Document:

EX-4.29

    

Exhibit 4.29
  

[TRANSLATION FOR REFERENCE ONLY]
  

	First Supplemental Agreement to 
 Syndicated Loan Agreement

 
 

	Borrower:	ChipMOS TECHNOLOGIES INC.
	Total Facility Amount:	NT$12,000,000,000
	Lead Arranger and Banks:  	 Taiwan Cooperative Bank Co., Ltd.
  

Bank of Taiwan Co., Ltd.
  
 Land
Bank of Taiwan Co., Ltd.
  
 Taishin International Bank Co., Ltd.

 
 Hua Nan Commercial Bank, Ltd.

 
 Chang Hwa Commercial Bank Co., Ltd.

 
 Yuanta Commercial Bank Co., Ltd.

 

	Banks:	 First Commercial Bank Co., Ltd.
  

Taiwan Shin Kong Commercial Bank Co., Ltd.
  

Bank of Panhsin Co., Ltd.
  
 Mega
International Commercial Bank Co., Ltd.

	Facility Agent:	Taiwan Cooperative Bank Co., Ltd.
	Collateral Agent:	Bank of Taiwan Co., Ltd.
	Execution Date: 	December 23, 2019

  
 
 

  

 

   

ChipMOS TECHNOLOGIES INC.
 First Supplemental Agreement to NT$12 Billion Syndicated Loan Agreement

 

 

  
 Table of Contents

 

	Preamble	- 1 -
	 	 	 
	I.	First Supplemental Agreement	- 1 -
	 	 	 
	A.	18. Undertakings and Covenants	- 1 -
	 	 	 
	B.	21. Collateral	- 7 -
	 	 	 
	II.	The Borrower shall pay the operation fee and the application operation fees for the First Supplemental Agreement payable under the Agreement	- 17 -
	 	 	 
	III.	Both the Banks and the Borrower agree on the content of the First Supplemental Agreement	- 18 -
	 	 	 
	IV.	Validity of the First Supplemental Agreement and the Agreement	- 18 -
	 	 	 
	V.	Capitalized Terms, Words, Definitions, Interpretations and Exhibits Used in the First Supplemental Agreement	- 18 -
	 	 	 
	VI.	Effective Date of the First Supplemental Agreement	- 18 -
	 	 	 
	VII.	Counterparts of the First Supplemental Agreement	- 18 -
	 	 	 
	Parties to the First Supplemental Agreement	- 19 -
	 	 	 
	Schedule 1: List of Contacts	- 20 -

  
 
 

  

 

   

ChipMOS TECHNOLOGIES INC.
 First Supplemental Agreement to NT$12 Billion Syndicated Loan Agreement

 

  
 Preamble

 
 ChipMOS TECHNOLOGIES INC. (VAT No.: 16130042) is a company organized and existing
under the laws of the Republic of China. In order to repay its existing debts to the financial institutions (including, but not limited to, the outstanding amount under the NT$13.2 billion (NT$13,200,000,000) syndicated loan agreement entered into
in 2016 in which Land Bank of Taiwan acted as the lead arranger) and to replenish its mid-term operating working capital, ChipMOS TECHNOLOGIES INC. (the "Borrower") has applied for a total facility in the amount of NT$12 billion
(NT$12,000,000,000) with eleven (11) financial institutions, i.e., Taiwan Cooperative Bank Co., Ltd., Bank of Taiwan Co., Ltd., Land Bank of Taiwan Co., Ltd., Taishin International Bank Co., Ltd., Hua Nan Commercial Bank, Ltd., Chang Hwa Commercial
Bank Co., Ltd., Yuanta Commercial Bank Co., Ltd. (each a "Lead Arranger"), First Commercial Bank Co., Ltd., Taiwan Shin Kong Commercial Bank Co., Ltd., Bank of Panhsin Co., Ltd., and Mega International Commercial Bank Co., Ltd (each a
"Bank" and collectively, the "Banks"). The Banks agree that Taiwan Cooperative Bank Co., Ltd. shall act as the facility agent (the "Facility Agent"), and that Bank of Taiwan Co., Ltd. shall act as the collateral agent
(the "Collateral Agent"), to handle all matters relating to the facility and exercise the right thereunder for and on behalf of the Banks. The parties hereto executed the syndicated loan agreement (the "Agreement") as of May 15,
2018.
  
 As the Borrower intends to apply for other facilities
in accordance with the Welcoming Overseas Taiwanese Businesses to Return to Invest in Taiwan – Guidelines for Policy Oriented Special Loans stipulated by the National Development Fund of the Executive Yuan on November 7, 2018 (as amended
thereafter) and other relevant regulations, the Borrower hereby applies to the Facility Agent for amending the clauses regarding the creation of encumbrance over the Collateral under the Agreement. Upon approval by the valid resolution of the Banks,
the Facility Agent, on behalf of the Banks in accordance with Article 37.3 of the Agreement, enters into the first supplemental agreement to the Agreement (the "First Supplemental Agreement") with the Borrower for the parties to comply
with the same.
  

		I.	First Supplemental Agreement

  

		A.	18. Undertakings and Covenants

  
 
 

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ChipMOS TECHNOLOGIES INC.
 First Supplemental Agreement to NT$12 Billion Syndicated Loan Agreement

 

  

	The Agreement	The First Supplemental Agreement
	
18. Undertakings and Covenants
  

Throughout the Duration Period of the Facility, the Borrower undertakes to perform including but not limited to the following:

 

18.1.    The Borrower shall maintain the financial ratios set forth below:

 

18.1.1.   Current ratio: shall not be lower than 100%.

 

18.1.2.   Leverage ratio: shall not be higher than 150%.

 

18.1.3.   Interest coverage ratio: shall not be lower than 2.5 times.

 

18.2.    The financial ratios under Article 18.1.1 to 18.1.3 shall be based on the annual consolidated
financial statements audited by certified public accountants on an annual basis (the annual review date being each March 31). When furnishing the aforementioned financial statements to the Facility Agent, the Borrower shall also issue a Statement of
Non-violation of Financial Covenants (in the form of Exhibit 11). In the event that the Borrower fails to comply with any of the financial covenants under Article 18.1.1 to 18.1.3, it shall make improvement by capital increase for cash or other
manners; provided that the Borrower shall pay a default charge at the rate of zero point one percent (0.10%) on the outstanding principal on the annual review date to the Facility Agent for its distribution to the Banks based on the Risk
Participation Percentage. Such failure shall not be deemed as an Event of Default upon the full payment of the default charge. However, in the event that the Borrower fails to remedy to reach the required ratios (based on the consolidated financial
statements audited/reviewed by certified public accountants) before the next annual review date, it shall be deemed a violation of financial ratios covenant.

 
	 18. Undertakings and
Covenants
  
 Throughout the Duration Period of
the Facility, the Borrower undertakes to perform including but not limited to the following:
  

18.1.   The Borrower shall maintain the financial ratios set forth below:

 

18.1.1.   Current ratio: shall not be lower than 100%.

 

18.1.2.   Leverage ratio: shall not be higher than 150%.

 

18.1.3.   Interest coverage ratio: shall not be lower than 2.5 times.

 

18.2.   The financial ratios under Article 18.1.1 to 18.1.3 shall be based on the annual consolidated financial
statements audited by certified public accountants on an annual basis (the annual review date being each March 31). When furnishing the aforementioned financial statements to the Facility Agent, the Borrower shall also issue a Statement of
Non-violation of Financial Covenants (in the form of Exhibit 11). In the event that the Borrower fails to comply with any of the financial covenants under Article 18.1.1 to 18.1.3, it shall make improvement by capital increase for cash or other
manners; provided that the Borrower shall pay a default charge at the rate of zero point one percent (0.10%) on the outstanding principal on the annual review date to the Facility Agent for its distribution to the Banks based on the Risk
Participation Percentage. Such failure shall not be deemed as an Event of Default upon the full payment of the default charge. However, in the event that the Borrower fails to remedy to reach the required ratios (based on the consolidated financial
statements audited/reviewed by certified public accountants) before the next annual review date, it shall be deemed a violation of financial ratios covenant.

 

 

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  ChipMOS TECHNOLOGIES INC.
 First Supplemental
Agreement to NT$12 Billion Syndicated Loan Agreement
 

 

  

	 18.3.     The
Borrower shall, within ninety (90) calendar days after the end of each financial year and within forty-five (45) calendar days after the end of each quarter, furnish to the Facility Agent with the consolidated financial statements audited/reviewed
by certified public accountants.
  

18.4.     The Borrower shall obtain and maintain all approvals, licenses and permits necessary for the
Borrower's performance of the obligations herein and shall comply with all laws and regulations promulgated by the authorities in the Republic of China.

 

18.5.     The Borrower shall notify the Facility Agent in writing within five (5) calendar days after it
has passed any board resolution for engagement into any substantial investment (the amount of which reaches NT$500 million (NT$500,000,000) or its equivalent).

 

18.6.     Unless otherwise provided herein, without obtaining a prior consent adopted by a Resolution, the
Borrower shall not conduct any of the following acts:
  
	
18.3.     The Borrower shall, within ninety (90) calendar days after the end of each financial year and
within forty-five (45) calendar days after the end of each quarter, furnish to the Facility Agent with the consolidated financial statements audited/reviewed by certified public accountants.

 

18.4.     The Borrower shall obtain and maintain all approvals, licenses and permits necessary for the
Borrower's performance of the obligations herein and shall comply with all laws and regulations promulgated by the authorities in the Republic of China.

 

18.5.     The Borrower shall notify the Facility Agent in writing within five (5) calendar days after it
has passed any board resolution for engagement into any substantial investment (the amount of which reaches NT$500 million (NT$500,000,000) or its equivalent).

 

18.6.     Unless otherwise provided herein, and except for the creation of encumbrance over the
Collateral under the facilities applied for by the Borrower in accordance with the Welcoming Overseas Taiwanese Businesses to Return to Invest in Taiwan – Guidelines for Policy Oriented Special Loans stipulated by the National Development Fund
of the Executive Yuan on November 7, 2018 (as amended thereafter) and other relevant regulations, without obtaining a prior consent adopted by a Resolution, the Borrower shall not conduct any of the following acts:

 

  

 

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ChipMOS TECHNOLOGIES INC.
 First Supplemental Agreement to NT$12 Billion Syndicated Loan Agreement

 

  

	  

18.6.1.   Change its primary scope or nature of business.

 

18.6.2.   Dispose of all or part of the Collateral or the main operational assets and revenue through sale, lease,
assignment, creation of encumbrance (except for the creation of encumbrance or change of particulars of the mortgage as agreed by the Facility Agent for the purpose of restructuring the Facility) or any other means. However, the above restrictions
shall not apply if, for the needs of operation, the Borrower changes one of chattels of the Collaterals, and provides the Facility Agent with Collateral approved by the Facility Agent (such Collateral is limited to chattels purchased within one year
and assessed according to the amount set forth on relevant payment certificates, and shall not be lower than the net value of the original chattel after depreciation is deducted), or provides cash to repay the corresponding principal and interests
of such Collateral. Further, such prepayment shall not be subject to the restrictions on prepayment under Article 17 of the Agreement.

 

18.6.3.   Lend company funds to others, except otherwise in accordance with the Borrower's Procedures for Lending
Funds to Other Parties.
  

