RESTRICTED SHARE UNIT AWARD AGREEMENT
Exhibit 10.19
2024 OMNIBUS EQUITY INCENTIVE PLAN
GRANT NOTICE
Flutter Entertainment plc, a public limited company organized under the laws of Ireland (the
“Company”), pursuant to its 2024 Omnibus Equity Incentive Plan (the “Plan”), hereby grants to the
individual whose name is set forth below (the “Participant”) the number of Restricted Share Units set
forth below (the “RSUs”) as of the date set forth below (the “Grant Date”). The RSUs are subject to the
terms and conditions set forth in this Restricted Share Unit Award Grant Notice (this “Grant Notice”), the
Terms and Conditions of the Restricted Share Unit Award attached hereto as Exhibit A (the “Ts&Cs”)
(together with this Grant Notice, the “Agreement”), and the Plan, each of which is incorporated herein by
reference. Unless otherwise defined in the Agreement, capitalized terms used in the Agreement shall have
the meanings ascribed to such terms in the Plan.
Name of Participant: | ▇▇▇▇▇ ▇▇▇▇▇▇▇ |
Number of RSUs: | 13,432 |
Grant Date: | August 19, 2024 |
Vesting Schedule: Except as otherwise set forth in the Agreement or in any individual employment or
similar agreement between the Participant and the Company or any of its Subsidiaries or Affiliates (each,
a “Company Group Member” and collectively, the “Company Group”), the RSUs will vest in accordance
with the following vesting schedule, in each case, subject to the Participant continuing to be employed by,
or providing services to, a Company Group Member through such date (each date on which a portion of
the RSUs vests, a “Vesting Date” and the “Final Vesting Date”, as applicable).
Vesting Date 1 | Vesting Date 2 | Vesting Date 3 |
4,477 RSUs on August 19, 2025 | 4,477 RSUs on August 19, 2026 | 4,478 RSUs on August 19, 2027 |
Acceptance:
The Participant acknowledges receipt of a copy of the Plan, the Company’s most recent
prospectus that describes the Plan and the Agreement. The Participant further acknowledges that the
Participant has reviewed the Agreement, including this Grant Notice, the Ts&Cs and the Plan in their
entirety, and fully understands all provisions of the Agreement and the Plan.
By the Participant’s signature below or through any electronic acceptance procedure established
by the Company, the Participant agrees to be bound by the terms and conditions of the Plan and the
Agreement, including this Grant Notice and the Ts&Cs. The Participant hereby agrees to accept as
binding, conclusive and final all decisions or interpretations of the Committee upon any questions arising
under the Plan or the Agreement. By the Participant’s signature below or through any acceptance
procedure established by the Company, the Participant agrees, to the fullest extent permitted by
Applicable Law, that in lieu of receiving documents in paper format, the Participant accepts the electronic
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delivery of any documents the Company, or any third party involved in administering the Plan, which the
Company may designate in its absolute discretion, may deliver in connection with this grant (including
the Plan, the Agreement, account statements, prospectuses, prospectus supplements, annual and quarterly
reports and all other communications and information) whether via the Company’s intranet or the internet
site of another such third party or via email, or such other means of electronic delivery specified by the
Company.
To accept this Award of RSUs, the Participant must consent and agree to the terms and conditions
on which this Award is offered, as set forth in the Plan and the Agreement, through DocuSign (or such
other administration platform as required by the Company in its absolute discretion) no later than
thirty (30) days following the date on which the Agreement is presented to the Participant. If within
such thirty (30)-day period the Participant does not accept this Award, the Participant will be deemed to
have rejected this Award pursuant to the terms and conditions set forth in the Plan and the Agreement,
including this Grant Notice and the Ts&Cs, and this Award will be cancelled automatically and without
any further action on the part of the Company or the Participant immediately upon the expiration of such
thirty (30)-day period, and without any additional consideration therefor.
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EXHIBIT A
TO RESTRICTED SHARE UNIT AWARD GRANT NOTICE
TERMS AND CONDITIONS OF RESTRICTED SHARE UNIT AWARD
Pursuant to the Grant Notice to which this Exhibit A is attached, and forms a part of, the
Company has granted to the Participant the number of RSUs set forth in the Grant Notice.
ARTICLE I.
