior to such transaction, other than the sale or
        disposition of all or substantially all of the assets of the Company to a person or persons who beneficially own, directly or indirectly, more than fifty percent (50%) of the combined voting power of the outstanding voting securities of the Company
        at the time of the sale.

     

    “Code” means the Internal Revenue Code of 1986 (US), as
        amended. Reference to a specific section of the Code or regulation thereunder shall include such section or regulation, any valid regulation or other guidance promulgated under such section, and any comparable provision of any future legislation or
        regulation amending, supplementing or superseding such section or regulation.

     

    “Committee” means at least one committee, as described in
        Article III, appointed by the Board from time to time to administer the Plan and to perform the functions set forth herein; provided that if no such committee exists, the “Committee” means the Board.

     

     “Disability” means with respect to a Participant’s
        Termination from and after the date hereof, the following (unless the applicable Award Agreement states otherwise): (a) in the case where there is no employment agreement, consulting agreement, change in control agreement or similar agreement in
        effect between the Company or an Affiliate and the Participant at the time of the grant of the Award (or where there is such an agreement but it does not define “disability” (or words of like import)), termination due to: (i) a permanent and total
        disability as defined in Section 22(e)(3) of the Code; or (b) in the case where there is an employment agreement, consulting agreement, change in control agreement or similar agreement in effect between the Company or an Affiliate and the
        Participant at the time of the grant of the Award that defines “disability” (or words of like import), “disability” as defined under such agreement; provided that with respect to Incentive Stock Options “disability” shall mean a permanent and total
        disability as defined in Section 22(e)(3) of the Code and; provided further, that for Awards that are subject to Section 409A of the Code, Disability shall mean that a Participant is disabled under Section 409A(a)(2)(C)(i) or (ii) of the Code. A
        Disability shall only be deemed to occur at the time of the determination by the Committee of the Disability.

     

    “Eligible Individual” means any of the following individuals
        who is designated by the Committee in its discretion as eligible to receive Awards subject to the conditions set forth herein: (a) any Member of the Board, officer or Employee of the Company or a Subsidiary or Affiliate of the Company, (b) any
        individual to whom the Company, or a Subsidiary of the Company, has extended a formal offer of employment, so long as the grant of any Award shall not become effective until the individual commences employment or (c) any Independent Contractor or
        advisor of the Company or a Subsidiary or Affiliate.

     

    “Employee” means an employee of the Company or a Subsidiary
        or Affiliate. Notwithstanding anything to the contrary contained herein, the Committee may grant Awards to an individual who has been extended an offer of employment by the Company or a Subsidiary or Affiliate; provided that any such Award shall be
        subject to forfeiture if such individual does not commence employment by a date established by the Committee.

     

    
      
        

    

    “Exchange Act” means the Securities Exchange Act of 1934
        (US), as amended. Reference to a specific section of the Exchange Act or regulation thereunder shall include such section or regulation, any valid regulation or interpretation promulgated under such section, and any comparable provision of any
        future legislation or regulation amending, supplementing or superseding such section or regulation.

     

    “Exercise Price” means the price at which a Share subject to
        an Option may be purchased upon the exercise of the Option.

     

    “Fair Market Value” means, except as otherwise specified in
        a particular Award Agreement, (a) while the Shares are readily traded on an established national or regional securities exchange, the closing transaction price of such a Share as reported by the principal exchange on which such Shares are traded on
        the date as of which such value is being determined or, if there was no reported transaction for such date, the opening transaction price as reported by the exchange for the first trading date following the date by which such value is being
        determined on the next preceding date for which a transaction was reported, (b) if the Shares are not readily traded on an established national or regional securities exchange, the value as determined by the Board, in its sole discretion, on a good
        faith basis, taking into account the requirements of Section 409A of the Code.

     

    “Good Reason” means with respect to a Participant’s
        Termination, the following (unless the applicable Award Agreement states otherwise): (i) the assignment of duties materially inconsistent with the Participant’s position, authority, duties or responsibilities, or a material diminution in such
        position, authority, duties or responsibilities, (ii) a reduction of the Participant’s aggregate annual compensation opportunity (i.e., base salary and annual bonus and incentive compensation target opportunity), and such reduction is not related
        to a reduction in either individual or corporate performance, (iii) a change of more than 50 miles in the Participant’s principal place of employment, or (iv) any other action or inaction that constitutes a material breach of the Plan.

     

    

     “Grant Date” means the date that the Award is granted.

     

    “Immediate Family” means the Participant’s children,
        stepchildren, grandchildren, parents, stepparents, grandparents, spouse, siblings (including half-brothers and half-sisters), in-laws (including all such relationships arising because of legal adoption) and any other person required under
        applicable law to be accorded a status identical to any of the foregoing.

     

    “Incentive Stock Option” means an Option that is designated
        as an Incentive Stock Option and is intended by the Committee to meet the requirements of Section 422 of the Code.

     

    “Independent Contractor” means an independent contractor or
        consultant of the Company or a Subsidiary. Notwithstanding anything to the contrary contained herein, the Committee may grant Awards to an individual who has been extended an offer to become an independent contractor or consultant by the Company or
        a Subsidiary; provided that any such Award shall be subject to forfeiture if such individual does not commence his or her duties by a date established by the Committee.

     

    “Member of the Board” means an individual who is a member of
        the Board or of the board of directors of a Subsidiary or Affiliate.

     

    “Non-Employee Director” means a director or a member of the
        Board of the Company or any Affiliate who is not an active employee of the Company or any Affiliate.

     

    “Non-Qualified Share Option” means an Option that is not an
        Incentive Stock Option.

     

    “Option” means an option to purchase Shares granted pursuant
        to Article VI.

     

    “Other Share-Based Award” means an Award under Article X of
        this Plan that is valued in whole or in part by reference to, or is payable in or otherwise based on, Shares including, without limitation, an Award valued by reference to an Affiliate.

     

    “Participant” means an Employee, Independent Contractor, or
        Member of the Board with respect to whom an Award has been granted and remains outstanding.

     

    “Performance Award” means an Award granted to a Participant
        pursuant to Article IX hereof contingent upon achieving certain Performance Goals.

     

    “Performance Goals” means goals established by the Committee
        as contingencies for Awards to vest and/or become exercisable or distributable.

     

    “Performance Period” means the designated period during
        which the Performance Goals must be satisfied with respect to the Award to which the Performance Goals relate.

     

    
      
        

    

    “Period of Restriction” means the period during which Awards
        are subject to forfeiture and/or restrictions on transferability.

     

    

     “Restricted Share” means a Share Award granted pursuant to
        Article VII under which the Shares are subject to forfeiture upon such terms and conditions as specified in the relevant Award Agreement.

     

    “Restricted Share Unit” or “RSU” means a Share Award granted pursuant to Article VII subject to a period or periods of time after which the Participant will receive Shares (which may be settled in cash at the Company’s
        discretion) if the conditions contained in such Share Award have been met.

     

    “Securities Act” means the Securities Act of 1933 (US), as
        amended, and any successor thereto. Reference in the Plan to any section of (or rule promulgated under) the Securities Act shall be deemed to include any rules, regulations or other interpretative guidance under such section or rule, and any
        amendments or successor provisions to such section, rules, regulations or guidance.

     

    “Share” means the Company’s ordinary shares, or any security
        issued by the Company or any successor in exchange or in substitution therefore.

     

    “Share Appreciation Right” or “SAR” means an Award granted pursuant to Article VIII, granted alone or in tandem with a related Option which is designated by the Committee as a SAR.

     

    “Share Award” means an Award of Restricted Shares or an RSU
        pursuant to Article VII.

     

    “Subsidiary” means, with respect to any person, any
        corporation, limited liability company, partnership, association or other business entity of which (a) if a corporation, a majority of the total voting power of shares entitled (without regard to the occurrence of any contingency) to vote in the
        election of directors, managers or trustees thereof is at the time owned or controlled, directly or indirectly, by that person or one or more of the other Subsidiaries of that person or a combination thereof, or (b) if a limited liability company,
        partnership, association or other business entity, a majority of the limited liability company, partnership or other similar ownership interest thereof is at the time owned or controlled, directly or indirectly, by any person or one or more
        Subsidiaries of that person or a combination thereof. For purposes hereof, person or persons shall be deemed to have a majority ownership interest in a limited liability company, partnership, association or other business entity if such person or
        persons shall be allocated a majority of limited liability company, partnership, association or other business entity gains or losses or shall be or control the managing director or general partner of such limited liability company, partnership,
        association or other business entity.

     

    “Ten Percent Holder” means an Employee (together with
        persons whose Share ownership is attributed to the Employee pursuant to Section 424(d) of the Code) who, at the time an Option is granted, owns shares representing more than ten percent of the voting power of all classes of securities of the
        Company.

     

    “Termination” means a Termination of Consultancy,
        Termination of Directorship or Termination of Employment, as applicable. Notwithstanding the foregoing, for Awards that are subject to Section 409A of the Code and that are settled or distributed upon a “Termination,” the foregoing definition shall
        only apply to the extent the applicable event would also constitute a “separation from service” under Code Section 409A.

