<SEC-DOCUMENT>0001104659-22-108072.txt : 20221012
<SEC-HEADER>0001104659-22-108072.hdr.sgml : 20221012
<ACCEPTANCE-DATETIME>20221012153024
ACCESSION NUMBER:		0001104659-22-108072
CONFORMED SUBMISSION TYPE:	S-8
PUBLIC DOCUMENT COUNT:		10
FILED AS OF DATE:		20221012
DATE AS OF CHANGE:		20221012
EFFECTIVENESS DATE:		20221012

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			RENTOKIL INITIAL PLC /FI
		CENTRAL INDEX KEY:			0000930157
		STANDARD INDUSTRIAL CLASSIFICATION:	SERVICES-MANAGEMENT SERVICES [8741]
		IRS NUMBER:				000000000
		STATE OF INCORPORATION:			X0
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		S-8
		SEC ACT:		1933 Act
		SEC FILE NUMBER:	333-267837
		FILM NUMBER:		221306755

	BUSINESS ADDRESS:	
		STREET 1:		COMPASS HOUSE, MANOR ROYAL
		STREET 2:		CRAWLEY
		CITY:			WEST SUSSEX
		STATE:			X0
		ZIP:			RH10 9PY
		BUSINESS PHONE:		44 1293 858 000

	MAIL ADDRESS:	
		STREET 1:		COMPASS HOUSE, MANOR ROYAL
		STREET 2:		CRAWLEY
		CITY:			WEST SUSSEX
		STATE:			X0
		ZIP:			RH10 9PY

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	RENTOKIL GROUP PLC                                      /FI
		DATE OF NAME CHANGE:	19960828

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	RENTOKIL INITIAL PLC                                    /FI
		DATE OF NAME CHANGE:	19940914
</SEC-HEADER>
<DOCUMENT>
<TYPE>S-8
<SEQUENCE>1
<FILENAME>tm2227891d1_s8.htm
<DESCRIPTION>FORM S-8
<TEXT>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>As filed with the Securities and Exchange Commission
on October 12, 2022.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Registration No. 333-</B>&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 14pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>UNITED STATES</B></P>

<P STYLE="font: 14pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>SECURITIES AND EXCHANGE COMMISSION</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>WASHINGTON, DC 20549</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>



<P STYLE="font: 18pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>FORM S-8</B></P>

<P STYLE="font: 18pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>REGISTRATION STATEMENT</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B><I>UNDER</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B><I>THE SECURITIES ACT OF 1933</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 24pt"><B>Rentokil Initial
plc<BR>
</B></FONT><FONT STYLE="font-size: 10pt">(Exact Name of Registrant as Specified in Its Charter)</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>



<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR>
    <TD STYLE="vertical-align: top; padding: 0.25pt; font-size: 10pt; text-align: center; width: 49%"><FONT STYLE="font-size: 10pt"><B>England and Wales</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; padding: 0.25pt; width: 2%">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding: 0.25pt; font-size: 10pt; text-align: center; width: 49%"><FONT STYLE="font-size: 10pt"><B>Not Applicable</B></FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; padding: 0.25pt; font-size: 10pt; text-align: center"><FONT STYLE="font-size: 10pt">(State or other jurisdiction of incorporation or<BR>
 organization)</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding: 0.25pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding: 0.25pt">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">(I.R.S. Employer</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Identification No.)</P></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; padding: 0.25pt; font-size: 10pt; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding: 0.25pt; font-size: 10pt; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding: 0.25pt; font-size: 10pt; text-align: center">&nbsp;</TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Compass House</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Manor Royal</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Crawley West Sussex RH10 9PY</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>United Kingdom Tel: +44 1293 858000</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">(Address of Principal Executive Offices, Including
Zip Code)</P>




<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>2016 Rentokil Initial plc Performance Share
Plan</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Terminix Global Holdings, Inc. 2014 Omnibus
Incentive Plan</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">(Full title of the plans)</P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B></B></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>1125 Berkshire Blvd., Suite 150<BR>
Reading, PA 19610 (610) 372-9700</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">(Name and address of agent for service)</P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Copy to:</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 50%; padding-right: 5.4pt; padding-left: 5.4pt">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Doug Smith<BR>
    Freshfields Bruckhaus Deringer LLP<BR>
    65 Fleet Street London EC4Y 1HS<BR>
    England<BR>
    +44 2079 364000</B></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P></TD>
    <TD STYLE="width: 50%; padding-right: 5.4pt; padding-left: 5.4pt">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Pamela L. Marcogliese, Esq.</B></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Freshfields Bruckhaus Deringer US LLP</B></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>601 Lexington Avenue</B></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>New York, NY 10022</B></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>(212) 277-4000</B></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">Indicate by check mark whether the Registrant
is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company or an emerging growth company.
See the definitions of &#8220;large accelerated filer,&#8221; &#8220;accelerated filer,&#8221; &#8220;smaller reporting company,&#8221;
and &#8220;emerging growth company&#8221; in Rule 12b-2 of the Exchange Act.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 25%; padding: 0.25pt; font-size: 10pt; text-align: center"><FONT STYLE="font-size: 10pt">Large accelerated filer</FONT></TD>
    <TD STYLE="width: 10%; font-size: 10pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><FONT STYLE="font-family: Wingdings">&#168;</FONT></FONT></TD>
    <TD STYLE="width: 25%; padding: 0.25pt">&nbsp;</TD>
    <TD STYLE="width: 30%; padding: 0.25pt; font-size: 10pt; text-align: center"><FONT STYLE="font-size: 10pt">Accelerated filer</FONT></TD>
    <TD STYLE="padding: 0.25pt; width: 10%; font-size: 10pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><FONT STYLE="font-family: Wingdings">&#168;</FONT></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0.25pt; font-size: 10pt; text-align: center"><FONT STYLE="font-size: 10pt">Non-accelerated filer</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><FONT STYLE="font-family: Wingdings">&#120;</FONT></FONT></TD>
    <TD STYLE="padding: 0.25pt">&nbsp;</TD>
    <TD STYLE="padding: 0.25pt">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Smaller reporting company</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Emerging growth company</P></TD>
    <TD STYLE="text-align: left; padding: 0.25pt">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><FONT STYLE="font-family: Wingdings">&#168;</FONT></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><FONT STYLE="font-family: Wingdings">&#168;</FONT></P></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">If an emerging growth company, indicate by check
mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting
standards provided pursuant to Section 7(a)(2)(B) of the Securities Act. <FONT STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Wingdings">&#168;</FONT></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>&nbsp;</B></P>




<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>EXPLANATORY NOTE</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">Rentokil Initial plc (&#8220;Rentokil
Initial&#8221;), a public limited company incorporated under the laws of England and Wales, is filing this Registration Statement on Form
S-8 (this &#8220;Registration Statement&#8221;) to register (a) 19,000,000 ordinary shares, par value &pound;0.01 per share (the &#8220;Ordinary
Shares&#8221;) represented by American depositary shares of Rentokil Initial (the &#8220;ADSs&#8221;) that may be offered or sold under
the 2016 Rentokil Initial plc Performance Share Plan, as amended (the &#8220;PSP&#8221;) and (b) 6,188,574 Ordinary Shares represented
by ADSs that may be offered or sold under the Terminix Global Holdings, Inc. 2014 Omnibus Incentive Plan (the &#8220;Omnibus Incentive
Plan&#8221;). Each ADS represents a beneficial interest in five Ordinary Shares and may be evidenced by an American depositary receipt
(&#8220;ADR&#8221;). A separate registration statement on Form F-6 has been or will be filed with the Securities and Exchange Commission
(the &#8220;Commission&#8221;) registering the ADSs.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">Pursuant to an agreement and
plan of merger, dated as of December 13, 2021, as it and the plan of merger contained therein were amended as of March 14, 2022 (the &#8220;Merger
Agreement&#8221;), by and among Rentokil Initial, Rentokil Initial US Holdings, Inc. (&#8220;Bidco&#8221;), Leto Holdings I, Inc. (&#8220;Merger
Sub I&#8221;), Leto Holdings II, LLC (&#8220;Merger Sub II&#8221;) and Terminix Global Holdings, Inc. (&#8220;Terminix&#8221;), on October
12, 2022, (1) Merger Sub I merged with and into Terminix with Terminix surviving the first merger as a wholly owned subsidiary of Bidco,
and (2) immediately following the effective time of the first merger, Terminix merged with and into Merger Sub II with Merger Sub II surviving
the second merger as a direct wholly owned subsidiary of Bidco and an indirect wholly owned subsidiary of Rentokil Initial (the first
merger and the second merger collectively, the &#8220;Transaction&#8221;).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">The PSP is Rentokil Initial&#8217;s
existing long-term incentive plan, in which its executive directors, executive leadership team and managers and technical experts participate.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">Rentokil Initial adopted the
Omnibus Incentive Plan, which governs equity awards originally granted by Terminix prior to, and may be offered or sold by Rentokil Initial
following, the Transaction. Pursuant to the terms of the Merger Agreement, at the effective time of the first merger (the &#8220;Effective
Time&#8221;), each Terminix stock option that is unvested and outstanding immediately prior to the Effective Time, will be converted (a
 &#8220;Converted Option Award&#8221;), in accordance with the calculation methodology set forth in the Merger Agreement, into an option
award (x)&nbsp;exercisable for the aggregate number of Rentokil Initial ADSs equal to the product (rounded down to the nearest whole number)
of (i)&nbsp;the number of Terminix common shares exercisable under the Terminix option immediately prior to the Effective Time and (ii)&nbsp;the
Equity Award Exchange Ratio (as defined in the Merger Agreement) and (y)&nbsp;with a per share exercise price equal to the quotient (rounded
up to the nearest cent) obtained by dividing (i)&nbsp;the per share exercise price under the Terminix option immediately prior to the
completion of the Merger by (ii)&nbsp;the Equity Award Exchange Ratio. Each Converted Option Award will continue to be subject to the
same terms and conditions as applied to the corresponding Terminix stock option in effect immediately prior to the Effective Time.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">As a result, this Registration
Statement is filed by Rentokil Initial for the purpose of registering 19,000,000 Ordinary Shares that may be offered or sold under the
PSP and 6,188,574 Ordinary Shares that may be offered or sold under the Omnibus Incentive Plan with respect to the Converted Option
Awards and future awards that may be granted under the Omnibus Incentive Plan, subject to certain limitation described in the Merger Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>PART I</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>INFORMATION REQUIRED IN THE SECTION 10(a) PROSPECTUS</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">All information required by
Part I of Form S-8 to be contained in the Section 10(a) prospectuses is omitted from this Registration Statement in accordance with Rule
428 under the Securities Act of 1933, as amended (the &#8220;Securities Act&#8221;), and the Note to Part I of Form S-8. The document(s)
containing the information specified in Part I will be delivered to employees of Rentokil Initial and employees of subsidiaries of Rentokil
Initial participating in the plans covered by this Registration Statement as required by Rule 428(b)(1) under the Securities Act. These
documents and the documents incorporated herein by reference pursuant to Item 3 of Part II of this Registration Statement, taken together,
constitute prospectuses that meet the requirements of Section 10(a) of the Securities Act.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>PART II</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>INFORMATION REQUIRED IN THE REGISTRATION STATEMENT</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Item 3. Incorporation of Documents by Reference.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">The reports or documents listed below have been
filed with the Commission by Rentokil Initial and are incorporated herein by reference to the extent not superseded by documents or reports
subsequently filed:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">(1) Rentokil Initial&#8217;s
final prospectus filed with the Commission pursuant to Rule 424(b) under the Securities Act on September 7, 2022 (the &#8220;Prospectus&#8221;)
in connection with Rentokil Initial&#8217;s <A HREF="https://www.sec.gov/Archives/edgar/data/930157/000110465922068809/tm2215547-1_f4.htm" STYLE="-sec-extract: exhibit">Registration Statement on Form F-4 (Reg. No. 333-265455)</A>&#894; and</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">(2) The description of the
Ordinary Shares incorporated by reference in Rentokil Initial&#8217;s <A HREF="https://www.sec.gov/Archives/edgar/data/930157/000110465922105856/tm2227218d1_8a12b.htm" STYLE="-sec-extract: exhibit">Registration Statement on Form 8-A (Reg. No. 001-41524) filed with the Commission on October 4, 2022</A>, including any amendment and report subsequently filed for the purpose of updating such description.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">All documents filed by Rentokil
Initial pursuant to Sections 13(a), 13(c), 14 and 15(d) of the Securities Exchange Act of 1934, as amended (the &#8220;Exchange Act&#8221;),
subsequent to the date of this Registration Statement and prior to the filing of a post-effective amendment to this Registration Statement
which indicate that all securities offered have been sold or which deregister all securities then remaining unsold, shall be deemed to
be incorporated by reference in this Registration Statement and to be a part hereof from the date of the filing of such documents.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">Reports on Form 6-K that Rentokil
Initial furnishes to the Commission will only be deemed incorporated by reference into this Registration Statement if such Report on Form
6-K so states that it is incorporated by reference herein.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">&nbsp;</P>