GENERAL
Section 1.1 Incorporation of Terms of Plan. The RSUs and any Shares that may be issued to the
Participant hereunder are subject to the terms and conditions set forth in the Agreement and the Plan,
which are incorporated herein by reference. In the event of any inconsistency between the Plan and the
Agreement, the terms of the Plan shall control.
Section 1.2 Defined Terms. For purposes of the Agreement, the following terms shall have the
following meanings:
“Disability” shall mean the Participant is unable to engage in any substantial gainful activity by
reason of any medically determinable physical or mental impairment that can be expected to result in
death or to last for a continuous period of not less than twelve (12) months.
“Good Reason” shall mean, unless otherwise set forth in an individual employment or similar
agreement between the Participant and the applicable Company Group Member, termination of a
Participant’s employment by participant for any of the following reasons, without such Participant’s
consent:
(a) a material, adverse change in the participant’s authority, duties or responsibilities
(including the assignment of duties materially inconsistent with the participant’s position); or
(b) a material reduction in the participant’s base salary (unless such reduction is part of a
Company-wide program to reduce expenses).
Notwithstanding the foregoing, none of the events or conditions set forth in this definition will
constitute Good Reason unless and until (i) the Participant provides the Company (or Company Group
Member, as applicable) with written notice setting forth in detail the specific facts and circumstances
allegedly giving rise to the event or condition that may constitute Good Reason within thirty (30) days
following the occurrence thereof, (ii) the Company (or Company Group Member, as applicable) does not
reverse or otherwise cure the event or condition within thirty (30) days of receiving such written notice,
and (iii) the Participant resigns the Participant’s employment within thirty (30) days following the
expiration of such cure period.
ARTICLE II.
AWARD OF RESTRICTED SHARE UNITS
Section 2.1 Award of RSUs and Dividend Equivalents.
(a) In consideration of the Participant’s past and/or continued employment with or service
to the Company Group and for other good and valuable consideration, effective as of the Grant Date, the
Company has granted to the Participant the number of RSUs set forth in the Grant Notice, upon the terms
and conditions set forth in the Agreement and the Plan, subject to adjustment as provided in Section 4(c)
of the Plan. Each RSU represents the right to receive one Share at the times and subject to the conditions
set forth herein. However, unless and until the RSUs have vested, the Participant will have no right to the
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payment of any Shares subject thereto. Prior to the actual delivery of any Shares, the RSUs will represent
an unsecured obligation of the Company, payable only from the general assets of the Company.
(b) The Company hereby grants to the Participant an Award of dividend equivalents with
respect to each RSU granted pursuant to the Grant Notice for all ordinary cash dividends that are paid to
all or substantially all holders of the outstanding Shares between the Grant Date and the date when the
applicable RSU is distributed or paid to the Participant or is forfeited or expires. The dividend equivalent
shall be credited to the Participant and be deemed to be reinvested in additional RSUs (rounded down to
the nearest whole RSU, with no cash or other consideration provided in lieu of any fractional Shares and
the Participant having no rights or entitlements with respect to any fractional Shares) as of the record date
of any such dividend based on the Fair Market Value of a Share on such date. Each additional RSU that
results from such deemed reinvestment of dividend equivalents granted hereunder shall be subject to the
same vesting, distribution or payment, adjustment and other provisions that apply to the underlying RSU
to which such additional RSU relates.
Section 2.2 Regular Vesting of RSUs. The RSUs shall vest in such amounts and at such times as
are set forth in the Grant Notice, subject to Sections 2.3 and 2.4.
Section 2.3 Change in Control. Unless the Committee determines otherwise, in the event a
Change in Control occurs prior to the Final Vesting Date and the RSUs are not assumed or substituted by
the surviving entity or successor corporation (or an Affiliate thereof) in connection with such Change in
Control, then such Participant’s unvested RSUs shall, to the extent not assumed or substituted, fully vest
immediately prior to, but subject to the occurrence of, such Change in Control.
Section 2.4 Termination of Employment or Service.