18.6.4.   Except otherwise in accordance with the Borrower's articles of incorporation and Procedures for
Endorsement and Guarantee, directly or indirectly become liable for other persons' debts through assumption of debts, issuing guarantees, issuing bills, endorsement of bills, bank guarantees, or any other means.

 
	
 

18.6.1.   Change its primary scope or nature of business.

 

18.6.2.   Dispose of all or part of the Collateral or the main operational assets and revenue through sale, lease,
assignment, creation of encumbrance (except for the creation of encumbrance or change of particulars of the mortgage as agreed by the Facility Agent for the purpose of restructuring the Facility) or any other means. However, the above restrictions
shall not apply if, for the needs of operation, the Borrower changes one of chattels of the Collaterals, and provides the Facility Agent with Collateral approved by the Facility Agent (such Collateral is limited to chattels purchased within one year
and assessed according to the amount set forth on relevant payment certificates, and shall not be lower than the net value of the original chattel after depreciation is deducted), or provides cash to repay the corresponding principal and interests
of such Collateral. Further, such prepayment shall not be subject to the restrictions on prepayment under Article 17 of the Agreement.

 

18.6.3.   Lend company funds to others, except otherwise in accordance with the Borrower's Procedures for Lending
Funds to Other Parties.
  

18.6.4.   Except otherwise in accordance with the Borrower's articles of incorporation and Procedures for
Endorsement and Guarantee, directly or indirectly become liable for other persons' debts through assumption of debts, issuing guarantees, issuing bills, endorsement of bills, bank guarantees, or any other means.

 

  
 

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  ChipMOS TECHNOLOGIES INC.
 First Supplemental
Agreement to NT$12 Billion Syndicated Loan Agreement
 

 

  

	 18.6.5.   Unless
required by the securities related laws or administrative orders or other relevant requirements, distribute any cash dividends when an event of default under the Agreement has occurred.

 

18.7.     Among the Collateral, within the Hsinchu Science Park Plant, the Borrower and the Hsinchu
Science Park Bureau have signed lease agreements on August 4, 2008 and July 25, 2014, respectively, for the respective land located at Land Lot Nos. 5 and 2-2 of Keguan Section, Baoshan Township, Hsinchu County; within the Tainan Plant, the Borrower
and the Tainan Science Park Bureau have signed lease agreements on April 3, 2012 and July 1, 2014, respectively, for the respective land located at Land Lot No. 40 of Xhinke Section, Xhinshr District, Tainan City and Land Lot No. 55 of Xhinke
Section, Xhinshr District, Tainan City. The Borrower shall ensure that the above lease agreements remain effective, and cannot be withdrawn, terminated, cancelled or assigned or have any event that may affect the validity of the lease agreements.
The Borrower shall notify the Facility Agent in writing before the effective day of any amendment to the lease agreements, and shall certify that such amendments shall not have any material adverse effect on the Banks.

 
	
18.6.5.   Unless required by the securities related laws or administrative orders or other relevant requirements,
distribute any cash dividends when an event of default under the Agreement has occurred.
  

18.7.     Among the Collateral, within the Hsinchu Science Park Plant, the Borrower and the Hsinchu
Science Park Bureau have signed lease agreements on August 4, 2008 and July 25, 2014, respectively, for the respective land located at Land Lot Nos. 5 and 2-2 of Keguan Section, Baoshan Township, Hsinchu County; within the Tainan Plant, the Borrower
and the Tainan Science Park Bureau have signed lease agreements on April 3, 2012 and July 1, 2014, respectively, for the respective land located at Land Lot No. 40 of Xhinke Section, Xhinshr District, Tainan City and Land Lot No. 55 of Xhinke
Section, Xhinshr District, Tainan City. The Borrower shall ensure that the above lease agreements remain effective, and cannot be withdrawn, terminated, cancelled or assigned or have any event that may affect the validity of the lease agreements.
The Borrower shall notify the Facility Agent in writing before the effective day of any amendment to the lease agreements, and shall certify that such amendments shall not have any material adverse effect on the Banks.

 

  

 

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ChipMOS TECHNOLOGIES INC.
 First Supplemental Agreement to NT$12 Billion Syndicated Loan Agreement

 

  

	
18.8.     Except where the Borrower will be the surviving company after the merger and the merger shall
not have a material adverse effect on the Borrower's financial and operational conditions, the Borrower shall not spin-off or merger with any other party.

 

18.9.     The Borrower shall ensure that the repayment rank for the unsecured debt under the Facility
shall be equal to other unsecured debt of the Borrower, unless the priority ranking is mandatory pursuant to law or is necessary for ordinary business operation.

 

18.10.   If there is any shareholder's loan, the Borrower shall provide the Subordination Undertaking (in the form
of Exhibit 12) duly executed by such shareholder.
  

18.11.   The Borrower shall timely pay all taxes and repay any other indebtedness when due.

 

18.12.   There has been no violation of laws or other agreements by the Borrower which may have an adverse effect
on its ability to perform the Agreement.
  

18.13.    The Borrower shall ensure that matters regarding environmental protection, pollution prevention and
waste disposal comply with relevant laws and regulations at all times, and the Borrower shall obtain the various approvals from competent authorities pursuant to relevant laws and regulations.

 
	
18.8.     Except where the Borrower will be the surviving company after the merger and the merger shall
not have a material adverse effect on the Borrower's financial and operational conditions, the Borrower shall not spin-off or merger with any other party.

 

18.9.     The Borrower shall ensure that the repayment rank for the unsecured debt under the Facility
shall be equal to other unsecured debt of the Borrower, unless the priority ranking is mandatory pursuant to law or is necessary for ordinary business operation.

 

18.10.   If there is any shareholder's loan, the Borrower shall provide the Subordination Undertaking (in the form
of Exhibit 12) duly executed by such shareholder.
  

18.11.   The Borrower shall timely pay all taxes and repay any other indebtedness when due.

 

18.12.   There has been no violation of laws or other agreements by the Borrower which may have an adverse effect
on its ability to perform the Agreement.
  

18.13.    The Borrower shall ensure that matters regarding environmental protection, pollution prevention and
waste disposal comply with relevant laws and regulations at all times, and the Borrower shall obtain the various approvals from competent authorities pursuant to relevant laws and regulations.

 

  

 

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ChipMOS TECHNOLOGIES INC.
 First Supplemental Agreement to NT$12 Billion Syndicated Loan Agreement

 

  

		B.	21. Collateral

  

	The Agreement	The First Supplemental Agreement
	 21.
Collateral
  

21.1.       Provision of Collateral:

 

21.1.1.   The Borrower agrees to provide the Collateral and create the first priority mortgage with the maximum
secured amount over the Collateral in favor of the Collateral Agent. The Detailed Terms and Conditions of Land and Building Mortgage Agreement (in the form of Exhibit 7), Detailed Terms and Conditions of Building Mortgage Agreement (in the form of
Exhibit 8), and Chattel Mortgage Agreement (in the form of Exhibit 9) contained herein shall be used for the filing for registration or creation of, in favor of the Collateral Agent, the first priority mortgage with the maximum secured amount over
the real estate, and the first priority mortgage with the maximum secured amount over the chattel.
  

21.1.2.    Among the Collateral, the land, building and affiliated facilities shall be appraised based on the
amounts stated in the appraisal report issued by professional appraisal firms recognized by the Facility Agent. The secured loan value for land shall be calculated based on eighty percent (80%) of the appraised value deducted by the land value
increment tax based on the announced current land value, and that for building and affiliated facilities shall be calculated based on eighty percent (80%) of the appraised value deducted by depreciation. The first priority mortgage with the maximum
secured amount over the abovementioned Collateral shall be created in favor of the Collateral Agent based on the appraised value within ten (10) Bank Business Days from the First Drawdown Date (or within the period agreed on by the Collateral
Agent).
  
	 21. Collateral

 

21.1.       Provision of Collateral:

 

21.1.1.   The Borrower agrees to provide the Collateral and create the first priority mortgage with the maximum
secured amount over the Collateral in favor of the Collateral Agent. The Detailed Terms and Conditions of Land and Building Mortgage Agreement (in the form of Exhibit 7), Detailed Terms and Conditions of Building Mortgage Agreement (in the form of
Exhibit 8), and Chattel Mortgage Agreement (in the form of Exhibit 9) contained herein shall be used for the filing for registration or creation of, in favor of the Collateral Agent, the first priority mortgage with the maximum secured amount over
the real estate, and the first priority mortgage with the maximum secured amount over the chattel.
  

21.1.2.   Among the Collateral, the land, building and affiliated facilities shall be appraised based on the
amounts stated in the appraisal report issued by professional appraisal firms recognized by the Facility Agent. The secured loan value for land shall be calculated based on eighty percent (80%) of the appraised value deducted by the land value
increment tax based on the announced current land value, and that for building and affiliated facilities shall be calculated based on eighty percent (80%) of the appraised value deducted by depreciation. The first priority mortgage with the maximum
secured amount over the abovementioned Collateral shall be created in favor of the Collateral Agent based on the appraised value within ten (10) Bank Business Days from the First Drawdown Date (or within the period agreed on by the Collateral
Agent).
  

 
 
 

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ChipMOS TECHNOLOGIES INC.
 First Supplemental Agreement to NT$12 Billion Syndicated Loan Agreement

 

  

	21.1.3.    
Among the Collateral, the machinery and its ancillary equipment shall be appraised based on the amounts stated in the appraisal report issued by professional appraisal firms recognized by the Facility Agent. The secured loan value for machinery and
its ancillary equipment shall be calculated based on the table set forth below and deducted by depreciation. The first priority mortgage with the maximum secured amount over the abovementioned Collateral shall be created in favor of the Collateral
Agent based on the appraised value within ten (10) Bank Business Days from the First Drawdown Date (or within the period agreed on by the Collateral Agent). At that time, the Borrower shall provide the Collateral Agent with the photographs or
softcopy of digital photos of the machinery and its ancillary equipment, which, at its prominent parts, has been imprinted or affixed with the label demonstrating that the mortgagee of the Chattel shall be the Collateral Agent.	21.1.3.   Among the Collateral, the machinery
and its ancillary equipment shall be appraised based on the amounts stated in the appraisal report issued by professional appraisal firms recognized by the Facility Agent. The secured loan value for machinery and its ancillary equipment shall be
calculated based on the table set forth below and deducted by depreciation. The first priority mortgage with the maximum secured amount over the abovementioned Collateral shall be created in favor of the Collateral Agent based on the appraised value
within ten (10) Bank Business Days from the First Drawdown Date (or within the period agreed on by the Collateral Agent). At that time, the Borrower shall provide the Collateral Agent with the photographs or softcopy of digital photos of the
machinery and its ancillary equipment, which, at its prominent parts, has been imprinted or affixed with the label demonstrating that the mortgagee of the Chattel shall be the Collateral Agent.

	 	Remaining
 durable years	Method
 of calculation for the secured loan value	 	Remaining
 durable years	Method
 of calculation for the secured loan value
	 	Within (including) 24 months	50%	 	Within (including) 24 months	50%

 
 
 

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ChipMOS TECHNOLOGIES INC.
 First Supplemental Agreement to NT$12 Billion Syndicated Loan Agreement

 

  

	 	Exceeding 24 months but less than (including) 48 months	65%	 	Exceeding 24 months but less than (including) 48 months	65%
	 	Exceeding 48 months	70%	 	Exceeding 48 months	70%

	
21.1.4.    Once the Borrower has completed the creation of the first priority mortgage with the maximum
secured amount over the Collateral in favor of the Collateral Agent pursuant to Articles 21.1.2. and 21.1.3., the Borrower shall deliver the Assignment of Insurance Interest (in the form of Exhibit 13) and Undertaking of Insurer (in the form of
Exhibit 14) within twenty (20) Bank Business Days of the First Drawdown Date.
  