<P STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Item 4. Description of Securities.</B></P>

<P STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Not applicable.</P>

<P STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Item 5. Interests of Named Experts and Counsel.</B></P>

<P STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Not applicable.</P>

<P STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Item 6. Indemnification of Directors and Officers.</B></P>

<P STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">Save as described below, under
English law, any provision that purports to exempt a director of a company (to any extent) from any liability that would otherwise attach
to him or her in connection with any negligence, default, breach of duty or breach of trust in relation to the company is void.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">Subject to certain exceptions,
English law does not permit Rentokil Initial to indemnify a director against any liability attaching to him or her in connection with
any negligence, default, breach of duty or breach of trust in relation to Rentokil Initial.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">The exceptions allow
Rentokil Initial to: (1) purchase and maintain director and officer insurance insuring its directors or the directors of an
 &#8220;associated company&#8221; (i.e., a company that is a subsidiary of Rentokil Initial) against any liability attaching in
connection with any negligence, default, breach of duty or breach of trust owed to the company of which he or she is a director; (2)
provide a qualifying third-party indemnity provision which permits Rentokil Initial to indemnify its directors and directors of an
associated company in respect of proceedings brought by third parties (covering both legal costs and the amount of any adverse
judgment), except for (a) the legal costs of an unsuccessful defense of criminal proceedings or civil proceedings brought by the
company or an associated company, or the legal costs incurred in connection with certain specified applications by the director for
relief where the court refuses to grant the relief, (b) fines imposed in criminal proceedings, and (c) penalties imposed by
regulatory bodies; (3) loan funds to a director to meet expenditure incurred defending civil and criminal proceedings against him or
her (even if the action is brought by the company itself), or expenditure incurred applying for certain specified relief, subject to
the requirement that the loan must be on terms that it is repaid if the defense or application for relief is unsuccessful; and (4)
provide a qualifying pension scheme indemnity provision, which allows the company to indemnify a director of a company that is a
trustee of an occupational pension scheme against liability incurred in connection with such director&#8217;s activities as a
trustee of the scheme (subject to certain exceptions).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">Under the Rentokil Initial
articles of association, subject to the UK Companies Act 2006 (including as set out above), Rentokil Initial may do any or all of the
following:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">i. indemnify every director
or other officer of Rentokil Initial (other than any person (whether an officer or not) engaged by Rentokil Initial as auditor) out of
the assets of Rentokil Initial against any liability incurred by such director or other officer for negligence, default, breach of duty
or breach of trust in relation to the affairs of Rentokil Initial; and</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">ii. purchase and maintain
insurance for any person who is or was (i) a director, officer, or employee of Rentokil Initial, or anybody which is or was the holding
company or subsidiary undertaking of Rentokil Initial, or in which Rentokil Initial or such holding company or subsidiary undertaking
has or had any interest (whether direct or indirect) or with which Rentokil Initial or such holding company or subsidiary undertaking
is or was in any way allied or associated or (ii) a trustee of any pension fund in which employees of the Rentokil Initial or any other
company referred to above are or have been interested, including, without limitation, insurance against any liability incurred by such
person in respect of any act or omission in the actual or purported execution or discharge of that person&#8217;s duties or in the exercise
or purported exercise of that person&#8217;s powers or otherwise in relation to that person&#8217;s duties, powers or offices in relation
to the relevant body or fund.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><B>Item 7. Exemption From Registration Claimed.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">Not applicable.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><B>Item 8. Exhibits.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">The Exhibits to this Registration
Statement are listed in the &#8220;Exhibit Index&#8221; immediately following the signature page, which Exhibit Index is incorporated
herein by reference<B>.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><B>Item 9. Undertakings.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">(a) The undersigned Registrant
hereby undertakes:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: left; text-indent: 0.5in">1. To file, during
any period in which offers or sales are being made, a post-effective amendment to this Registration Statement:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: left; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 1.5in">(i) To include any prospectus
required by Section 10(a)(3) of the Securities Act&#894;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 1.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: left; text-indent: 1in">(ii) To reflect in
the prospectus any facts or events arising after the effective date of this Registration Statement (or the most recent post-effective
amendment thereof) which, individually or in the aggregate, represent a fundamental change in the information set forth in this Registration
Statement. Notwithstanding the foregoing, any increase or decrease in volume of securities offered (if the total dollar value of securities
offered would not exceed that which was registered) and any deviation from the low or high end of the estimated maximum offering range
may be reflected in the form of prospectus filed with the Commission pursuant to Rule 424(b) if, in the aggregate, the changes in volume
and price represent no more than 20% change in the maximum aggregate offering price set forth in the &#8220;Calculation of Registration
Fee&#8221; table in the effective registration statement&#894; and</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: left; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: left; text-indent: 1in">(iii) To include any
material information with respect to the plan of distribution not previously disclosed in this Registration Statement or any material
change to such information in this Registration Statement&#894;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: left; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 1in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: left; text-indent: 1in">&nbsp;</P>




<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in"><I>Provided, however</I>,
that paragraphs (a)(1)(i) and (a)(1)(ii) do not apply if the information required to be included in a post-effective amendment by those
paragraphs is contained in reports filed with or furnished to the Commission by the Registrant pursuant to Section 13 or Section 15(d)
of the Exchange Act that are incorporated by reference in this Registration Statement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: left; text-indent: 0.5in">2. That, for the
purpose of determining any liability under the Securities Act, each such post-effective amendment shall be deemed to be a new registration
statement relating to the securities offered therein, and the offering of such securities at that time shall be deemed to be the initial
<I>bona fide </I>offering thereof.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: left; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: left; text-indent: 0.5in">3. To remove from
registration by means of a post-effective amendment any of the securities being registered which remain unsold at the termination of the
offering.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: left; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">(b) The undersigned Registrant
hereby undertakes that, for purposes of determining any liability under the Securities Act, each filing of the Registrant&#8217;s annual
report pursuant to Section 13(a) or Section 15(d) of the Exchange Act (and, where applicable, each filing of an employee benefit plan&#8217;s
annual report pursuant to Section 15(d) of the Exchange Act) that is incorporated by reference in this Registration Statement shall be
deemed to be a new registration statement relating to the securities offered therein, and the offering of such securities at that time
shall be deemed to be the initial <I>bona fide </I>offering thereof.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">(c) Insofar as indemnification
for liabilities arising under the Securities Act may be permitted to directors, officers and controlling persons of the Registrant pursuant
to the foregoing provisions, or otherwise, the Registrant has been advised that in the opinion of the Commission such indemnification
is against public policy as expressed in the Securities Act and is, therefore, unenforceable. In the event that a claim for indemnification
against such liabilities (other than the payment by the Registrant of expenses incurred or paid by a director, officer or controlling
person of the Registrant in the successful defense of any action suit or proceeding) is asserted by such director, officer or controlling
person in connection with the securities being registered, the Registrant will, unless in the opinion of its counsel the matter has been
settled by controlling precedent, submit to a court of appropriate jurisdiction the question whether such indemnification by it is against
public policy as expressed in the Securities Act and will be governed by the final adjudication of such issue.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>




<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B><U>SIGNATURES</U></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">Pursuant to the requirements
of the Securities Act, the Registrant certifies that it has reasonable grounds to believe that it meets all of the requirements for filing
on Form S-8 and has duly caused this Registration Statement to be signed on its behalf by the undersigned, thereunto duly authorized,
in the City of London, England on October 12, 2022.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">RENTOKIL INITIAL PLC</FONT></TD>
    </TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD>
    </TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1.5pt; font-size: 10pt"><FONT STYLE="font-size: 10pt">By: </FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; white-space: nowrap; padding-bottom: 0.75pt; font-size: 10pt"><FONT STYLE="font-size: 10pt">/s/ Andy Ransom</FONT></TD>
    </TR>
  <TR>
    <TD STYLE="vertical-align: top; width: 50%">&nbsp;</TD>
    <TD STYLE="vertical-align: top; width: 5%">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; width: 6%; font-size: 10pt"><FONT STYLE="font-size: 10pt">Name:</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; width: 39%; font-size: 10pt"><FONT STYLE="font-size: 10pt">Andy Ransom</FONT></TD>
    </TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">Title:</FONT></TD>
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">Executive Director</FONT></TD>
    </TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>&nbsp;</B></P>




<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><A NAME="a_001"></A><B><U>POWER OF ATTORNEY</U></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.3in"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in"><B>KNOW ALL PERSONS BY THESE
PRESENTS</B> that each person whose signature appears below hereby constitutes and appoints Rachel Canham and Catherine Stead (with full
power to each of them to act alone), as such person&#8217;s true and lawful attorney-in-fact and agent, with full power of substitution
and resubstitution, for such person and in such person&#8217;s name, place and stead, in any and all capacities, to sign and file with
the Securities and Exchange Commission any and all amendments and post-effective amendments to this Registration Statement, with exhibits
thereto and any and all other documents that may be required in connection therewith, granting unto each said attorney-in-fact and agent
full power and authority to do and perform each and every act and thing requisite and necessary to be done in and about the premises,
as fully to all intents and purposes as might or could do in person, hereby ratifying and confirming all that each said attorney-in-fact
and agent, or any substitutes therefor, may lawfully do or cause to be done by virtue hereof. Pursuant to the requirements of the Securities
Act of 1933, as amended, this registration statement has been signed below by the following persons in the capacities indicated and on
the dates indicated:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.3in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: Black 1pt solid; width: 25%; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 10pt; text-align: center"><FONT STYLE="font-size: 10pt"><B><U>Signature </U></B></FONT></TD>
    <TD STYLE="width: 50%; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 10pt; text-align: center"><FONT STYLE="font-size: 10pt"><B><U>Title</U></B></FONT></TD>
    <TD STYLE="width: 25%; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 10pt; text-align: center"><FONT STYLE="font-size: 10pt"><B><U>Date</U></B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: Black 1pt solid; text-align: center; padding-right: 5.4pt; padding-left: 5.4pt">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">&nbsp;</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">/s/ Richard Solomons</P></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-size: 10pt; text-align: center"><FONT STYLE="font-size: 10pt">Chairman</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-size: 10pt; text-align: center"><FONT STYLE="font-size: 10pt">October 12, 2022</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-size: 10pt; text-align: center"><FONT STYLE="font-size: 10pt">Richard Solomons</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-size: 10pt; text-align: center">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-size: 10pt; text-align: center">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 10pt; text-align: center"><FONT STYLE="font-size: 10pt">/s/ Andy Ransom</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-size: 10pt; text-align: center"><FONT STYLE="font-size: 10pt">Executive Director and Chief Executive <BR>
(Principal Executive Officer)</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-size: 10pt; text-align: center"><FONT STYLE="font-size: 10pt">October 12, 2022</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-size: 10pt; text-align: center"><FONT STYLE="font-size: 10pt">Andy Ransom</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-size: 10pt; text-align: center">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-size: 10pt; text-align: center">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: Black 1pt solid; text-align: center; padding-right: 5.4pt; padding-left: 5.4pt">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">&nbsp;</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">/s/ Stuart Ingall-Tombs</P></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-size: 10pt; text-align: center"><FONT STYLE="font-size: 10pt">Executive Director and Chief Financial Officer <BR>
(Principal Financial Officer)</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-size: 10pt; text-align: center"><FONT STYLE="font-size: 10pt">October 12, 2022</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: white 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 10pt; text-align: center"><FONT STYLE="font-size: 10pt">Stuart Ingall-Tombs</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-size: 10pt; text-align: center">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-size: 10pt; text-align: center">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-size: 10pt; text-align: center">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-size: 10pt; text-align: center">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-size: 10pt; text-align: center">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 10pt; text-align: center">/s/ David J. Frear</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-size: 10pt; text-align: center">Non-Executive Director</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-size: 10pt; text-align: center"><FONT STYLE="font-size: 10pt">October 12, 2022</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-size: 10pt; text-align: center">David J. Frear</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-size: 10pt; text-align: center">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-size: 10pt; text-align: center">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: Black 1pt solid; text-align: center; padding-right: 5.4pt; padding-left: 5.4pt">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">&nbsp;</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">/s/ Sarosh Mistry</P></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-size: 10pt; text-align: center"><FONT STYLE="font-size: 10pt">Non-Executive Director</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-size: 10pt; text-align: center"><FONT STYLE="font-size: 10pt">October 12, 2022</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-size: 10pt; text-align: center"><FONT STYLE="font-size: 10pt">Sarosh Mistry</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-size: 10pt; text-align: center">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-size: 10pt; text-align: center">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: Black 1pt solid; text-align: center; padding-right: 5.4pt; padding-left: 5.4pt">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">&nbsp;</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">/s/ John Pettigrew</P></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-size: 10pt; text-align: center"><FONT STYLE="font-size: 10pt">Senior Independent Director</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-size: 10pt; text-align: center"><FONT STYLE="font-size: 10pt">October 12, 2022</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-size: 10pt; text-align: center"><FONT STYLE="font-size: 10pt">John Pettigrew</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-size: 10pt; text-align: center">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-size: 10pt; text-align: center">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: Black 1pt solid; text-align: center; padding-right: 5.4pt; padding-left: 5.4pt">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">&nbsp;</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">/s/ Julie Southern</P></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-size: 10pt; text-align: center"><FONT STYLE="font-size: 10pt">Non-Executive Director</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-size: 10pt; text-align: center"><FONT STYLE="font-size: 10pt">October 12, 2022</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-size: 10pt; text-align: center"><FONT STYLE="font-size: 10pt">Julie Southern</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-size: 10pt; text-align: center">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-size: 10pt; text-align: center">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: Black 1pt solid; text-align: center; padding-right: 5.4pt; padding-left: 5.4pt">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">&nbsp;</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">/s/ Cathy Turner</P></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-size: 10pt; text-align: center"><FONT STYLE="font-size: 10pt">Non-Executive Director</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-size: 10pt; text-align: center"><FONT STYLE="font-size: 10pt">October 12, 2022</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-size: 10pt; text-align: center"><FONT STYLE="font-size: 10pt">Cathy Turner</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-size: 10pt; text-align: center">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-size: 10pt; text-align: center">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: Black 1pt solid; text-align: center; padding-right: 5.4pt; padding-left: 5.4pt">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">&nbsp;</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">/s/ Linda Yueh</P></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-size: 10pt; text-align: center"><FONT STYLE="font-size: 10pt">Non-Executive Director</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-size: 10pt; text-align: center"><FONT STYLE="font-size: 10pt">October 12, 2022</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-size: 10pt; text-align: center"><FONT STYLE="font-size: 10pt">Linda Yueh</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-size: 10pt; text-align: center">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-size: 10pt; text-align: center">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: Black 1pt solid; text-align: center; padding-right: 5.4pt; padding-left: 5.4pt">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">&nbsp;</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">/s/ Kris Hampson</P></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-size: 10pt; text-align: center"><FONT STYLE="font-size: 10pt">Group Financial Controller (Controller)</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-size: 10pt; text-align: center"><FONT STYLE="font-size: 10pt">October 12, 2022</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-size: 10pt; text-align: center"><FONT STYLE="font-size: 10pt">Kris Hampson</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-size: 10pt; text-align: center">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-size: 10pt; text-align: center">&nbsp;</TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.3in">&nbsp;</P>




