Document:

EXHIBIT 10.5

ESPEY MFG. & ELECTRONICS CORP.

Retired Director Compensation Program

 

Directors who have served on the Espey Board
of Directors for several years bring unique knowledge and experience to Espey (the “Company”). For its future success
and growth, and to provide continuity, Espey must attract the best candidates for its board of directors and must maintain access
to its existing directors In order to take advantage of the expertise and knowledge of retiring directors and in order to attract
outstanding new directors for the Company, the Board has instituted the Retired Director Compensation Program (“Program”).

 

Under the Program, after at least seven years
of continuous service on the Espey Board of Directors, including service prior to the date of this Program, a director who retires
and/or ceases to serve as a director for any reason, except termination for just and reasonable cause (just and reasonable cause
does not include failure to be nominated and/or re-elected as a director), may serve at his or her discretion, as a director emeritus.
The term of a director emeritus, which shall not exceed four years, shall be calculated on the basis of one quarter of a year for
each year of service as a board member and shall commence immediately upon the date he/she ceases to serve as a director. The director
emeritus is required to attend 75% of the board meetings in a calendar year, in person or by phone. As compensation for his or
her ongoing participation in board activities, the director continues to receive the director fees paid to that director at the
point of his or her retirement or termination from the board. The director shall also continue to participate in the Company’s
insurance programs on the same terms and at the same cost that Espey offers its employees. The Program commences upon retirement
or termination from the board, and terminates at the earlier of the end of the term or the death of the director emeritus. The
director emeritus shall not be entitled to vote.

An employee-director is not eligible to participate
and cannot receive payment under the Program. A non-employee director cannot receive compensation under the Program if he/she receives
compensation at the same time under any other Company compensation or severance contract or program.

 

Effective June 2, 2017, except for those individuals
whose rights are already vested, no additional individuals shall accrue any rights under the Program.

 

Mandatory Retirement

 

Except as provided in the Retired Director
Compensation Program, Directors are required to retire from the Espey Board of Directors at age 76 provided, however, that any
director, who attains or has attained the age of 76 during his term as director, may delay retirement until completion of his or
her term.

 

 

 

Amended effective June 2, 2017

 

    29Exhibit 10.1

 

 

9601 McAllister Freeway, Suite 610

San Antonio, Texas  78216

 

September 6, 2017

 

Ms. Karen A. Puckett

3615 Meadow Lake Lane

Houston, Texas  77027

 

Re:  Amendment of Employment Agreement

 

Dear Karen:

 

Reference is made to your Employment Agreement dated September 13, 2015 (the “Employment Agreement”).  This letter reflects our understanding and agreement that for the period from September 1, 2017 through and including December 31, 2017, 20% of your Base Salary shall be paid in the form of a Stock Award (as such term is defined in the Company’s 2013 Omnibus Incentive Plan, the “Plan”).  Accordingly on December 31, 2017, you will be issued a Stock Award under the Plan for the after-tax value of $51,639.23 (i.e., 20% of your current Base Salary for such four-month period) in an amount determined by dividing $51,639.23 (less applicable withholding taxes) by the Fair Market Value of Harte Hanks’ Common Stock on such date.  Such Stock Awards shall not be subject to vesting.

 

The forgoing grants are subject to (i) the provisions of the Plan (including any Award Document), and (ii) ratable adjustment in the event your employment with Harte Hanks is terminated for any reason.  Furthermore, nothing in this letter shall constitute any assurance that your employment is other than “at-will,” and except as expressly modified herein, no other amendments to you Employment Agreement are intended or made hereby.  Capitalized terms used but not defined herein shall have the meanings ascribed to them in the Employment Agreement or Plan, as appropriate.

 

If the foregoing accurately reflects your agreement and understanding, please indicate so by countersigning below and returning a copy of the letter to the Chairman of the Board.

 

	
Sincerely,
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
/s/ Robert L. R. Munden
    	
 
    	
 
    
	
Robert L. R. Munden
    	
 
    	
 
    
	
EVP, General Counsel & Secretary
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
/s/ Karen A. Puckett
    
	
 
    	
 
    	
Karen A. Puckett
    
	
 
    	
 
    	
September  13, 2017
    

 

hartehanks.comExhibit 4.2
	 
	HSBC HOLDINGS PLC
	RULES OF THE  

HSBC INTERNATIONAL EMPLOYEE SHARE PURCHASE PLAN
	 	 	 	 
	 	
        Directors’ adoption
	1 August 2013	 
	 	Expiry date:	28 May 2020 	
        

	
         

         

        Amended by the Remuneration Committee
        on 27 July 2015.

        Amended by the Remuneration Committee
        on 24 January 2017.

         

         

         

	 	 
		 
	
        Linklaters LLP

        One Silk Street

        London EC2Y 8HQ
	 
	Telephone (+44) 20 7456 2000	 
	Facsimile (+44) 20 7456 2222	 
	 	 
	Ref 01/140/R Berglund	 
	 	 	 	 	 

    	 

    	 

    

Table of Contents

Contents Page

	1   Definitions	2
	2   Operation of the Plan	5
	3   Free Share Awards	6
	4   Investment Shares	7
	5   Matching Awards	11
	6   Ceasing Employment	13
	7   Rights of Participants	14
	8   General	15
	9   Terms of employment	17
	10   Data protection	19
	11   Amendments	19
	12   Termination	20
	13   Governing law and jurisdiction	20
	Schedule 1 USA	21

    	 	1	 

    	 

    

HSBC International Employee Share
Purchase Plan

		1	Definitions

In these rules:

“Accumulation Period”
means such period determined by the Directors during which a Participant’s Contributions are held before their application
by the Nominee in allocating Investment Shares;

“Award Date”
means the date on which a Free Share Award and/or a Matching Award is granted to a Participant under the Plan;

“Award System”
means the system of calculating the number of Shares subject to a Free Share Award, to be granted from time to time, as adopted
by the Directors;

“Business Day”
means a day on which the London Stock Exchange (or, if relevant and if the Directors so determine, a stock exchange nominated by
the Directors on which the Shares are traded) is open for the transaction of business;

“Change of Control”
means:

		(i)	a person (or a group of persons acting in concert) obtaining control (within the meaning of Section
995 of the Income Tax Act 2007) of the Company whether or not as a result of making a general offer to acquire Shares; or