(a) In the event the Participant’s employment or service with the Company Group is
terminated prior to the Final Vesting Date, except as otherwise provided in Section 2.4(b), (c), (d) or (e),
or as set forth in an individual employment or similar agreement between the Participant and the
applicable Company Group Member, or as otherwise determined by the Committee in its absolute
discretion, then all unvested RSUs shall be forfeited immediately upon such termination and the
Participant shall not be entitled to receive any consideration with respect thereto. Employment or service
for only a portion of a vesting period prior to a Vesting Date, even if a substantial portion, will not entitle
the Participant to any proportionate vesting or avoid or mitigate a termination of rights and benefits upon
or following a termination of employment or services except as specifically provided otherwise in the
Agreement or in any individual employment or similar agreement between the Participant and the
applicable Company Group Member. A transfer of the Participant’s employment or service from one
Company Group Member to another shall not be considered a termination of employment or service. The
Participant’s employment or service with the Company Group shall be deemed to terminate as of the date
the Participant is no longer actively providing services to the Company Group (regardless of the reason
for the termination and whether or not later found to be invalid or in breach of Applicable Law or the
terms of any individual employment or similar agreement between the Participant and a Company Group
Member).
(b) In the event the Participant’s employment or service with the Company Group is
terminated prior to the Final Vesting Date by the Company Group without Cause (as defined in the Plan,
if not otherwise provided in an individual employment or similar agreement between the Participant and
the applicable Company Group Member), or by the Participant for Good Reason, in each case other than
in the two (2) years following a Change in Control then, subject to the Participant’s execution and non-
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revocation of a customary release of claims in favor of the Company Group Member within sixty (60)
days following the date of such termination, such Participant shall immediately vest in a pro-rated portion
of the RSUs, and the balance of RSUs (i.e., any RSUs that remain unvested after taking into account the
vesting of such pro-rated portion) shall be immediately forfeited upon such termination and the
Participant shall not be entitled to receive any consideration with respect thereto. For this purpose, the
pro-rated portion shall be calculated by (i) multiplying (x) the total number of RSUs awarded under the
Agreement by (y) a fraction, the numerator of which shall be the number of days in the period
commencing on the Grant Date and concluding on the date of termination of the Participant’s
employment or service, and the denominator of which shall be the number of days in the period
commencing on the Grant Date and concluding on the originally scheduled Final Vesting Date (as set
forth on the first page of the Grant Notice) (the resulting amount, the “Aggregate Pro-Rated RSUs”), (ii)
subtracting from the Aggregate Pro-Rated RSUs the number of RSUs subject to the Award that have
already vested as of the date of termination of the Participant’s employment or service, and (iii) rounding
the number from the foregoing calculation to the nearest whole number.
(c) In the event the Participant’s employment or service with the Company Group is
terminated prior to the Final Vesting Date by the Company Group without Cause or by the Participant for
Good Reason, in each case within the two (2) years following a Change in Control, then such
Participant’s then unvested and outstanding RSUs shall immediately fully vest and accelerate upon such
termination of employment or service.
(d) In the event the Participant’s employment or service with the Company Group is
terminated due to death prior to the Final Vesting Date, then such Participant’s then unvested and
outstanding RSUs shall immediately fully vest and accelerate upon such termination of employment or
service.
(e) In the event the Participant’s employment or service with the Company Group is
terminated prior to the Final Vesting Date by reason of Disability, then such Participant shall immediately
vest in a pro-rated portion of the RSUs, and the balance of RSUs (i.e., any RSUs that remain unvested
after taking into account the vesting of such pro-rated portion) shall be immediately forfeited upon such
termination and the Participant shall not be entitled to receive any consideration with respect thereto. For
this purpose, the pro-rated portion shall be calculated by (i) multiplying (x) the total number of RSUs
awarded under the Agreement by (y) a fraction, the numerator of which shall be the number of days in the
period commencing on the Grant Date and concluding on the date of termination of the Participant’s
employment or service, and the denominator of which shall be the number of days in the period
commencing on the Grant Date and concluding on the originally scheduled Final Vesting Date (as set
forth on the first page of the Grant Notice) (the resulting amount, the “Aggregate Disability Pro-Rated
RSUs”), (ii) subtracting from the Aggregate Disability Pro-Rated RSUs the number of RSUs subject to
the Award that have already vested as of the date of termination of the Participant’s employment or
service, and (iii) rounding the number from the foregoing calculation to the nearest whole number.
Section 2.5 Settlement of RSUs.