21.1.5.    The Borrower shall, prior to the First Drawdown Date, issue a Negative Pledge Certificate (in the
form of Exhibit 6) duly resolved by the Borrower's board of directors pursuant to Article 30 of the Banking Act.
  

21.2.       Designation of Mortgagee:

 
 The Agreement is
entered into by and among the Borrower and the Banks. Each Bank hereby agrees to register all Collateral and relevant documents provided by the Borrower under the Agreement under the name of the Collateral Agent in its capacity of a joint and
several creditors and for the joint and several benefits of the Banks. Each Bank further agrees to designate the Collateral Agent as the mortgagee of the Collateral or other right holder of security in any other form as well as the loss payee of the
relevant insurance.
  
	
21.1.4.    Once the Borrower has completed the creation of the first priority mortgage with the maximum
secured amount over the Collateral in favor of the Collateral Agent pursuant to Articles 21.1.2. and 21.1.3., the Borrower shall deliver the Assignment of Insurance Interest (in the form of Exhibit 13) and Undertaking of Insurer (in the form of
Exhibit 14) within twenty (20) Bank Business Days of the First Drawdown Date.
  

21.1.5.    The Borrower shall, prior to the First Drawdown Date, issue a Negative Pledge Certificate (in the
form of Exhibit 6) duly resolved by the Borrower's board of directors pursuant to Article 30 of the Banking Act.
  

21.2.       Designation of Mortgagee:

 
 The Agreement is
entered into by and among the Borrower and the Banks. Each Bank hereby agrees to register all Collateral and relevant documents provided by the Borrower under the Agreement under the name of the Collateral Agent in its capacity of a joint and
several creditors and for the joint and several benefits of the Banks. Each Bank further agrees to designate the Collateral Agent as the mortgagee of the Collateral or other right holder of security in any other form as well as the loss payee of the
relevant insurance.
  

 
 
 

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ChipMOS TECHNOLOGIES INC.
 First Supplemental Agreement to NT$12 Billion Syndicated Loan Agreement

 

  

	
21.3.      Scope of Debt Secured by Collateral:

 
 The Borrower agrees to
provide the Collateral as security to all indebtedness incurred by the Borrower to the Banks under the Agreement, including the note obligations (including those from issuing notes, endorsement of notes, acceptance, note guarantee and other note
debts), principal, interest, default interest, penalties, disbursement, arranger's fee, agent's fee, commitment fee, compensations, amendment fee, appraisal fee of the Collateral, registration (or registration for the change of rights) fee of the
Collateral, insurance premium, expenses for obtaining a writ of execution, expenses for compulsory enforcement, expenses for participation of distribution, other fees, damages due to the failure to perform all the obligations herein and other debt
agreed to be borne by the Borrower.
  

21.4.      Borrower's Representation I:

 
 The quality, amount,
and specification of Collateral conform to the information or documents provided by the Borrower, and the Collateral is wholly and legally owned by the Borrower. There is no encumbrance or right over the Collateral beyond the knowledge of the
Collateral Agent upon the execution of the Agreement. The Collateral may be inspected by the Collateral Agent from time to time upon its request. The Borrower shall provide other assets of equivalent or higher value compared to the Collateral or
repay partial indebtedness, and further indemnify the Banks against any dispute arising from the inconformity of the Collateral.
  
	
21.3.      Scope of Debt Secured by Collateral:

 
 The Borrower agrees to
provide the Collateral as security to all indebtedness incurred by the Borrower to the Banks under the Agreement, including the note obligations (including those from issuing notes, endorsement of notes, acceptance, note guarantee and other note
debts), principal, interest, default interest, penalties, disbursement, arranger's fee, agent's fee, commitment fee, compensations, amendment fee, appraisal fee of the Collateral, registration (or registration for the change of rights) fee of the
Collateral, insurance premium, expenses for obtaining a writ of execution, expenses for compulsory enforcement, expenses for participation of distribution, other fees, damages due to the failure to perform all the obligations herein and other debt
agreed to be borne by the Borrower.
  

21.4.      Borrower's Representation I:

 
 The quality, amount,
and specification of Collateral conform to the information or documents provided by the Borrower, and the Collateral is wholly and legally owned by the Borrower. There is no encumbrance or right over the Collateral beyond the knowledge of the
Collateral Agent upon the execution of the Agreement. The Collateral may be inspected by the Collateral Agent from time to time upon its request. The Borrower shall provide other assets of equivalent or higher value compared to the Collateral or
repay partial indebtedness, and further indemnify the Banks against any dispute arising from the inconformity of the Collateral.

 

  

 

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ChipMOS TECHNOLOGIES INC.
 First Supplemental Agreement to NT$12 Billion Syndicated Loan Agreement

 

  

	  

21.5.      Borrower's Representation II:

 
 If any of the
Collateral is damaged, loss or devaluation due to the natural disaster, change of circumstance, act of third party or other event not attributable to the Borrower, the Borrower shall notify the Collateral Agent immediately and restore the secured
loan value by providing additional cash or additional security as approved by a Resolution of all the Banks. The Banks shall not be liable for any damage or have any other responsibilities. The Facility Agent may prescribe a deadline for the
provision of additional cash or security, or for prepayment of any deficiency, without being subject to the requirements under Article 17 of the Agreement. If the Borrower fails to meet the deadline, the Facility Agent may act in accordance with
Article 26 of the Agreement.
  

21.6.      Transformation of Collateral:

 
 If any of the
Collateral is expropriated or for any other reason, consequently causing the Borrower eligible for compensation, indemnity or other interest therefore, the secured indebtedness of the Banks shall remain on the compensation, indemnity or other
interest in the form of pledge. The Collateral Agent is entitled to receive such proceeds for the benefit of the Banks or exercise the pledge as evidenced by the Agreement which constitutes the authorization by the Borrower. The Borrower shall not
rescind, revoke or amend such authorization or render the authorization under this Article without effect. However, if after the Facility Agent has offset the amount, there is deficiency of the secured loan value of the first priority mortgage with
the maximum secured amount over the Collateral, the Borrower shall make up such deficiencies or prepay such amount, without being subject to the requirements under Article 17 of the Agreement. If the Borrower fails to take the above measures within
a prescribed period, the Facility Agent may act in accordance with Article 26 of the Agreement.
  
	
 

21.5.      Borrower's Representation II:

 
 If any of the
Collateral is damaged, loss or devaluation due to the natural disaster, change of circumstance, act of third party or other event not attributable to the Borrower, the Borrower shall notify the Collateral Agent immediately and restore the secured
loan value by providing additional cash or additional security as approved by a Resolution of all the Banks. The Banks shall not be liable for any damage or have any other responsibilities. The Facility Agent may prescribe a deadline for the
provision of additional cash or security, or for prepayment of any deficiency, without being subject to the requirements under Article 17 of the Agreement. If the Borrower fails to meet the deadline, the Facility Agent may act in accordance with
Article 26 of the Agreement.
  

21.6.      Transformation of Collateral:

 
 If any of the
Collateral is expropriated or for any other reason, consequently causing the Borrower eligible for compensation, indemnity or other interest therefore, the secured indebtedness of the Banks shall remain on the compensation, indemnity or other
interest in the form of pledge. The Collateral Agent is entitled to receive such proceeds for the benefit of the Banks or exercise the pledge as evidenced by the Agreement which constitutes the authorization by the Borrower. The Borrower shall not
rescind, revoke or amend such authorization or render the authorization under this Article without effect. However, if after the Facility Agent has offset the amount, there is deficiency of the secured loan value of the first priority mortgage with
the maximum secured amount over the Collateral, the Borrower shall make up such deficiencies or prepay such amount, without being subject to the requirements under Article 17 of the Agreement. If the Borrower fails to take the above measures within
a prescribed period, the Facility Agent may act in accordance with Article 26 of the Agreement.
  

 
 
 

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ChipMOS TECHNOLOGIES INC.
 First Supplemental Agreement to NT$12 Billion Syndicated Loan Agreement

 

  

	
21.7.      Disposal and Diminishment of Collateral:

 
 Unless otherwise
provided herein or approved by a Resolution of all the Banks, the Borrower shall not create encumbrance over, sell, lend, transfer, entrust, dismantle, reconstruct or expand the Collateral, in part or in full, or take on any action which could
diminish the value of the Collateral.
  

 

 

 

 

   

 

 

21.8.      Expenses of the Security:

 
 The Borrower shall
bear all the expenses incurred by the Banks in respect of the Collateral or the enforcement of the mortgage.
  

21.9.      Return of Documents and Request for Invalidation of Mortgage:

 
 The Borrower shall not
request for invalidating the mortgage over Collateral, in whole or in part, prior to the repayment of all debts under this Facility. The Collateral Agent shall invalidate the mortgages and return the relevant documentation after all indebtedness
under this Agreement are paid in full by the Borrower, unless otherwise prescribed under the Agreement.
  
	
21.7.      Disposal and Diminishment of Collateral:

 
 Unless otherwise
provided herein or approved by a Resolution of all the Banks, the Borrower shall not create encumbrance over, sell, lend, transfer, entrust, dismantle, reconstruct or expand the Collateral, in part or in full, or take on any action which could
diminish the value of the Collateral, except for the creation of encumbrance over the Collateral under the facilities applied for by the Borrower in accordance with the Welcoming Overseas Taiwanese Businesses to Return to Invest in Taiwan
– Guidelines for Policy Oriented Special Loans stipulated by the National Development Fund of the Executive Yuan on November 7, 2018 (as amended thereafter) and other relevant regulations.

 

21.8.      Expenses of the Security:

 
 The Borrower shall
bear all the expenses incurred by the Banks in respect of the Collateral or the enforcement of the mortgage.
  

21.9.      Return of Documents and Request for Invalidation of Mortgage:

 
 The Borrower shall not
request for invalidating the mortgage over Collateral, in whole or in part, prior to the repayment of all debts under this Facility. The Collateral Agent shall invalidate the mortgages and return the relevant documentation after all indebtedness
under this Agreement are paid in full by the Borrower, unless otherwise prescribed under the Agreement.
  

 
 
 

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ChipMOS TECHNOLOGIES INC.
 First Supplemental Agreement to NT$12 Billion Syndicated Loan Agreement

 

  

	  

21.10.    Maintenance of Collateral:

 
 The Borrower shall
properly maintain the Collateral within the Duration Period of the Facility.
  

21.11.    Insurance for Collateral:

 

21.11.1.  The Borrower shall take out the insurance over the Collateral in the amount and kind recognized by the
Collateral Agent and consistent with the practice of the business of like kind and subsequently assign the relevant insurance interests to the Collateral Agent by the Assignment of Insurance Interest (in the form of Exhibit 13) by designating the
Collateral Agent as the sole loss payee to the relevant insurance. The original insurance policy and the copies of the receipt of insurance premium shall be retained by the Collateral Agent on behalf and for the benefit of the Banks. The Borrower
shall also procure the Undertaking of Insurer (in the form of Exhibit 14) issued by the insurer and deliver such to the Collateral Agent.