		(ii)	when, under Section 895 of the Companies Act 2006 or equivalent procedure under local legislation,
a court sanctions a compromise or arrangement in connection with the acquisition of Shares;

“Company”
means HSBC Holdings plc;

“Contributions”
means deductions from a Participant’s Salary or other payments made by the Participant for the purpose of allocating Investment
Shares;

“Corporate Event”
means, in relation to the Company:

		(i)	any demerger, delisting, distribution (other than an ordinary dividend) or other transaction, which,
in the opinion of the Directors, might affect the current or future value of Plan Shares, Free Share Awards and/or Matching Awards;
or

		(ii)	any reverse takeover (not falling within the definition of Change of Control), merger by way of
a dual listed company or other significant corporate event, as determined by the Directors;

“Dealing Restrictions”
means any restrictions on transactions in securities imposed by:

		(i)	any statute, rules, legal or regulatory code, request or guidance; and/or

		(ii)	the Company’s code for transacting in Shares or any other dealing policy as established or
varied by the Company in addition or replacement to (i) above,

in force,
and as amended or replaced from time to time;

“Directors”
means the board of directors of the Company or the remuneration committee of the board of directors or any other duly authorised
person or group of persons;

    	 	2	 

    	 

    

“Dividend Equivalent”
means an amount equal to the ordinary dividends payable on the number of Shares subject to a Free Share Award and/or Matching Award
between the Award Date and Vesting calculated as determined by the Directors. For the avoidance of doubt, the Dividend Equivalent
does not include the tax credit;

“Dividend Shares”
means, in accordance with rule 7.1 (Dividend Shares and Dividend Equivalents), Shares acquired through the reinvestment
of cash dividends paid on Plan Shares or, if the Directors so determine, Shares issued by the Company in respect of dividends payable
on Plan Shares;

“Eligible Employee”
means any person who, on a date or dates determined by the Directors:

		(i)	(a)is an employee (including an executive director) of a Participating

Company and who is not located in the UK;

		(b)	has such qualifying period (if any) of continuous service, not exceeding three years, as the Directors
may determine; and

		(c)	satisfies any other conditions specified by the Directors in relation to any employee or group
of employees; or

		(ii)	is an employee (including an executive director) of a Group Company who is not located in the UK
and is nominated by the Directors (or is nominated as a member of a category of such employees);

“Employment”
means employment with a Group Company;

“Expiry Date”
means 28 May 2020;

“Free Share Award”
means a conditional right to acquire Shares granted pursuant to rule 3 (Free Share Awards) of the Plan;

“Group Company”
means:

		(i)	the Company;

		(ii)	any Subsidiary; or

		(iii)	any other company which is associated with the Company and is so designated by the Directors;

“Holding
Period” means such period, as determined by the Directors, between the Award Date and the date of Vesting and which is
notified to the Participants pursuant to rules 3.4.1(ii) and 5.3.2;

“Investment Shares”
means Shares which are allocated to a Participant in respect of their Contributions pursuant to rule 4.12 (Allocating Investment
Shares);

“London Stock Exchange”
means the London Stock Exchange plc or its successor;

“Listing Rules”
means the rules relating to admission to the Official List of the London Stock Exchange;

“Matching Award”
means a conditional right to acquire Shares granted pursuant to rule 5 (Matching Awards)

“Matching Ratio”
means the number of Shares granted under a Matching Award in proportion to the number of Investment Shares allocated to a Participant;

    	 	3	 

    	 

    

“Market Value”
means, on any particular day, the closing price of a Share as quoted on the relevant stock exchange on which the Shares are traded
or the average of such prices as quoted over such preceding trading days as the Directors may decide;

“Nominee”
means the registered holder of Plan Shares appointed by the Company for the purpose of the Plan;

“Participant”
means any person (including any person acquiring his beneficial interest by operation of law) who holds a Free Share Award, a Matching
Award and/or Plan Shares under the Plan;

“Participating Company”
means for the purposes of the Plan:

		(i)	the Company; and

		(ii)	any Subsidiary and any associated company which, in both cases, is so designated by the Directors;

“Participating
Employee” means an employee (including an executive director) of a Group Company who is working in, or has been seconded
to, a Participating Company, as determined by the Directors;

“Performance
Measures” means the targets or requirements set by the Directors from time to time which govern the availability, number
or value of Shares subject to a Free Share Award;

“Plan” means
this plan known as “The HSBC International Employee Share Purchase Plan”;

“Plan Shares”
means Shares held by the Nominee on behalf of a Participant, including Investment Shares, Dividend Shares and Shares issued or
transferred to the Nominee on the Vesting of a Participant’s Free Share Award and/or Matching Award;

“Plan Year”
means any 12 month period for the operation of the Plan commencing on such date as determined by the Directors pursuant to rule
2 (Operation of the Plan);

“Salary”
means basic salary or any such remuneration paid or made available by an employing company as determined by the Directors generally
or on a per Participating Company basis;

“Share Capital Variation”
means:

		(i)	a variation in the equity share capital of the Company, including a capitalisation or rights issue,
sub-division, consolidation or reduction of share capital;

		(ii)	a demerger (in whatever form) or exempt distribution by virtue of Section 1075 of the Corporation
Tax Act 2010;

		(iii)	a special dividend or distribution; or

		(iv)	any other corporate event,

which, in
each case, might, in the opinion of the Directors, affect the current or future value of Plan Shares, Free Share Awards and/or
Matching Awards;

“Shares”
means fully paid ordinary shares in the capital of the Company or any American Depositary Shares (“ADSs”) or
American Depositary Receipts (“ADRs”) representing such

    	 	4	 

    	 

    

ordinary shares or, where the
context permits, in the event of a Change of Control, any security which forms part of any new holding;

“Subsidiary”
means a company which is a subsidiary of the Company within the meaning of Section 1159 of the Companies Act 2006; and

“Vesting”
means a Participant becoming entitled to have the Shares subject to a Free Share Award and/or Matching Award issued or transferred
to him subject to the Plan, and “Vest” and “Vested” shall be construed accordingly.

		2	Operation of the Plan

		2.1	Time of operation

The Directors can operate the
Plan at any time subject to any applicable Dealing Restrictions.