<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.3in">Pursuant to the requirements
of Section 6(a) of the U.S. Securities Act of 1933, the Authorized Representative has duly caused this registration statement to be signed
on its behalf by the undersigned, solely in his capacity as the duly authorized representative of Rentokil Initial plc in the United States,
on October  12, 2022.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.3in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR>
    <TD STYLE="font-size: 10pt; width: 50%">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding: 0.25pt; font-size: 10pt; width: 7%"><FONT STYLE="font-size: 10pt">By: </FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding: 0.25pt 0.25pt 0.75pt; vertical-align: top; font-size: 10pt; width: 43%"><FONT STYLE="font-size: 10pt">/s/ John Myers</FONT></TD></TR>
  <TR>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding: 0.25pt">&nbsp;</TD>
    <TD STYLE="padding: 0.75pt 0.25pt 0.25pt; vertical-align: top">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Name: John Myers</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Title: Authorized Representative in the United States</P></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B></B></P>

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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>EXHIBIT INDEX</B></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
<TD STYLE="text-align: center; width: 9%; vertical-align: top">&nbsp;</TD>
<TD STYLE="width: 2%">&nbsp;</TD>
<TD STYLE="text-align: left; width: 89%">&nbsp;</TD></TR>
<TR>
<TD STYLE="border-bottom: black 1.5pt solid; text-align: center; vertical-align: top">Exhibit Number</TD>
<TD STYLE="vertical-align: top">&nbsp;</TD>
<TD STYLE="border-bottom: black 1.5pt solid; vertical-align: bottom; font-size: 10pt; text-align: center"><FONT STYLE="font-size: 10pt">Description</FONT></TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="text-align: center; vertical-align: top">&nbsp;</TD>
<TD COLSPAN="2">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="text-align: center; font-size: 10pt; vertical-align: top"><A HREF="https://www.sec.gov/Archives/edgar/data/930157/000110465922068809/tm2215547-1_f4.htm#tANND" STYLE="-sec-extract: exhibit"><FONT STYLE="font-size: 10pt">3.1</FONT></A></TD>
<TD>&nbsp;</TD>
<TD STYLE="font-size: 10pt; text-align: left"><A HREF="https://www.sec.gov/Archives/edgar/data/930157/000110465922068809/tm2215547-1_f4.htm#tANND" STYLE="-sec-extract: exhibit"><FONT STYLE="font-size: 10pt">Articles of Association of Rentokil Initial plc (incorporated herein by reference to Exhibit 3.1 to the Registration Statement on Form F-4, Reg. No. 333-265455, filed with the Securities and Exchange Commission on June 7, 2022).</FONT></A></TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="text-align: center; vertical-align: top">&nbsp;</TD>
<TD COLSPAN="2">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="text-align: center; font-size: 10pt; vertical-align: top"><A HREF="https://www.sec.gov/Archives/edgar/data/930157/000110465922068809/tm2215547d2_ex4-1.htm" STYLE="-sec-extract: exhibit"><FONT STYLE="font-size: 10pt">4.1</FONT></A></TD>
<TD>&nbsp;</TD>
<TD STYLE="font-size: 10pt; text-align: left"><A HREF="https://www.sec.gov/Archives/edgar/data/930157/000110465922068809/tm2215547d2_ex4-1.htm" STYLE="-sec-extract: exhibit"><FONT STYLE="font-size: 10pt">Form of Amended and Restated Deposit Agreement between Rentokil Initial plc and The Bank of New York Mellon, as Depositary, and Owners and Holders of American Depositary Shares (incorporated herein by reference to Exhibit 4.1 to the Registration Statement on Form F-4, Reg. No. 333-265455, filed with the Securities and Exchange Commission on June 7, 2022).</FONT></A></TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="text-align: center; font-size: 10pt; vertical-align: top">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="text-align: center; vertical-align: top"><A HREF="https://www.sec.gov/Archives/edgar/data/930157/000110465922068809/tm2215547d2_ex10-11.htm">4.2</A></TD>
<TD STYLE="font-size: 10pt">&nbsp;</TD>
<TD STYLE="text-align: left"><A HREF="https://www.sec.gov/Archives/edgar/data/930157/000110465922068809/tm2215547d2_ex10-11.htm">2016 Rentokil Initial plc Performance Share Plan, as amended (incorporated herein by reference to Exhibit 10.11 to the Registration Statement on Form F-4, Reg. No. 333-265455, filed with the Securities and Exchange Commission on June 7, 2022).</A></TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="text-align: center; vertical-align: top">&nbsp;</TD>
<TD COLSPAN="2">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="text-align: center; font-size: 10pt; vertical-align: top"><A HREF="tm2227891d1_ex4-3.htm" STYLE="-sec-extract: exhibit"><FONT STYLE="font-size: 10pt">4.3</FONT></A></TD>
<TD>&nbsp;</TD>
<TD STYLE="font-size: 10pt; text-align: left"><A HREF="tm2227891d1_ex4-3.htm" STYLE="-sec-extract: exhibit"><FONT STYLE="font-size: 10pt">Terminix Global Holdings, Inc. 2014 Omnibus Incentive Plan.</FONT></A></TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="text-align: center; font-size: 10pt; vertical-align: top">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="text-align: center; vertical-align: top"><A HREF="tm2227891d1_ex5-1.htm" STYLE="-sec-extract: exhibit"> 5.1</A></TD>
<TD STYLE="font-size: 10pt">&nbsp;</TD>
<TD STYLE="text-align: left"><A HREF="tm2227891d1_ex5-1.htm" STYLE="-sec-extract: exhibit">Opinion of Freshfields Bruckhaus Deringer LLP.</A></TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="text-align: center; vertical-align: top">&nbsp;</TD>
<TD COLSPAN="2">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="text-align: center; font-size: 10pt; vertical-align: top"><A HREF="tm2227891d1_ex23-1.htm"><FONT STYLE="font-size: 10pt">23.1</FONT></A></TD>
<TD>&nbsp;</TD>
<TD STYLE="font-size: 10pt; text-align: left"><A HREF="tm2227891d1_ex23-1.htm"><FONT STYLE="font-size: 10pt">Consent of Deloitte &amp; Touche LLP, relating to the financial statements of Terminix.</FONT></A></TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="text-align: center; font-size: 10pt; vertical-align: top">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="text-align: center; vertical-align: top"><A HREF="tm2227891d1_ex23-2.htm"> 23.2</A></TD>
<TD STYLE="font-size: 10pt">&nbsp;</TD>
<TD STYLE="text-align: left"><A HREF="tm2227891d1_ex23-2.htm">Consent of PricewaterhouseCoopers LLP, relating to certain financial statements of Rentokil Initial plc.</A></TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="text-align: center; vertical-align: top">&nbsp;</TD>
<TD STYLE="font-size: 10pt">&nbsp;</TD>
<TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="text-align: center; vertical-align: top"><A HREF="tm2227891d1_ex23-3.htm" STYLE="-sec-extract: exhibit"> 23.3</A></TD>
<TD STYLE="font-size: 10pt">&nbsp;</TD>
<TD STYLE="text-align: left"><A HREF="tm2227891d1_ex23-3.htm" STYLE="-sec-extract: exhibit">Consent of KPMG LLP, relating to certain financial statements of Rentokil Initial plc.</A></TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="text-align: center; vertical-align: top">&nbsp;</TD>
<TD STYLE="font-size: 10pt">&nbsp;</TD>
<TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="text-align: center; vertical-align: top"><A HREF="tm2227891d1_ex5-1.htm" STYLE="-sec-extract: exhibit"> 23.4</A></TD>
<TD STYLE="font-size: 10pt">&nbsp;</TD>
<TD STYLE="text-align: left"><A HREF="tm2227891d1_ex5-1.htm" STYLE="-sec-extract: exhibit">Consent of Freshfields Bruckhaus Deringer LLP (included in Exhibit 5.1)</A></TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="text-align: center; vertical-align: top">&nbsp;</TD>
<TD COLSPAN="2">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="text-align: center; font-size: 10pt; vertical-align: top"><A HREF="#a_001"><FONT STYLE="font-size: 10pt">24.1</FONT></A></TD>
<TD>&nbsp;</TD>
<TD STYLE="font-size: 10pt; text-align: left"><A HREF="#a_001"><FONT STYLE="font-size: 10pt">Power of Attorney of Officers and Directors (included on the signature page of this Registration Statement). </FONT></A></TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="text-align: center; font-size: 10pt; vertical-align: top">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="text-align: center; vertical-align: top"><A HREF="tm2227891d1_ex-filingfees.htm" STYLE="-sec-extract: exhibit">107</A></TD>
<TD>&nbsp;</TD>
<TD STYLE="text-align: left"><A HREF="tm2227891d1_ex-filingfees.htm" STYLE="-sec-extract: exhibit">Calculation of Fee Filing Table.</A></TD></TR>
</TABLE>




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<TYPE>EX-4.3
<SEQUENCE>2
<FILENAME>tm2227891d1_ex4-3.htm
<DESCRIPTION>EXHIBIT 4.3
<TEXT>
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<P STYLE="text-align: right; margin: 0"><B>Exhibit 4.3</B></P>

<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><B>OMNIBUS INCENTIVE PLAN</B></P>

<P STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><B>ARTICLE I</B></P>

<P STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><B><U>PURPOSES</U></B></P>