     

    

     “Termination of Consultancy” means: (a) that the
        Independent Contractor is no longer acting as a consultant to the Company or an Affiliate; or (b) when an entity which is retaining a Participant as an Independent Contractor ceases to be an Affiliate unless the Participant otherwise is, or
        thereupon becomes, an Independent Contractor to the Company or another Affiliate at the time the entity ceases to be an Affiliate. In the event that an Independent Contractor becomes an Eligible Employee or a Non-Employee Director upon the
        termination of his or her consultancy, unless otherwise determined by the Committee, in its sole discretion, no Termination of Consultancy shall be deemed to occur until such time as such Independent Contractor is no longer an Independent
        Contractor, an Eligible Employee or a Non-Employee Director.

     

    “Termination of Directorship” means that the Non-Employee
        Director has ceased to be a director of the Company; except that if a Non-Employee Director becomes an Eligible Employee or a Consultant upon the termination of his or her directorship, his or her ceasing to be a director of the Company shall not
        be treated as a Termination of Directorship unless and until the Participant has a Termination of Employment or Termination of Consultancy, as the case may be.

     

    “Termination of Employment” means: (a) a termination of
        employment (for reasons other than a military or personal leave of absence granted by the Company) of a Participant from the Company and its Affiliates; or (b) when an entity which is employing a Participant ceases to be an Affiliate, unless the
        Participant otherwise is, or thereupon becomes, employed by the Company or another Affiliate at the time the entity ceases to be an Affiliate. In the event that an Eligible Employee becomes an independent director upon the termination of his or her
        employment, unless otherwise determined by the Committee, in its sole discretion, no Termination of Employment shall be deemed to occur until such time as such Eligible Employee is no longer an Eligible Employee or an independent director.
        Notwithstanding the foregoing, the Committee may otherwise define Termination of Employment in the Award Agreement, provided that any such change to the definition of the
        term “Termination of Employment” does not subject the applicable Award to adverse consequences under Section 409A of the Code.

     

    
      
        

    

    “Transfer” means: (a) when used as a noun, any direct or
        indirect transfer, sale, assignment, pledge, hypothecation, encumbrance or other disposition (including the issuance of equity in a Person), whether for value or no value and whether voluntary or involuntary (including by operation of law), and (b)
        when used as a verb, to directly or indirectly transfer, sell, assign, pledge, encumber, charge, hypothecate or otherwise dispose of (including the issuance of equity in a Person) whether for value or for no value and whether voluntarily or
        involuntarily (including by operation of law). “Transferred” and “Transferable” shall have a correlative meaning. A Share is “delivered” by the Company to a person if:

     

      

     
      
        	 	
                (a)

              	
                the Company issues the Share to the person (or a nominee of the person); or

              

      

    

     

    

     
      
        	 	
                (b)

              	
                the Company causes the Share to be transferred to the person (or a nominee of the person).

              

      

    

    

    

    ARTICLE III

    ADMINISTRATION

     

    3.1 The Committee. The Plan shall be administered by the
        Committee. The Committee shall consist of three (3) or more Members of the Board (as appointed by the Board) and may consist of the entire Board. Unless otherwise determined by the Board, the Committee shall be the Compensation Committee of the
        Board.

     

    3.2 Authority and Action of the Committee. It shall be the
        duty of the Committee to administer the Plan in accordance with the Plan’s provisions. The Committee shall have all powers and discretions necessary or appropriate to administer the Plan and to control its operation, including, but not limited to,
        the full and final authority in its discretion to (a) determine which Eligible Individuals shall be eligible to receive Awards and to grant Awards, (b) prescribe the form, amount, timing and other terms and conditions of each Award, (c) interpret
        the Plan and the Award Agreements (and any other instrument relating to the Plan), (d) adopt such procedures as it deems necessary or appropriate to permit participation in the Plan by Eligible Individuals, (e) adopt such rules as it deems
        necessary or appropriate for the administration, interpretation and application of the Plan, (f) interpret, amend or revoke any such procedures or rules, (g) correct any defect(s) or omission(s), or reconcile any inconsistency(ies), in the Plan
        and/or any Award Agreement, (h) accelerate the vesting of any Award, (i) subject to Sections 6.4 and 8.4, extend the period during which an Option or SAR may be exercisable, and (j) make all other decisions and determinations that may be required
        pursuant to the Plan and/or any Award Agreement or as the Committee deems necessary or advisable to administer the Plan.

     

    The acts of the Committee shall be acts approved in writing by all of the members of the Committee or approved by resolution of the
        Committee. The Committee’s determinations under the Plan need not be uniform and may be made selectively among Participants, whether or not such Participants are similarly situated. Subject to applicable law, each member of the Committee is
        entitled to rely or act upon any report or other information furnished to that member by any Employee of the Company or any of its Subsidiaries or Affiliates, the Company’s independent certified public accountants or any executive compensation
        consultant or other professional retained by the Company to assist in the administration of the Plan.

     

    The Company shall effect the granting of Awards under the Plan, in accordance with the determinations made by the Committee, by execution
        of written agreements and/or other instruments in such form as is approved by the Committee.

     

    3.3 Delegation by the Committee.

     

    3.3.1 The Committee, in its sole discretion and on such terms and conditions as it may provide, may delegate all or any part of
        its authority and powers under the Plan to one or more Members of the Board of the Company and/or officers of the Company except for grants of Awards to persons (a) who are Non-Employee Directors or otherwise are subject to Section 16 of the
        Exchange Act or (b) who are, or who are reasonably expected to be, ‘covered employees’ for purposes of Section 162(m) of the Code; provided, however, that the Committee may not delegate its authority or power if prohibited by applicable law or the rules and regulations of the principal U.S. national
        securities exchange on which the Shares are listed.

     

    3.3.2 The Committee may, in its sole discretion, employ such legal counsel, consultants and agents as it may deem desirable for
        the administration of this Plan and, subject to applicable law, may rely upon any opinion received from any such counsel or consultant and any computation received from any such consultant or agent. Expenses incurred by the Committee or the Board
        in the engagement of any such counsel, consultant or agent shall be paid by the Company.

     

    3.4  Indemnification. Each person who is or shall have been
        a member of the Committee, or of the Board and any person designated pursuant to Section 3.3.1, shall to the maximum extent permitted by applicable law and the Articles of Association of the Company be indemnified and held harmless by the Company
        against and from (a) any loss, cost, liability, or expense that may be imposed upon or reasonably incurred by him or her in connection with or resulting from any claim, action, suit, or proceeding to which he or she may be a party or in which he or
        she may be involved by reason of any good faith action taken or good faith failure to act under the Plan or any Award Agreement, and (b) from any and all amounts paid by him or her in settlement thereof, with the Company’s approval, or paid by him
        or her in satisfaction of any judgment in any such claim, action, suit, or proceeding against him or her, provided he or she shall give the Company an opportunity, at its
        own expense, to handle and defend the same before he or she undertakes to handle and defend it on his or her own behalf. The foregoing right of indemnification shall not be available to the extent that a final judgment or other final adjudication
        (in either case not subject to further appeal) binding upon the person otherwise to be indemnified under this Section 3.4 determines that the acts or omissions or determinations of such person giving rise to the indemnification claim resulted from
        such person’s bad faith, fraud or willful criminal act or omission. This section 3.4 does not create any right of indemnification or exclude any liability to the extent such indemnification or exclusion is prohibited by law or by the Company’s
        Articles of Association. The foregoing right of indemnification shall not be exclusive of any other rights of indemnification to which such persons may be entitled under the Articles of Association (or other organizational document) of the Company
        or a Subsidiary or Affiliate, by contract, as a matter of law, or otherwise, or under any power that the Company may have to indemnify them or hold them harmless.

     

    
      
        

    

    3.5 Decisions Binding. All determinations, decisions and
        interpretations of the Committee, the Board, and any delegate of the Committee pursuant to the provisions of the Plan or any Award Agreement shall be final, conclusive, and binding on all persons, and shall be given the maximum deference permitted
        by law.

     

    ARTICLE IV

    SHARES SUBJECT TO THE PLAN

     

      

    4.1 Number of Shares.  Subject to
        adjustment as provided in Section 4.2, the maximum number of Shares which may be the subject of Awards (inclusive of unissued Shares to which outstanding Incentive Stock Options relate) granted under the Plan shall be 20,781,225 Shares in total
        (the “Share Reserve”).  Shares required to be delivered under the Plan may be newly issued Shares or previously issued Shares which the Company has caused to be
        acquired by or for the benefit of Participants (as the Committee decides from time to time). To the extent permitted by applicable law or exchange rules, Shares issued in assumption of, or in substitution for, any outstanding awards of any entity
        acquired in any form or combination by the Company or any Subsidiary or Affiliate shall not reduce the Shares available to be issued or transferred for grants of Awards under this Section 4.1.  The maximum number of Shares to which Incentive Stock
        Options relate shall be equal to the Share Reserve.  The maximum number of Shares subject to a Performance Award (which includes Options for this purpose) that may be granted to any one person in any one fiscal year is that number of Shares equal
        to $6,000,000 as determined on the grant date and the maximum amount that can be earned in respect of a performance award denomination in cash or value other than shares on an annualized basis is $7,500,000.