		2.2	Form of invitation and application

		2.2.1	The Directors will issue invitations and applications to join the Plan prior to the commencement
of each Plan Year. The invitations and applications must be made only to Eligible Employees and will be made in the form determined
by the Directors from time to time. This may include invitations and applications in writing or by e-mail, internet (or other electronic
means) and interactive voice response. The invitation and application will include details (as applicable) on:

		(i)	maximum and minimum Contributions determined under rule 4.1 (Amount of Contributions);

		(ii)	any Accumulation Period determined under rule 4.12 (Accumulation Periods);

		(iii)	the Matching Ratio determined under rule 5.1 (Matching Ratio);

		(iv)	the Holding Period;

		(v)	the provision of Dividend Shares and/or Dividend Equivalents, as applicable, determined under rule
7.1 (Dividend Shares and Dividend Equivalents); and

		(vi)	any applicable forfeiture provisions determined under rule 5.4 (Forfeiture of Matching Awards).

		2.2.2	The application must be accompanied by an authority for the Contributions payable under the application
to be deducted from the Participant’s Salary or to be paid in such other way as agreed and held in a non-interest bearing
account established by the Company for the purpose of holding Contributions.

		2.2.3	The completed application must be submitted as specified in the invitation or application within
the period specified. An Eligible Employee who has not submitted a properly completed application within such period will not be
able to participate in the Plan unless the Directors decide otherwise.

    	 	5	 

    	 

    

		2.2.4	The application will take effect from such date as is set out in the application and will continue
to apply in respect of any subsequent Plan Years until such time as the Participant ceases to be an Eligible Employee or notifies
the Company that he wishes to withdraw from the Plan.

		2.2.5	Detailed provisions relating to Free Share Awards, Investment Shares and Matching Awards and Dividend
Shares are set out in rules 3, 4, 5 and 7 respectively.

		3	Free Share Awards

		3.1	Limit

If the Plan
is operated to provide Free Share Awards, a Free Share Award must not be granted to an Eligible Employee if it would, at the proposed
Award Date, cause the Market Value of Shares subject to all Free Share Awards that the Participant has been granted in respect
of that Plan Year to exceed £3,000 or such other amount as the Directors decide. The Directors may convert any limit set
pursuant to this rule into local currency, as required, on such date(s) and at such price or by such method as they determine.

		3.2	Terms relating to Free Share Awards

When a Free Share Award is granted,
the Directors will determine the following:

		3.2.1	the Award System for that operation of the Plan, including any Performance Measures which apply;

		3.2.2	the Holding Period; and

		3.2.3	any forfeiture provisions under rule 3.5 (Forfeiture of Free Share Awards).

		3.3	Grant of Free Share Awards

The Directors will grant (subject
to any applicable Dealing Restrictions) a Free Share Award to each Participant who is an Eligible Employee on the Award Date on
the basis set out in the Award System and any Performance Measures.

		3.4	Notification by the Company

		3.4.1	As soon as practicable after a Free Share Award has been granted, the Company will notify each
Participant of the award, including:

		(i)	the number of Shares subject to the Free Share Award; and

		(ii)	the applicable Holding Period.

		3.4.2	If Performance Measures apply to the availability, number or value of Free Share Award, the Company
may notify Participants of the Performance Measures, but the Company may exclude from such notification any information if it reasonably
considers that to disclose it would prejudice commercial confidentiality.

    	 	6	 

    	 

    

		3.5	Forfeiture of Free Share Awards

Subject to rule 6 (Ceasing
Employment), the Directors may decide that a Free Share Award will be granted on the basis that, if a Participant ceases Employment
for any reason during the Holding Period, the Free Share Award will be forfeited.

		3.6	Fractional Shares

Where the Directors so decide,
a Free Share Award granted under rule 3.3 (Grant of Free Share Awards) includes an award of fractional Shares.

		3.7	No disposal or assignment of Free Share Awards

A Participant cannot assign,
charge or otherwise dispose of his beneficial interest in a Free Share Award. If he does, whether voluntarily or involuntarily,
then it will immediately lapse.

		3.8	Vesting of Free Share Awards

		3.8.1	Subject to rule 6 (Ceasing Employment), Free Share Awards will Vest at the end of the applicable
Holding Period and the resulting Shares will be issued or transferred to the Nominee as soon as practicable (having regard to any
applicable Dealing Restrictions at that time). The Shares will be held as Plan Shares until the Participant or the Directors direct
(having regard to any applicable Dealing Restrictions) that such Plan Shares should be transferred to the Participant or his nominee
or sold.

		3.8.2	If, when a Free Share Award would otherwise Vest under any rule of the Plan (or any schedule to
the Plan), Dealing Restrictions apply that would prohibit:

		(i)	the delivery (or the procurement of the delivery) of Shares to the Participant; and/or

		(ii)	if the Directors so determine, the Participant from selling Shares to discharge any liability to
taxation or social security contributions;

the Free
Share Award shall not Vest until the first date on which such Dealing Restrictions cease to apply. The Directors reserve the right
to delay Vesting of a Free Share Award if any other Dealing Restriction applies until such date that it no longer applies.

		3.9	Cash Alternative

The Directors may, at any time
before Vesting, decide to satisfy the vesting of a Free Share Award by paying an equivalent amount in cash, subject to rule 8.11
(Withholding).

		4	Investment Shares

		4.1	Amount of Contributions

		4.1.1	The Directors will determine the maximum monthly Contribution which will apply in relation to each
Plan Year and any such maximum will be set out in the invitation or application or otherwise notified to the Participant. If Contributions
exceed these limits, the excess amount will be repaid to the Participant as soon as practicable.

    	 	7	 

    	 

    

		4.1.2	The Directors may, for any Plan Year, set a minimum amount for Contributions. If there is such
a minimum amount, it will be set out in the invitation or application or otherwise notified to the Participant.

		4.1.3	Contributions will be converted into the applicable currency, as required, on such date(s) and
at such price or by such method as determined by the Directors.

		4.2	Making Contributions

		4.2.1	Subject to rule 4.2.2, the relevant Contributions will be deducted from the Participant’s
Salary on each pay date after the Participant’s application has taken effect pursuant to rule 2.2.4 or on such other date(s)
as the Directors may decide.

		4.2.2	Where local rules prohibit deductions from Salary, the Participant may be permitted to make regular
cash or other payments on such terms as the Directors determine.

		4.2.3	If the Directors so decide from time to time, the Participant may be permitted to make a lump sum
Contribution in the manner contemplated by rule 4.2.1 or 4.2.2 on such terms as the Directors determine. Any lump sum Contribution
permitted by the Directors, when added to the Contributions made under rule 4.2.1 or 4.2.2, must not exceed the limits set for
the relevant Plan Year pursuant to rule 4.1.1.