<P STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 12pt 0pt 0; text-align: justify">Rentokil Initial, plc (the &#8220;<I>Company</I>&#8221;),
a public limited company incorporated under the laws of England and Wales, has adopted this Omnibus Incentive Plan, as may be amended
from time to time (the &#8220;<I>Plan</I>&#8221;), for the following purposes:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 8pt 0pt 0.5in; text-indent: 0in">(1)&nbsp; To further the growth, development
and financial success of the Company and its Subsidiaries (as defined herein) by providing additional incentives to Associates, consultants
and directors of the Company and its Subsidiaries, who have been or will be given responsibility for the management or administration
of the Company&#8217;s (or one or more of its Subsidiaries&#8217;) business affairs by assisting them to become owners of Company Common
Stock, thereby benefiting directly from the growth, development and financial success of the Company and its Subsidiaries.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 21pt 0pt 0.5in; text-indent: 0in">(2)&nbsp; To enable the Company and
its Subsidiaries to obtain and retain the services of the type of professional, technical and managerial Associates, consultants and directors
considered essential to the long-range success of the Company and its Subsidiaries by providing and offering them an opportunity to become
owners of Company Common Stock pursuant to the Awards granted hereunder.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The Plan is intended to govern awards originally granted by Terminix
Global Holdings, Inc. (&#8220;<I>Terminix</I>&#8221;), a Delaware corporation, pursuant to its Amended and Restated 2014 Omnibus Incentive
Plan, which such awards will be assumed by the Company in connection with the transactions contemplated by the Agreement and Plan of Merger,
dated as of December 13, 2021, as amended by Amendment No. 1, dated as of March 14, 2022, by and among the Company, Terminix, and others,
as it may be further amended from time to time (the &#8220;<I>Merger Agreement</I>&#8221;) (such awards, the &#8220;<I>Assumed Awards</I>&#8221;).
In addition, the Plan is intended to govern awards granted by the Company to Affected Employees (as defined in the Merger Agreement) following
the Effective Time (as defined in the Merger Agreement) for purposes of satisfying its obligations under Section 7.05(a) of the Merger
Agreement. From and after the Effective Date, no awards shall be made under the Plan other than, for the avoidance of doubt, (i) awards
made in connection with the assumption of the Terminix awards described above and (ii) awards made to Affected Employees for purposes
of satisfying the Company&#8217;s obligations under Section 7.05(a) of the Merger Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>




<P STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><B>ARTICLE II</B></P>

<P STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><B><U>DEFINITIONS</U></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 29pt 0pt 0; text-align: justify">Whenever the following terms are used
in this Plan, they shall have the meanings specified below unless the context clearly indicates to the contrary. The singular use of a
term shall include the plural where the context so indicates.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 7pt 0pt 0">Section 2.1 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#8220;<I>Administrator</I>&#8221; shall mean the
Board or any committee of the Board designated by the Board to administer the Plan, in each case as further provided in Article III.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 1pt 0pt 0">Section 2.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#8220;<I>Affiliate</I>&#8221; shall mean, with
respect to any Person, any other Person directly or indirectly controlling, controlled by or under common control with, such Person where
 &#8220;control&#8221; shall have the meaning given such term under Rule 405 of the Securities Act.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Section 2.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#8220;<I>Alternative Award</I>&#8221; shall have the
meaning set forth in Section 14.2.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 4pt 0pt 0">Section 2.4&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#8220;<I>Applicable Laws</I>&#8221; shall mean
the requirements relating to the administration of stock option, restricted stock, restricted stock unit and other equity-based compensation
plans under U.S. state corporate laws, U.S. federal and state securities laws, the Code, any stock exchange or quotation system on which
the Company Common Stock is listed or quoted and the applicable laws of any other country or jurisdiction where Awards are granted under
the Plan.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Section 2.5&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#8220;<I>Associate</I>&#8221; shall mean any individual
classified as an employee by the Company or one of its Subsidiaries, whether such associate is employed by the Company or one of its Subsidiaries
at the time this Plan is adopted or becomes so employed subsequent to the adoption of this Plan, including any person to whom an offer
of employment has been extended (except that any Award granted to such person shall be conditioned on his or her commencement of service).
A person shall not cease to be an Associate in the case of (a) any leave of absence approved by the Company or (b) transfers between locations
of the Company or between the Company, any of its Subsidiaries, or any successor. For purposes of Incentive Stock Options, no such leave
may exceed three (3) months, unless reemployment upon expiration of such leave is guaranteed by statute or contract. If reemployment upon
expiration of a leave of absence approved by the Company is not so guaranteed, the employment relationship shall be deemed to have terminated
on the first day immediately following such three (3)-month period, and such Incentive Stock Option held by the Optionee shall cease to
be treated as an Incentive Stock Option and shall be treated for tax purposes as a Non-Qualified Stock Option on the first day immediately
following a three (3)-month period from the date the employment relationship is deemed terminated.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 12pt 0pt 0">Section 2.6&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#8220;<I>Award</I>&#8221; shall mean any Option,
Stock Purchase Right, Restricted Stock, Restricted Stock Unit, Performance Share, Performance Unit, SAR, Dividend Equivalent, Deferred
Share Unit or other Stock-Based Award granted to a Participant pursuant to the Plan, including an Award combining two or more types of
Awards into a single grant.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 19pt 0pt 0">Section
2.7&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#8220;<I>Award Agreement</I>&#8221; shall mean any written
agreement, contract or other instrument or document evidencing an Award, including through an electronic medium. The Administrator
may provide for the use of electronic, internet or other non-paper Award Agreements, and the use of electronic, internet or other
non-paper means for the Participant&#8217;s acceptance of, or actions under, an Award Agreement unless otherwise expressly specified
herein. In the event of any inconsistency or conflict between the express terms of the Plan and the express terms of an Award
Agreement, the express terms of the Plan shall govern.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Section 2.8&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#8220;<I>Base Price</I>&#8221; shall have the meaning
set forth in Section 2.51.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Section 2.9&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#8220;<I>Board</I>&#8221; shall mean the Board of Directors
of the Company.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 1pt 0pt 0">Section 2.10&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#8220;<I>Cause</I>&#8221; shall mean, unless
otherwise defined in an Award Agreement, any of the following: (a) the Participant&#8217;s willful and continued failure to perform substantially
the Participant&#8217;s duties with the Company or any of its Subsidiaries (other than any such failure resulting from the Participant&#8217;s
incapacity as a result of physical or mental illness) after a written demand for substantial performance specifying the manner in which
the Participant has not performed such duties is delivered to the Participant by the person or entity that supervises or manages the Participant;
(b) the Participant&#8217;s engaging in willful and serious misconduct that is injurious to the Company or any of its Subsidiaries; (c)
the Participant&#8217;s commission of one or more acts of fraud or personal dishonesty resulting in or intended to result in personal
enrichment at the expense of the Company or any of its Subsidiaries; (d) the Participant&#8217;s substantial abusive use of alcohol, drugs
or similar substances that, in the sole judgment of the Company, impairs the Participant&#8217;s job performance; (e) the Participant&#8217;s
material violation of any Company policy that results in harm to the Company or any of its Subsidiaries; or f the Participant&#8217;s
indictment for or conviction of (or plea of guilty or <I>nolo contendere</I> to) a felony or of any crime (whether or not a felony) involving
moral turpitude. A termination for Cause shall be deemed to include a determination by the Administrator following a Participant&#8217;s
termination of service that circumstances existing prior to such termination would have entitled the Company or one of its Subsidiaries
to have terminated such Participant&#8217;s employment for Cause.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 11pt 0pt 0">Section 2.11&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#8220;<I>Change in Control</I>&#8221; shall
mean the first to occur of any of the following events after the Effective Date:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 4pt 0pt 0.5in; text-indent: 0in">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;the acquisition, directly or indirectly, by any person, entity or &#8220;group&#8221; (as defined in Section 13(d) of the Exchange Act)
of beneficial ownership of more than 50% of the combined voting power of the Company&#8217;s then outstanding voting securities, other
than any such acquisition by the Company, any of its Subsidiaries, any employee benefit plan of the Company or any of its Subsidiaries,
or any Affiliates of the foregoing;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0in">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;the merger, consolidation or other similar transaction involving the Company, as a result of which persons who were holders of voting
securities of the Company immediately prior to such merger, consolidation, or other similar transaction do not, immediately thereafter,
beneficially own, directly or indirectly, more than 50% of the combined voting power entitled to vote generally in the election of directors
of the merged or consolidated company;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 2pt 0pt 0.5in; text-indent: 0in">(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;within any 24-month period, the persons who were directors of the Company at the beginning of such period (the &#8220;<I>Incumbent
Directors</I>&#8221;) shall cease to constitute at least a majority of the Board, <I>provided that</I> any director elected or
nominated for election to the Board by any Investor or a majority of the Incumbent Directors still in office shall be deemed to be
an Incumbent Director for purpose of this clause (c);</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 3pt 0pt 0.5in; text-indent: 0in">(d)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;the approval by the Company&#8217;s shareholders of the liquidation or dissolution of the Company other than a liquidation of the Company
into any Subsidiary or a liquidation as a result of which persons who were stockholders of the Company immediately prior to such liquidation,
own, directly or indirectly, more than 50% of the combined voting power entitled to vote generally in the election of directors of the
entity that holds substantially all of the assets of the Company following such event; or</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 12pt 0pt 0.5in; text-align: justify; text-indent: 0in">(e)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;the sale, transfer or other disposition of all or substantially all of the assets of the Company to one or more persons or entities that
are not, immediately prior to such sale, transfer or other disposition, Affiliates of the Company;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 5pt 0pt 0">in each case, <I>provided that,</I> as to Awards subject to
Section 409A of the Code, such event also constitutes a &#8220;change in control&#8221; within the meaning of Section 409A of the Code.
In addition, notwithstanding the foregoing, a Change in Control shall not be deemed to occur if the Company files for bankruptcy, liquidation,
insolvency, administration or reorganization under the laws of the relevant jurisdiction or as a result of any restructuring that occurs
as a result of any such proceeding.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 6pt 0pt 0">Section 2.12&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#8220;<I>Change in Control Price</I>&#8221; shall
mean the highest price per share of Company Common Stock paid in conjunction with any transaction resulting in a Change in Control. If
any part of the price paid is payable other than in cash, the value of the non-cash portion of the Change in Control Price shall be determined
in good faith by the Administrator as constituted immediately prior to the Change in Control.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Section 2.13&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#8220;<I>Code</I>&#8221; shall mean the Internal Revenue
Code of 1986, as amended.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 26pt 0pt 0">Section 2.14&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#8220;<I>Company</I>&#8221; shall have the meaning
set forth in Article I and shall include any successor.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 11pt 0pt 0">Section 2.15&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#8220;<I>Company Common Stock</I>&#8221; shall
mean the ordinary shares, par value &pound;0.01 per share, of the Company or, as applicable, American depositary receipts and American
depositary shares related thereto, and such other stock or securities into which such ordinary shares are hereafter converted or for which
such ordinary shares are exchanged.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Section 2.16 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#8220;<I>Competing Business</I>&#8221; shall mean (a)
in the case of any Participant whose duties and responsibilities are primarily applicable to the Company and its Subsidiaries taken as
a whole, any entity which has operations that compete with any of the businesses of the Company and its Subsidiaries; and (b) in the case
of any Participant whose duties and responsibilities are primarily applicable to one or more discrete businesses of the Company or any
of its Subsidiaries, any entity which has operations that compete with any of such discrete businesses; and, in the case of each of Section
2.16 and Section 2.16; in any jurisdiction in which such business or businesses are engaged, or in which any of the Company or such Subsidiary
has documented plans to become engaged of which the Participant has knowledge at the time of the Participant&#8217;s separation from service.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>




<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Section 2.17 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#8220; <I>Competitive Activity</I>&#8221; shall mean
any of the following:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 1pt 0pt 0.5in; text-indent: 0in">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;the Participant&#8217;s directly or indirectly owning any interest in, operating, joining, controlling or participating as a partner,
director, principal, officer or agent of, entering into the employment of, acting as a consultant to, or performing any services for any
Competing Business; <I>provided</I>, that Competitive Activity shall not include any such relationship with an entity (or group of Affiliated
entities) that includes both a Competing Business and one or more business units that are not Competing Businesses if (i) the Participant&#8217;s
interest in or association with such entity is unrelated to any Competing Business, (ii) such entity&#8217;s gross revenue from all Competing
Businesses is less than 10% of such entity&#8217;s total gross revenue, and (iii) the Participant&#8217;s interest is directly or indirectly
less than two percent (2%) of all Competing Businesses.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 1pt 0pt 0.5in; text-indent: 0in">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;the Participant&#8217;s directly or indirectly soliciting for employment, employing or otherwise interfering with the relationship of
the Company or any of its Affiliates with any natural person throughout the world who is, or during the twelve-month period preceding
such solicitation, employment, or interference was, employed by or otherwise engaged to perform services for the Company or any of its
Affiliates; <I>provided</I>, that this Section 2.17(b) shall not apply to any such natural person whose employment was involuntarily terminated,
other than for Cause, by the Company or any of its Affiliates; or</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 5pt 0pt 0.5in; text-align: left; text-indent: 0in">(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;the Participant&#8217;s directly or indirectly misusing or (other than in the course of his normal duties on behalf of the Company and
its Subsidiaries) disclosing any confidential information of the Company or any of its Affiliates.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 13pt 0pt 0">Section 2.18&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#8220;<I>Consultant</I>&#8221; shall mean any
natural person who is engaged by the Company or any of its Subsidiaries to render consulting or advisory services to such entity.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 8pt 0pt 0">Section 2.19 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#8220;<I>Corporate Event</I>&#8221; shall mean,
as determined by the Administrator in its sole discretion, any transaction or event described in Section 4.3(a) or any unusual or nonrecurring
transaction or event affecting the Company, any Subsidiary of the Company, or the financial statements of the Company or any of its Subsidiaries,
or changes in applicable laws, regulations or accounting principles (including, without limitation, a recapitalization of the Company).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 2pt 0pt 0">Section 2.20&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#8220;<I>Deferred Share Unit</I>&#8221; shall
mean a unit credited to a Participant&#8217;s account in the books of the Company under Article X each of which represents the right to
receive one Share of Company Common Stock or cash equal to the Fair Market Value thereof on settlement of the account.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Section 2.21&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#8220;<I>Director</I>&#8221; shall mean a member of the
Board.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Section 2.22&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#8220;<I>Disability</I>&#8221; shall mean (x) for Awards
that are not subject to Section 409A of the Code, &#8220;disability&#8221; as such term is defined in Section 22(e)(3) of the Code and
(y) for Awards that are subject to Section 409A of the Code, &#8220;disability&#8221; as defined in Section 409A(a)(2)(c) of the Code.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 24pt 0pt 0">Section 2.23&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#8220;<I>Dividend Equivalent</I>&#8221; shall
mean the right to receive payments, in cash or in Shares, based on dividends paid with respect to Shares.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>