     

    4.2 Lapsed

            Awards.  To the extent that Shares subject to an outstanding Award have ceased to be deliverable to a Participant by reason of (i) expiration, cancellation, forfeiture or other termination of such Award, or (ii) the settlement of all
        or a portion of such Award in cash, then such Shares which have ceased to be deliverable by the Company shall not be counted toward the Share Reserve and shall again be available under this Plan; provided, however, that Shares surrendered in payment of the exercise price of an Option, Shares withheld or surrendered for payment of taxes
        with respect to any Award, and Shares repurchased by the Company on the open market with the proceeds of the exercise price of Options, shall be counted toward the Share Reserve and not be available for re-issuance under the Plan.  If SARs are
        exercised and settled in Shares, the full number of Shares subject to the SARs shall be considered issued under the Plan, without regard to the number of Shares issued upon settlement of the SARs.

     

    4.3 Changes in Capital Structure. Unless otherwise provided
        in the Award Agreement, in the event that any special dividend or other special distribution (whether in the form of cash, Shares, other securities, or other property), Share bonus issue, recapitalization, subdivision, consolidation,
        reorganization, merger, split-up, spin-off, combination, repurchase, change of control or exchange of Shares or other securities of the Company, or other corporate transaction or event (each a “Corporate Event”) affects the Shares (including, without limitation, a transaction under which a person (either alone or together with associates) acquires control of the Company), subject to applicable law the Board or the
        Committee shall make any adjustments in such manner as it, in good faith, deems equitable or appropriate, in (i) the number of Shares or other securities of the Company (or number and kind of other securities or property) which may be delivered in
        respect of Awards or with respect to which Awards may be granted under the Plan (including, without limitation, adjusting any or all of the limitations under this Article IV), (ii) the number of Shares or other securities of the Company (or number
        and kind of other securities or property) subject to outstanding Awards or to which outstanding Awards relate, and (iii) the Exercise Price or Base Price with respect to any Award, or make provision for an immediate cash payment to the holder of an
        outstanding Award in consideration for the cancellation of such Award (based on the spread).

     

    4.3.1 If the Company enters into or is involved in any Corporate Event, subject to applicable law, the Board or the Committee
        shall, prior to such Corporate Event and upon such Corporate Event, take such action as it, in good faith, deems to be equitable or appropriate, which may (but need not) include replacing Awards with substitute awards in respect of the Shares,
        cash, other securities or other property of the surviving corporation, acquirer, ultimate parent company of the Company or any affiliate of the foregoing on such terms and conditions, as to the number of Shares, pricing and otherwise, to
        substantially preserve the value, rights and benefits of any affected Awards granted hereunder as of the date of the consummation of the Corporate Event. Notwithstanding anything to the contrary in the Plan, if a Change in Control occurs, the
        Company shall have the right, but not the obligation, to cancel each Participant’s Awards immediately prior to such Change in Control and to pay to each affected Participant in connection with the cancellation of such Participant’s Awards, an
        amount that the Committee, in its sole discretion, determines to be the equivalent value of such Award (e.g., in the case of an Option or SAR, the amount of the spread), it being understood that the equivalent value of an Option or SAR with an
        exercise price greater than or equal to the Fair Market Value of the underlying Shares shall be zero.

     

    

    
      
        

    

    4.3.2 Upon receipt by any affected Participant of any such substitute awards (or payment) as a result of any such Corporate
        Event, such Participant’s affected Awards for which such substitute awards (or payment) were received shall be thereupon cancelled without the need for obtaining the consent of any such affected Participant. Any actions or determinations of the
        Committee under this Section 4.3 need not be uniform as to all outstanding Awards, nor treat all Participants identically.

     

    4.3.3 Nothing in this Section 4.3 requires the Board or the Committee to do or procure anything which is not within its power or
        control to do or procure or which would involve the Board or Committee (or any member thereof) breaching a duty owed to the Company.

     

    4.4 Minimum Purchase Price. Notwithstanding any provision
        of this Plan to the contrary, any Shares which are delivered under this Plan, must not be delivered for consideration that is less than as permitted under applicable law.

     

    ARTICLE V

    GENERAL REQUIREMENTS FOR AWARDS

     

    5.1 Awards Under the Plan. Awards under the Plan may be in
        the form of Incentive Stock Options, Non-Qualified Share Options, Share Appreciation Rights, Restricted Share, Restricted Share Units, Performance Awards and Other Share-Based Awards, cash payments and such other forms as the Committee in its
        discretion deems appropriate, including any combination of the above. No fractional Shares shall be issued under the Plan nor shall any right be exercised under the Plan with respect to a fractional Share. If (but for this Section) a Participant
        would become entitled to be delivered a number of Shares that is not a whole number, the number of Shares to which the Participant is entitled to be delivered shall not include the fraction.

     

    5.2 General Eligibility. All Eligible Individuals are
        eligible to be granted Awards, subject to the terms and conditions of this Plan. Eligibility for the grant of Awards and actual participation in this Plan shall be determined by the Committee in its sole discretion.

     

    5.3  Incentive Stock Options. Notwithstanding anything
        herein to the contrary, only Employees of the Company, its Subsidiaries and its parent (if any) are eligible to be granted Incentive Stock Options under this Plan. Eligibility for the grant of an Incentive Stock Option and actual participation in
        this Plan shall be determined by the Committee in its sole discretion.

     

    5.4  Participation. No person shall have the right to be
        selected to receive an Award under this Plan, or, having been so selected, to be selected to receive a future Award. The Committee’s determination under the Plan (including, without limitation, determination of the eligible Employees who shall be
        granted Awards, the form, amount and timing of such Awards, the terms and provisions of Awards and the Award Agreements and the establishment of Performance Goals) need not be uniform and may be made by it selectively among eligible Employees who
        receive or are eligible to receive Awards under the Plan, whether or not such eligible Employees are similarly situated.

     

    5.5 Conditions and Restrictions on Shares. Each Participant
        to whom an Award is made under the Plan shall (i) enter into an Award Agreement with the Company that shall contain such provisions consistent with the provisions of the Plan, as may be approved by the Committee and (ii) to the extent the Award is
        made at a time prior to the date Shares are listed for trading on an established securities exchange, enter into a “Stockholder’s Agreement” that is substantially similar in all material respect to any stockholder’s agreement entered into by any
        other employee of the Company or its Subsidiaries in connection with the Award of any equity-based compensation. Each Award made hereunder shall be subject to the requirement that if at any time the Company determines that the listing, registration
        or qualification of the Shares subject to such Award upon any securities exchange or under any law, or the consent or approval of any governmental body, or the taking of any other action is necessary or desirable as a condition of, or in connection
        with, the exercise or settlement of such Award or the delivery of Shares thereunder, such Award shall not be exercised or settled and such Shares shall not be delivered unless such listing, registration, qualification, consent, approval or other
        action shall have been effected or obtained, free of any conditions not acceptable to the Company. The Company may require that certificates evidencing Shares delivered pursuant to any Award made hereunder bear a legend indicating that the sale,
        transfer or other disposition thereof by the holder is prohibited except in compliance with the Securities Act. Finally, no Shares shall be delivered under the Plan, unless the delivery of those Shares shall comply with all relevant regulations and
        any registration, approval or action thereunder and the person to whom they are to be delivered has agreed to become a member of the Company and be bound by its Articles of Association.

     

    5.6 Clawback/Forfeiture. Notwithstanding anything to the
        contrary contained herein, an Award Agreement may provide that the Committee may in its sole discretion cancel such Award, in whole or in part, if the Participant, without the consent of the Company, while employed by or providing services to the
        Company or any Affiliate or after termination of such employment or service, violates a non-competition, non-solicitation or non-disclosure covenant or agreement or otherwise engages in activity that is in conflict with or adverse to the interest
        of the Company or any Affiliate, including fraud or conduct contributing to any financial restatements or irregularities, as determined by the Committee in its sole discretion. The Committee may also provide in an Award Agreement that if the
        Participant engages in any activity referred to in the preceding sentence, the Participant will forfeit any gain realized on the vesting or exercise of such Award, and must repay the gain to the Company. In the case of an Award of Restricted Shares
        that is cancelled pursuant to this Section 5.6, the Committee may determine that the Restricted Shares are forfeited, in which case the provisions of Section 7.4 shall apply in respect of such forfeited Shares. Furthermore, to the extent required
        by applicable law (including, without limitation, Section 304 of the Sarbanes-Oxley Act and Section 954 of the Dodd-Frank Wall Street Reform and Consumer Protection Act) and the rules and regulations of the principal U.S. national securities
        exchange in which the Shares are listed, or if so required pursuant to a written policy adopted by the Company, and in accordance with the Company’s incentive clawback policy, originally adopted January 25, 2013 as in effect from time to time,
        Awards are and shall continue to be subject to clawback, forfeiture or similar requirements.

     

    
      
        

    

    5.7 Restrictions on Transfer. It shall be a condition of
        every Award that no Participant shall offer (or permit or cause to be offered) any Shares that are delivered to him or her pursuant to the Award for sale within 12 months of their issue, unless the Award Agreement provides otherwise

     

    ARTICLE VI

    SHARE OPTIONS

     

    6.1 Grant of Options. Subject to the provisions of the
        Plan, Options may be granted to Participants at such times, and subject to such terms and conditions, as determined by the Committee in its sole discretion. An Award of Options may include Incentive Stock Options, Non-Qualified Share Options, or a
        combination thereof; provided, however, that an Incentive Stock

     

    

    Option may only be granted to an Employee of the Company or a Subsidiary and no Incentive Stock Option shall be granted more than ten years after the earlier
        of (i) the Effective Date or (ii) the date this Plan is approved by the Company’s shareholders.