		4.2.4	All Contributions from Salary will be made after deduction for tax and social security contributions,
as applicable.

		4.2.5	If a Participant ceases to be a Participating Employee, the Company will procure that his Contributions
will stop as soon as practicable after cessation. Any Investment Shares already allocated will not cease to be subject to the Plan
as a result of the cessation unless the Directors decide otherwise.

		4.3	Holding Contributions

The Contributions will be held
by the Nominee, the Company or any relevant Participating Company in a non-interest bearing account until they are used to allocate
Investment Shares on the Participant’s behalf pursuant to the rules of the Plan.

		4.4	Use of Contributions on leaving the Plan

		4.4.1	Where a Participant gives notice to withdraw from the Plan under rule 4.6 (Withdrawal from agreement
to make Contributions), any Contributions held for the Participant will be used to allocate Investment Shares on the next allocation
date, unless local rules require such Contributions to be returned to the Participant.

		4.4.2	Where a Participant ceases Employment, any Contributions held for the Participant will be returned
to the Participant provided the Nominee is notified of the cessation prior to the Allocation Date. However, this does not apply
where local rules prohibit the return of Contributions in which case the Contributions will be used to allocate Investment Shares
on the next Allocation Date.

    	 	8	 

    	 

    

		4.5	Excess Contributions

If so specified in the application,
the Company may carry forward and add to the amount of the next Contribution any excess Contributions not used to allocate Investment
Shares. Alternatively, the Company may pay the excess to the Participant as soon as practicable.

		4.6	Withdrawal from agreement to make Contributions

A Participant may at any time
withdraw from the agreement to make Contributions entered into at the time of joining the Plan. The Participant will be treated
by the Company as having withdrawn as soon as practicable after the Company receives the Participant’s notice.

Any Contributions held at the
time of withdrawal will be used as set out in rule 4.4 (Use of Contributions on ceasing the Plan). Any Investment Shares
already allocated will not cease to be subject to the Plan as a result of such a withdrawal unless the Directors decide otherwise.

		4.7	Stopping and re-starting Contributions

		4.7.1	A Participant may give notice to the Company to stop making Contributions. The Participant may
only re-start his Contributions on such date(s) during each Plan Year as set out in the invitation or application form or otherwise
notified to the Participant, unless the Directors decide otherwise. The amount of the re-started Contributions will remain the
same as before the Contributions were stopped.

		4.7.2	The Company will arrange for Contributions to stop and re-start as soon as practicable and notify
the Participant.

		4.7.3	Unless the Directors decide otherwise, the Participant may not make up missed Contributions.

		4.8	Varying Contributions

Unless the Directors decide
otherwise, a Participant may only vary his rate of Contributions during the invitation period prior to each Plan Year. The Directors
will set the terms on the basis of which a Participant may vary his rate of Contributions and the new rate will take effect on
the first pay date following the commencement of the Plan Year, unless another date is specified.

		4.9	Limit on Investment Shares

The Directors may from time
to time set a limit on the number of Shares which may be allocated as Investment Shares. If there is such a limit, it will be set
out in the invitation or application form or otherwise notified to the Participant.

		4.10	Scaling down

If there is a limit on the number
of Shares which may be allocated as Investment Shares and the aggregate value of Contributions set out in the applications submitted
by Eligible Employees exceeds the amount necessary to allocate that number of Investment Shares, the Directors may scale down applications
by taking any one or more of the following steps:

    	 	9	 

    	 

    

		4.10.1	reducing the excess of Contributions over any set minimum amount for Contributions proportionately;

		4.10.2	reducing all monthly Contributions to any set minimum amount for Contributions;

		4.10.3	selecting applications to contribute the minimum amount for Contributions by lot; or

		4.10.4	choosing any other method which they deem appropriate.

The Company will notify Participants
of the scaling down and their application will be deemed changed or withdrawn accordingly.

		4.11	Accumulation Periods

The Directors may determine
in relation to any Plan Year whether there will be an Accumulation Period.

The start and end of any Accumulation
Period must be set out in the invitation or application form or will be otherwise notified to the Participant. The Accumulation
Period must start on or before the date of the first Contribution.

If, during the Accumulation
Period, a transaction occurs in relation to the Shares which results in a new holding of shares being equated with the Shares,
the Contributions held may be used at the end of the Accumulation Period to allocate new shares. By submitting the application
form, the Participant agrees to the allocation of new shares.

		4.12	Allocating Investment Shares

		4.12.1	If there is an Accumulation Period, the Company must allocate Investment Shares to each Participant
within 30 days of the end of that period (or if the allocation or procurement of the allocation of Investment Shares would be prohibited
by any applicable Dealing Restrictions at that time, then within 30 days of the date on which such Dealing Restrictions cease to
apply). If there is no Accumulation Period, the Company must allocate Investment Shares to the Participants on or by such date
as set by the Company, subject to any applicable Dealing Restrictions.

		4.12.2	Where Shares are issued for the allocation, the number of Investment Shares allocated to each Participant
will be calculated using the Market Value of the Shares on the Business Day preceding the allocation.

		4.12.3	Where Shares are purchased for allocation, the number of Investment Shares allocated to each Participant
will be calculated using the price paid for the Shares.

		4.13	Fractional Shares

Where the Directors so decide,
the allocation of Investment Shares under rule 4.12 (Allocating Investment Shares) includes the allocation of fractional
Investment Shares.

    	 	10	 

    	 

    

		4.14	Notification by the Company

As soon as practicable after
the allocation of Investment Shares to a Participant, the Company will notify the Participant. The notification will include the
number of Investment Shares and the amount of Contributions used to acquire the Investment Shares.

		4.15	Holding Investment Shares

The Directors will determine
the basis upon which the Investment Shares will be held on behalf of the Participant and whether the legal ownership of the Investment
Shares will be transferred to the Nominee, or whether the share certificate (or other documents of title) of the Investment Shares
will be lodged with the Nominee. The basis upon which the Investment Shares are held may vary from country to country.

		4.16	Access to Investment Shares

Subject to rule 8.11 (Withholding)
and with regard to rule 5.4 (Forfeiture of Matching Awards), a Participant may, at any time, direct (having regard to any
applicable Dealing Restrictions) the Nominee to sell his Investment Shares or transfer legal title to him or his nominee.