 

21.11.2.  Unless otherwise approved by a Resolution of all the Banks, the Borrower shall not change the loss payee of
the insurance, the mortgagee or the assignee of insurance interests.
  
	
 

21.10.    Maintenance of Collateral:

 
 The Borrower shall
properly maintain the Collateral within the Duration Period of the Facility.
  

21.11.    Insurance for Collateral:

 

21.11.1.  The Borrower shall take out the insurance over the Collateral in the amount and kind recognized by the
Collateral Agent and consistent with the practice of the business of like kind and subsequently assign the relevant insurance interests to the Collateral Agent by the Assignment of Insurance Interest (in the form of Exhibit 13) by designating the
Collateral Agent as the sole loss payee to the relevant insurance. The original insurance policy and the copies of the receipt of insurance premium shall be retained by the Collateral Agent on behalf and for the benefit of the Banks. The Borrower
shall also procure the Undertaking of Insurer (in the form of Exhibit 14) issued by the insurer and deliver such to the Collateral Agent.

 

21.11.2.  Unless otherwise approved by a Resolution of all the Banks, the Borrower shall not change the loss payee of
the insurance, the mortgagee or the assignee of insurance interests.
  

 
 
 

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ChipMOS TECHNOLOGIES INC.
 First Supplemental Agreement to NT$12 Billion Syndicated Loan Agreement

 

  

	21.11.3.  The Borrower shall renew the insurance taken out in Article 21.11.1 upon the expiry
of the insurance policy and shall bear all the expenses therefrom. If the Borrower fails to renew such in time or the insurance amount is not sufficient to cover the risk and such failure or insufficiency is not remedied within the period prescribed
by the Collateral Agent, the Borrower hereby agree that the Collateral Agent, when it deems necessary, is authorized to take out or renew the insurance as evidenced by the Agreement with a written notice to the Borrower, and relevant premium shall
be borne by the Borrower. However, none of the Collateral Agent nor the Banks are obliged to take out insurance or disburse the premium. If the Collateral Agent has paid insurance premium on the Borrower's behalf, the Borrower shall make repayments
within five (5) Bank Business Days after the Collateral Agent has served the request for payment upon the Borrower. If the Borrower fails to make the payment within such period, the Borrower shall pay the default interest, at an interest rate by
adding a one point five percent (1.50%) per annual on the then highest interest rate under the Facility, from the following day of the date the amount due to the date of actual payment. The default interest rate shall be adjusted corresponding to
the interest rate of the Facility. Further, for any insurance premium due and unpaid for a period of less than six (6) months, a penalty charge shall be paid at the rate equal to ten percent (10%) of the default interest rate; for any amount due and
unpaid for a period exceeding six (6) months, a penalty charge shall be paid at the rate equal to twenty percent (20%) of the default interest rate. If the Borrower fails to pay the interest premium which is due for a period of more than one (1)
year after demand for payment, the Collateral Agent may roll over such default interest into any insurance premium for the calculation of interest.	21.11.3. The Borrower shall
renew the insurance taken out in Article 21.11.1 upon the expiry of the insurance policy and shall bear all the expenses therefrom. If the Borrower fails to renew such in time or the insurance amount is not sufficient to cover the risk and such
failure or insufficiency is not remedied within the period prescribed by the Collateral Agent, the Borrower hereby agree that the Collateral Agent, when it deems necessary, is authorized to take out or renew the insurance as evidenced by the
Agreement with a written notice to the Borrower, and relevant premium shall be borne by the Borrower. However, none of the Collateral Agent nor the Banks are obliged to take out insurance or disburse the premium. If the Collateral Agent has paid
insurance premium on the Borrower's behalf, the Borrower shall make repayments within five (5) Bank Business Days after the Collateral Agent has served the request for payment upon the Borrower. If the Borrower fails to make the payment within such
period, the Borrower shall pay the default interest, at an interest rate by adding a one point five percent (1.50%) per annual on the then highest interest rate under the Facility, from the following day of the date the amount due to the date of
actual payment. The default interest rate shall be adjusted corresponding to the interest rate of the Facility. Further, for any insurance premium due and unpaid for a period of less than six (6) months, a penalty charge shall be paid at the rate
equal to ten percent (10%) of the default interest rate; for any amount due and unpaid for a period exceeding six (6) months, a penalty charge shall be paid at the rate equal to twenty percent (20%) of the default interest rate. If the Borrower
fails to pay the interest premium which is due for a period of more than one (1) year after demand for payment, the Collateral Agent may roll over such default interest into any insurance premium for the calculation of interest.

 
 
 

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ChipMOS TECHNOLOGIES INC.
 First Supplemental Agreement to NT$12 Billion Syndicated Loan Agreement

 

  

	 21.11.4.   If the
insured object set forth in Article 21.11.1. has diminished, the Borrower shall notify the Collateral Agent immediately after the Borrower knows such event, and provide all necessary assistance; provided, however, that the compensation for the
covered losses paid by the insurer shall be handled as follows:
  

21.11.4.1.     If the damage to the insured object is repaired or reconstructed by a third party within
three (3) months after the Collateral Agent received the insurance compensation, the Borrower shall provide relevant documents and the expenditure certificates to the Collateral Agent. The Collateral Agent shall, within the amount of insurance
compensation, pay to the third party based on the expenditure certificates. If a third party has repaired or reconstructed the insured object and been reimbursed by the Borrower, the Borrower shall provide relevant documents and the expenditure
certificates to the Collateral Agent. The Collateral Agent shall, within the amount of the insurance compensation, pay to the Borrower based on the expenditure certificates.

 
	
21.11.4.   If the insured object set forth in Article 21.11.1. has diminished, the Borrower shall notify the
Collateral Agent immediately after the Borrower knows such event, and provide all necessary assistance; provided, however, that the compensation for the covered losses paid by the insurer shall be handled as follows:

 

21.11.4.1.     If the damage to the insured object is repaired or reconstructed by a third party within
three (3) months after the Collateral Agent received the insurance compensation, the Borrower shall provide relevant documents and the expenditure certificates to the Collateral Agent. The Collateral Agent shall, within the amount of insurance
compensation, pay to the third party based on the expenditure certificates. If a third party has repaired or reconstructed the insured object and been reimbursed by the Borrower, the Borrower shall provide relevant documents and the expenditure
certificates to the Collateral Agent. The Collateral Agent shall, within the amount of the insurance compensation, pay to the Borrower based on the expenditure certificates.

 

 
 
 

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ChipMOS TECHNOLOGIES INC.
 First Supplemental Agreement to NT$12 Billion Syndicated Loan Agreement

 

  

	21.11.4.2.   If the insured object cannot be repaired or reconstructed, entirely or
partially, within three (3) months after the Collateral Agent has received the compensation for the damage claims, such compensation shall be used to repay the principal of the Borrower's debt, and such prepayment shall be exempt from the
restrictions under Article 17 of this Agreement.   	21.11.4.2.   
 If the insured object cannot be repaired or reconstructed, entirely or partially, within three (3) months after the Collateral Agent has received the compensation for the damage claims, such compensation shall be used to repay the principal of
the Borrower's debt, and such prepayment shall be exempt from the restrictions under Article 17 of this Agreement.   

 
 
 

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ChipMOS TECHNOLOGIES INC.
 First Supplemental Agreement to NT$12 Billion Syndicated Loan Agreement

 

  

	21.11.5.  If the Collateral has suffered loss, regardless the reasons given by the insurance
company to deny or delay the payable insurance compensation, or if the compensation payment is insufficient, the Collateral Agent may request the Borrower to pay the deficiency within a designated period, and such payment shall be exempt from the
restrictions under Article 17 of this Agreement. If the Borrower does not make any payment within the designated period, and a Resolution of the Banks resolves that the damage to the Collateral has an impact on ensuring the Banks’ claims under
the Facility, the Banks may request the Borrower to immediately repay all debts.	21.11.5.  If the
Collateral has suffered loss, regardless the reasons given by the insurance company to deny or delay the payable insurance compensation, or if the compensation payment is insufficient, the Collateral Agent may request the Borrower to pay the
deficiency within a designated period, and such payment shall be exempt from the restrictions under Article 17 of this Agreement. If the Borrower does not make any payment within the designated period, and a Resolution of the Banks resolves that the
damage to the Collateral has an impact on ensuring the Banks’ claims under the Facility, the Banks may request the Borrower to immediately repay all debts.

 

		II.	The Borrower shall pay the operation fee and the application operation fees for the First Supplemental Agreement payable under the Agreement

 

		A.	According to Article 10.3 of the Agreement, "for waiver of any Event of Default or for any amendment of the Agreement (not upon the Banks' request) applied by the Borrower, regardless of whether the Banks' consent
has been obtained, the Borrower shall pay an operation fee of NT$30 thousand (NT$30,000) per application to the Facility Agent. The Borrower shall further pay to the Facility Agent the aggregate amount of operation fees for NT$10 thousand
(NT$10,000) per Bank. Each Bank shall reply whether it agrees within a period specified by the Facility Agent. After a Resolution has been made by the Bank pursuant to Article 37 and replied to the Borrower, the Facility Agent shall transfer the
operating fee it received to each Bank."

  

		B.	The Borrower shall pay the operation fee and the application operation fees for the First Supplemental Agreement payable under the preceding paragraph; otherwise, the First Supplemental Agreement shall not take effect
ab initio.

  
 
 

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ChipMOS TECHNOLOGIES INC.
 First Supplemental Agreement to NT$12 Billion Syndicated Loan Agreement

 

  

		III.	Both the Banks and the Borrower agree on the content of the First Supplemental Agreement

 
 Both the Banks and
the Borrower agree on the content of the First Supplemental Agreement.
  

		IV.	Validity of the First Supplemental Agreement and the Agreement

  

There should be no change to the Agreement except the above amendments in the First Supplemental Agreement. However, any doubt about the interpretation of
other provisions of the Agreement arising from the supplements made by the First Supplemental Agreement shall be construed according to the sequence, and the purposes, of the First Supplemental Agreement and the Agreement.

 

		V.	Capitalized Terms, Words, Definitions, Interpretations and Exhibits Used in the First Supplemental Agreement

 
 Unless otherwise stated in the First
Supplemental Agreement, the capitalized terms, words, definitions, interpretations and exhibits used in the First Supplemental Agreement shall be those specified in the First Supplemental Agreement and the Agreement as well as the exhibits
thereto.
  

		VI.	Effective Date of the First Supplemental Agreement

  

The First Supplemental Agreement shall be effective upon being signed and/or sealed by the Facility Agent and the Borrower as of December 23, 2019 as
authorized after the Borrower and each Bank review all of the provisions of the First Supplemental Agreement by within a reasonable period of time and fully understand the content of the First Supplemental Agreement. The same shall apply where the
First Supplemental Agreement is signed and/or sealed after December 23, 2019.
  

		VII.	Counterparts of the First Supplemental Agreement

  

The First Supplemental Agreement shall be executed in twelve (12) originals and three (3) counterparts, the effect of which shall be the same. Each party
of the Agreement shall keep one (1) original respectively; the Facility Agent shall keep two (2) counterparts, and the legal counsel of the Banks shall keep one (1) counterpart.