     

    6.2 Award Agreement. Each Option shall be evidenced by an
        Award Agreement that shall specify the Exercise Price, the expiration date of the Option, the number of Shares to which the Option pertains, any conditions to the exercise of all or a portion of the Option, and such other terms and conditions as
        the Committee, in its discretion, shall determine. The Award Agreement pertaining to an Option shall designate such Option as an Incentive Stock Option or a Non-Qualified Share Option. Notwithstanding any such designation, to the extent that the
        aggregate Fair Market Value (determined as of the Grant Date) of Shares with respect to which Options designated as Incentive Stock Options are exercisable for the first time by a Participant during any calendar year (under this Plan or any other
        plan of the Company, or any parent or subsidiary as defined in Section 424 of the Code) exceeds $100,000, such Options shall constitute Non-Qualified Share Options. For purposes of the preceding sentence, Incentive Stock Options shall be taken into
        account in the order in which they are granted.

     

    6.3 Exercise Price. Subject to the other provisions of this
        Section, the Exercise Price with respect to Shares subject to an Option shall be determined by the Committee at the time of grant, provided; however; that the Exercise Price of an Option shall not be less than 100% (or, in the case of an Incentive Stock Option granted to a Ten Percent Holder, 110%) of the Fair Market Value of a
        Share on the Grant Date.

     

    6.4 Expiration Dates. Each Option shall terminate not later
        than the expiration date specified in the Award Agreement pertaining to such Option; provided, however,
        that the expiration date with respect to an Option shall not be later than the tenth (10th) anniversary of its Grant Date and the expiration date with respect to an Incentive Stock Option granted to a Ten Percent Holder shall not be later than the
        fifth (5th) anniversary of its Grant Date.

     

    6.5 Exercisability of Options. Subject to Section 6.4,
        Options granted under the Plan shall be exercisable at such times, and shall be subject to such restrictions and conditions, as the Committee shall determine in its sole discretion. The exercise of an Option is contingent upon payment by the
        optionee of the amount sufficient to pay all taxes required to be withheld by any governmental agency. Such payment may be in any form approved by the Committee.

     

    6.6 Method of Exercise. Options shall be exercised in whole
        or in part by the Participant’s delivery of a written notice of exercise to the General Counsel or Secretary of the Company (or his or her designee) setting forth the number of Shares with respect to which the Option is to be exercised, accompanied
        by full payment of the Exercise Price with respect to each such Share and an amount sufficient to pay all taxes required to be withheld by any governmental agency. The Exercise Price shall be payable to the Company in full in cash or its equivalent
        and no Shares resulting from the exercise of an Option shall be issued until full payment therefore has been made. The Committee, in its sole discretion, also may permit exercise by any other means which the Committee, in its sole discretion,
        determines to both provide legal consideration for the Shares, and to be consistent with the purposes of the Plan (including, without limitation, a cashless exercise whereby the Company does not deliver that number of Shares with a Fair Market
        Value equal to the aggregate exercise price of the Options being exercised). As soon as practicable after receipt of a written notification of exercise and full payment for the Shares with respect to which the Option is exercised, the Company shall
        deliver to the Participant Share certificates (or the equivalent if such Shares are held in book entry form) for such Shares with respect to which the Option is exercised.

     

    6.7 Restrictions on Share Transferability. Incentive Stock
        Options are not transferable, except by will or the laws of descent. The Committee may impose such additional restrictions on any Shares acquired pursuant to the exercise of an Option as it may deem advisable, including, but not limited to,
        restrictions related to applicable federal securities laws, the requirements of any national securities exchange or system upon which Shares are then listed or traded, or any blue sky or state securities laws.

     

    
      
        

    

    6.8 RESERVED

     

    6.9 RESERVED

     

    6.10 Incentive Stock Options. Should any Option granted
        under this Plan be designated an “Incentive Stock Option,” but fail, for any reason, to meet the requirements of the Code for such a designation, then such Option shall be deemed to be a Non-Qualified Share Option and shall be valid as such
        according to its terms.

     

    6.11 Prohibition on Repricing.  Notwithstanding anything in the Plan to the contrary, other than as may be permitted pursuant to Section 4.3, the Committee shall not without the approval of the Company’s
        shareholders (a) lower the Exercise Price of an Option after it is granted, (b) cancel an Option when the Exercise Price exceeds the Fair Market Value of one Share in exchange for cash or another Award (other than in connection with a Change in
        Control), or (c) take any other action with respect to an Option that would be treated as a repricing under the rules and regulations of the principal U.S. national securities exchange on which the Shares are listed.

     

    ARTICLE VII

    SHARE AWARDS

     

    7.1 Grant of Share Awards. Subject to the provisions of the
        Plan, Share Awards may be granted to such Participants at such times, and subject to such terms and conditions, as determined by the Committee in its sole discretion. Share Awards may be issued either alone or in addition to other Awards granted
        under the Plan.

     

    7.2 Share Award Agreement. Each Share Award shall be
        evidenced by an Award Agreement that shall specify the number of Shares granted, the price, if any, to be paid for the Shares and the Period of Restriction applicable to a Restricted Share Award or RSU Award and such other terms and conditions as
        the Committee, in its sole discretion, shall determine including, without limitation, that an RSU Award may be settled in cash or a combination of cash and Shares.

     

    

    7.3 Acceptance. Awards of Restricted Shares must be
        accepted within a period of thirty (30) days (or such other period as the Committee may specify) after the grant date, by executing a Restricted Share Award Agreement and by paying whatever price (if any) the Committee has designated thereunder.

     

    7.4 Transferability/Share Certificates/Forfeiture.

     

    7.4.1 Restricted Shares may not be sold, Transferred, pledged, assigned, or otherwise alienated or hypothecated during the Period
        of Restriction. During the Period of Restriction, a Restricted Share Award may bear a legend as described in Section 7.5.2. Unless the Committee determines otherwise, Restricted Shares shall be delivered to and held by the relevant Participant for
        the applicable Period of Restriction and such Participant shall be and remain the beneficial owner of each such Restricted Share.

     

    7.4.2 The Committee may impose such requirements and implement such arrangements as it considers necessary or desirable for the
        purpose of securing compliance by the Participant with the terms of an Award of Restricted Shares and the Plan (including this Section 7.4). Such requirements and arrangements may include, without limitation, a requirement that the Participant
        deliver to the Company (or its nominee) any Share certificate relating to the Restricted Shares and a blank transfer of the Restricted Shares duly executed by the Participant (as transferor).

     

    7.4.3 In the event that an Award of Restricted Shares is forfeited in whole or part, the Company shall be entitled, at its
        election at any time thereafter, to do any of the following:

     

    (a) to require the Participant to transfer the forfeited Shares to any person nominated by the Company including, without
        limitation:

     

    (i) an Eligible Individual for or in connection with an Award made to such Eligible Individual; or

     

    (ii) a broker instructed to sell the Shares on a securities exchange at the then prevailing market price for Shares (or any other
        price acceptable to the Committee);

     

    (b) to require the Participant to sell the forfeited Shares (or cause them to be sold):

     

    (i) to any person nominated by the Company at such price and on such terms and subject to such conditions as the Committee
        decides; or

     

    (ii) on any securities exchange at the then prevailing market price for Shares (or any other price acceptable to the Committee);

     

    
      
        

    

    (c) (subject to applicable law) to buy-back the forfeited Shares from the Participant for a total purchase price of $1.00 (that
        is, $1.00 for all the forfeited Shares of the Participant irrespective of the number of Shares that are bought back from the Participant).

     

    

    7.4.4 The Participant must do any act that Company may reasonably require to give effect to an election made by the Company under
        Section 7.4.3. Without limiting the generality of the foregoing, the acts may include sign or give any direction, instruction, share transfer or other document to any person.

     

    7.4.5 Where the Company requires the Participant to transfer the Shares or to sell the Shares (or cause them to be sold) under
        paragraph (a) or paragraph (b) of Section 7.4.3, the Participant shall be obliged to pay to the Company an amount equal to the consideration (if any) received upon such transfer or sale (or, in the case of non-cash consideration, the value of such
        consideration as reasonably determined by the Company) immediately upon receipt of the consideration. Without limiting Section 7.4.4, the Company may require the Participant to direct that the transferee or purchaser pay or deliver any
        consideration to which the Participant is entitled under the transfer or sale to the Company (or as the Company directs). If any consideration is received by the Company (in any capacity) upon a transfer or sale of forfeited Shares of a
        Participant, the Company shall be entitled to retain that consideration for its own benefit and shall not be required to account to the Participant for it.