(a) The RSUs shall be settled by the delivery of Shares to the Participant or to a third
party to hold the Shares for the Participant’s benefit if directed by the Participant (either in registered
form, book-entry form or as otherwise determined by the Committee) as soon as administratively
practicable following the applicable Vesting Date (or any earlier vesting upon termination of employment
or service or a Change in Control as described in Section 2.3 or Section 2.4), and, for any Participant that
is a U.S. taxpayer, no later than March 15th of the calendar year following the year in which the RSUs are
no longer subject to a substantial risk of forfeiture (for the avoidance of doubt, this deadline is intended to
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comply with the “short-term deferral” exemption from Section 409A of the Code). Notwithstanding the
foregoing, the Company may delay the settlement of RSUs if it reasonably determines that such payment
or distribution will violate Applicable Law, provided that such settlement shall be made at the earliest
date at which the Company reasonably determines that the making of such distribution or payment will
not cause such violation, as required by Treasury Regulation Section 1.409A-2(b)(7)(ii), and provided
further that no settlement shall be delayed under this Section 2.5(a) if such delay will result in adverse tax
consequences under Section 409A of the Code.
(b) Settlement of vested RSUs shall be made by the Company in the form of whole
Shares, rounded down to the nearest whole Share, with no cash or other consideration provided in lieu of
any fractional Shares. The Participant shall have no rights or entitlements with respect to any fractional
Shares.
Section 2.6 Conditions to Issuance of Certificates. The Company shall not be required to issue or
deliver any Shares or to cause any Shares to be issued or delivered in registered, book-entry or any other
form prior to the fulfillment of all of the following conditions: (a) the admission of the Shares to listing
and trading on all stock exchanges on which such Shares are then listed, (b) the completion of any
registration or other qualification of the Shares under any Applicable Law or under rulings or regulations
of the SEC, the United Kingdom Financial Conduct Authority or other governmental regulatory body,
which the Committee, in its absolute discretion, determines to be necessary or advisable, (c) the obtaining
of any approval or other clearance from any state, federal or national governmental agency that the
Committee, in its absolute discretion, determine to be necessary or advisable, (d) the receipt by the
Company of full payment for such Shares in accordance with Applicable Law, which may be in one or
more of the forms of consideration approved by the Committee from time to time, that the Committee, in
its absolute discretion, determines to be necessary or advisable, and (e) the receipt of full payment of any
applicable withholding tax in accordance with Section 2.7 hereof by the Company Group Member with
respect to which the applicable withholding obligation arises. Notwithstanding the foregoing, the issuance
or transfer of the Shares underlying this Award shall not be accelerated or delayed if such acceleration or
delay would result in adverse tax consequences under Section 409A of the Code. Delays may be
permitted only to the extent permitted by Section 409A of the Code.
Section 2.7 Tax Withholding. Notwithstanding any other provision of the Agreement:
(a) Upon vesting and settlement of the Participant’s RSUs, the Company shall instruct
any brokerage firm determined acceptable to the Company for such purpose to sell on the Participant’s
behalf a whole number of Shares from those Shares that are subject to this Award as the Company
determines to be appropriate to generate cash proceeds sufficient to satisfy the applicable national,
federal, state, regional, provincial and local taxes in any jurisdiction (including the Participant portion of
any Federal Insurance Contributions Act or Social Welfare Consolidation Act 2005 obligation) required
by Applicable Law to be withheld by the Company Group, and to remit the net proceeds of such sale to
the applicable Company Group Member with respect to which the withholding obligation arises. The
Participant’s acceptance of this Award constitutes the Participant’s instruction and irrevocable
authorization to the Company and such brokerage firm to complete the transactions described in this
Section 2.7(a), including the transactions described in the previous sentence, as applicable. In the event of
the occurrence of any broker-assisted sale of Shares in connection with the payment of withholding taxes
as provided in this Section 2.7(a): (i) any Shares to be sold through a broker-assisted sale will be sold on
the day the tax withholding obligation arises, or as soon thereafter as practicable, (ii) such Shares may be
sold as part of a block trade with other participants in the Plan in which all participants receive an average
price per Share, which block trade will occur on the day the tax withholding obligation arises, or as soon
thereafter as practicable, (iii) the Participant will be responsible for all broker’s fees and other costs of
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sale, and the Participant agrees (x) that such fees and other costs of sale may be deducted from the gross
proceeds of sale and (y) to indemnify and hold the Company harmless from any losses, costs, damages, or
expenses relating to any such sale, (iv) to the extent the proceeds of such sale exceed the required tax
withholding obligation, the Company agrees to pay such excess in cash to the Participant as soon as
reasonably practicable, (v) the Participant acknowledges that the Company or its designee is under no
obligation to arrange for such sale at any particular price, and that the proceeds of any such sale may not
be sufficient to satisfy the required tax withholding obligation, and (vi) in the event the proceeds of such
sale are insufficient to satisfy the required tax withholding obligation, the Participant agrees to pay
immediately upon demand to the applicable Company Group Member with respect to which the
withholding obligation arises, an amount in cash sufficient to satisfy any remaining portion of the
applicable Company Group Member’s required withholding obligation, or such Company Group Member
may, in its absolute discretion, withhold such amount through payroll deduction subject to compliance
with Applicable Law. If any such broker-assisted sale of Shares in connection with the payment of
withholding taxes as provided in this Section 2.7(a) would violate Applicable Law, then the Company
may require that such required tax withholding obligation be satisfied by other methods permissible under
Section 9(f) of the Plan.