		5	Matching Awards

		5.1	Matching Ratio

If the Plan is operated to provide
Matching Awards, a Participant who is allocated Investment Shares is entitled to a Matching Award. The Directors will set the Matching
Ratio for each Plan Year and the applicable Matching Ratio will be notified to the Participant. If the Directors decide to change
the Matching Ratio, the Participants will be notified.

The Matching Ratio cannot exceed
two Shares under a Matching Award for each Investment Share or such other number as determined by the Directors from time to time.

		5.2	Grant of Matching Awards

The Directors will grant (subject
to any applicable Dealing Restrictions) a Matching Award to each Participant on the basis set out in the invitation or application
form or as otherwise notified to the Participant and will grant the Matching Award on the same day as the related Investment Shares
are allocated to the Participant unless the Directors determine that the Matching Award will be granted on another day.

The Directors may decide to
operate the Plan on the basis that, if any Investment Shares allocated are not sufficient to result in the grant of a Matching
Award on the same day, the Matching Award will be granted when sufficient Investment Shares have been allocated.

		5.3	Notification by the Company

At the time of, or as soon as
practicable after, the grant of a Matching Award, the Company will notify each Participant of the award. The Company will include
in the notification:

		5.3.1	the number of Shares subject to the Matching Award; and

		5.3.2	the applicable Holding Period.

    	 	11	 

    	 

    

		5.4	Forfeiture of Matching Awards

		5.4.1	Subject to rule 6 (Ceasing Employment), the Directors may decide that a Matching Award will
be granted on the basis that, if a Participant ceases Employment for any reason during the Holding Period, they will forfeit any
Matching Award subject to the Holding Period.

		5.4.2	The Directors may also decide that a Matching Award will be granted on the basis that, if a Participant
takes out of the Plan his Investment Shares in respect of which the Matching Award was granted (other than by reason of rule 6
(Ceasing Employment), 7.4 (Change of Control and Corporate Events) or 8.11 (Withholding)) at any time during
the Holding Period, he will forfeit the Matching Award relating to those Investment Shares.

		5.5	Fractional Shares

Where the Directors so decide,
the Matching Award under rule 5.2 (Grant of Matching Awards) includes an award of fractional Shares.

		5.6	No disposal or assignment of Matching Awards

A Participant cannot assign,
charge or otherwise dispose of his beneficial interest in a Matching Award. If he does, whether voluntarily or involuntarily, then
it will immediately lapse.

		5.7	Vesting of Matching Awards

		5.7.1	Subject to rule 6 (Ceasing Employment), Matching Awards will Vest at the end of the applicable
Holding Period and the resulting Shares will be issued or transferred to the Nominee as soon as practicable (having regard to any
applicable Dealing Restrictions at that time). The Shares will be held as Plan Shares until the Participant or the Directors direct
(having regard to any applicable Dealing Restrictions) that such Plan Shares should be transferred to the Participant or his nominee
or sold.

		5.7.2	If, when a Matching Share Award would otherwise Vest under any rule of the Plan (or any schedule
to the Plan), Dealing Restrictions apply that would prohibit:

		(i)	the delivery (or procurement of the delivery) of Shares to the Participant; and/or

		(ii)	if the Directors so determine, the Participant from selling Shares to discharge any liability to
taxation or social security contributions,

the Matching
Share Award shall not Vest until the first date on which such Dealing Restrictions cease to apply. The Directors reserve the right
to delay Vesting of a Matching Share Award if any other Dealing Restriction applies until such date that it no longer applies.

		5.8	Cash Alternative

The Directors may, at any time
before Vesting, decide to satisfy the vesting of a Matching Award by paying an equivalent amount in cash, subject to rule 8.11
(Withholding).

    	 	12	 

    	 

    

		6	Ceasing Employment

		6.1	General rule on ceasing Employment

Subject to rule 6.2 below, if
a Participant ceases Employment before Vesting, his Free Share Awards and/or Matching Awards will be treated in accordance with
the terms of their grant under rules 3.5 (Forfeiture of Free Share Awards) and/or 5.4 (Forfeiture of Matching Awards),
as applicable.

		6.2	“Good leavers”

		6.2.1	Subject to rule 6.2.2, if a Participant ceases Employment for any of the reasons set out below,
his Free Share Awards and/or Matching Awards will Vest as soon as practicable on or following the date of cessation and the resulting
Shares will be issued or transferred to the Nominee and become Plan Shares. The reasons are:

		(i)	ill-health, injury or disability (established to the satisfaction of the Participant’s employer);

		(ii)	retirement with the agreement of the Participant’s employer;

		(iii)	the Participant’s employing company ceasing to be a Group Company;

		(iv)	a transfer of the undertaking, or part of the undertaking, in which the Participant works to a
person which is not a Group Company;

		(v)	redundancy with the agreement of the Participant’s employer; and

		(vi)	death.

		6.2.2	Where rule 6.2.1 applies, the Directors may determine that some or all of the Participant’s
Free Share Awards and/or Matching Awards will not Vest on ceasing Employment but will instead continue to Vest at the end of the
Holding Period and the resulting Shares will be issued or transferred to the Nominee as soon as practicable and become Plan Shares.
Where the Directors so decide, rule 6.3 will apply as at the end of the applicable Holding Period.

		6.3	Treatment of Plan Shares on ceasing Employment

Subject to rule 6.2.2, if a
Participant ceases Employment, his Plan Shares will come out of the Plan. On or as soon as practicable after ceasing Employment,
the Nominee will notify the Participant and seek his instructions as to whether his Plan Shares should be:

		(i)	transferred to the Participant or his nominee; or

		(ii)	sold and the cash proceeds be transferred to the Participant, subject to any deductions as may
be applicable.

The Participant
must provide his instructions within such period of receiving the notification as the Directors determine from time to time. If
he fails to do this, the Nominee will transfer the Participant’s Plan Shares to the Participant, unless the Directors determine
that a transfer of the Plan Shares is not feasible. If this is the case, the Nominee will procure that the Participant’s
Plan Shares be sold and transfer the cash proceeds to the Participant, subject to any deductions as may be applicable.