<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 52pt 0pt 0">Section 2.24&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#8220;<I>Effective Date</I>&#8221; shall mean
the Closing Date (as defined in the Merger Agreement).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 4pt 0pt 0; text-align: justify">Section 2.25&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#8220;<I>Eligible Representative</I>&#8221;
for a Participant shall mean such Participant&#8217;s personal representative or such other person as is empowered under the deceased
Participant&#8217;s will or the then applicable laws of descent and distribution to represent the Participant hereunder.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Section 2.26&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#8220;<I>Exchange Act</I>&#8221; shall mean the Securities
Exchange Act of 1934, as amended.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 8pt 0pt 0">Section 2.27&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#8220;<I>Executive Officer</I>&#8221; shall mean
each person who is an officer of the Company or any Subsidiary and who is subject to the reporting requirements under Section 16(a) of
the Exchange Act.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Section 2.28&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#8220;<I>Fair Market Value</I>&#8221; of a Share as of
any date of determination shall be:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 11pt 0pt 0.5in; text-indent: 0in">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If the Company Common Stock is listed on any established stock exchange or a national market system and transactions in the Common Stock
are available to the Company as of the immediately preceding trading date, then the closing price on such immediately preceding trading
date per Share as reported on such stock exchange or system shall be the Fair Market Value for the date of determination; or</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 3pt 0pt 0.5in; text-indent: 0in">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If clause (a) shall not apply on any date of determination, then the Fair Market Value shall be determined in good faith by the Administrator
with reference to (x) the most recent valuation of the Company Common Stock performed by an independent valuation consultant or appraiser
of nationally recognized standing selected by the Administrator, if any, (y) sales prices of securities issued to investors in any recent
arm&#8217;s length transactions and (z) any other factors determined to be relevant by the Administrator.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 2pt 0pt 0">Section 2.29&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#8220;<I>Incentive Stock Option</I>&#8221; shall
mean an Option which qualifies under Section 422 of the Code and is expressly designated as an Incentive Stock Option in the Award Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 20pt 0pt 0">Section 2.30&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#8220;<I>Non-Qualified Stock Option</I>&#8221;
shall mean an Option which is not an Incentive Stock Option.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Section 2.31&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#8220;<I>Non-U.S. Awards</I>&#8221; shall have the meaning
set forth in Section 3.5.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Section 2.32&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#8220;<I>Option</I>&#8221; shall mean an option to purchase
Company Common Stock granted under the Plan. The term &#8220;Option&#8221; includes both an Incentive Stock Option and a Non-Qualified
Stock Option.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Section 2.33&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#8220;<I>Option Price</I>&#8221; shall have the meaning
set forth in Section 6.3.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 6pt 0pt 0">Section 2.34&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#8220;<I>Optionee</I>&#8221; shall mean a Participant
to whom an Option or SAR is granted under the Plan.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 13pt 0pt 0">Section 2.35&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#8220;<I>Participant</I>&#8221; shall mean any
Service Provider who has been granted an Award pursuant to the Plan.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>




<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 2pt 0pt 0">Section 2.36&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#8220;<I>Performance Award</I>&#8221; shall mean
Performance Shares, Performance Units and all other Awards that vest (in whole or in part) upon the achievement of specified Performance
Goals.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 4pt 0pt 0">Section 2.37&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#8220;<I>Performance Cycle</I>&#8221; shall mean
the period of time selected by the Administrator during which performance is measured for the purpose of determining the extent to which
a Performance Award has been earned or vested.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 3pt 0pt 0">Section 2.38&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#8220;<I>Performance Goals</I>&#8221; means the
objectives established by the Administrator for a Performance Cycle pursuant to Section 9.5 for the purpose of determining the extent
to which a Performance Award has been earned or vested.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 2pt 0pt 0; text-align: justify">Section 2.39&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#8220;<I>Performance Share</I>&#8221;
means an Award granted pursuant to Article IX of the Plan of a contractual right to receive a Share (or the cash equivalent thereof) upon
the achievement, in whole or in part, of the applicable Performance Goals.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 11pt 0pt 0">Section 2.40&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#8220;<I>Performance Unit</I>&#8221; means a
Dollar-denominated unit (or a unit denominated in the Participant&#8217;s local currency) granted pursuant to Article IX of the Plan,
payable upon the achievement, in whole or in part, of the applicable Performance Goals.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 17pt 0pt 0">Section 2.41&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#8220;<I>Person</I>&#8221; shall mean an individual,
partnership, corporation, limited liability company, business trust, joint stock company, trust, unincorporated association, joint venture,
governmental authority or any other entity of whatever nature.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Section 2.42&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#8220;<I>Plan</I>&#8221; shall have the meaning set forth
in Article I.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Section 2.43&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>[Intentionally Omitted]</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Section 2.44&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#8220;<I>Replacement Awards</I>&#8221; shall mean Shares
issued in assumption of, or in substitution for, any outstanding awards of any entity acquired in any form of combination by the Company
or any of its Subsidiaries.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Section 2.45&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#8220;<I>Restricted Stock</I>&#8221; shall mean an Award
granted pursuant to Section 8.1.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Section 2.46&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#8220;<I>Restricted Stock Unit</I>&#8221; shall mean
an Award granted pursuant to Section 8.2.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 16pt 0pt 0">Section 2.47&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#8220;<I>Returned MSIP Shares</I>&#8221; shall
have the meaning set forth in <B>Error! Reference source not found.</B>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Section 2.48&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#8220;<I>Securities Act</I>&#8221; shall mean the Securities
Act of 1933, as amended.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 44pt 0pt 0">Section 2.49&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#8220;<I>Service Provider</I>&#8221; shall mean
an Associate, Consultant or director of the Company or any of its Subsidiaries.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Section 2.50&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#8220;<I>Share</I>&#8221; shall mean a share of Company
Common Stock.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 5pt 0pt 0">Section
2.51&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#8220;<I>Stock Appreciation Right</I>&#8221; or &#8220;<I>SAR</I>&#8221;
shall mean the right to receive a payment from the Company in cash and/or Shares equal to the product of (i) the excess, if any, of
the Fair Market Value of one Share on the exercise date over a specified price (the &#8220;<I>Base Price</I>&#8221;) fixed by the
Administrator on the grant date (which specified price shall not be less than the Fair Market Value of one Share on the grant date),
multiplied by (ii) a stated number of Shares.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Section 2.52&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#8220;<I>Stock Incentive Plan</I>&#8221; shall have the
meaning set forth in Article I.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Section 2.53&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#8220;<I>Stock-Based Award</I>&#8221; shall have the
meaning set forth in Section 11.1.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Section 2.54&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#8220;<I>Stock Purchase Right</I>&#8221; shall mean an
Award granted pursuant to Section 5.4.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Section 2.55&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#8220;<I>Subplans</I>&#8221; shall have the meaning set
forth in Section 3.5.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 4pt 0pt 0">Section 2.56&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#8220;<I>Subscription Agreement</I>&#8221; shall
mean the agreement to be entered into between the Company and the Participant upon the issuance of Company Common Stock subject to an
Award establishing the rights and obligations of each of them relating to the Company Common Stock so issued to the Participant.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Section 2.57&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#8220;<I>Subsidiary</I>&#8221; shall mean any entity
that is directly or indirectly controlled by the Company or any entity in which the Company directly or indirectly has at least a 50%
equity interest; <I>provided</I> that, to the extent required under Section 422 of the Code when granting an Incentive Stock Option, &#8220;Subsidiary&#8221;
shall mean any corporation in an unbroken chain of corporations beginning with such entity if each of the corporations other than the
last corporation in the unbroken chain then owns stock possessing 50% or more of the total combined voting power of all classes of stock
in one of the other corporations in such chain.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 1pt 0pt 0">Section 2.58&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#8220;<I>Termination of employment,</I>&#8221;
 &#8220;<I>termination of service</I>&#8221; and any corollary or similar term or terms shall mean (x), with respect to a director who
is not an Associate of the Company or any of its Subsidiaries, the date upon which such director ceases to be a member of the Board or
the board of directors of any of the Company&#8217;s Subsidiaries, as applicable; (y) with respect to a Consultant who is not an Associate
of the Company or any of its Subsidiaries, the date upon which such Consultant ceases to provide consulting or advisory services to the
Company or any of its Subsidiaries; and (z), with respect to an Associate, the date the Participant ceases to be an Associate; <I>provided,
that</I>, with respect to any Award subject to Section 409A of the Code, such terms shall mean a &#8220;separation from service,&#8221;
as defined in Section 409A of the Code and the rules, regulations and guidance promulgated thereunder.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Section 2.59&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &#8220;<I>Withholding Taxes</I>&#8221; shall mean the
statutory minimum of any federal, state, local or foreign income taxes, withholding taxes or employment taxes required to be withheld
under Applicable Law.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><B>ARTICLE III</B></P>

<P STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><B><U>ADMINISTRATION</U></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 8pt 0pt 0">Section 3.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Administrator.</I> The Plan shall be administered
by the Board or an Administrator appointed by the Board, which Administrator, unless otherwise determined by the Board, shall be constituted
to comply with Applicable Laws, including, without limitation, Section 16 of the Exchange Act and Section 162(m) of the Code, to the
extent applicable.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 15pt 0pt 0">Section 3.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Powers of the Administrator.</I> Subject to
the provisions of the Plan and, in the case of a committee, the specific duties delegated by the Board to such Administrator, and subject
to the approval of any relevant authorities, the Administrator shall have the authority in its discretion to:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 16pt 0pt 0.5in; text-align: justify; text-indent: 0in"> (a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;determine the Fair Market Value;</P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 16pt 0pt 0.5in; text-align: justify; text-indent: 0in"> (b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;determine the type or types of Awards to be granted to each Participant;</P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 16pt 0pt 0.5in; text-align: justify; text-indent: 0in">(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;select the Service Providers to whom Awards may from time to time be granted hereunder;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 4pt 0pt 0.5in; text-align: justify; text-indent: 0in">(d)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;determine the number of Awards to be granted and the number of Shares to which an Award will relate;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 17pt 0pt 0.5in; text-align: justify; text-indent: 0in">(e)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;approve forms of agreement for use under the Plan, which need not be identical for each Service Provider;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 11pt 0pt 0.5in; text-indent: 0in">(f)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;determine the terms and conditions of any Awards granted hereunder (including, without limitation, the exercise price, the time or times
when Awards may be exercised (which may be based on performance criteria), any vesting acceleration or waiver of forfeiture restrictions
and any restriction or limitation regarding any Awards or the Company Common Stock relating thereto) based in each case on such factors
as the Administrator, in its sole discretion, shall determine;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 5pt 0pt 0.5in; text-indent: 0in">(g)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;determine all matters and questions related to the termination of service of a Service Provider with respect to any Award granted to him
or her hereunder, including, but not by way of limitation of, all questions of whether a particular Service Provider has taken a leave
of absence, all questions of whether a leave of absence taken by a particular Service Provider constitutes a termination of service, and
all questions of whether a termination of service of a particular Service Provider resulted from discharge for Cause;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 11pt 0pt 0.5in; text-indent: 0in">(h)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;prescribe, amend and rescind rules and regulations relating to the Plan, including rules and regulations relating to Subplans established
for the purpose of satisfying applicable foreign laws;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0in">(i)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;determine whether, to what extent, and pursuant to what circumstances an Award may be settled in, or the exercise or purchase price of
an Award may be paid in, cash, Company Common Stock, other Awards, or other property, or an Award may be canceled, forfeited or surrendered;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0in"> (j)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;suspend or accelerate the vesting of any Award granted under the Plan;</P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.25in 0pt 0.5in; text-align: justify; text-indent: 0in">(k)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;construe and interpret the terms of the Plan and Awards granted pursuant to the Plan; and</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>