     

    7.4.6 The Company is authorized under the Plan by each Participant to do, and to appoint any person who is a director, secretary,
        general counsel or employee of the Company to do, for and on behalf of and in the name of any Participant to whom an Award of Restricted Shares is made, any act which the Committee considers that the Participant is required to do under the Plan
        (including, without limitation, under Section 7.4.3 or Section 7.4.4) or the terms of an Award of Restricted Shares. Without limiting the generality of the foregoing, the acts may include sign or give any direction, instruction, share transfer or
        other document to any person for and on behalf of and in the name of the Participant. A Participant may not revoke this authority.

     

    7.5  Other Restrictions. The Committee, in its sole
        discretion, may impose such other restrictions on Shares subject to an Award of Restricted Shares as it may deem advisable or appropriate.

     

    7.5.1 General Restrictions. The Committee
        may set restrictions based upon applicable federal or state securities laws, , or any other basis determined by the Committee in its discretion.

     

    7.5.2 Legend on Certificates. The
        Committee, in its sole discretion, may legend the certificates representing Restricted Shares during the Period of Restriction to give appropriate notice of such restrictions. For example, the Committee may determine that some or all certificates
        representing Restricted Shares shall bear the following legend: “The sale or other transfer of the shares of Shares represented by this certificate, whether voluntary, involuntary, or by operation of law, is subject to certain restrictions on
        transfer as set forth in the Tronox Holdings plc Amended and Restated  Management Equity Incentive Plan (the “Plan”), and in a Restricted Share Award Agreement
        (as defined by the Plan). A copy of the Plan and such Restricted Share Award Agreement may be obtained from the General Counsel or Secretary of Tronox Holdings plc.”

     

    7.5.3 Removal of Restrictions. Upon the
        termination or expiry of the Period of Restriction applicable to Restricted Shares, subject to the Company’s right to require payment of any taxes, the Shares shall cease to be liable to be forfeited by the Participant and the restrictions in
        Section 7.4 shall cease to apply (“Released Shares”). Upon delivery to the Company of any Share certificate relating to Released Shares bearing a legend as
        referred to in Section 7.5.2, the Company shall cancel such certificate and deliver to the Participant a new certificate for the Released Shares that does not bear such a legend (unless no such certificate is required to be delivered under
        applicable law).

     

    7.5.4 Voting Rights. During the Period of
        Restriction, Participants holding Restricted Shares may exercise full voting rights attaching to the Shares, unless otherwise provided in the Award Agreement. However, if an award of Restricted Shares is forfeited, the Participant must not cast a
        vote attaching to any of the forfeited Shares (or appoint a proxy or attorney to do so).

     

    7.5.5 Dividends and Other Distributions.
        Unless otherwise provided in the Award Agreement:

     

    (a) a Participant shall be entitled to receive all dividends and other distributions paid on Restricted Shares held by him or
        her provided, that any such dividends or other distributions shall be subject to the same vesting requirements as the underlying Share Awards and
        shall be accumulated and paid only at the time the Share Award becomes vested. In the case of a distribution paid other than in cash, the relevant amount shall be the value of the property distributed as at the date of the distribution, as
        determined by the Committee;

     

     (b) in the case of an Share Award of RSUs, if and when the RSUs vest and cease to be liable to be forfeited, the Company shall
        make a Dividend Equivalent Payment to the Participant. For this purpose, a “Dividend Equivalent Payment” is an amount equal to the amount of cash dividends and other distributions that would have been paid to the Participant during the period
        commencing on the date of grant of the Share Award and ending on the date that is one business day before the date on which Participant is delivered the Shares pursuant to the RSU Award or the RSU Award is settled in cash (as the case may be) as
        if, for each RSU that has vested, a Share had been delivered to the Participant on the date of grant instead of an RSU; and

     

    
      
        

    

    (c) for the avoidance of doubt, notwithstanding anything to contrary, cash dividends, stock and any other property (other than
        cash) distributed as a dividend, Dividend Equivalent Payment or otherwise with respect to any Award that vests based on achievement of performance goals shall either (i) not be paid or credited or (ii) be accumulated, subject to restrictions and
        risk of forfeiture to the same extent as the Award with respect to which such cash, stock or other property has been distributed and shall be paid at the time such restrictions and risk of forfeiture lapse.

     

    7.5.6 Consolidations/Subdivisions/Bonus Issues.
        For the avoidance of doubt, subject to the Committee determining otherwise pursuant to Section 4.3 and to the terms of any Award Agreement, if there is a consolidation of Shares or a subdivision of Shares, or a pro rata bonus issue of Shares or
        other securities by the Company, the Restricted Shares of each Participant shall as from the effective date of such consolidation, subdivision or bonus issue be:

     

    (a) in the case of a consolidation or subdivision, the smaller or greater number of Shares (as the case may be) resulting from
        the consolidation or subdivision of the Restricted Shares of the Participant held immediately before the effective date of the consolidation or subdivision; and

     

    

    (b) in the case of a pro rata bonus issue, the Shares comprising the Restricted Shares of the Participant and the bonus Shares or
        other securities issued to the Participant in relation to the Restricted Shares of the Participant held immediately before the record date for the pro rata bonus issue.

     

    ARTICLE VIII

    SHARE APPRECIATION RIGHTS

     

    8.1  Grant of SARs. Subject to the provisions of the Plan,
        SARs may be granted to such Participants at such times, and subject to such terms and conditions, as shall be determined by the Committee in its sole discretion.

     

    8.2  Base Price and Other Terms. The Committee, subject to
        the provisions of the Plan, shall have complete discretion to determine the terms and conditions of SARs granted under the Plan. Without limiting the foregoing, the Base Price with respect to Shares subject to a tandem SAR shall be the same as the
        Exercise Price with respect to the Shares subject to the related Option. The Base Price with respect to Shares subject to a non-tandem SAR shall be determined by the Committee at the time of grant, provided that the Base Price of a non-tandem SAR shall not be less than 100% of the Fair Market Value of a Share on the Grant Date.

     

    8.3  SAR Agreement. Each SAR grant shall be evidenced by an
        Award Agreement that shall specify the Base Price, the term of the SAR, the conditions of exercise, and such other terms and conditions as the Committee, in its sole discretion, shall determine.

     

    8.4  Expiration Dates. Each SAR shall terminate no later
        than the tenth (10th) anniversary of its Grant Date; provided, however, that the expiration
        date with respect to a tandem SAR shall not be later than the expiration date of the related Option.

     

    8.5  Exercisability.

     

    8.5.1 Method of Exercise. Unless
        otherwise specified in the Award Agreement pertaining to a SAR, a SAR may be exercised (a) by the Participant’s delivery of a written notice of exercise to the General Counsel or Secretary of the Company (or his or her designee) setting forth the
        number of whole SARs which are being exercised, (b) in the case of a tandem SAR, by surrendering to the Company any Options which are cancelled by reason of the exercise of such SAR, and (c) by executing such documents as the Company may reasonably
        request.

     

    8.5.2 Tandem SARs. Tandem SARs (i.e.,
        SARs issued in tandem with Options) shall be exercisable only at such time or times and to the extent that the Options to which they relate shall be exercisable in accordance with the provisions of Article VI. The related Options which have been
        surrendered by the exercise of a tandem SAR, in whole or in part, shall no longer be exercisable to the extent the related tandem SARs have been exercised.

     

    8.5.3 Discretionary Limitations. If the
        Committee provides, in its discretion, that any such right is exercisable subject to certain limitations (including, without limitation, that it is exercisable only in installments or within certain time periods), the Committee may waive such
        limitations on the exercisability at any time at or after grant in whole or in part (including, without limitation, waiver of the installment exercise provisions or acceleration of the time at which such right may be exercised), based on such
        factors, if any, as the Committee shall determine, in its sole discretion.

     

    8.6 Payment. Except as otherwise provided in the relevant
        Award Agreement, upon exercise of a SAR, the Participant shall be entitled to receive payment from the Company in an amount determined by multiplying: (i) the amount by which the Fair Market Value of a Share on the date of exercise exceeds the Base
        Price specified in the Award Agreement pertaining to such SAR by (ii) the number of Shares with respect to which the SAR is exercised.

     

    
      
        

    

    8.7 Payment Upon Exercise of SAR. Payment to a Participant
        upon the exercise of the SAR shall be made, as determined by the Committee in its sole discretion, either (a) in cash, (b) in newly issued Shares with a Fair Market Value equal to the amount of the payment or (c) in a combination thereof, as set
        forth in the applicable Award Agreement.

     

    8.8 Prohibition on Repricing.  Notwithstanding anything in
        the Plan to the contrary, other than as may be permitted pursuant to Section 4.3, the Committee shall not without the approval of the Company’s shareholders (a) lower the Base Price of an SAR after it is granted, (b) cancel a SAR when the Base
        Price exceeds the Fair Market Value of one Share in exchange for cash or another Award (other than in connection with a Change in Control) or (c) take any other action with respect to an SAR that would be treated as a repricing under the rules and
        regulations of the principal U.S. national securities exchange on which the Shares are listed.