    	 	13	 

    	 

    

		7	Rights of Participants

		7.1	Dividend Shares and Dividend Equivalents

		7.1.1	The Participant will be entitled to receive dividends on his Plan Shares. Dividends will be paid
in the form of Dividend Shares on such terms as the Directors determine from time to time which may include the award of fractional
Shares. Dividend Shares will not be subject to any restrictions or forfeiture and will be held by the Nominee on behalf of the
Participant as Plan Shares unless and until the Participant or the Directors direct that the Dividend Shares should be transferred
to the Participant or his nominee or sold. Where the Directors determine that dividends will not be provided in the form of Dividend
Shares, they will be paid in cash to the Participant

		7.1.2	The Directors may at any time determine that Free Share Awards and/or Matching Awards include the
right to receive Dividend Equivalents which may be paid in cash or in Shares (as determined from time to time by the Directors).
If the Directors so determine, Dividend Equivalents will be paid to the Participant or his nominee at the same time as the Shares
subject to the Free Share Award and/or Matching Award (as applicable) are issued or transferred to the Participant, unless the
Directors decide that any Shares issued or transferred should be held by the Nominee as Plan Shares in accordance with rule 7.1.1.

		7.1.3	The Nominee is not required to pay a Participant any interest earned on any dividend to which the
Participant may be entitled. The Nominee may retain any interest on such terms as the Directors decide.

		7.1.4	The Nominee must hold unclaimed dividends for at least 12 years from the date the dividend is declared.
If any dividends remain unclaimed after this period, the Nominee may retain them and use them in paying the expenses of administering
the Plan.

		7.2	Voting

		7.2.1	The Nominee may invite Participants to direct it on the exercise of any voting rights attaching
to Plan Shares. The Nominee may not take any action without such a direction. The Nominee will only be entitled to vote on a show
of hands if all directions received from Participants who have given directions in respect of a particular resolution are identical.
The Nominee will not be under any obligation to call for a poll. In the event of a poll, the Nominee will vote in accordance with
the directions of Participants.

		7.2.2	A Participant is not entitled to vote in respect of Shares subject to a Free Share Award and/or
a Matching Award until the Shares are issued or transferred to the Participant or his nominee following Vesting.

		7.3	Share Capital Variation

		7.3.1	The Participant (or anyone authorised by him) has the right to direct the Nominee on the appropriate
action to take (if any) in respect of any right relating to a Participant’s Plan Shares in connection with a Share Capital
Variation. The Nominee may not take any action without such a direction. If the Nominee has not received the necessary direction
and/or funds needed

    	 	14	 

    	 

    

to carry out the direction
before such time as the Nominee specifies, it will allow the right to lapse. If the Nominee is to incur any liability, it may require
an indemnity which it considers appropriate from the Participant.

		7.3.2	In the event of a Share Capital Variation, the Directors may adjust the number or class of Shares
or securities subject to any Free Share Award and/or Matching Award as they consider appropriate.

		7.4	Change of Control and Corporate Events

		7.4.1	The Participant (or anyone authorised by him) has the right to direct the Nominee on the appropriate
action to take in relation to any offer or right relating to a Participant’s Plan Shares in connection with a Change of Control
or Corporate Event. The Nominee may not take any action without such a direction. On a Change of Control or Corporate Event, any
consideration consisting of new shares or securities will be held by the Nominee as plan shares as if they were the original Plan
Shares.

		7.4.2	In the event of a Change of Control or, if the Directors so decide, a Corporate Event, Free Share
Awards and/or Matching Awards will Vest at the time of the relevant event as determined by the Directors.

		7.5	Fractional entitlements

Where, following any offer referred
to in rule 7.3 (Share Capital Variation) or 7.4 (Change of Control and Corporate Events), the Nominee receives rights
or securities in respect of Plan Shares, it will allocate them among the Participants concerned on a proportionate basis, rounding
down if necessary. The Nominee will then aggregate any fractions not allocated and sell the unallocated rights and securities.
The Nominee will deduct all expenses of sale and applicable tax and social security from the proceeds of sale and distribute the
net proceeds of sale proportionately among the Participants whose allocation was rounded down. However, if a Participant’s
entitlement is less than the transfer costs (wire fees) to be incurred in distributing the entitlement, the Nominee may retain
that entitlement and use it to pay the expenses of the Plan.

		8	General

		8.1	Plan limits

The number of Shares which may
be allotted under the Plan on any day must not, when added to the aggregate of the number of Shares which have been allotted in
the previous 10 years under the Plan and any other employee share plan operated by the Company, exceed 10% of the ordinary share
capital of the Company in issue immediately before that day.

In this rule 8.1, “allotted”
means, in the case of any share option plan, the placing of unissued Shares under option and, in relation to other types of employee
share plans, the issue of Shares. In determining the limits above, no account will be taken of any Shares where the right to acquire
Shares was released or lapsed without being exercised. For the avoidance of doubt, the acquisition of any Shares by market purchase
by, or for the purpose of, an employee share plan is not within the meaning of “allotted”.

    	 	15	 

    	 

    

As long as so required by the
Association of British Insurers, shares transferred from treasury are counted as part of the ordinary share capital of the Company
and as Shares allotted by the Company for the purposes of the limit in this rule 8.1.

		8.2	Listing Rules

No Shares will be allocated
under the Plan if that would cause Rule 6.1.19 (Shares in public hands) of the Listing Rules to be breached.

		8.3	Listing

If and so long as Shares are
listed on the Official List or on any other stock exchange where Shares are traded, the Company will apply for a listing for any
Shares issued under the Plan after their allotment.

		8.4	Rights

Shares issued on subscription
will rank equally in all respects with the Shares then in issue. However, the Directors may determine, in their discretion, that
they will not rank for any dividends or other distributions payable or made in respect of a period beginning after their date of
issue.

Where Shares are transferred
cum an entitlement they will have the benefit of all rights attaching to the Shares by reference to a record date on or after the
date on which they are allocated or awarded.

The Company may award Shares
a proportion of which will rank for dividends or other rights attaching to Shares by reference to a record date preceding the relevant
Award Date and a proportion of which will not. If this happens, the Company will award the Shares to each Participant as far as
practicable in those same proportions.

		8.5	Notices

Any notice or other document
which has to be given in connection with the Plan may be delivered to a Participant or sent by post to him at his home address
or by e-mail (or other electronic means including posting on any website or internet site) using the records of that Participant’s
employing company, or such other address as the Company or the Nominee consider appropriate.