 
 
 

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ChipMOS TECHNOLOGIES INC.
 First Supplemental Agreement to NT$12 Billion Syndicated Loan Agreement

 

  
 Parties to the First Supplemental Agreement

 
 Borrower: ChipMOS TECHNOLOGIES INC.

 
 Representative: Shih-Jye Cheng, Chairman

 
 VAT number: 16130042

 
 Address: No.1, R&D Road 1, Baoshan Township, Hsinchu
Science Park, Hsinchu County
  
 Lead Arranger, Facility Agent
and Bank: Taiwan Cooperative Bank Co., Ltd.
  

Representative: Chung-Dar Lei, Chairman
  

Agent: Kuei-Ling Chen, Manager, Hsinchu Branch
  

Address: No.23, Zhongzheng Rd., East Dist., Hsinchu City
  

Date: December 23, 2019
  
 

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ChipMOS TECHNOLOGIES INC.
 First Supplemental Agreement to NT$12 Billion Syndicated Loan Agreement

 

  
 Schedule 1: List of
Contacts
  
 List of Contacts

 

	Name of Party	Telephone 
 Number	Facsimile	Contact person and 
 email
address	Account and Account Number
	ChipMOS TECHNOLOGIES INC.	 	 	 	 
	Taiwan Cooperative Bank Co., Ltd.	 	 	 	 Bank: 

Account Name: 
 Account No.: 

	Bank of Taiwan Co., Ltd.	 	 	 	 Bank: 

Account Name: 
 Account No.: 

	Land Bank of Taiwan Co., Ltd.	 	 	 	 Bank: 

Account Name: 
 Account No.: 

	Taishin International Bank Co., Ltd.	 	 	 	 Bank: 

Account Name: 
 Account No.: 

	Hua Nan Commercial Bank, Ltd.	 	 	 	 Bank: 

Account Name: 
 Account No.: 

	Chang Hwa Commercial Bank Co., Ltd.	 	 	 	 Bank: 

Account Name: 
 Account No.: 

	Yuanta Commercial Bank Co., Ltd.	 	 	 	 Bank: 

Account Name: 
 Account No.: 

	First Commercial Bank Co., Ltd.	 	 	 	 Bank: 

Account Name: 
 Account No.: 

	Taiwan Shin Kong Commercial Bank Co., Ltd.	 	 	 	 Bank: 

Account Name: 
 Account No.: 

	Bank of Panhsin Co., Ltd.	 	 	 	 Bank: 

Account Name: 
 Account No.: 

	Mega International Commercial Bank Co., Ltd.	 	 	 	 Bank: 

Account Name: 
 Account No.: 

  

 

 - 
20
 -Exhibit

 

INVESCO LTD. 2016 GLOBAL EQUITY INCENTIVE PLAN

RESTRICTED STOCK UNIT AWARD AGREEMENT – UCITS STAFF TIME VESTING WITH PAYMENT DEFERRAL
Non-transferable

Invesco Ltd. (“Company”)

hereby awards to 

[Participant Name]
(“Participant” or “you”)

 [Number of Shares Granted]
Restricted Stock Units

as of [Grant Date] (“Grant Date”)

Subject to the conditions of (i) the Invesco Ltd. 2016 Global Equity Incentive Plan as in effect from time to time (“Plan”), (ii) any  Remuneration Policy of Invesco Ltd. or its Affiliates as in effect from time to time to the extent such policy is applicable to you (the “Remuneration Policy”), and (iii) this Award Agreement (including any applicable addendum), the Company hereby grants to you the number of Restricted Stock Units set forth above, which shall become vested and non-forfeitable in four (4) equal installments on each anniversary of the Grant Date, subject to the terms and conditions of this Award Agreement and applicable law.  

This Award shall be effective as of the Grant Date set forth above. By accepting this Award Agreement, you acknowledge that you have received a copy of the Plan’s prospectus, that you have read and understood the following Terms and Conditions, which are incorporated herein by reference, and that you agree to the following Terms and Conditions and the terms of the Plan, the Remuneration Policy and this Award Agreement. If you fail to accept this Award Agreement within sixty (60) days after the Grant Date set forth above, the Company may determine that this Award has been forfeited. 

ACCEPTED AND AGREED TO by you as of the Grant Date set forth above. 

Participant:

____________________________________
                                   Signature

Continued on the following page

ATL01/12108087v2

TERMS AND CONDITIONS – Restricted Stock Units (UCITS Staff) – Time Vesting
1. Plan Controls; Restricted Stock Units. In consideration of this Award, you hereby promise to honor and to be bound by the Plan, the Remuneration Policy and this Award Agreement, including the following terms and conditions, which serve as the agreed basis for your Award. The terms contained in the Plan and the Remuneration Policy are incorporated into and made a part of this Award Agreement, and this Award Agreement shall be governed by and construed in accordance with the Plan, and, if applicable, the Remuneration Policy.  In the event of any actual or alleged conflict between the provisions of any of the Plan, the Remuneration Policy, if applicable, and this Award Agreement, (i) the provisions of the Remuneration Policy, if applicable, shall control and, to the extent of any conflict, be deemed to amend the Plan and the Award Agreement, and (ii) the provisions of the Plan shall control and, to the extent of any conflict, be deemed to amend the Award Agreement.  The “Restricted Stock Units” (or “RSUs”) represent a contractual obligation of the Company to deliver the number of Shares specified on page 1 hereof that are issued to you pursuant to the terms of Section 10 of the Plan, subject to forfeiture as set forth below and the performance adjustment as set forth in Paragraph 17 hereof, and the additional terms and restrictions hereunder. Unless the context otherwise requires, and solely for purposes of these Terms and Conditions, the term “Company” means Invesco Ltd., its Affiliates and their respective successors and assigns, as applicable and “Employer” means the Company or Affiliate that employs you. Capitalized terms used herein and not otherwise defined shall have the meanings assigned to them in the Plan.
2. Restrictions. RSUs may not be sold, assigned, transferred, pledged or otherwise encumbered. Upon your Termination of Service for any reason other than as set forth in paragraphs (b) – (e) of Paragraph 3 hereof, you shall forfeit all of your right, title and interest in and to any unvested RSUs as of the date of your Termination of Service, except as determined by the Committee pursuant to Paragraph 3.1 hereof.
3. Vesting. The RSUs will vest and become nonforfeitable upon the earliest to occur of the following, subject to any performance adjustment as set forth in Paragraph 17  hereof (the “Vesting Date”):
		
	(a)
	in the event that you have not experienced a Termination of Service before such respective Vesting Dates, as of the dates specified on page 1 hereof; or

		
	(b)
	in the event of your Termination of Service due to death or Disability, as of the date of your Termination of Service; or

		
	(c)
	in the event of your involuntary Termination of Service, other than for Cause or unsatisfactory performance, as of the normal Vesting Dates referenced on page 1 hereof; provided, however, that (i) your involuntary Termination of Service is approved in the sole discretion of the Head of Human Resources; (ii) you sign a severance agreement in the form stipulated by the Company or your Employer, within 60 days after your Termination of Service or such other time as the Company or your Employer may determine; and (iii) the severance agreement has become irrevocable; or 

		
	(d)
	in the event of a Change in Control and this Award Agreement is not assumed, converted or replaced in connection with the transaction that constitutes the Change in Control, as of the date of such Change in Control; or

 
		
	(e)
	in the event of your Termination of Service during the 24-month period following a Change in Control either (i) by your Employer other than for Cause or unsatisfactory performance, or (ii) by you for Good Reason, as of the normal Vesting Dates referenced on page 1 hereof.

Upon the expiration or termination of an applicable restriction set forth in this Paragraph 3, unrestricted Shares will be delivered to you in accordance with Paragraph 3.2 hereof, on the normal vesting dates referenced on page 1 hereof.  

3.1    Discretionary Vesting. If any or all of your RSUs would be forfeited upon your voluntary Termination of Service, you may appeal the forfeiture pursuant to the procedures established by the Committee, and the Committee, in its sole discretion, may vest some or all of such RSUs to the extent permitted under the applicable guidelines adopted by the Committee.
3.2    Conversion and Payment. 
(a)  Payment Date.  Upon vesting, the vested portion of the RSUs will be settled as follows (in each of the below cases, a “Payment Date”):
(i) in the event that you have not experienced a Termination of Service, then payment will occur as of August 31 following the Vesting Date;  
(ii) in the event of a Termination of Service due to death or Disability, then payment will occur as soon as practicable after the date of your Termination of Service; 
(iii) in the event of your involuntary Termination of Service as specified in Paragraph 3(c), then payment will occur as of August 31 following each respective Vesting Date; 
(iv) in the event of a Change in Control as specified in Paragraph 3(d), then payment will occur as soon as practicable after the Change in Control; or
(v) in the event of a Change in Control as specified in Paragraph 3(e), then payment will occur as of August 31 following the normal Vesting Dates referenced on page 1 hereof.
(b)  Payment. The vested RSUs will be converted into an equal number of Shares and will be delivered as soon as practicable after the Payment Date, but not later than March 15 of the year following the year in which the Vesting Date occurs if you are subject to U.S. federal income tax on such Shares.  Notwithstanding anything in these Terms and Conditions or the Plan to the contrary, the Company may, in its sole discretion, settle the RSUs in the form of a cash payment to the extent settlement in Shares is prohibited under local law, rules and regulations, or would require the Company, the Employer and/or you to secure any legal or regulatory approvals, complete any legal or regulatory filings, or is administratively burdensome.  In addition, the Company may require you to sell any Shares acquired under the Plan at such times as may be required to comply with any local legal or regulatory requirements (in which case, you hereby expressly authorize the Company to issue sales instructions on your behalf).
4. No Shareholder Rights; Payment in Lieu of Dividends. You shall have none of the rights of a shareholder of the Company with respect to the RSUs. Dividend equivalents shall accrue at the same rate as cash dividends paid on the Shares and applied to the number of 