(b) The Participant is ultimately liable and responsible for, and, to the extent permitted by
Applicable Law, agrees to indemnify and keep indemnified the Company Group from, all taxes owed by
the Participant in connection with this Award, regardless of any action taken by any Company Group
Member with respect to any tax withholding obligations that arise in connection with this Award. No
Company Group Member makes any representation or undertaking regarding the treatment of any tax
withholding in connection with the awarding or vesting of this Award or the subsequent sale of Shares.
The Company Group does not commit and is under no obligation to structure this Award to reduce or
eliminate the Participant’s tax liability.
Section 2.8 Rights as Shareholder. Neither the Participant nor any Person claiming under or
through the Participant will have any of the rights or privileges of a shareholder of the Company in
respect of any Shares issuable or deliverable hereunder unless and until such Shares (which may be in
registered, book-entry or such other form as the Committee may approve) will have been issued in
accordance with this Section 2, and recorded in the register of members and such other books and records
of the Company or its transfer agents or registrars as may be required and delivered to the Participant or
to a third party if the Participant directs that the Shares be delivered to such third party to hold for the
benefit of the Participant (including through electronic delivery to a brokerage account). Except as
otherwise provided herein, after such issuance, recordation and delivery, the Participant will have all the
rights of a shareholder of the Company with respect to such Shares, including, without limitation, the
right to vote such Shares and the right to receive dividends and distributions on such Shares.
ARTICLE III.
OTHER PROVISIONS
Section 3.1 Administration. The Committee shall have the power to interpret the Plan and the
Agreement and to adopt such rules for the administration, interpretation and application of the Plan and
the Agreement as are consistent therewith and to interpret, amend or revoke any such rules. All actions
taken and all interpretations and determinations made by the Committee will be final and binding upon
the Participant, the Company and all other interested Persons. To the extent allowable pursuant to
Applicable Law, no member of the Committee or the Board will be personally liable for any action,
determination or interpretation made with respect to the Plan or the Agreement.
Section 3.2 RSUs Not Transferable. The RSUs may not be sold, pledged, assigned or transferred
in any manner other than by will or the laws of descent and distribution, unless and until the Shares
underlying the RSUs have been issued, and all restrictions applicable to such Shares have lapsed. No
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RSUs or any interest or right therein or part thereof shall be liable for the debts, contracts or engagements
of the Participant or the Participant’s successors in interest or shall be subject to disposition by transfer,
alienation, anticipation, pledge, encumbrance, assignment or any other means whether such disposition be
voluntary or involuntary or by operation of law by judgment, levy, attachment, garnishment or any other
legal or equitable proceedings (including bankruptcy), and any attempted disposition thereof shall be null
and void and of no effect, except to the extent that such disposition is permitted by the preceding
sentence.
Section 3.3 Adjustments. The Committee may accelerate the vesting of all or a portion of the
RSUs in such circumstances as it, in its absolute discretion, may determine. The Participant acknowledges
that the RSUs and the Shares subject to the RSUs are subject to adjustment, modification and termination
in certain events as provided in the Agreement and the Plan, including Section 4(c) of the Plan.