Any notice or other document
which has to be given to the Company or the Nominee in connection with the Plan may be delivered or sent by post to them at their
registered offices (or such other place as the Company or the Nominee may from time to time notify the Participants) or, if the
Directors allow and subject to such conditions as they may specify, sent by e-mail or other electronic means to the e-mail or electronic
address for the time being notified by the Company.

Notices sent by post will be
deemed to have been given on the seventh day following the date of posting. Notices sent by e-mail (or other electronic means),
in the absence of evidence to the contrary, will be deemed to have been received on the first day after sending.

		8.6	Documents sent to shareholders

The Company may send to the
Participants copies of any documents or notices normally sent to its shareholders.

    	 	16	 

    	 

    

		8.7	Directors’ decision final and binding

The decision of the Directors
on the interpretation of the Plan rules or in any dispute or question affecting any Eligible Employee or Participant under the
Plan will be final and conclusive.

		8.8	Regulations

The Directors will have the
power from time to time to make or vary regulations for the administration and operation of the Plan but these must be consistent
with the Plan rules.

		8.9	Payments by Participating Companies

The Company may notify each
Participating Company of an amount it is required to contribute in respect of Free Share Awards, Matching Awards and/or the administration
of the Plan. If it does so, each Participating Company will pay this amount to the Company, or as it directs, to be used for the
purposes of the Plan.

		8.10	Capital receipts and other amounts

When the Nominee receives money
in relation to Plan Shares or the proceeds of any disposal, it will make the required deductions for tax and social security and
pay the balance to the Participant. The Nominee may, however, retain any amount which is less than the transfer costs (wire fees)
to be incurred in distributing the amount and use it for the purposes of the Plan.

		8.11	Withholding

The Company, the Nominee and
any employing company may withhold any amount and make any arrangements, including the sale of Shares on behalf of the Participant,
as it considers necessary to meet any liability to taxation or social security contributions in respect of the Participants’
participation in the Plan.

		8.12	Overriding restrictions on transfer of Shares

Notwithstanding any term or
condition of this Plan, Shares and/or rights to Shares may not be assigned, acquired, transferred, issued or dealt with under this
Plan if to do so would contravene any applicable laws, regulations or listing rules or where the compliance with any applicable
law, regulation or listing rule would be unduly onerous or impractical. In addition, these rules (including the exercise of any
discretions) are subject to all applicable laws, regulations and listing rules.

The Directors, any Group Company,
Eligible Employees, Participating Employees and Participants will have regard to Dealing Restrictions when (in each case, as appropriate)
operating, interpreting, administering, participating in and taking any and all such other action in relation to, or contemplated
or envisaged by, the Plan including any Schedules.

		9	Terms of employment

		9.1.1	For the purposes of this rule 9, “Employee” means any Participant, any Eligible Employee,
other employee or any other person.

		9.1.2	This rule 9 applies during an Employee’s Employment and after the termination of an Employee’s
Employment, whether or not the termination is lawful.

    	 	17	 

    	 

    

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

		9.1.4	The benefit to an Employee of participating in the Plan shall not form any contractual right and
shall not be pensionable, form part of an Employee’s basic salary or give rise to any other employee benefit.

		9.1.5	No Employee has a right to participate in the Plan. Participation in the Plan or the award or allocation
of Shares on a particular basis in any year does not create any right to or expectation of participation in the Plan or the award
or allocation of Shares on the same basis, or at all, in any future year.

		9.1.6	The terms of the Plan do not entitle the Employee to the exercise of any discretion in his favour.

		9.1.7	The Employee will have no claim or right of action in respect of any decision, omission or discretion
relating to his participation in or rights under the Plan, which may operate to the disadvantage of the Employee, even if it is
unreasonable, irrational or might otherwise be regarded as being in breach of the duty of trust and confidence (and/or any other
implied duty) between the Employee and his employer.

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

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

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

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

		9.1.9	Participation in the Plan is permitted only on the basis that the Participant accepts all the provisions
of the Plan rules, including this rule 9. By participating in the Plan, an Employee waives all rights under the Plan, other than
the right to receive any Free Share Award and/or Matching Award granted to him or any Investment Shares or Dividend Shares allocated
to him subject to and in accordance with the express terms of the Plan rules, in consideration for, and as a condition of, his
participation in the Plan.

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

    	 	18	 

    	 

    

		10	Data protection

By participating in the Plan
the Participant consents to the holding, processing, use and disclosure of personal data relating to him by any Group Company,
the Nominee or third party service provider, for all purposes relating to the operation of the Plan. These include, but are not
limited to:

		10.1.1	administering and maintaining records;

		10.1.2	providing information to any Group Company, the Nominee, registrars, brokers, banks, professional
advisers, mail houses or third party administrators of the Plan; and

		10.1.3	providing information to future purchasers of any Group Company or the business in which the Participant
works,

in each case
whether or not the personal data is transferred from one country to another.

		11	Amendments

		11.1	Directors’ powers

Subject to rule 11.2 (Shareholders’
Approval), the Directors may at any time change any of the provisions of the Plan in any way.

		11.2	Shareholders’ Approval

		11.2.1	Except as described in rule 11.2.2, the Company in general meeting must approve in advance by ordinary
resolution any proposed change to the advantage of present or future Participants which relate to the following:

		(i)	the persons to whom Shares may be allocated or awarded under the Plan; or

		(ii)	the limitations on the number of Shares which may be allocated or awarded under the Plan; or

		(iii)	the maximum entitlement for each Participant under the Plan; or

		(iv)	the basis for determining each Participant’s entitlement to Shares; or

		(v)	any rights attached to the Shares; or

		(vi)	the basis for determining a Participant’s entitlement to, and the terms of securities, cash
or other benefit to be provided and for the adjustment thereof (if any) if there is a capitalisation issue, rights issue or open
offer, sub-division or consolidation of shares or reduction of capital or any other variation of capital; or

		(vii)	the terms of this rule 11.2.

		11.2.2	The Directors need not obtain the approval of the Company in general meeting for any minor changes:

		(i)	to benefit the administration of the Plan; or

		(ii)	to comply with or take account of the provisions of any proposed or existing legislation; or

    	 	19	 

    	 

    

		(iii)	to take account of any changes to the legislation; or

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

		11.3	Overseas considerations

Notwithstanding any other provision
of the Plan, the Directors may amend or add to the provisions of the Plan (by way of schedule or otherwise) as they consider necessary
or desirable to facilitate the operation of the Plan in any jurisdiction or to enable the Plan to take advantage of any favourable
tax or regulatory treatment, provided that any such addition or amendment does not vary the basic features of the Plan.