     

    ARTICLE IX

    PERFORMANCE AWARDS

     

    9.1 General. The Committee may grant a Performance Award to
        a Participant, payable in any form described in Section 5.1, upon the attainment of specific Performance Goals. If the Performance Award is payable in Restricted Shares, with the provisions of Article VII shall apply in respect of the Restricted
        Shares. If the Performance Award is payable in cash, it may be paid upon attainment of the relevant Performance Goals either in cash or in Restricted Shares (based on the then current Fair Market Value of such Shares) to be held in accordance with
        Article VII, as determined by the Committee, in its sole and absolute discretion. If it is a condition of the Performance Award payable in Restricted Shares that the Restricted Shares shall be forfeited if a Performance Goal is not attained, the
        provisions of Section 7.4 shall apply in respect of such forfeited Shares and Section 7.5.5 shall apply in respect of forfeited dividends and other distributions. Each Performance Award shall be evidenced by an Award Agreement in such form that is
        not inconsistent with the Plan and that the Committee may from time to time approve. Performance Awards granted under the Plan shall be subject to the following terms and conditions and such additional terms and conditions, not inconsistent with
        the terms of the Plan, as the Committee shall deem desirable, which additional terms and conditions shall be reflected in the applicable Award Agreement.

     

    9.2 Performance Goals. Subject to applicable law, the
        Committee shall have the authority to grant Awards under this Plan that are contingent upon the achievement of Performance Goals. Such Performance Goals are to be specified in the relevant Award Agreement and may be based on such factors including,
        but not limited to: (a) revenue, (b) earnings per Share (basic and diluted), (c) net income per Share, (d) Share price, (e) pre-tax profits, (f) net earnings, (g) net income, (h) operating income, (i) cash flow (including, without limitation,
        operating cash flow, free cash flow, discounted cash flow, return on investment and cash flow in excess of cost of capital), (j) earnings before interest, taxes, depreciation and amortization, (k) earnings before interest and taxes, (l) sales, (m)
        total stockholder return relative to assets, (n) total stockholder return relative to peers, (o) financial returns (including, without limitation, return on assets, return on net assets, return on equity and return on investment), (p) cost
        reduction targets, (q) customer satisfaction, (r) customer growth, (s) employee satisfaction, (t) gross margin, (u) revenue growth, (v) market share, (w) book value per share, (x) expenses and expense ratio management, (y) system-wide sales or
        system-wide sales growth, (z) traffic or customer counts, (aa) new product sales, (bb) any combination of the foregoing or (cc) such other criteria as the Committee may determine. Performance Goals may be in respect of the performance of the
        Company, any of its Subsidiaries or Affiliates or any combination thereof on either a consolidated, business unit or divisional level. Performance Goals may be absolute or relative (to prior performance of the Company or to the performance of one
        or more other entities or external indices) and may be expressed in terms of a progression within a specified range. Multiple Performance Goals may be established and may have the same or different weighting.

     

    9.3 Additional Criteria. The foregoing criteria shall have
        any reasonable definitions that the Committee may specify, which may include or exclude any or all of the following items, as the Committee may specify: extraordinary, unusual or non-recurring items; effects of accounting changes; effects of
        currency fluctuations; effects of financing activities (e.g., effect on earnings per share of issuing convertible debt securities); expenses for restructuring, productivity initiatives or new business initiatives; non-operating items; acquisition
        expenses; and effects of divestitures. Any such performance criterion or combination of such criteria may apply to the Participant’s award opportunity in its entirety or to any designated portion or portions of the award opportunity, as the
        Committee may specify.

     

    9.4 Adjustment to Performance Goals. At any time prior to
        payment of an Award, the Committee may adjust previously established Performance Goals and other terms and conditions of the Award to reflect major unforeseen events, including, without limitation, changes in laws, regulations or accounting
        policies or procedures, mergers, acquisitions or divestitures or extraordinary, unusual or non-recurring items.

     

    9.5 Value, Form and Payment of Performance Award. The
        Committee will establish the value or range of value of the Performance Award, the form in which the Award will be paid, and the date(s) and timing of payment of the Award. The Participant will be entitled to receive the Performance Award only upon
        the attainment of the Performance Goals and such other criteria as may be prescribed by the Committee during the Performance Period.

     

    
      
        

    

    ARTICLE X

    OTHER SHARE-BASED AWARDS

     

    10.1  Grant. Subject to the provisions of the Plan, the
        Committee may grant Other Share-Based Awards that are payable in, valued in whole or in part by reference to, or otherwise based on or related to Shares, including, but not limited to, Shares issued to a Participant purely as a bonus and not
        subject to any restrictions or conditions, Shares issued to a Participant in payment of the amounts due under an incentive or performance plan sponsored or maintained by the Company or a Subsidiary, performance units, dividend equivalent units,
        Share equivalent units, and deferred Share units. To the extent permitted by law, the Committee may, in its sole discretion, permit Eligible Individuals to defer all or a portion of their cash compensation in the form of Other Share-Based Awards
        granted under this Plan, subject to the terms and conditions of any deferred compensation arrangement established by the Company, which shall be intended to comply with Section 409A of the Code. Other Share-Based Awards may be granted either alone
        or in addition to or in tandem with other Awards granted under the Plan.

     

    10.2  Non-Transferability. Subject to the applicable
        provisions of the Award agreement and this Plan, Shares subject to Awards made under this Article X may not be Transferred prior to the date on which the Shares are issued, or, if later, the date on which any applicable restriction, performance or
        deferral period lapses.

     

    10.3 Dividends. Unless otherwise determined by the
        Committee at the time of Award, subject to the provisions of the Award Agreement and this Plan, the recipient of an Award under this Article X shall be entitled to receive all dividends and other distributions paid with respect to such Award; provided, that any such dividends or other distributions will be subject to the same vesting requirements as the underlying Award and shall be paid at the time the Award
        becomes vested. If any dividends or distributions are paid in Shares, such Shares shall be subject to the same restrictions on transferability and forfeitability as the Award with respect to which they were paid and, if such Shares are forfeited
        under the Award, the provisions of Section 7.4 shall apply in respect of such forfeited Shares and Section 7.5.5 shall apply in respect of any forfeited dividends and other distributions (as if the Shares were forfeited Restricted Shares).

     

    10.4  Vesting. Any Award under this Article X and any
        Shares covered by any such Award shall vest or be forfeited to the extent so provided in the Award Agreement, as determined by the Committee, in its sole discretion. Unless expressly provided otherwise in an Award Agreement, in the event that a
        written employment agreement between the Company and a Participant provides for a vesting schedule that is more favorable than the vesting schedule provided in the form of Award agreement, the vesting schedule in such employment agreement shall
        govern, provided that such agreement is in effect on the date of grant and applicable to the specific Award. Where any Shares covered by an Award under this Article X are
        forfeited by a Participant, the provisions of Section 7.4 shall apply in respect of such forfeited Shares and Section 7.5.5 shall apply in respect of any forfeited dividends and other distributions (as if the Shares were forfeited Restricted
        Shares).

     

    10.5  Price. Subject to applicable law, (a) Shares issued
        on a bonus basis under this Article X may be issued for no cash consideration; and (b) Shares purchased pursuant to a purchase right awarded under this Article X shall be priced, as determined by the Committee in its sole discretion.

     

    10.6  Payment. The form of payment for the Other
        Share-Based Award shall be specified in the Award Agreement.

     

    ARTICLE XI

    PARTICIPANT TERMINATION

     

    11.1  Rules Applicable to Options and SARs. Unless
        otherwise determined by the Committee or as set forth in the applicable Award Agreement:

     

    

    11.1.1 Termination by Reason of Death or Disability.
        If a Participant’s Termination is by reason of death or Disability, all Options or SARs that are held by such Participant that are vested and exercisable at the time of the Participant’s Termination may be exercised by the Participant (or, in the
        case of death, by the legal representative of the Participant’s estate) at any time within a one-year period from the date of such Termination, but in no event beyond the expiration of the stated term of such Options or SARs.

     

    11.1.2 Termination Without Cause. If a
        Participant’s Termination is by the Company without Cause, all Options or SARs that are held by such Participant that are vested and exercisable at the time of the Participant’s Termination may be exercised by the Participant at any time within a
        period of ninety (90) days from the date of such Termination, but in no event beyond the expiration of the stated term of such Options or SARs.

     

    11.1.3 Termination by the Participant. If
        a Participant terminates his or her service with the Company for any reason, all Options or SARs that are held by such Participant that are vested and exercisable at the time of the Participant’s Termination may be exercised by the Participant at
        any time within a period of ninety (90) days from the date of such Termination, but in no event beyond the expiration of the stated terms of such Options or SARs.

     

    11.1.4 Termination for Cause. If a
        Participant’s Termination is for Cause all Options or SARs, whether vested or unvested, that are held by such Participant shall thereupon terminate and expire as of the date of such Termination.

     

    11.1.5 Unvested Options and SARs. Except
        as set forth in the applicable Award Agreement, Options or SARs that are not vested as of the date of a Participant’s Termination for any reason shall terminate and expire as of the date of such Termination.

     

    
      
        

    

    11.2  Rules Applicable to Share Awards, Performance Awards and Other
            Share-Based Awards. Unless otherwise determined by the Committee in the applicable Award Agreement, upon a Participant’s Termination for any reason: (i) during the relevant Period of Restriction, all Share Awards still subject to
        restriction shall be forfeited; and (ii) any unvested Performance Award or Other Share-Based Awards shall be forfeited. If a Participant forfeits Shares held by him or her, the provisions of Section 7.4 shall apply in respect of such forfeited
        Shares and Section 7.5.5 shall apply in respect of any forfeited dividends and other distributions (as if the Shares were forfeited Restricted Shares).