<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 12pt 0pt 0.5in">(l)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;make all other decisions and determinations that may
be required pursuant to the Plan or as the Administrator deems necessary or advisable to administer the Plan.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 24pt 0pt 0">Any determination made by the Administrator under the Plan,
including, without limitation, under Section 4.3, shall be final, binding and conclusive on all Participants and other persons having
or claiming any right or interest under the Plan.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 4pt 0pt 0">Section 3.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Delegation by the Administrator.</I> The Administrator
may delegate, subject to such terms or conditions or guidelines as it shall determine, to any officer or group of officers, or director
or group of directors of the Company or its Affiliates any portion of its authority and powers under the Plan with respect to Participants
who are not Executive Officers; <I>provided, that</I> any delegation to one or more officers of the Company shall be subject to and comply
with Section 157(c) of the Delaware General Corporation Law (or successor or foreign equivalent provision to the extent applicable).
In addition, (i) with respect to any Award intended to qualify as &#8220;performance-based&#8221; compensation under Section 162(m) of
the Code, the Administrator shall mean the Compensation Committee of the Board or such other committee or subcommittee of the Board or
the Compensation Committee as the Board or the Compensation Committee of the Board shall designate, consisting of two or more members,
each of whom is an &#8220;outside director&#8221; within the meaning of Section 162(m) of the Code and (ii) with respect to any Award
intended to qualify for the exemption contained in Rule 16b-3 promulgated under the Exchange Act, the Administrator shall consist solely
two or more &#8220;non-employee directors&#8221; within the meaning of such Rule, or, in the alternative, the entire Board.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Section 3.4&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Compensation, Professional Assistance, Good Faith Actions.</I>
The Administrator may receive such compensation for its services hereunder as may be determined by the Board. All expenses and liabilities
incurred by the Administrator in connection with the administration of the Plan shall be borne by the Company. The Administrator may,
in its sole discretion, elect to engage the services of attorneys, consultants, accountants, appraisers, brokers or other persons. The
Administrator, the Company and its officers and Directors shall be entitled to rely upon the advice, opinions or valuations of any such
persons. All actions taken and all interpretations, decisions and determinations made by the Administrator, in good faith shall be final
and binding upon all Participants, the Company and all other interested persons. The Administrator&#8217;s determinations under the Plan
need not be uniform and may be made by the Administrator selectively among persons who receive, or are eligible to receive, Awards under
the Plan, whether or not such persons are similarly situated. The Administrator (and its members) shall not be personally liable for any
action, determination or interpretation made with respect to the Plan or the Awards, and the Administrator (and its members) shall be
fully protected by the Company with respect to any such action, determination or interpretation.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 4pt 0pt 0">Section
3.5&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Participants Based Outside the United States.</I> To conform
with the provisions of local laws and regulations, or with local compensation practices and policies, in foreign countries in which
the Company or any of its Subsidiaries or Affiliates operate, but subject to the limitations set forth herein regarding the maximum
number of shares issuable hereunder and the maximum award to any single Participant, the Administrator may (i) modify the terms and
conditions of Awards granted to Participants employed outside the United States (&#8220;<I>Non-U.S. Awards</I>&#8221;), (ii)
establish subplans with such modifications as may be necessary or advisable under the circumstances (&#8220;<I>Subplans</I>&#8221;)
and (iii) take any action which it deems advisable to obtain, comply with or otherwise reflect any necessary governmental regulatory
procedures, exemptions or approvals with respect to the Plan. The Administrator&#8217;s decision to grant Non-U.S. Awards or to
establish Subplans is entirely voluntary, and at the complete discretion of the Administrator.&nbsp; The Administrator may amend,
modify or terminate any Subplans at any time, and such amendment, modification or termination may be made without prior notice to
the Participants. The Company, Subsidiaries, Affiliates and members of the Administrator shall not incur any liability of any kind
to any Participant as a result of any change, amendment or termination of any Subplan at any time. The benefits and rights provided
under any Subplan or by any Non-U.S. Award (x) are wholly discretionary and, although provided by either the Company, a Subsidiary
or Affiliate, do not constitute regular or periodic payments and (y) except as otherwise required under Applicable Laws, are not to
be considered part of the Participant&#8217;s salary or compensation under the Participant&#8217;s employment with the
Participant&#8217;s local employer for purposes of calculating any severance, resignation, redundancy or other end of service
payments, vacation, bonuses, long-term service awards, indemnification, pension or retirement benefits, or any other payments,
benefits or rights of any kind. If a Subplan is terminated, the Administrator may direct the payment of Non-U.S. Awards (or direct
the deferral of payments whose amount shall be determined) prior to the dates on which payments would otherwise have been made, and,
in the Administrator&#8217;s discretion, such payments may be made in a lump sum or in installments.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><B>ARTICLE IV</B></P>

<P STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><B><U>SHARES SUBJECT TO PLAN</U></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Section 4.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Shares Subject to Plan.</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 6pt 0pt 0.5in">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;No Award (other than an Assumed Award) shall be granted
under the Plan to the extent that the result of that grant would be that the aggregate number of Shares that could be issued pursuant
to that Award and any other Award granted at the same time, when added to the number of Shares that:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 30pt 0pt 1in; text-align: justify; text-indent: 0in">(i)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;could be issued pursuant to any subsisting awards or options granted during the preceding ten years under the Plan or any other employees&#8217;
share scheme established by the Company; and</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 21pt 0pt 1in; text-indent: 0in">(ii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;have been issued pursuant to any awards or options granted during the preceding ten years under the Plan or any other employees&#8217;
share scheme established by the Company,</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 2pt 0pt 0.5in">would exceed 10 per cent of the ordinary share capital
of the Company for the time being in issue.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 6pt 0pt 0.5in">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;No Award (other than an Assumed Award) shall be granted
under the Plan to the extent that the result of that grant would be that the aggregate number of Shares that could be issued pursuant
to that Award and any other Award granted at the same time, when added to the number of Shares that:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>




<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 27pt 0pt 1in; text-indent: 0in">(i)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;could be issued pursuant to any subsisting awards or options granted during the preceding ten years under the Plan or any other discretionary
share plans adopted by the Company; and</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 9pt 0pt 1in; text-indent: 0in">(ii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;have been issued pursuant to any awards or options granted during the preceding ten years under the Plan or any other discretionary share
plans adopted by the Company,</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 12pt 0pt 0.5in">would exceed 5 per cent of the ordinary share capital
of the Company for the time being in issue.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 12pt 0pt 0.5in">(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Reference in this Section to the issue of Shares shall,
for the avoidance of doubt, mean the issue and allotment but not the transfer of Shares. Transfers of treasury shares shall also count
towards the percentage limits set out in this Section for so long as UK institutional shareholder guidelines recommend this. In determining
the above limits no account shall be taken of any Shares attributable to an Assumed Award or an Award which was released, lapsed, forfeited
or otherwise became incapable of realization.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 10pt 0pt 0">Section 4.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Awards (other than any Assumed Awards) shall be
subject to any limitations on the number of Shares underlying Awards which may be granted to an individual Participant in a calendar year,
as may be established by the Administrator from time to time.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Section 4.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Changes in Company Common Stock; Disposition of Assets
and Corporate Events.</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 3pt 0pt 0.5in; text-indent: 0in">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If and to the extent necessary or appropriate to reflect any stock dividend, extraordinary dividend, rights issue, stock split or share
combination or any recapitalization, merger, consolidation, exchange of shares, spin-off, liquidation or dissolution of the Company or
other similar transaction affecting the Company Common Stock (each, a &#8220;<I>Corporate Event</I>&#8221;), the Administrator shall adjust
the number of shares of Company Common Stock available for issuance under the Plan and the number, class and exercise price of any outstanding
Award, and/or make such substitution, revision or other provisions or take such other actions with respect to any outstanding Award or
the holder or holders thereof, in each case as it determines to be equitable to prevent the diminution or enlargement of the rights of
the Company and Participants hereunder by reason of such Corporate Event. Without limiting the generality of the foregoing sentence, in
the event of any such transaction, the Administrator shall have the power to make such changes as it deems appropriate in (i) the number
and type of shares or other securities covered by outstanding Awards, (ii) the prices specified therein (if applicable), (iii) the securities,
cash or other property to be received upon the exercise, settlement or conversion of such outstanding Awards or otherwise to be received
in connection with such outstanding Awards and (iv) any applicable Performance Goals. After any adjustment made by the Administrator pursuant
to this Section 4.3, the number of shares subject to each outstanding Award shall be rounded down to the nearest whole number.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 32pt 0pt 0.5in; text-align: justify; text-indent: 0in">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Any adjustment of an Award pursuant to this Section 4.3 shall be effected in compliance with Section 422 and 409A of the Code to the extent
applicable.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>




<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 24pt 0pt 0">Section 4.4&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Award Agreement Provisions.</I> The Administrator
may include such further provisions and limitations in any Award Agreement as it may deem equitable and in the best interests of the
Company and its Subsidiaries.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 2pt 0pt 0">Section 4.5&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Prohibition Against Repricing.</I> Except to
the extent (i) approved in advance by holders of a majority of the Shares entitled to vote generally in the election of directors or
(ii) pursuant to Section 4.3 as a result of any Corporate Event, the Administrator shall not have the power or authority to reduce, whether
through amendment or otherwise, the exercise price of any outstanding Option or Base Price of any outstanding SAR or to grant any new
Award, or make any cash payment, in substitution for or upon the cancellation of Options or SARs previously granted.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><B>ARTICLE V</B></P>

<P STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><B><U>GRANTING OF OPTIONS
AND SARS</U></B>&nbsp;</P>

<P STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><B><U>AND SALE OF COMPANY COMMON STOCK</U></B></P>

<P STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 15pt 0pt 0">Section 5.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Eligibility.</I> Non-Qualified Stock Options
and SARs may be granted to Service Providers. Subject to Section 5.2, Incentive Stock Options may only be granted to Associates.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 1pt 0pt 0"><FONT STYLE="font-size: 10pt">Section 5.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Qualification
of Incentive Stock Options. No Associate may be granted an Incentive Stock Option under the Plan if such Associate, at the time the Incentive
Stock Option is granted, owns stock possessing more than ten (10) percent of the total combined voting power of all classes of stock
of the Company or any then existing Subsidiary of the Company or &#8220;parent corporation&#8221; (within the meaning of Section 424(e)
of the Code) unless such Incentive Stock Option conforms to the applicable provisions of Section 422 of the Code.</I></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">Section 5.3<I>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Granting
of Options and SARs to Service Providers.</I></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-left: 0.5in; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-size: 10pt">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Options
and SARs. The Administrator may from time to time:</I></FONT></P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 3pt 0pt 1in; text-indent: 0in"><FONT STYLE="font-size: 10pt">(i)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Select
from among the Service Providers (including those to whom Options or SARs have been previously granted under the Plan) such of them as
in its opinion should be granted Options and/or SARs;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 9pt 0pt 1in; text-indent: 0in"><FONT STYLE="font-size: 10pt">(ii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Determine
the number of Shares to be subject to such Options and/or SARs granted to such Service Provider, and determine whether such Options are
to be Incentive Stock Options or Non-Qualified Stock Options; and</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 4pt 0pt 1in; text-align: justify; text-indent: 0in"><FONT STYLE="font-size: 10pt">(iii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Determine
the terms and conditions of such Options and SARs, consistent with the Plan.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0in"><FONT STYLE="font-size: 10pt">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SARs
may be granted in tandem with Options or may be granted on a freestanding basis, not related to any Option. Unless otherwise determined
by the Administrator at the grant date or determined thereafter in a manner more favorable to the Participant, SARs granted in tandem
with Options shall have substantially similar terms and conditions to such Options to the extent applicable, or may be granted on a freestanding
basis, not related to any Option.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Upon
the selection of a Service Provider to be granted an Option or SAR under this Section 5.3, the Administrator shall issue, or shall instruct
an authorized officer to issue, such Option or SAR and may impose such conditions on the grant of such Option or SAR as it deems appropriate.
Subject to Section 15.2 of the Plan, any Incentive Stock Option granted under the Plan may be modified by the Administrator, without
the consent of the Optionee, even if such modification would result in the disqualification of such Option as an &#8220;incentive stock
option&#8221; under Section 422 of the Code.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 1pt 0pt 0">Section 5.4&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Sale of Company Common Stock to Service Providers.
</I>The Administrator, acting in its sole discretion, may from time to time designate one or more Service Providers to whom an offer
to sell Shares shall be made and the terms and conditions thereof, provided, however, that the price per Share shall not be less than
the Fair Market Value of such Shares on the date any such offer is accepted. Each Share sold to a Service Provider under this Section
5.4 shall be evidenced by a Subscription Agreement in a form approved by the Administrator, which shall contain terms consistent with
the terms hereof. Any Shares sold under this Section 5.4 shall be subject to the same limitations, restrictions and administration hereunder
as would apply to any Shares issued pursuant to the exercise of an Option under this Plan including, without limitation, conditions and
restrictions set forth in Sections 7.6 and 7.7 below. Unless otherwise determined by the Administrator, Shares acquired pursuant to this
Section 5.4 shall also be subject to the terms and conditions of a Subscription Agreement, which shall be executed by the Participant
and an authorized officer.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><B>ARTICLE VI</B></P>