Section 3.4 ▇▇▇▇▇ and Clawback. The Participant acknowledges that the RSUs and the Shares
acquired upon settlement of the RSUs shall be subject (including on a retroactive basis) to malus,
clawback, recoupment, forfeiture or similar requirements (and such requirements shall be deemed
incorporated by reference into the Agreement) to the extent required by the Clawback Policy, the terms of
any other malus and clawback policies of the Company Group or Applicable Law (including, without
limitation, Section 304 of the ▇▇▇▇▇▇▇▇-▇▇▇▇▇ Act and Section 954 of the ▇▇▇▇-▇▇▇▇▇ ▇▇▇▇ Street Reform
and Consumer Protection Act) or as a result of any failure to comply with the Company’s policy on
confidential information and proprietary business information, or any non-competition, non-solicitation,
no-hire or other restrictive covenants in the Participant’s services agreement with the Company or any
other agreement between the Participant and the Company, in each case as may be in effect from time to
time.
Section 3.5 No Advice Regarding Grant. The Company is not providing any tax, legal or financial
advice, nor is the Company making any recommendations regarding the Participant’s participation in the
Plan, or the Participant’s acquisition or sale of the Shares underlying the RSUs. The Participant should
consult with the Participant’s personal tax, legal and financial advisors regarding participation in the Plan
before taking any action related to the Plan.
Section 3.6 ▇▇▇▇▇▇▇ ▇▇▇▇▇▇▇/Market Abuse Laws. The Participant acknowledges that the
Participant may be subject to ▇▇▇▇▇▇▇ ▇▇▇▇▇▇▇ restrictions and/or market abuse laws in the United States,
the United Kingdom and other jurisdictions, which may affect the Participant’s ability to acquire or sell
Shares or rights to Shares (e.g., RSUs) under the Plan during such time as the Participant is considered to
have “inside information” or “material non-public information” regarding the Company (as defined under
Applicable Law). Local ▇▇▇▇▇▇▇ ▇▇▇▇▇▇▇ laws and regulations may prohibit the cancellation or amendment
of orders the Participant placed before the Participant possessed inside information or material non-public
information and may also prohibit the Participant from placing (or recommending that others place)
orders while in possession of inside information or material non-public information. Furthermore, the
Participant could be prohibited from (i) disclosing any inside information or material non-public
information to any third party and (ii) “tipping” third parties or causing them otherwise to buy or sell
securities. The Participant should keep in mind that third parties include employees. Any restrictions
under these laws or regulations are separate from and in addition to any restrictions that may be imposed
under the Company PDMR Securities Dealing Code and Group Securities Dealing Code and any other
applicable policies or procedures maintained by the Company and its Subsidiaries from time to time. The
Participant is responsible for ensuring compliance with any applicable restrictions and should consult
with the Participant’s personal legal advisor on this matter.
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Section 3.7 Notices. Any notice to be given under the terms of the Agreement to the Company
shall be sent to the Company Secretary by email to ▇▇▇▇▇▇.▇▇▇▇▇▇▇@▇▇▇▇▇▇▇.▇▇▇ with a copy sent by
email to ▇▇▇▇▇@▇▇▇▇▇▇▇.▇▇▇, and any notice to be given to the Participant shall be addressed to the
Participant at the Participant’s last address reflected on the Company’s records. By a notice given
pursuant to this Section 3.7, either party may hereafter designate a different address for notices to be
given to that party. Any notice shall be deemed duly given when sent via email or when sent by certified
mail (return receipt requested) and deposited (with postage prepaid) in a post office or branch post office
regularly maintained by the United States Postal Service or similar non-U.S. entity.
Section 3.8 Headings. Headings are provided herein for convenience only and are not to serve as
a basis for interpretation or construction of the Agreement.
Section 3.9 Governing Law. The laws of Ireland shall govern the interpretation, validity,
administration, enforcement and performance of the terms of the Agreement, without giving effect to the
conflict of laws provisions thereof. The courts of Ireland will have exclusive jurisdiction to determine any
dispute in relation to the application of the Plan, save as to the extent that the Company refers the dispute
to arbitration in accordance with Section 9(n) of the Plan. By accepting the Agreement, the Participant is
deemed to have agreed to submit to such jurisdiction.
Section 3.10 Conformity to Securities Laws. The Participant acknowledges that the Plan and the
Agreement are intended to conform to the extent necessary with all Applicable Laws, including, without
limitation, the provisions of the Securities Act of 1933, as amended from time to time, or any successor
statute thereto, and the Exchange Act, and any and all regulations and rules promulgated thereunder by
the SEC, and state securities laws and regulations. Notwithstanding any other provision of the Plan or the
Agreement, the Plan shall be administered, and the RSUs are granted, only in such a manner as to
conform to Applicable Law and shall be deemed amended to the extent necessary to conform to
Applicable Law.