		12	Termination

The Plan will terminate on the
Expiry Date, but the Directors may resolve to terminate the Plan at any time before that date. If this happens, no further Shares
will be awarded or allocated but the provisions of the Plan will continue in full force and effect in relation to Shares already
awarded or allocated.

		13	Governing law and jurisdiction

English law governs the Plan
and its administration. The English courts have exclusive jurisdiction in respect of disputes arising under or in connection with
the Plan.

    	 	20	 

    	 

    

Schedule 1

USA

		1	Purpose 

The purpose of this Schedule
1 is to make certain variations to the terms of the Plan, in the case of its operation for Participating Employees to take into
account US tax rules.

		2	Definitions

The words and expressions used
in this Schedule 1 which have capital letters have the same meaning as they have in the rules of the Plan. In addition, the following
definitions apply to this Schedule 1:

“Code” means
the US Internal Revenue Code of 1986, as amended;

“US Participant”
means a person who is subject to US Tax; and

“US Tax”
means income taxation under the laws of the United States of America.

		3	Application 

This Schedule 1 applies to any
Free Share Award or Matching Award held by a US Participant or any other Participating Employee to the extent that his Free Share
Award or Matching Award (or any portion thereof) is or becomes subject to US Tax (“US Awards”).

		4	Rules 

The rules of the Plan will apply
to US Awards as amended by the terms of this Schedule 1.

		5	Settlement 

US Awards subject to this Schedule
1 may only be satisfied with newly issued Shares, Shares transferred from treasury or Shares and/or cash from a trust which satisfies
the following characteristics:

		(i)	the assets of the trust shall be subject to the claims of the general creditors of the Company;

		(ii)	if at any time the trustee of the trust has determined that the Company is insolvent, the trustee
shall discontinue payments to the US Participants or their beneficiaries and shall hold the assets of the trust for the benefit
of general creditors of the Company;

		(iii)	the Directors shall have the duty to inform the trustee in writing of the Company’s insolvency.
If a person claiming to be a creditor of the Company alleges in writing to the trustee that the Company has become insolvent, the
trustee shall determine whether the Company is insolvent and, pending such determination, the trustee shall discontinue payment
of benefits to the Participants or their beneficiaries; and

		(iv)	the trust and the assets in such trust shall at all times be located in the United States and no
assets shall be placed in a trust to the extent such set aside would violate Section 409A(b)(2) (relating to the employer’s
financial health) or Section 409A(b)(3) (relating to treatment of employer’s defined benefit plan during restricted period)
of the Code.

 

    	 	21	 

    	 

    

		6	Distribution

Until the delivery of such Shares
or cash, the rights of a US Participant with respect to a US Award shall only be those of a general unsecured creditor of the Company.

The Shares or cash underlying
any US Award granted to a US Participant shall be distributed to that US Participant only on one or more of the following events:

		(i)	the death of the US Participant;

		(ii)	a fixed date or dates as specified by the Directors;

		(iii)	a Change of Control or Corporate Event, provided that such Change of Control or Corporate Event
is also a change in the ownership, a change in the effective control or a change in the ownership of a substantial portion of the
assets of the Company, as defined in Section 409A of the Code; and

		(iv)	any other event permitted under section 409A of the Code as specified by the Directors. To the
extent termination of employment is a payment event for a US Award granted under this Schedule 1, such termination of employment
shall only be a payment event if it is a “separation from service” (within the meaning of Treasury Regulation §
1.409A-1(h)) and any US Participant who is a “specified employee” (within the meaning of Treasury Regulation §
1.409A-1(i)) shall not receive his Shares until the first day of the seventh month following his “separation from service”.

The Directors
shall inform the Participant of the applicable distribution events no later than on the Award Date or, if earlier, the date that
any US Participant obtains a legally binding right, whether or not contingent, to a US Award. No provision of this Schedule 1 or
the Plan that accelerates or extends the period for making a distribution will apply to any US Award, except to the extent that
such acceleration or extension complies with Section 409A of the Code.

For the avoidance
of doubt, notwithstanding the foregoing, the Directors reserve the right to grant US Awards that meet the “short-term deferral”
exception (within the meaning of Treasury Regulation § 1.409A-1(b)(4)) from section 409A of the Code.

		7	Becoming a US Participant 

If during the term of a Free
Share Award or Matching Award made to a person who is not a US Participant, that person becomes a US Participant with respect to
the award and such award becomes subject to Section 409A of the Code, the Company reserves the absolute right to amend the terms
of the award in any way to comply with Section 409A of the Code.

		8	Taxes

All taxes and employee social
security contributions of any kind (including penalties and interest) relating to the US Awards will be borne by the Participant.
The Company or another Group Company may withhold from any payment (including, to the extent permitted by law, any salary, bonus,
commissions or any payment of any kind otherwise due to the Participant) or delivery of Shares any tax or social security contributions
that are required to be withheld under any applicable law, rule or regulation.

		9	Directors’ decisions final and binding

    	 	22	 

    	 

    

The decision of the Directors
on the interpretation of this Schedule 1 or in any dispute relating to a US Award or matter relating to the Plan will be final
and conclusive.

Neither the Company, the Directors
nor the Nominee shall be liable for:

		(i)	any action or determination made with respect to the Plan or this Schedule 1; or

		(ii)	any action or determination with respect to a US Award or US Awards that results in such US Awards
(individually or entirely) becoming subject to taxation under section 409A of the Code.

		10	Section 409A

The Directors intend that all
US Awards granted hereunder shall comply with Section 409A of Code, and that the US Awards shall be operated and administered accordingly.
In the event any term and/or condition of a US Award granted hereunder would cause the application of an accelerated or additional
tax due by a Participating Employee under Section 409A of the Code, the Company reserves the absolute right to amend the terms
of any US Award in any way to comply with Section 409A of the Code, in a manner, determined by the Directors, that does not cause
such an accelerated or additional tax. Any reservation of rights by the Directors hereunder affecting the timing of payment of
any US Award will only be as broad as is permitted by Article 409A of the Code. Notwithstanding anything herein to the contrary,
in no event shall any Participating Company be liable for the payment of or gross up in connection with any taxes and or penalties
owed by a Participating Employee pursuant to Section 409A of the Code.

 

 

 

 

    	 	23

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