<P STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><B><U>TERMS OF OPTIONS AND SARS</U></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 3pt 0pt 0">Section 6.1 <I>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Award Agreement.</I> Each Option and each SAR
shall be evidenced by a written Award Agreement, which shall be executed by the Optionee and an authorized officer and which shall contain
such terms and conditions as the Administrator shall determine, consistent with the Plan. Award Agreements evidencing Incentive Stock
Options shall contain such terms and conditions as may be necessary to qualify such Options as &#8220;incentive stock options&#8221; under
Section 422 of the Code.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">Section 6.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Exercisability
and Vesting of Options and SARs.</I></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0in">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Each Option and SAR shall vest and become exercisable according to the terms of the applicable Award Agreement; provided, however, that
by a resolution adopted after an Option or SAR is granted the Administrator may, on such terms and conditions as it may determine to be
appropriate, accelerate the time at which such Option or SAR or any portion thereof may be exercised.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 17pt 0pt 0.5in; text-align: justify; text-indent: 0in">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Except
as otherwise provided by the Administrator or in the applicable Award Agreement, no portion of an Option or SAR which is unexercisable
on the date that an Optionee incurs a termination of service as a Service Provider shall thereafter become exercisable.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0in">(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The aggregate Fair Market Value (determined as of the time the Option is granted) of all Shares with respect to which Incentive Stock
Options are first exercisable by a Service Provider in any calendar year may not exceed $100,000 or such other limitation as imposed by
Section 422(d) of the Code, or any successor provision. To the extent that Incentive Stock Options are first exercisable by a Participant
in excess of such limitation, the excess shall be considered Non-Qualified Stock Options.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 15pt 0pt 0.5in; text-indent: 0in">(d)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SARs granted in tandem with an Option shall become vested and exercisable on the same date or dates as the Options with which such SARs
are associated vest and become exercisable. SARs that are granted in tandem with an Option may only be exercised upon the surrender of
the right to exercise such Option for an equivalent number of Shares, and may be exercised only with respect to the Shares for which the
related Option is then exercisable.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 19pt 0pt 0">Section 6.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Option Price and Base Price.</I> Excluding
Replacement Awards, the per Share purchase price of the Shares subject to each Option (the &#8220;<I>Option Price</I>&#8221;) and the
Base Price of each SAR shall be set by the Administrator and shall be not less than 100% of the Fair Market Value of such Shares on the
date such Option or SAR is granted.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.25in 0pt 0">Section 6.4&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Expiration of Options and SARs.</I> No Option
or SAR may be exercised after the first to occur of the following events:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 6pt 0pt 0.5in; text-indent: 0in"> (a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The expiration of ten (10) years from the date the Option or SAR was granted; or</P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 6pt 0pt 0.5in; text-indent: 0in">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;With respect to an Incentive Stock Option in the case of an Optionee owning (within the meaning of Section 424(d) of the Code), at the
time the Incentive Stock Option was granted, more than 10% of the total combined voting power of all classes of stock of the Company or
any Subsidiary, the expiration of five (5) years from the date the Incentive Stock Option was granted.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><B>ARTICLE VII</B></P>

<P STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><B><U>EXERCISE OF OPTIONS AND SARS</U></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 6pt 0pt 0">Section 7.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Person Eligible to Exercise.</I> During the
lifetime of the Optionee, only the Optionee may exercise an Option or SAR (or any portion thereof) granted to him or her; <I>provided,
however</I>, that the Optionee&#8217;s Eligible Representative may exercise his or her Option or SAR or portion thereof during the period
of the Optionee&#8217;s Disability. After the death of the Optionee, any exercisable portion of an Option or SAR may, prior to the time
when such portion becomes unexercisable under the Plan or the applicable Award Agreement, be exercised by his or her Eligible Representative.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0">Section 7.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Partial Exercise.</I> At any time and from
time to time prior to the date on which the Option or SAR becomes unexercisable under the Plan or the applicable Award Agreement,
the exercisable portion of an Option or SAR may be exercised in whole or in part; <I>provided, however, </I>that the Company shall
not be required to issue fractional Shares and the Administrator may, by the terms of the Option or SAR, require any partial
exercise to exceed a specified minimum number of Shares.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0">Section 7.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Manner of Exercise.</I> Subject to any generally applicable
conditions or procedures that may be imposed by the Administrator, an exercisable Option or SAR, or any exercisable portion thereof, may
be exercised solely by delivery to the Administrator or its designee of all of the following prior to the time when such Option or SAR
or such portion becomes unexercisable under the Plan or the applicable Award Agreement:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.5in; text-indent: 0in">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Notice in writing signed by the Optionee or his or her Eligible Representative, stating that such Option or SAR or portion is being exercised,
and specifically stating the number of Shares with respect to which the Option or SAR is being exercised (which form of notice shall be
provided by the Administrator upon request and may be electronic);</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.5in; text-align: justify; text-indent: 0in">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
A copy of the Subscription Agreement in use by the Company at the time of exercise (which shall be provided by the Administrator upon
request);</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.5in; text-indent: 0in">(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
(i) With respect to the exercise of any Option, full payment (in cash (through wire transfer only) or by personal, certified, or bank
cashier check) of the aggregate Option Price of the Shares with respect to which such Option (or portion thereof) is thereby exercised;
or</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.85in; text-indent: 0in">(ii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
With the consent of the Administrator, (A) Shares owned by the Optionee duly endorsed for transfer to the Company or (B) Shares issuable
to the Optionee upon exercise of the Option, with a Fair Market Value on the date of Option exercise equal to the aggregate Option Price
of the Shares with respect to which such Option (or portion thereof) is thereby exercised; or</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.85in; text-indent: 0in">(iii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
With the consent of the Administrator, payment of the Option Price through a broker-assisted cashless exercise program established by
the Company; or</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.85in; text-indent: 0in">(iv)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
With the consent of the Administrator, any form of payment of the Option Price permitted by Applicable Laws and any combination of the
foregoing methods of payment.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.5in; text-indent: 0in">(d)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Full payment to the Company (in cash or by personal, certified or bank cashier check or by any other means of payment approved by the
Administrator) of all minimum amounts necessary to satisfy any and all Withholding Taxes arising in connection with the exercise of the
Option or SAR (notice of the amount of which shall be provided by the Administrator as soon as practicable following receipt by the Administrator
of the notice of exercise);</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.5in; text-align: left; text-indent: 0in">(e)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Such representations and documents as the Administrator deems necessary or advisable to effect compliance with all applicable
provisions of the Securities Act and any other federal or state securities laws or regulations. The Administrator shall provide the
Optionee or Eligible Representative with all such representations and documents as soon as practicable following receipt by the
Administrator of the notice of exercise. The Administrator may, in its sole discretion, also take whatever additional actions it
deems appropriate to effect such compliance including, without limitation, issuing stop-transfer orders to transfer agents and
registrars; and</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.5in">(f) &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In the event that the Option or SAR or portion thereof
shall be exercised as permitted under Section 7.1 by any person or persons other than the Optionee, appropriate proof of the right of
such person or persons to exercise the Option or SAR or portion thereof.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0">Section 7.4&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Exercise by the Administrator.</I> If an Optionee has
not exercised an Option immediately prior to the expiration of such Option and the Fair Market Value on the date of expiration exceeds
the Option Price of such Option, the Administrator may, in its sole discretion, exercise the Option on behalf of the Optionee by causing
the exercise price to be paid through a broker-assisted cashless exercise program established by the Company. For the avoidance of doubt,
the Administrator will not be required to obtain the Optionee&#8217;s consent prior such exercise.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0">Section 7.5&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Optionee Representations.</I> The Administrator,
in its sole discretion, may require an Optionee to make certain representations or acknowledgements, on or prior to the purchase of any
Shares pursuant to any Option or SAR granted under this Plan, in respect thereof including, without limitation, that the Optionee is acquiring
the Shares for an investment purpose and not for resale, and, if the Optionee is an Affiliate, additional acknowledgements regarding when
and to what extent any transfers of such Shares may occur.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0">Section 7.6&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Settlement of SARs.</I> Unless otherwise determined
by the Administrator, upon exercise of a SAR, the Participant shall be entitled to receive payment in the form, determined by the Administrator,
of Shares, or cash, or a combination of Shares and cash having an aggregate value equal to the amount determined by multiplying:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.5in; text-align: justify; text-indent: 0in">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
any increase in the Fair Market Value of one Share on the exercise date over the Base Price of such SAR, by</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.5in; text-align: justify; text-indent: 0in"> (b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;the number of Shares with respect to which the SAR is exercised;</P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><I>provided, however, </I>that on the grant date, the Administrator
may establish, in its sole discretion, a maximum amount per Share that may be payable upon exercise of a SAR, and <I>provided, further,
</I>that in no event shall the value of the Company Common Stock or cash delivered on exercise exceed the excess of the Fair Market Value
of the Shares with respect to which the SAR is exercised over the Fair Market Value of such Shares on the grant date of such SAR.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0">Section 7.7&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Conditions to Issuance of Shares.</I> The Company
shall evidence the issuance of Shares delivered upon exercise of an Option or SAR in the books and records of the Company or in a manner
determined by the Company. Notwithstanding the above, the Company shall not be required to effect the issuance of any Shares purchased
upon the exercise of any Option or SAR or portion thereof prior to fulfillment of all of the following conditions:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 228pt"></P>