     

    11.3  Statutory limitations. Without limiting the
        generality of Section 14.11, if (but for this Section, the Participant (or legal personal representative or other person) would be entitled to receive a payment or other benefit under this Plan or an Award Agreement in connection with the
        Participant’s termination of service and payment of such amount or the giving of such benefit would result in the Company, a Subsidiary, then despite any other provision in this Plan or the applicable Award Agreement, the Participant shall be
        entitled to receive only the maximum amount that may lawfully be paid to the Participant, or the benefit to the extent that it may be lawfully given, in connection with the Participant’s termination of service.

     

    

    ARTICLE XII

    CHANGE IN CONTROL

    

    

    12.1 Treatment of Awards in connection with a Change in Control. Unless provided otherwise by the Committee (as constituted prior to a Change in Control) in an Award
        Agreement or otherwise, or as provided in an employment agreement or similar agreement between the Company or any Subsidiary and the Participant, in the event of a Change in Control:

    

    

    12.1.1. Any Options and Share Appreciation Rights outstanding as of the date such Change in Control is
        determined to have occurred shall be assumed by the successor (or its parent company) or cancelled in exchange for substitute options or share appreciation rights issued by the successor (or its parent company) in a manner consistent with the
        requirements of Treas. Reg. § 1.409A-1(b)(5)(v)(D) (or any successor regulation) in the case of a Non-Qualified Share Option, and Treas. Reg. §1.424-1(a) (or any successor regulation) in the case of an Incentive Stock Option and, if, during the
        24-month period following the Change in Control date, the Participant’s employment is terminated by such successor (or an affiliate) without Cause or by the Participant for Good Reason, such Awards, to the extent then outstanding, shall fully vest
        and become exercisable. To the extent Options and Share Appreciation Rights that are outstanding as of the date of such Change in Control are not assumed or substituted, the Award shall, as determined by the Committee, (A) immediately become fully
        exercisable and vested to the full extent of the original grant, or (B) be cancelled in exchange for cash and/or other substitute consideration (if any) with respect to each Share subject to the Award as of the Change in Control date equal in value
        to the excess (if any) of (I) the per-Share value, as determined by the Committee in its discretion, of the property (including cash) received by the Company’s shareholders as a result of the transaction over (II) if applicable, the per-Share
        Exercise Price or Base Price of the applicable Award. If the value of the property (including cash) received by the holder of a Share as a result of the transaction does not exceed the per-Share Exercise Price or Base Price of the Award, the Award
        may be cancelled without providing any cash or other consideration to the Participant with respect to such Award.

    

    

    12.1.2  Any Performance Awards outstanding as of the date such Change in Control is determined to have
        occurred shall be converted into, as applicable, time-based restricted stock of the successor (or its parent company) or time-based restricted stock units based on stock of the successor (or its parent company) and, if, during the 24-month period
        following the Change in Control date, the Participant’s employment is terminated by such successor (or an affiliate) without Cause or by the Participant for Good Reason, such Awards, to the extent then outstanding, shall fully vest. With respect to
        Performance Awards that are outstanding as of the date of such Change in Control and are not converted to a time-based Award, any deferral or other restriction shall lapse and such Performance Awards shall be settled in cash as promptly as is
        practicable (unless otherwise required by Section 409A of the Code and the applicable terms of the Performance Awards). In either case, unless otherwise determined by the Committee in an Award Agreement or otherwise, the value of the Performance
        Awards as of the date of the Change in Control shall be determined assuming target performance has been achieved, except that the value shall be determined based on actual performance as of such date if (A) more than half of the performance period
        has elapsed as of such date and (B) actual performance is determinable as of such date.

    

    

    12.1.3 Any other Share Awards and cash Awards outstanding as of the date such Change in Control is
        determined to have occurred shall be assumed by the successor (or its parent company) or cancelled in exchange for comparable awards issued by the successor (or its parent company), and, if, during the 24-month period following the Change in
        Control date, the Participant’s employment is terminated by such successor (or an affiliate) without Cause or by the Participant for Good Reason, such Awards, to the extent then outstanding, shall fully vest. With respect to such Awards that are
        outstanding as of the date of such Change in Control and are not assumed or substituted, any deferral or other restriction shall lapse and such Awards shall be settled in cash as promptly as is practicable (unless otherwise required by Section 409A
        of the Code and the applicable terms of the Awards).

    

    

    12.1.4  For an Award to be validly assumed or substituted by a successor for purpose of this Section 12, it
        must (A) provide such Participant with rights and entitlements substantially equivalent to or better than the rights, terms and conditions applicable under such Award, including, but not limited to, an identical or better exercise or vesting
        schedules; (B) have substantially equivalent value to such Award (determined at the time of the Change in Control); and (C) be based on stock that is listed and traded on an established U.S. securities market or an established securities market
        outside the United Stated upon which the Participants could readily trade the stock without administrative burdens or complexities.

     

    
      
        

    

    ARTICLE XIII

    AMENDMENT, TERMINATION AND DURATION

     

    13.1 Amendment, Suspension or Termination. The Board, in
        its sole discretion, may amend, suspend or terminate the Plan, or any part thereof, at any time and for any reason, subject to any requirement of shareholder approval required by applicable law, rule or regulation, including, without limitation,
        Section 422 of the Code, and the rules of the applicable securities exchange; provided, however,
        unless prohibited by applicable law, the Board may amend the Plan and any Award Agreement without shareholder approval as necessary to avoid the imposition of any taxes under Section 409A of the Code. Subject to the preceding sentence, the
        amendment, suspension or termination of the Plan shall not, without the consent of the Participant, materially adversely alter or impair any rights or obligations under any Award theretofore granted to such Participant. Notwithstanding the
        foregoing, the Committee may, but shall not be required to, amend or modify any Award to the extent necessary to avoid the imposition of taxes under Section 409A of the Code. The Company intends to administer the Plan and all Awards granted
        thereunder in a manner that complies with Code Section 409A, however, the Company shall not be responsible for any additional tax imposed pursuant to Code Section 409A, nor will the Company indemnify or otherwise reimburse Participant for any
        liability incurred as a result of Code Section 409A. No Award may be granted during any period of suspension or after termination of the Plan.

     

    13.2 Duration of the Plan. The Plan shall, subject to
        Section 13.1, terminate ten (10) years after the date that the Plan is approved by a resolution passed at a general meeting of the Company, unless earlier terminated by the Board and no further Awards shall be granted under the Plan. The
        termination of the Plan shall not affect any Awards granted prior to the termination of the Plan.

     

    ARTICLE XIV

    MISCELLANEOUS

     

    14.1  No Effect on Employment or Service. Nothing in the
        Plan shall interfere with or limit in any way the right of the Company to terminate any Participant’s employment or service at any time, for any reason and with or without cause.

     

    

    14.2  Unfunded Status. The Plan is intended to constitute
        an “unfunded” plan for incentive and deferred compensation. With respect to any payments not yet made to a Participant by the Company, nothing set forth herein shall give any Participant any rights that are greater than those of a general creditor
        of the Company. In its sole and absolute discretion, the Committee may authorize the creation of trusts or other arrangements to meet the obligations created under the Plan to deliver Shares or payments in lieu of or with respect to Awards
        hereunder; provided, however, that the existence of such trusts or other arrangements is
        consistent with the unfunded status of the Plan.

     

    14.3 Successors. All obligations of the Company under the
        Plan, with respect to Awards granted hereunder, shall be binding on any successor to the Company, whether the existence of such successor is the result of a direct or indirect purchase, merger, consolidation or otherwise, of all or substantially
        all of the business or assets of the Company.

     

    14.4  Beneficiary Designations. Subject to the restrictions
        in Section 14.5 below, a Participant under the Plan may name a beneficiary or beneficiaries to whom any vested but unpaid Award shall be paid in the event of the Participant’s death. For purposes of this Section, a beneficiary may include a
        designated trust having as its primary beneficiary a family member of a Participant. Each such designation shall revoke all prior designations by the Participant and shall be effective only if given in a form and manner acceptable to the Committee.
        In the absence of any such designation or such designation being effective under applicable law, any vested benefits remaining unpaid at the Participant’s death shall be paid to the Participant’s estate and, subject to the terms of the Plan and of
        the applicable Award Agreement, any unexercised vested Award may be exercised by the administrator or executor of the Participant’s estate.

     

    14.5  Nontransferability of Awards. No Award granted under
        the Plan may be sold, transferred, pledged, assigned, or otherwise alienated or hypothecated, other than by will, by the laws of descent and distribution; provided, however, that except as provided by in the relevant Award Agreement or as prohibited by applicable law, a Participant may (with the prior approval of the Committee) transfer,
        without consideration, an Award other than an Incentive Stock Option to one or more members of his or her Immediate Family, to a trust established for the exclusive benefit of one or more members of his or her Immediate Family, to a partnership in
        which all the partners are members of his or her Immediate Family, or to a limited liability company in which all the members are members of his or her Immediate Family; provided,
        further, that any such Immediate Family, and any such trust, partnership and limited liability company, shall agree to be and shall be bound by the terms of the Plan, and by the terms and provisions of the applicable Award Agreement and any other
        agreements covering the transferred Awards. All rights with respect to an Award granted to a Participant shall be available during his or her lifetime only to the Participant and may be exercised only by the Participant or the Participant’s legal
        representative.