Section 3.11 Amendment, Suspension and Termination. To the extent permitted by the Plan, the
Agreement may be wholly or partially amended or otherwise modified, suspended or terminated at any
time or from time to time by the Committee or the Board, provided that, except as may otherwise be
provided by the Plan, no amendment, modification, suspension or termination of the Agreement shall
materially and adversely impair the rights of the Participant without the prior written consent of the
Participant.
Section 3.12 Imposition of Other Requirement. The Company reserves the right to impose other
requirements on the Participant’s participation in the Plan, on the RSUs and on any Shares acquired under
the Plan, to the extent the Company determines it is necessary or advisable for legal or administrative
reasons, and to require the Participant to sign any additional agreements or undertakings that may be
necessary to accomplish the foregoing.
Section 3.13 No Waiver. Any right of the Company Group contained in the Agreement may be
waived in writing by the Committee. No waiver of any right hereunder by any party shall operate as a
waiver of any other right, or as a waiver of the same right with respect to any subsequent occasion for its
exercise, or as a waiver of any right to damages. No waiver by any party of any breach of the Agreement
shall be held to constitute a waiver of any other breach or a waiver of the continuation of the same breach.
Section 3.14 Successors and Assigns. The Company may assign any of its rights under the
Agreement to single or multiple assignees, and the Agreement shall inure to the benefit of the successors
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and assigns of the Company. Subject to the restrictions on transfer set forth in Section 3.2 hereof and the
Plan, the Agreement shall be binding upon and inure to the benefit of the heirs, legatees, legal
representatives, successors and assigns of the parties hereto.
Section 3.15 Limitations Applicable to Section 16 Persons. Notwithstanding any other provision
of the Plan or the Agreement, if the Participant is subject to Section 16 of the Exchange Act, the Plan, the
RSUs and the Agreement shall be subject to any additional limitations set forth in any applicable
exemptive rule under Section 16 of the Exchange Act (including any amendment to Rule 16b-3 of the
Exchange Act) that are requirements for the application of such exemptive rule. To the extent permitted
by Applicable Law, the Agreement shall be deemed amended to the extent necessary to conform to such
applicable exemptive rule.
Section 3.16 Not a Contract of Employment. Nothing in the Agreement or the Plan shall confer
upon the Participant any right to serve as an employee or other service provider of any Company Group
Member or shall interfere with or restrict in any way the rights of any Company Group Member, which
rights are hereby expressly reserved, to discharge or terminate the employment or other services of the
Participant at any time for any reason whatsoever, with or without Cause, except to the extent (a)
expressly provided otherwise in a written agreement between a Company Group Member and the
Participant or (b) where such provisions are not consistent with Applicable Law, in which case such
Applicable Law shall control. The Plan and Agreement shall not constitute or form part of any contract of
employment or other service agreement between any Company Group Member and the Participant.
Section 3.17 Entire Agreement. The Plan and the Agreement (including any exhibit hereto)
constitute the entire agreement of the parties and supersede in their entirety all prior undertakings and
agreements of the Company and the Participant with respect to the subject matter hereof. The Participant
expressly warrants that the Participant is not accepting the Agreement in reliance on any promises,
representations, or inducements other than those contained herein.
Section 3.18 Section 409A. For Participants that are U.S. taxpayers, this Award is not intended to
constitute “nonqualified deferred compensation” within the meaning of Section 409A of the Code.
However, notwithstanding any other provision of the Plan or the Agreement, if at any time the Committee
determines that this Award (or any portion thereof) may be subject to Section 409A of the Code, the
Committee shall have the right in its sole discretion (without any obligation to do so or to indemnify the
Participant or any other Person for failure to do so) to adopt such amendments to the Plan or the
Agreement, or adopt other policies and procedures (including amendments, policies and procedures with
retroactive effect), or take any other actions, as the Committee determines are necessary or appropriate for
this Award either to be exempt from the application of Section 409A of the Code or to comply with the
requirements of Section 409A of the Code. Any ambiguities herein will be interpreted such that all
payments and benefits to U.S. taxpayers will be exempt from, or comply with, the requirements of
Section 409A of the Code so that none of the RSUs provided under the Agreement will be subject to the
additional tax imposed under Section 409A of the Code. Each payment payable under the Agreement is
intended to constitute a separate payment for purposes of Treasury Regulation 1.409A-2(b)(2).