-  -

Shares that vest.  Such dividend equivalents shall be paid to you in cash as of the Payment Date, or as soon as administratively practicable thereafter, but, if you are subject to U.S. federal income tax on such dividends, not later than March 15 of the year following the year in which the Vesting Date occurs.  No dividends will be paid with respect to RSUs that are forfeited for any reason.
5.  Notice Period Requirement. During your employment with the Employer, you and, in the absence of Cause, the Employer shall be required to give to the other advance written notice of the intent to terminate your employment relationship as reflected in your Employment Agreement (the “Notice Period”). Your employment with the Employer shall not terminate until the expiration of the Notice Period, provided, however, the Employer shall have the right, in its sole discretion, to relieve you of any or all of your duties and responsibilities by placing you on paid administrative leave during the Notice Period and shall not be required to provide you with work or access to the Employer's offices during such leave. You shall be entitled to continue to receive your salary and certain other employee benefits for the entire Notice Period, regardless of whether the Employer exercises its right to place you on paid administrative leave. You are prohibited from working in any capacity for yourself or any other business during the Notice Period without the prior written consent of the Company. Notwithstanding the foregoing, at any time during your employment relationship the Employer may, effective immediately and without the benefit of the Notice Period, terminate the employment relationship for Cause. The date on which your employment terminates shall be your “Termination Date” for purposes of this Award Agreement.
6. Employment Matters. You agree that this Award Agreement is entered into and is reasonably necessary to protect the Company’s investment in your advancement opportunity, training and development and to protect the goodwill and other legitimate business interests of the Company. You also agree that, in consideration of the confidential information, trade secrets and training and development provided to you, you will abide by the restrictions set forth in this Paragraph 6, and you further agree and acknowledge that the restrictions set forth in this Paragraph 6 are reasonably necessary to protect the confidential and trade secret information provided to you.
6.1 Nondisclosure. You agree that, in the event of your Termination of Service for any reason, whether during or following the period when the RSUs are subject to vesting restrictions (the “Restriction Period”), you shall not directly or indirectly use for yourself or any other business or disclose to any person any Confidential Information (as defined below) without the prior written consent of the Company during the period that it remains confidential and nonpublic or a trade secret under applicable law.  “Confidential Information” means all non-public information (whether a trade secret or not and whether proprietary or not) relating to the Company’s business and its customers that the Company either treats as confidential or is of value to the Company or is important to the Company’s business and operations, including but not limited to the following specific items: trade secrets (as defined by applicable law); actual or prospective customers and customer lists; marketing strategies; sales; actual and prospective pricing; products; know-how; research and development; intellectual property; information systems and software; business plans and projections; negotiations and contracts; financial or cost data; employment, compensation and personnel information; and any 

 
other non-public business information regarding the Company and the Company’s Affiliates. In addition, trade secrets will be entitled to all of the protections and benefits available under applicable law.
6.2 Nonrecruitment; Nonsolicitation. You agree that during your employment with your Employer and until six (6) months following your Termination Date, in the event of your Termination of Service for any reason, whether during or following the Restriction Period, (the “Covenant Period”), you shall not directly or indirectly, individually or in concert with any other person or entity (i) recruit, induce or attempt to recruit or induce any employee of the Company or any of its Affiliates with whom you worked or otherwise had Material Contact (as defined below) during your employment to leave the employ of the Company or otherwise lessen that party’s affiliation with the Company, or (ii) solicit, divert, take away or attempt to solicit, divert or take away any then-current or proposed client or customer of  the Company with whom you had Material Contact during your employment for purposes of offering, providing or selling investment management products or services offered by the Company at the date of your Termination of Service that were offered, provided and/or sold by you on the Company’s behalf. For purposes of this provision, you had “Material Contact” with an employee if (i) you had a supervisory relationship with the employee or (ii) you worked or communicated with the employee on a regular basis; and you had “Material Contact” with a current or proposed client or customer if (i) you had business dealings with the current or proposed client or customer on behalf of the Company or (ii) you supervised or coordinated the dealings between the Company and the current or proposed client or customer.
6.3 Enforceability of Covenants. You acknowledge that the Company has a current and future expectation of business from the current and proposed customers of the Company. You acknowledge that the term and scope of the covenants set forth herein are reasonable, and you agree that you will not, in any proceeding, assert the unreasonableness of the premises, consideration or scope of the covenants set forth herein. You and the Company agree that if any portion of the foregoing covenants is deemed to be unenforceable because any of the restrictions contained in this Award Agreement are deemed too broad, the court shall be authorized to provide partial enforcement of such covenants, substitute an enforceable term or otherwise modify the Award Agreement in a manner that will enable the enforcement of the covenants to the maximum extent possible under applicable law. You agree that any breach of these covenants will result in irreparable damage and injury to the Company and that the Company will be entitled to injunctive relief without the necessity of posting any bond. You also agree that you shall be responsible for all damages incurred by the Company due to any breach of the restrictive covenants contained in this Award Agreement and that the Company shall be entitled to have you pay all costs and attorneys’ fees incurred by the Company in enforcing the restrictive covenants in this Award Agreement.
7. Relationship to Other Agreements. Subject to the limitations set forth below, in the event of any actual or alleged conflict between the provisions of this Award Agreement and (i) any other agreement regarding your employment with the Employer (“Employment Agreement”), or (ii) any prior agreement or certificate governing any award of any equity or fund award (the documents described in clauses (i) and (ii) hereof being collectively referred to as the “Other Agreements”), the provisions of this Award Agreement shall control 

-  -

and, to the extent of any conflict, be deemed to amend such Other Agreement.  Notwithstanding the foregoing, in the event that the Notice Period referred to in Paragraph 5 or the Nondisclosure Period or Covenant Period referred to in Paragraph 6 of this Award Agreement is shorter in duration than that provided in an Employment Agreement, the Notice Period, Nondisclosure Period or Covenant Period (as applicable) set forth in the Employment Agreement shall apply.
8. Employee Data Privacy. Pursuant to applicable personal data protection laws, the Company hereby notifies you of the following in relation to your personal data and the collection, use, processing and transfer (collectively, the “Use”) of such data in relation to the Company’s grant of the RSUs and your participation in the Plan. The Use of your personal data is necessary for the Company’s administration of the Plan and your participation in the Plan. Your denial and/or objection to the Use of personal data may affect your participation in the Plan. As such, you voluntarily acknowledge, consent and agree (where required by applicable law) to the Use of personal data as described in this Paragraph 8.  
The Company and the Employer hold certain personal information about you, which may include your name, home address and telephone number, date of birth, social security number or other employee identification number, salary, job title, any Shares held by you, details of all RSUs or any other entitlement to Shares awarded in your favor, for the purpose of managing and administering the Plan (“Data”). The Data may be provided by you or collected, where lawful, from the Company, Affiliates or third parties, and the Company or the Employer will process the Data for the exclusive purpose of implementing, administering and managing your participation in the Plan. The data processing will take place through electronic and non-electronic means according to logics and procedures strictly correlated to the purposes for which Data are collected and with confidentiality and security provisions as set forth by applicable laws and regulations in your country of residence (and country of employment, if different). Data processing operations will be performed minimizing the use of personal and identification data when such data are unnecessary for the processing purposes sought. Data will be accessible within the Company’s organization only by those persons requiring access for purposes of the implementation, administration and operation of the Plan and for your participation in the Plan.
The Company and the Employer will transfer Data amongst themselves as necessary for the purpose of implementation, administration and management of your participation in the Plan, and the Company and the Employer may each further transfer Data to any third parties assisting the Company in the implementation, administration and management of the Plan. These recipients may be located in the European Economic Area, or elsewhere throughout the world, such as the United States. You hereby authorize them to receive, possess, use, retain and transfer the Data, in electronic or other form, for purposes of implementing, administering and managing your participation in the Plan, including any requisite transfer of such Data as may be required for the administration of the Plan and/or the subsequent holding of Shares on your behalf to a broker or other third party with whom you may elect to deposit any Shares acquired pursuant to the Plan.  
You may, at any time, exercise your rights provided under applicable personal data protection laws, which may include the right to (a) 

 
obtain confirmation as to the existence of the Data, (b) verify the content, origin and accuracy of the Data, (c) request the integration, update, amendment, deletion, or blockage (for breach of applicable laws) of the Data, and (d) oppose, for legal reasons, the collection, processing or transfer of the Data that is not necessary or required for the implementation, administration and/or operation of the Plan and your participation in the Plan.  You may seek to exercise these rights by contacting your Employer’s human resources manager or Invesco, Ltd., Manager, Executive Compensation, 1555 Peachtree Street, NE, Atlanta, Georgia 30309.
9.  Income Taxes and Social Insurance Contribution Withholding. Regardless of any action the Company or the Employer takes with respect to any or all income tax (including U.S. federal, state and local taxes and/or non-U.S. taxes), social insurance, payroll tax, payment on account or other tax-related withholding (“Tax-Related Items”), you acknowledge that the ultimate liability for all Tax-Related Items legally due by you is and remains your responsibility and that the Company and/or the Employer (i) makes no representations or undertakings regarding the treatment of any Tax-Related Items in connection with any aspect of the RSUs, including the grant of the RSUs, the vesting of the RSUs, the settlement of the RSUs, the subsequent sale of any Shares acquired pursuant to the RSUs and the receipt of any dividends and dividend equivalents; and (ii) does not commit to structure the terms of the grant or any aspect of the RSUs to reduce or eliminate your liability for Tax-Related Items.  Further, if you become subject to taxation in more than one country between the Grant Date and the date of any relevant taxable or tax withholding event, as applicable, you acknowledge that the Company and/or the Employer (or former employer, as applicable) may be required to withhold or account for Tax-Related Items in more than one country.  
If your country of residence (and/or the country of employment, if different) requires withholding of Tax-Related Items, the Company may withhold a portion of the Shares otherwise issuable upon vesting of the RSUs that have an aggregate Fair Market Value on the vesting date sufficient to pay the minimum Tax-Related Items required to be withheld with respect to the Shares. For purposes of the foregoing, no fractional Shares will be withheld or issued pursuant to the grant of the RSUs and the issuance of Shares hereunder. Alternatively (or in combination), the Company or the Employer may, in its discretion, withhold any amount necessary to pay the Tax-Related Items from your regular salary or other amounts payable to you, with no withholding of Shares, or may require you to submit payment equivalent to the minimum Tax-Related Items required to be withheld with respect to the Shares by means of certified check, cashier’s check or wire transfer. By accepting the RSUs, you expressly consent to the methods of withholding as provided hereunder. All other Tax-Related Items related to the RSUs and any Shares delivered in payment thereof shall be your sole responsibility.
To the extent the Company or the Employer pays any Tax-Related Items that are your responsibility (“Advanced Tax Payments”), the Company or the Employer shall be entitled to recover such Advanced Tax Payments from you in any and all manner that the Company determines appropriate in its sole discretion. For purposes of the foregoing, the manner of recovery of the Advanced Tax Payments shall include (but is not limited to) offsetting the Advanced Tax Payments against any and all amounts that may be otherwise owed to you by the Company or the Employer (including regular salary/

-  -

wages, bonuses, incentive payments and Shares acquired by you pursuant to any equity compensation plan that are otherwise held by the Company for your benefit).  
10. Code Section 409A. Notwithstanding the terms of this Award Agreement, if you are subject to U.S. federal income tax on any amounts payable hereunder and if any such amounts, including amounts payable pursuant to Paragraph 5 of this Award Agreement, constitute nonqualified deferred compensation under Section 409A of the Code, those amounts shall be subject to the provisions of Section 13(g) of the Plan (as if the amounts were Awards under the Plan, to the extent applicable).
11. Notice. Notices and communications under this Award Agreement must be in writing and either personally delivered or sent by registered or certified mail, return receipt requested, postage prepaid. Notices to the Company must be addressed to Invesco Ltd., Manager, Executive Compensation, 1555 Peachtree Street, NE, Atlanta, Georgia 30309, or to any other address designated by the Company in a written notice to you. Notices to you will be directed to your address then currently on file with the Company, or to any other address given by you in a written notice to the Company.

12. Repatriation; Compliance with Laws. As a condition to the grant of these RSUs, you agree to repatriate all amounts attributable to the RSUs in accordance with local foreign exchange rules and regulations in your country of residence (and country of employment, if different). In addition, you also agree to take any and all actions, and consent to any and all actions taken by the Company, the Employer and the Company’s local Affiliates, as may be required to allow the Company, the Employer and the Company’s local Affiliates to comply with local laws, rules and regulations in your country of residence (and country of employment, if different). Finally, you agree to take any and all actions as may be required to comply with your personal legal and tax obligations under local laws, rules and regulations in your country of residence (and country of employment, if different).