     

    
      
        

    

    14.6  No Rights as Shareholder. Except to the limited
        extent provided in Sections 7.5.4 and 7.5.5 or as otherwise provided under applicable law, no Participant (nor any beneficiary) shall have any of the rights or privileges of a shareholder of the Company with respect to any Shares issuable pursuant
        to an Award (or exercise thereof), unless and until the Shares that are the subject of the Award have actually been delivered to the Participant and certificates representing such Shares, if any, or in the event the Shares are non-certificate, such
        other method of recording beneficial ownership, shall have been issued, recorded on the records of the Company or its transfer agents or registrars, and delivered to the Participant (or beneficiary).

     

    14.7  Withholding. Subject to the terms of the applicable
        Award Agreement or any other agreement addressing the withholding obligations of the Company or the Participant in connection with the issuance or settlement of an Award granted hereunder, as a condition to the settlement of any Award hereunder, a
        Participant shall be required to pay in cash, or to make other arrangements satisfactory to the Company (including, without limitation, if permitted by the Committee, authorizing withholding from payroll, reducing the number of Shares otherwise
        deliverable, delivering Shares already owned and any other amounts payable to the Participant), an amount sufficient to satisfy any federal, state, local and foreign taxes of any kind (including, but not limited to, the Participant’s FICA and SDI
        obligations) which the Company, in its sole discretion, deems necessary to comply with the Code and/or any other applicable law, rule or regulation with respect to the Award. Unless the tax withholding obligations of the Company are satisfied, the
        Company shall have no obligation (except as required under applicable law) to deliver Shares to the Participant or to issue a certificate or book-entry transfer for such Shares. Unless otherwise provided in an Award Agreement or other written
        agreement with a Participant, the Committee, in its sole discretion and pursuant to such procedures as it may specify from time to time, may permit or require a Participant to satisfy all or part of the tax withholding obligations in connection
        with an Award by (a) paying cash, (b) not delivering Shares to which the Participant would otherwise be entitled to be delivered, or (c) any combination of the foregoing.

     

    14.8  No Corporate Action Restriction. The existence of the
        Plan, any Award Agreement and/or the Awards granted hereunder shall not limit, affect or restrict in any way the right or power of the Board or the shareholders of the Company to make or authorize (a) any adjustment, recapitalization,
        reorganization or other change in the Company’s or any Subsidiary’s or Affiliate’s capital structure or business, (b) any merger, consolidation or change in the ownership of the Company or any Subsidiary or Affiliate, (c) any issue of bonds,
        debentures, capital, preferred or prior preference stocks ahead of or affecting the Company’s or any Subsidiary’s or Affiliate’s capital Shares or the rights thereof, (d) any dissolution or liquidation of the Company or any Subsidiary or Affiliate,
        (e) any sale or transfer of all or any part of the Company’s or any Subsidiary’s or Affiliate’s assets or business, or (f) any other corporate act or proceeding by the Company or any Subsidiary or Affiliate. No Participant, beneficiary or any other
        person shall have any claim against any Member of the Board or the Committee, the Company or any Subsidiary or Affiliate, or any employees, officers, shareholders or agents of the Company or any Subsidiary or Affiliate, as a result of any such
        action.

     

    14.9 Gender and Number. Except where otherwise indicated by
        the context, any masculine term used herein also shall include the feminine; the plural shall include the singular and the singular shall include the plural.

     

    14.10 Severability. In the event any provision of the Plan
        or of any Award Agreement shall be held illegal or invalid for any reason, the illegality or invalidity shall not affect the remaining parts of the Plan or the Award Agreement, and the Plan and/or the Award Agreement shall be construed and enforced
        as if the illegal or invalid provision had not been included.

     

    

    14.11 Requirements of Law. The granting of Awards and the
        delivery of Shares under the Plan shall be subject to all applicable laws, rules and regulations, and to such approvals by any governmental agencies or national securities exchanges as may be required. Nothing under the Plan or an Award Agreement
        shall require the Company, a Subsidiary or any other person to do any act or thing or refrain from doing any act or thing if to do or not do that act or thing (as the case may be) would contravene applicable law.

     

    14.12 Governing Law. The Plan and all determinations made
        and actions taken pursuant hereto to the extent not otherwise governed by the Code or the securities laws of the United States, shall be governed by the law of the State of New York and construed accordingly.

     

    14.13 Jurisdiction; Waiver of Jury Trial. Any suit, action
        or proceeding with respect to this Plan or any Award Agreement, or any judgment entered by any court of competent jurisdiction in respect of any thereof, shall be resolved only in the courts of the State of New York in New York County or the United
        States District Court for the Southern District of New York and the appellate courts having jurisdiction of appeals in such courts. In that context, and without limiting the generality of the foregoing, the Company and each Participant shall
        irrevocably and unconditionally (a) submit in any proceeding relating to this Plan or any Award Agreement, or for the recognition and enforcement of any judgment in respect thereof (a “Proceeding”),

        to the exclusive jurisdiction of the courts of the State of New York in New York County, the court of the United States of America for the Southern District of New York, and appellate courts having jurisdiction of appeals from any of the foregoing,
        and agree that all claims in respect of any such Proceeding shall be heard and determined in such New York State court or, to the extent permitted by law, in such federal court, (b) consent that any such Proceeding may and shall be brought in such
        courts and waives any objection that the Company and each Participant may now or thereafter have to the venue or jurisdiction of any such Proceeding in any such court or that such Proceeding was brought in an inconvenient court and agree not to
        plead or claim the same, (c) waive all right to trial by jury in any Proceeding (whether based on contract, tort or otherwise) arising out of or relating to this Plan or any Award Agreement, (d) agree that service of process in any such Proceeding
        may be effected by mailing a copy of such process by registered or certified mail (or any substantially similar form of mail), postage prepaid, to such party, in the case of a Participant, at the Participant’s address shown in the books and records
        of the Company or, in the case of the Company, at the Company’s registered office, attention General Counsel and Secretary, and (e) agree that nothing in this Agreement shall affect the right to effect service of process in any other manner
        permitted by the laws of the State of New York.

     

    
      
        

    

    14.14 Notices. Any notice which may be
        required or permitted under this Plan shall be in writing, and shall be delivered in person or via facsimile transmission, overnight courier service or certified mail, return receipt requested, postage prepaid, properly addressed as follows:

     

    14.14.1 If such notice is to the Company, to the attention of the General Counsel or Secretary of the Company or at such other
        address as the Company, by notice to the Participant, shall designate in writing from time to time.

     

    14.14.2 If such notice is to the Participant, at his/her address as shown on the Company’s records, or at such other address as
        the Participant, by notice to the Company, shall designate in writing from time to time.

     

    

    14.15 Captions. Captions are provided herein for
        convenience only, and shall not serve as a basis for interpretation or construction of the Plan.

     

    14.16 Payments to Minors. Any benefit payable to or for the
        benefit of a minor, an incompetent person or other person incapable of receipt thereof shall be deemed paid when paid to such person’s guardian or to the party providing or reasonably appearing to provide for the care of such person, and such
        payment shall fully discharge the Committee, the Board, the Company, its Affiliates and their employees, agents and representatives with respect thereto.

     

    14.17 Section 409A of the Code. The Plan is intended to
        comply with the applicable requirements of Section 409A of the Code and shall be limited, construed and interpreted in accordance with such intent. To the extent that any Award is subject to Section 409A of the Code, it shall be paid in a manner
        that will comply with Section 409A of the Code, including proposed, temporary or final regulations or any other guidance issued by the Secretary of the Treasury and the Internal Revenue Service with respect thereto. Notwithstanding anything herein
        to the contrary, any provision in the Plan that is inconsistent with Section 409A of the Code shall be deemed to be amended to comply with Section 409A of the Code and to the extent such provision cannot be amended to comply therewith, such
        provision shall be null and void. The Company shall have no liability to a Participant, or any other party, if an Award that is intended to be exempt from, or compliant with, Code Section 409A is not so exempt or compliant or for any action taken
        by the Committee or the Company and, in the event that any amount or benefit under the Plan becomes subject to penalties under Section 409A, responsibility for payment of such penalties shall rest solely with the affected Participant(s) and not
        with the Company.

     

    14.18 Other Benefits. No Award granted or paid out under
        this Plan shall be deemed compensation for purposes of computing benefits under any retirement plan of the Company or its Affiliates nor affect any benefits under any other benefit plan now or subsequently in effect under which the availability or
        amount of benefits is related to the level of compensation.

     

    14.19 Costs. The Company shall bear all expenses associated
        with administering this Plan, including expenses of issuing Shares pursuant to any Awards hereunder.

     

    14.20 Award Agreement. Notwithstanding any other provision
        of the Plan, to the extent the provisions of any Award Agreement are inconsistent with terms of the Plan and such inconsistency is a result of compliance with laws of the jurisdiction in which the Participant is resident or is related to taxation
        of such Award in such jurisdiction, the relevant provisions of the particular Award Agreement shall govern.

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