Section 3.19 Agreement Severable. In the event that any provision of the Agreement is held
invalid or unenforceable, such provision will be severable from, and such invalidity or unenforceability
will not be construed to have any effect on, the remaining provisions of the Agreement.
Section 3.20 Limitation on the Participant’s Rights. Participation in the Plan confers no rights or
interests upon the Participant other than as herein provided. The Agreement creates only a contractual
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obligation on the part of the Company as to amounts payable and shall not be construed as creating a
trust. Neither the Plan nor any underlying program, in and of itself, has any assets. The Participant shall
have only the rights of a general unsecured creditor of the Company with respect to amounts credited and
benefits payable, if any, with respect to the RSUs.
Section 3.21 Counterparts. The Grant Notice may be executed in one or more counterparts,
including by way of any electronic signature, subject to Applicable Law, each of which shall be deemed
an original and all of which together shall constitute one instrument.
Section 3.22 Data Privacy. By participating in the Plan, the Participant’s attention is drawn to and
the Participant acknowledges the Company’s data privacy notice provided to them, which sets out how
the Participant’s personal data will be used and shared by the Company and its Subsidiaries. Such data
privacy notice does not form part of the Plan or the Agreement and may be updated from time to time.
Any such updates shall be notified to the Participant. As a condition of receipt of the Award, and without
prejudice to the Participant’s acknowledgement of the Company’s legitimate interests in processing the
Participant’s personal data, the Participant explicitly and unambiguously consents to the collection, use
and transfer, in electronic or other form, of personal data as described in this Section by and among, as
applicable, the Company and its Subsidiaries for the exclusive purpose of implementing, administering
and managing the Participant’s participation in the Plan. The Company and its Subsidiaries may hold
certain personal information about the Participant, including but not limited to, the Participant’s name,
home address and telephone number, date of birth, social security or insurance number or other
identification number, salary, nationality, job title(s), any shares held in the Company or any of its
Subsidiaries, details of all Awards, in each case, for the purpose of implementing, managing and
administering the Plan and Awards (the “Data”). The Company and its Subsidiaries may transfer the Data
amongst themselves as necessary for the purpose of implementation, administration and management of
the Participant’s participation in the Plan, and the Company and its Subsidiaries may each further transfer
the Data to any third parties assisting the Company and its Subsidiaries in the implementation,
administration and management of the Plan. These recipients may be located in the Participant’s country,
or elsewhere, and the Participant’s country may have different data privacy laws and protections than the
recipients’ country. Through acceptance of the Award, the Participant authorizes such recipients to
receive, possess, use, retain and transfer the Data, in electronic or other form, for the purposes of
implementing, administering and managing the Participant’s participation in the Plan, including any
requisite transfer of such Data as may be required to a broker or other third party with whom the
Company or any of its Subsidiaries or the Participant may elect to deposit any Shares. The Data related to
the Participant will be held only as long as is necessary to implement, administer, and manage the
Participant’s participation in the Plan. The Participant may, at any time, view the Data held by the
Company with respect to the Participant, request additional information about the storage and processing
of the Data with respect to the Participant, recommend any necessary corrections to the Data with respect
to the Participant or refuse or withdraw the consents herein in writing, in any case without cost, by
contacting the Participant’s local human resources representative. The Company may cancel the
Participant’s ability to participate in the Plan and, in the Committee’s absolute discretion, the Participant
may forfeit any outstanding Awards if the Participant refuses or withdraws such Participant’s consents as
described herein. For more information on the consequences of refusal to consent or withdrawal of
consent, the Participant may contact their local human resources representative.
* * * *
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CONSENT AND AGREEMENT
I, the undersigned, refer to the Restricted Share Unit Award Grant Notice set out above (the
“Grant Notice”) and hereby consent and agree to the terms and conditions on which the RSUs
are offered, as set forth in the Plan and the Agreement (each capitalized term having the meaning
given to it in the Grant Notice) including the application of malus and clawback terms.
Signed: | /s/ ▇▇▇▇▇ ▇▇▇▇▇▇▇ |
Print Name: | ▇▇▇▇▇ ▇▇▇▇▇▇▇ |