13. Discretionary Nature of Plan; No Vested Rights. You acknowledge and agree that the Plan is discretionary in nature and limited in duration, and may be amended, cancelled, or terminated by the Company, in its sole discretion, at any time as provided under the Plan. The grant of the RSUs under the Plan is a one-time benefit and does not create any contractual or other right to receive RSUs or other awards or benefits in lieu of RSUs in the future. Future awards, if any, will be at the sole discretion of the Committee, including, but not limited to, the form and timing of an award, the number of Shares subject to an award and the vesting provisions.

14. Termination Indemnities. The value of the RSUs is an extraordinary item of compensation outside the scope of your employment.  As such, the RSUs are not part of normal or expected compensation for purposes of calculating any severance, resignation, redundancy, end of service payments, bonuses, long-service awards, pension or retirement benefits or similar payments to which you may be otherwise entitled.  

15. Compliance with Age Discrimination Rules. For purposes of this Award Agreement, if you are a local national of and employed in a country that is a member of the European Union, the grant of the RSUs and the terms and conditions governing the RSUs are intended 

 
to comply with the age discrimination provisions of the EU Equal Treatment Framework Directive, as implemented into local law (the “Age Discrimination Rules”). To the extent a court or tribunal of competent jurisdiction determines that any provision of the RSUs or this Award Agreement or the Plan is invalid or unenforceable, in whole or in part, under the Age Discrimination Rules, the Company shall have the power and authority to revise or strike such provision to the minimum extent necessary to make it valid and enforceable to the full extent permitted under local law.  

16. Use of English Language. You acknowledge and agree that it is your express intent that this Award Agreement, the Plan and all other documents, notices and legal proceedings entered into, given or instituted with respect to the RSUs be drawn up in English. If you have received this Award Agreement, the Plan or any other documents related to the RSUs translated into a language other than English, and if the meaning of the translated version is different than the English version, the English version shall control.

17.  Performance Adjustment – Malus and Claw Back.  Notwithstanding any other provision of this Award Agreement or the Plan, prior to the Payment Date the Committee may determine, in good faith, whether any of the following circumstances have occurred during the time period between the Grant Date and the Payment Date:
(a)  the financial performance of the Company has suffered a significant downturn or deterioration; or
(b) the investment performance of the Company has suffered a significant deterioration; or
(c) there is evidence of your fraud or willful misconduct; or
(d) there is a significant failure of risk management in relation to the Company or its investment portfolios.
If the Committee determines, in its sole discretion, that your actions were a significant contributing factor towards any of the situations set forth in (a) through (d) above, the Committee, in its sole discretion may reduce or eliminate entirely the number of Restricted Shares granted hereunder, and you will forfeit all right, title and interest in and to such Restricted Shares so reduced or eliminated (the “Forfeit  Obligation”). You agree that the Company shall have the right to enforce the Forfeit Obligation by all legal means available, including without limitation, by withholding other amounts or property owed to you by the Company.
18.   Compliance with the EU Directive on Undertakings for Collective Investments in Transferable Securities.  To the extent the RSUs are subject to the EU Directive on Undertakings for Collective Investments in Transferable Securities (“UCITS”), the RSUs shall be administered and settled in accordance with applicable requirements, including the timing and method of distribution.
19.  Value of Benefit.  The future value of the Shares subject to the RSUs is unknown and cannot be predicted with certainty. Neither the Company, the Employer nor any Affiliate shall be liable for any foreign exchange rate fluctuation, where applicable, between your local currency and the United States dollar that may affect the value of the RSUs or of any amounts due to you pursuant to the settlement of the RSUs or the subsequent sale of any Shares acquired upon settlement.

-  -

20. Addendum to Award Agreement. Notwithstanding any provisions in this Award Agreement to the contrary, the RSUs shall be subject to any special terms and conditions for your country of residence (and country of employment, if different), as may be set forth in an addendum to this Award Agreement (“Addendum”). Further, if you transfer residency and/or employment to another country as may be reflected in an Addendum to this Award Agreement, the special terms and conditions for such country will apply to your RSUs to the extent the Company determines, in its sole discretion, that the application of such terms and conditions is necessary or advisable in order to comply with local laws, rules and regulations or to facilitate the administration of the RSUs and the Plan (or the Company may establish alternative terms and conditions as may be necessary or advisable to accommodate your transfer). Any applicable Addendum shall constitute part of this Award Agreement.
21.  Additional Requirements.  The Company reserves the right to impose other requirements on the RSUs, any Shares acquired pursuant to the RSUs, and your participation in the Plan, to the extent the Company determines, in its sole discretion, that such other requirements are necessary or advisable in order to comply with local law, rules and regulations or to facilitate the operation and administration of the RSUs and the Plan.  Such requirements may include (but are not limited to) requiring you to sign any agreements or undertakings that may be necessary to accomplish the foregoing.

22. Insider Trading / Market Abuse Laws. Your country of residence (and country of employment, if different) may have insider trading and/or market abuse laws that may affect your ability to acquire or sell Shares under the Plan during such times you are considered to have “inside information” (as defined under local law).  These laws may be the same or different from any Company insider trading policy. You acknowledge that it is your responsibility to be informed of and compliant with such regulations, and you should consult with your personal advisors for additional information.

23.  Severability.  The invalidity or unenforceability of any provision of the Plan or this Award Agreement shall not affect the validity or enforceability of any other provision of the Plan or this Award Agreement.

24.  Electronic Delivery and Signature. The Committee may, in its sole discretion, decide to deliver any documents related to the RSUs by electronic means. You hereby consent to receive such documents by electronic delivery and agree to participate in the Plan through an on-line or electronic system established and maintained by the Company or a third party designated by the Company.  Further, to the extent applicable, all references to signatures and delivery of documents in this Award Agreement can be satisfied by procedures that the Company has established or may establish for an electronic signature system for delivery and acceptance of any such documents, including this Award Agreement. Your electronic signature is the same as, and shall have the same force and effect as, your manual signature.  Any such procedures and delivery may be effected by a third party engaged by the Company to provide administrative services related to the Plan.

2016 GEIP RSU Agreement  - UCITS w time vesting
(January 2020).doc 

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INVESCO LTD. 2016 GLOBAL EQUITY INCENTIVE PLAN

ADDENDUM TO 

RESTRICTED STOCK UNIT AGREEMENT – UCITS STAFF TIME VESTING
Non-transferable

In addition to the terms of the Invesco Ltd. 2016 Global Equity Incentive Plan (the “Plan”) and the Restricted Stock Unit Agreement – Time Vesting (the “Agreement”), the RSUs are subject to the following additional terms and conditions as set forth in this addendum (the “Addendum”).  All defined terms as contained in this Addendum shall have the same meaning as set forth in the Plan and the Agreement. To the extent you relocate your residency and/or employment to another country, the additional terms and conditions as set forth in the addendum for such country (if any) also shall apply to the RSUs to the extent the Company determines, in its sole discretion, that the application of such addendum is necessary or advisable in order to comply with local laws, rules and regulations, or to facilitate the operation and administration of the RSUs and the Plan (or the Company may establish alternative terms and conditions as may be necessary or advisable to accommodate your transfer).

AUSTRALIA

1.    Breach of Law.  Notwithstanding anything to the contrary in the Agreement or the Plan, you will not be entitled to, and shall not claim any benefit (including without limitation a legal right) under the Plan if the provision of such benefit would give rise to a breach of Part 2D.2 of the Corporations Act 2001 (Cth), any other provision of that Act, or any other applicable statute, rule or regulation which limits or restricts the giving of such benefits.

CANADA

1.    Settlement in Shares Only. Notwithstanding any provision of the Agreement, the RSUs shall be settled in Shares only (and shall not be settled in cash).

2.    Securities Law Information.  You are permitted to sell Shares acquired under the Plan through the designated broker appointed under the Plan, if any, provided the resale of Shares acquired under the Plan takes place outside Canada through the facilities of a stock exchange on which the Shares are listed. The Shares currently are listed on the New York Stock Exchange.

3.    Use of English Language.   If you are a resident of Quebec, by accepting the RSUs, you acknowledge and agree that it is your express wish that the Agreement, this Addendum, as well as all other documents, notices and legal proceedings entered into, given or instituted pursuant to the RSUs, either directly or indirectly, be drawn up in English.  

L'utilisation de la langue anglaise. Si le participant est un résident du Québec, en acceptant le RSUs, le participant reconnaît et accepte que ce est la volonté expresse du participant que l'Accord, le présent addenda, ainsi que tous les autres documents, avis et procédures judiciaires exécutés, donnés ou engagée conformément à la RSUs, soit directement ou indirectement, être rédigés en anglais.

BY SIGNING BELOW, YOU ACKNOWLEDGE, UNDERSTAND AND AGREE TO THE TERMS AND CONDITIONS OF THE PLAN, THE AGREEMENT AND THIS ADDENDUM.

For residents of Quebec: Please sign and return this addendum to: IVZequityplanadministration@invesco.com  by no later than sixty (60) days after the Grant Date set forth in the Agreement. 

___________________________________                ______________________________
Participant Signature                Participant Name (Printed)

_____________________
Date

-  -

FRANCE

1.    Nature of the Award.  The RSUs are not granted under the French specific regime provided by Articles L225-197-1 and seq. of the French Commercial Code.

2.    Use of English Language.  By accepting the RSUs, you acknowledge and agree that it is your express wish that the Agreement, this Addendum, as well as all other documents, notices and legal proceedings entered into, given or instituted pursuant to the RSUs, either directly or indirectly, be drawn up in English.  

L'utilisation de la langue anglaise. En acceptant le RSUs, le participant reconnaît et accepte que ce est la volonté expresse du participant que l'Accord, le présent addenda, ainsi que tous les autres documents, avis et procédures judiciaires exécutés, donnés ou engagée conformément à la RSUs, soit directement ou indirectement, être rédigés en anglais.

BY SIGNING BELOW, YOU ACKNOWLEDGE, UNDERSTAND AND AGREE TO THE TERMS AND CONDITIONS OF THE PLAN, THE AGREEMENT AND THIS ADDENDUM.

Please sign and return this addendum to: IVZequityplanadministration@invesco.com  by no later than sixty (60) days after the Grant Date set forth in the Agreement. 

___________________________________                ______________________________
Participant Signature                Participant Name (Printed)

_____________________
Date

HONG KONG

1.    Settlement in Shares.  Notwithstanding anything to the contrary in the Agreement, Addendum or the Plan, the RSUs shall be settled only in Shares (and may not be settled in cash).

2.    Lapse of Restrictions.  If, for any reason, Shares are issued to you within six (6) months of the Grant Date, you may not sell or otherwise dispose of any such Shares prior to the six-month anniversary of the Grant Date.

2.    Nature of the Plan.  The Company specifically intends that the Plan will not be treated as an occupational retirement scheme for purposes of the Occupational Retirement Schemes Ordinance (“ORSO”).  To the extent any court, tribunal or legal/regulatory body in Hong Kong determines that the Plan constitutes an occupational retirement scheme for the purposes of ORSO, the grant of the RSU shall be null and void.

3.    Wages.  The RSUs and Shares subject to the RSUs do not form part of your wages for the purposes of calculating any statutory or contractual payments under Hong Kong law.

4.    IMPORTANT NOTICE.  WARNING: The contents of the Agreement, the Addendum, the Plan, and all other materials pertaining to the RSUs and/or the Plan have not been reviewed by any regulatory authority in Hong Kong.  You are hereby advised to exercise caution in relation to the offer thereunder.  If you have any doubts about any of the contents of the aforesaid materials, you should obtain independent professional advice.

INDIA

1.    Repatriation Requirements.  As a condition of the grant of the RSUs, you agree to repatriate all sales proceeds and dividends attributable to Shares acquired under the Plan in accordance with local foreign exchange rules and regulations. Neither the Company, nor your Employer, nor any of its Affiliates shall be liable for any fines or penalties resulting from your failure to comply with applicable laws.

NETHERLANDS

1.    Waiver of Termination Rights.  You waive any and all rights to compensation or damages as a result of any termination of employment for any reason whatsoever, insofar as those rights result or may result from (a) the loss or diminution in value of such rights or 

-  -

entitlements under the Plan, or (b) you ceasing to have rights under, or ceasing to be entitled to any awards under the Plan as a result of such termination.

SINGAPORE

1.    Securities Law Notification.  The RSUs are being granted pursuant to the “Qualifying Person” exemption” under section 273(1)(f) of the Securities and Futures Act (Chapter 289, 2006 Ed.) (“SFA”).  The Plan has not been lodged or registered as a prospectus with the Monetary Authority of Singapore.  You should note that the RSUs are subject to section 257 of the SFA and you will not be able to make (i) any subsequent sale of the Shares in Singapore or (ii) any offer of such subsequent sale of the Shares underlying the RSUs in Singapore unless such sale or offer in is made more than six (6) months from the Grant Date or pursuant to the exemptions under Part XIII Division 1 Subdivision (4) (other than section 280) of the SFA.

2.    Chief Executive Officer / Director Notification Requirement.  If you are  the chief executive officer (“CEO”) or a director, associate director or shadow director of a Singapore Affiliate, you must notify the Singapore Affiliate in writing of an interest (e.g., RSUs, Shares, etc.) in the Company or any Affiliate within two (2) business days of (i) acquiring or disposing of such interest, (ii) any change in a previously disclosed interest (e.g., sale of Shares), or (iii) becoming the CEO or a director, associate director or shadow director of the Singapore Affiliate.

SOUTH AFRICA

		
	1.
	Tax Obligations.  The following provision supplements Paragraph 9 of the Agreement:  

By accepting the RSUs, you agree to notify your Employer of the amount of any income realized upon vesting of the RSUs.  If you fail to advise your Employer of the income realized upon vesting of the RSUs, you may be liable for a fine.  You will be responsible for paying any difference between the actual tax liability and the amount withheld by your Employer. 

2.    Exchange Control Obligations.  You are solely responsible for complying with applicable exchange control regulations and rulings (the “Exchange Control Regulations”) in South Africa.  As the Exchange Control Regulations change frequently and without notice, you should consult your legal advisor prior to the acquisition or sale of Shares under the Plan to ensure compliance with current Exchange Control Regulations.  Neither the Company, nor your Employer nor any of its Affiliates will be liable for any fines or penalties resulting from your failure to comply with applicable laws.
 
3.    Securities Law Information and Deemed Acceptance of RSUs.  Neither the RSUs nor the underlying Shares shall be publicly offered or listed on any stock exchange in South Africa.  The offer is intended to be private pursuant to Section 96 of the Companies Act and is not subject to the supervision of any South African governmental authority.  

Pursuant to Section 96 of the Companies Act, the RSU offer must be finalized on or before the 60th day following the Grant Date.  If you do not want to accept the RSUs, you are required to decline the RSUs no later than the 60th day following the Grant Date.  If you do not reject the RSUs on or before the 60th day following the Grant Date, you will be deemed to accept the RSUs.

SOUTH KOREA

1.    Consent to Collection/Processing/Transfer of Personal Data.  Pursuant to applicable personal data protection laws, the Company hereby notifies you of the following in relation to your personal data and the collection, processing and transfer of such data in relation to the Company’s grant of RSUs and your participation in the Plan.  The collection, processing and transfer of your personal data is necessary for the Company’s administration of the Plan and your participation in the Plan, and although you have the right to deny or object to the collection, processing and transfer of personal data, you denial and/or objection to the collection, processing and transfer of personal data may affect your participation in the Plan.  As such, you voluntarily acknowledge and consent (where required under applicable law) to the collection, use, processing and transfer of personal data as described herein.  

The Company and your Employer hold certain personal information about you, including your name, home address and telephone number, date of birth, social security number (resident registration number) or other employee identification number, salary, nationality, job title, any Shares or directorships held in the Company, details of all RSUs, options or any other entitlement to Shares awarded, canceled, purchased, vested, unvested or outstanding in your favor, for the purpose of managing and administering the Plan (“Data”).  The Data may be provided by you or collected, where lawful, from third parties, and the Company and your Employer will process the Data for the exclusive purpose of implementing, administering and managing your participation in the Plan. The Data processing will take place through electronic and non-electronic means according to logics and procedures strictly correlated to the purposes for which Data are collected and with confidentiality and security provisions as set forth by applicable laws and regulations in your country of residence (and country of employment, if different).  Data processing operations will be performed minimizing the use of personal and identification data when such 

-  -

operations are unnecessary for the processing purposes sought. Data will be accessible within the Company’s organization only by those persons requiring access for purposes of the implementation, administration and operation of the Plan and for RSUs participation in the Plan. 

The Company and your Employer will transfer Data internally as necessary for the purpose of implementation, administration and management of your participation in the Plan, and the Company and your Employer may further transfer Data to any third parties assisting the Company in the implementation, administration and management of the Plan.  The third party recipients of Data may be Affiliates of the Company and / or a third party service provider or any successor or any other third party that the Company or third party service provider (or its successor) may engage to assist with the implementation, administration and management of the Plan from time to time. These recipients may be located in the European Economic Area, or elsewhere throughout the world, such as the United States.  You hereby authorize (where required under applicable law) them to receive, possess, use, retain and transfer the Data, in electronic or other form, for purposes of implementing, administering and managing your participation in the Plan, including any requisite transfer of such Data as may be required for the administration of the Plan and/or the subsequent holding of Shares on your behalf to a broker or other third party with whom you may elect to deposit any Shares acquired pursuant to the Plan.  

The Company, your Employer and any third party recipient of the Data will use, process and store the Data only to the extent they are necessary for the purposes described above.

You may, at any time, exercise your rights provided under applicable personal data protection laws, which may include the right to (a) obtain confirmation as to the existence of the Data, (b) verify the content, origin and accuracy of the Data, (c) request the integration, update, amendment, deletion, or blockage (for breach of applicable laws) of the Data, (d) to oppose, for legal reasons, the collection, processing or transfer of the Data which is not necessary or required for the implementation, administration and/or operation of the Plan and your participation in the Plan, and (e) withdraw your consent to the collection, processing or transfer of Data as provided hereunder (in which case, the RSUs will be null and void). You may seek to exercise these rights by contacting your local Human Resources manager or the Company’s third party administrator.

BY ELECTRONICALLY ACCEPTING THIS AGREEMENT AND ADDENDUM:

		
	1)
	I AGREE TO THE COLLECTION, USE, PROCESSING AND TRANSFER OF THE DATA AS DESCRIBED ABOVE.

		
	2)
	I AGREE TO THE PROCESSING OF MY UNIQUE IDENTIFYING INFORMATION (RESIDENT REGISTRATION NUMBER) AS DESCRIBED ABOVE.

BY SIGNING BELOW, YOU ACKNOWLEDGE, UNDERSTAND AND AGREE TO THE TERMS AND CONDITIONS OF THE PLAN, THE AGREEMENT AND THIS ADDENDUM.

Please sign and return this addendum to: IVZequityplanadministration@invesco.com  by no later than sixty (60) days after the Grant Date set forth in the Agreement. 

___________________________________                ______________________________
Participant Signature                Participant Name (Printed)

_____________________
Date

SPAIN

1.    Acknowledgement of Discretionary Nature of the Plan; No Vested Rights. By accepting the RSUs, you consent to participation in the Plan and acknowledge receipt of a copy of the Plan.

You understand that the Company has unilaterally, gratuitously and in its sole discretion granted the RSUs under the Plan to individuals who may be employees of the Company or its Affiliates throughout the world.  The decision is a limited decision that is entered into upon the express assumption and condition that any grant will not economically or otherwise bind the Company or any of its Affiliates on an ongoing basis.  Consequently, you understand that the RSUs are granted on the assumption and condition that the RSUs and the Shares acquired upon settlement of the RSUs shall not become a part of any employment contract (either with the Company or any of its Affiliates) and shall not be considered a mandatory benefit, salary for any purposes (including severance compensation) or any other right whatsoever.  In addition, you understand that this grant would not be made to you but for the assumptions and conditions referenced above; thus, you acknowledge and freely accept that should any or all of the assumptions be mistaken or should any of the conditions not be met for any reason the RSUs shall be null and void.

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You understand and agree that, as a condition of the RSUs, unless otherwise provided in the Agreement, any unvested RSUs as of the date you cease active employment will be forfeited without entitlement to the underlying Shares or to any amount of indemnification in the event of Termination of Service.  You acknowledge that you have read and specifically accept the conditions referred to in the Agreement regarding the impact of a Termination of Service on the RSUs.

2.    Termination for Cause.  Notwithstanding anything to the contrary in the Plan or the Agreement, “Cause” shall be defined as set forth in the Plan, regardless of whether the termination is considered a fair termination (i.e., “despido procedente”) under Spanish legislation.

BY SIGNING BELOW, YOU ACKNOWLEDGE, UNDERSTAND AND AGREE TO THE TERMS AND CONDITIONS OF THE PLAN, THE AGREEMENT AND THIS ADDENDUM.

Please sign and return this addendum to: IVZequityplanadministration@invesco.com  by no later than sixty (60) days after the Grant Date set forth in the Agreement. 

___________________________________                ______________________________
Participant Signature                Participant Name (Printed)

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Date

SWITZERLAND

1.    Securities Law Notification.  The grant of the RSUs and the issuance of any Shares is not intended to be a public offering in Switzerland.  Neither this document nor any other materials relating to the RSUs constitute a prospectus as such term is understood pursuant to article 652a of the Swiss Code of Obligations, and neither this document nor any other materials relating to the RSUs may be publicly distributed nor otherwise made publicly available in Switzerland.

UNITED KINGDOM

1.    Indemnification for Tax-Related Items.    Without limitation to Paragraph 9 of the Award Agreement, you hereby agree that you are liable for all Tax-Related Items and hereby covenant to pay all such Tax-Related Items, as and when requested by the Employer or by Her Majesty's Revenue & Customs (“HMRC”) (or any other tax authority or any other relevant authority).  You also hereby agree to indemnify and keep indemnified the Employer against any Tax-Related Items that they are required to pay or withhold or have paid or will pay on your behalf to HMRC (or any other tax authority or any other relevant authority).

2.    Exclusion of Claim.  You acknowledge and agree that you have no entitlement to compensation or damages insofar as such entitlement arises or may arise from your ceasing to have rights under or to be entitled to the RSUs, whether or not as a result of your termination (whether such termination is in breach of contract or otherwise), or from the loss or diminution in value of the RSUs.  Upon the grant of the RSUs, you shall be deemed irrevocably to have waived any such entitlement. 

 
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