<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.5in; text-align: justify; text-indent: 0in">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
The admission of such Shares to listing on any and all stock exchanges on which such class of Company Common Stock is then listed;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.5in; text-indent: 0in">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
The completion of any registration or other qualification of such Shares under any state or federal law or under the rulings or regulations
of the Securities and Exchange Commission or any other governmental regulatory body, which the Administrator shall, in its sole discretion,
deem necessary or advisable;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.5in; text-indent: 0in">(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
The obtaining of any approval or other clearance from any state or federal governmental agency which the Administrator shall, in its sole
discretion, determine to be necessary or advisable; and</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.5in; text-indent: 0in">(d)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
The payment to the Company (or its Subsidiary, as applicable) of all amounts which it is required to withhold under Applicable Law in
connection with the exercise of the Option or SAR.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0">The Administrator shall not have any liability to any Optionee
for any delay in the delivery of Shares to be issued upon an Optionee&#8217;s exercise of an Option or SAR.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0">Section 7.8&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Rights as Stockholders.</I> The holder of an
Option or SAR shall not be, nor have any of the rights or privileges of, a stockholder of the Company in respect of any Shares purchasable
upon the exercise of any part of an Option or SAR unless and until such holder has signed the Subscription Agreement provided by the
Administrator and the Shares attributable to the exercise of the Option or SAR have been issued by the Company to such holder.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0">Section 7.9&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Transfer Restrictions.</I> Shares acquired upon
exercise of an Option or SAR shall be subject to the terms and conditions of the Subscription Agreement. In addition, the Administrator,
in its sole discretion, may set forth in an Award Agreement such further restrictions on the transferability of the Shares purchasable
upon the exercise of an Option or SAR as it deems appropriate. Any such restriction may be referred to in the Share register maintained
by the Company or otherwise in a manner reflecting its applicability to the Shares. The Administrator may require the Associate to give
the Company prompt notice of any disposition of Shares acquired by exercise of an Incentive Stock Option, within two (2) years from the
date of granting such Option or one (1) year after the transfer of such Shares to such Associate. The Administrator may cause the Share
register maintained by the Company to refer to such requirement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><B>ARTICLE VIII</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><B><U>RESTRICTED STOCK AWARDS AND RESTRICTED STOCK UNIT AWARDS</U></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0">Section 8.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Restricted Stock.</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.5in">(a) <I>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Grant of Restricted Stock.</I> The Administrator
is authorized to make Awards of Restricted Stock to any Service Provider selected by the Administrator in such amounts and subject to
such terms and conditions as determined by the Administrator. All Awards of Restricted Stock shall be evidenced by an Award Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.5in; text-indent: 0in">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<I>Issuance and Restrictions. </I>Restricted Stock shall be subject to such restrictions on transferability and other restrictions as
the Administrator may impose (including, without limitation, limitations on the right to vote Restricted Stock or the right to receive
dividends on the Restricted Stock). These restrictions may lapse separately or in combination at such times, pursuant to such circumstances,
in such installments, or otherwise, as the Administrator determines at the time of the grant of the Award and specified in the Award Agreement
or otherwise in writing or determined thereafter in a manner more favorable to a Participant. The Administrator shall specify the purchase
price, if any, to be paid by the grantee to the Company for such Shares.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.5in; text-align: left; text-indent: 0in">(c)&nbsp;&nbsp;&nbsp;&nbsp;
<I>Issuance of Restricted Stock. </I>The issuance of Restricted Stock granted pursuant to the Plan may be evidenced in such manner as
the Administrator shall determine.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0">Section 8.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Restricted Stock Units.</I> The Administrator
is authorized to make Awards of Restricted Stock Units to any Service Provider selected by the Administrator in such amounts and subject
to such terms and conditions as determined by the Administrator. At the time of grant, the Administrator shall specify the date or dates
on which the Restricted Stock Units shall become fully vested and nonforfeitable, and may specify such conditions to vesting as it deems
appropriate. At the time of grant, the Administrator shall specify the settlement date applicable to each grant of Restricted Stock Units
which shall be no earlier than the vesting date or dates of the Award and may be determined at the election of the grantee. On the settlement
date, the Company shall, subject to the terms of this Plan, issue to the Participant one Share for each Restricted Stock Unit scheduled
to be paid out on such date and not previously forfeited. The Administrator shall specify the purchase price, if any, to be paid by the
grantee to the Company for such Shares.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0">Section 8.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Rights as a Stockholder.</I> A Participant shall
not be, nor have any of the rights or privileges of, a stockholder of the Company in respect of Restricted Stock Units awarded pursuant
to the Plan unless and until such Participant has signed the Subscription Agreement provided by the Administrator and the Shares attributable
to such Restricted Stock Units have been issued to such Participant.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><B>ARTICLE IX</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><B><U>PERFORMANCE SHARES AND PERFORMANCE UNITS</U></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0">Section 9.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Grant of Performance Awards.</I> The Administrator is
authorized to make Awards of Performance Shares and Performance Units to any Participant selected by the Administrator in such amounts
and subject to such terms and conditions as determined by the Administrator. All Performance Shares and Performance Units shall be evidenced
by an Award Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0">Section 9.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Issuance and Restrictions.</I> The Administrator
shall have the authority to determine the Participants who shall receive Performance Shares and Performance Units, the number of Performance
Shares and the number and value of Performance Units each Participant receives for any Performance Cycle, and the Performance Goals applicable
in respect of such Performance Shares and Performance Units for each Performance Cycle. The Administrator shall determine the duration
of each Performance Cycle (and the duration of Performance Cycles may differ from one another), and there may be more than one Performance
Cycle in existence at any one time. An Award Agreement evidencing the grant of Performance Shares or Performance Units shall specify
the number of Performance Shares and the number and value of Performance Units awarded to the Participant, the Performance Goals applicable
thereto, and such other terms and conditions not inconsistent with the Plan as the Administrator shall determine. No Company Common Stock
will be issued at the time an Award of Performance Shares is made, and the Company shall not be required to set aside a fund for the
payment of Performance Shares or Performance Units.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0">Section 9.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Earned Performance Shares and Performance Units.</I>
Performance Shares and Performance Units shall become earned, in whole or in part, based upon the attainment of specified Performance
Goals or the occurrence of any event or events, as the Administrator shall determine, either in an Award Agreement or thereafter on terms
more favorable to the Participant to the extent consistent with Section 162(m). In addition to the achievement of the specified Performance
Goals, the Administrator may condition payment of Performance Shares and Performance Units on such other conditions as the Administrator
shall specify in an Award Agreement. The Administrator may also provide in an Award Agreement for the completion of a minimum period of
service (in addition to the achievement of any applicable Performance Goals) as a condition to the vesting of any Performance Share or
Performance Unit Award.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0">Section 9.4&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Rights as a Stockholder.</I> A Participant shall
not be, nor have any of the rights or privileges of, a stockholder of the Company in respect of Performance Shares or Performance Units
awarded pursuant to the Plan unless and until such Participant has signed the Subscription Agreement provided by the Administrator and
the Shares attributable to such Performance Shares or Performance Units have been issued to such Participant.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0">Section
9.5&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Performance Goals.</I> The Administrator shall establish the Performance Goals that
must be satisfied in order for a Participant to receive an Award for a Performance Period or for an Award of Performance Shares or
Performance Units to be earned or vested. At the discretion of the Administrator, the Performance Goals may be based upon (alone or
in combination): (a) cash flow, (b) free cash flow, (c) revenue, (d) gross profit, (e) gross profit margin, (f) earnings before
income taxes, (g) net income, (h) earnings per share, (i) earnings before interest, taxes, depreciation and amortization
(&#8220;<I>EBITDA</I>&#8221;), (j) net income (loss) before: income (loss) from discontinued operations, net of income taxes;
provision (benefit) for income taxes; gain (loss) on extinguishment of debt; interest expense; depreciation and amortization
expense; non-cash goodwill and trade name impairment; residual value guarantee charge; non-cash impairment of software and other
related costs; non-cash impairment of property and equipment; non-cash stock-based compensation expense; restructuring charges;
management and consulting fees; non-cash effects attributable to the application of purchase accounting and other non-operating
expenses (&#8220;<I>Adjusted EBITDA</I>&#8221;), (k) return on equity, (l) return on invested capital, (m) customer count, (n) stock
price, (o) total shareholder return or (p) customer retention; or, for any period of time in which Section 162(m) is not applicable
to the Company and the Plan, or at any time in the case of (A) persons who are not &#8220;covered employees&#8221; under Section
162(m) of the Code or (B) Awards (whether or not to &#8220;covered employees&#8221;) not intended to qualify as performance-based
compensation under Section 162(m), such other criteria as may be determined by the Administrator. Performance Goals may be
established on a Company-wide basis or with respect to one or more business units, divisions, Subsidiaries, or products and may be
expressed in absolute terms, or relative to (i) current internal targets or budgets, (ii) the past performance of the Company
(including the performance of one or more Subsidiaries, divisions, or operating units), (iii) the performance of one or more
similarly situated companies, (iv) the performance of an index covering a peer group of companies, or (v) other external measures of
the selected performance criteria. Any performance objective may measure performance on an individual basis, as appropriate. The
Administrator may provide for a threshold level of performance below which no Shares or compensation will be granted or paid in
respect of Performance Shares or Performance Units, and a maximum level of performance above which no additional Shares or
compensation will be granted or paid in respect of Performance Shares or Performance Units, and it may provide for differing amounts
of Shares or compensation to be granted or paid in respect of Performance Shares or Performance Units for different levels of
performance. When establishing Performance Goals for a Performance Cycle, the Administrator may determine that any or all
 &#8220;extraordinary items&#8221; as determined under U.S. generally accepted accounting principles and as identified in the
financial statements, notes to the financial statements or management&#8217;s discussion and analysis in the annual report,
including, without limitation, the charges or costs associated with restructurings of the Company, discontinued operations,
extraordinary items, capital gains and losses, dividends, Share repurchases, other unusual or non-recurring items, and the
cumulative effects of accounting changes shall be excluded from the determination as to whether the Performance Goals have been met.
Except in the case of Awards to &#8220;covered employees&#8221; intended to qualify as performance-based compensation under Section
162(m) of the Code, the Administrator may also adjust the Performance Goals for any Performance Cycle as it deems equitable in
recognition of unusual or non-recurring events affecting the Company, changes in applicable tax laws or accounting principles, or
such other factors as the Administrator may determine.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0">Section 9.6&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>[Intentionally Omitted]</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0">Section 9.7&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Negative Discretion.</I> Notwithstanding anything
in this Article IX to the contrary, the Administrator shall have the right, in its absolute discretion, (i) to reduce or eliminate the
amount otherwise payable to any Participant under Section 9.9 based on individual performance or any other factors that the Administrator,
in its discretion, shall deem appropriate and (ii) to establish rules or procedures that have the effect of limiting the amount payable
to each Participant to an amount that is less than the maximum amount otherwise authorized under the Award or under the Plan.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0">Section
9.8&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Affirmative Discretion.</I> Notwithstanding any other provision in the Plan to the
contrary, but subject to the maximum number of Shares available for issuance under Article IV of the Plan, (i) the Administrator
shall have the right, in its discretion, to grant an Award in cash, Shares or other Awards, or in any combination thereof, to any
Participant (except for Awards intended to qualify as performance-based compensation under Section 162(m) of the Code, to the extent
Section 162(m) of the Code is applicable to the Company and the Plan) in a greater amount than would apply under the applicable
Performance Goals, based on individual performance or any other criteria that the Administrator deems appropriate and (ii) in
connection with the hiring of any person who is or becomes a &#8220;covered employee&#8221; as defined in Section 162(m)(3) of the
Code, the Administrator may provide for a minimum bonus amount in any Performance Cycle, regardless of whether the Performance Goals
are attained. Notwithstanding any provision of the Plan to the contrary, in no event shall the Administrator have, or exercise,
discretion with respect to a Performance Award intended to qualify as performance-based compensation under Section 162(m) of the
Code if such discretion or the exercise thereof would cause such qualification not to be available.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0">Section 9.9&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Certification of Attainment of Performance Goals.
</I>As soon as practicable after the end of a Performance Cycle and prior to any payment or vesting in respect of such Performance Cycle,
the Administrator shall certify in writing the number of Performance Shares or other Performance Awards and the number and value of Performance
Units that have been earned or vested on the basis of performance in relation to the established Performance Goals.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0">Section 9.10&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Payment of Awards.</I> Payment or delivery of Company
Common Stock with respect to earned Performance Shares and earned Performance Units shall be made to the Participant or, if the Participant
has died, to the Participant&#8217;s Eligible Representative, as soon as practicable after the expiration of the Performance Cycle and
the Administrator&#8217;s certification under Section 9.9 above and (unless an applicable Award Agreement shall set forth one or more
other dates) in any event no later than the earlier of (i) ninety (90) days after the end of the fiscal year in which the Performance
Cycle has ended and (ii) ninety (90) days after the expiration of the Performance Cycle. The Administrator shall determine and set forth
in the applicable Award Agreement whether earned Performance Shares and the value of earned Performance Units are to be distributed in
the form of cash, Shares or in a combination thereof, with the value or number of Shares payable to be determined based on the Fair Market
Value of the Company Common Stock on the date of the Administrator&#8217;s certification under Section 9.9 above or such other date specified
in the Award Agreement. The Administrator may set forth in an Award Agreement conditions with respect to the award or delivery of Shares,
including conditioning the vesting of such Shares on the performance of additional service.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0">Section 9.11&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Newly Eligible Participants.</I> Notwithstanding
anything in this Article IX to the contrary, the Administrator shall be entitled to make such rules, determinations and adjustments as
it deems appropriate with respect to any Participant who becomes eligible to receive Performance Shares, Performance Units or other Performance
Awards after the commencement of a Performance Cycle.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><B>ARTICLE X</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><B><U>DEFERRED SHARE UNITS</U></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0">Section 10.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Grant.</I> The Administrator is
authorized to make awards of Deferred Share Units to any Participant selected by the Administrator at such time or times as shall be
determined by the Administrator without regard to any election by the Participant to defer receipt of any compensation or bonus
amount payable to him. The grant date of any freestanding Deferred Share Unit under the Plan will be the date on which such
freestanding Deferred Share Unit is awarded by the Administrator or on such other future date permitted by Applicable Laws as the
Administrator shall determine in its sole discretion. Upon the grant of Deferred Share Units pursuant to the Plan, the Company shall
establish a notional account for the Participant and shall record in such account the number of Deferred Share Units awarded to the
Participant. No Shares will be issued to the Participant at the time an award of Deferred Share Units is granted. Subject to Article
III and Applicable Laws (including Section 409A of the Code), Deferred Share Units may become payable on a Corporate Event,
termination of employment or on a specified date or dates set forth in the Award Agreement evidencing such Deferred Share Units.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0">Section 10.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Rights as a Stockholder.</I> A Participant
shall not be, nor have any of the rights and privileges of, a stockholder of the Company in respect of Deferred Share Units awarded pursuant
to the Plan unless and until such Participant has signed the Subscription Agreement provided by the Administrator and the Shares attributable
to such Deferred Share Units have been issued to such Participant.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0">Section 10.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Vesting.</I> Unless the Administrator provides
otherwise at the grant date or provides thereafter in a manner more favorable to the Participant, Deferred Share Units shall be fully
vested and nonforfeitable when granted.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0">Section 10.4&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Further Deferral Elections.</I> A Participant may elect
to further defer receipt of Shares issuable in respect of Deferred Share Units (or an installment of an Award) for a specified period
or until a specified event and in a manner consistent with Section 409A of the Code, subject in each case to the Administrator&#8217;s
approval and to such terms as are determined by the Administrator, all in its sole discretion. Subject to any exceptions adopted by the
Administrator pursuant to Applicable Laws, such election must generally be made at least twelve (12) months prior to the prior settlement
date of such Deferred Share Units (or any such installment thereof) and must defer settlement for at least five (5) years after such
prior settlement date. A further deferral opportunity need not be made available to all Participants, and different terms and conditions
may apply with respect to the further deferral opportunities made available to different Participants.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0">Section 10.5&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Settlement.</I> Subject to this Article X,
upon the date specified in the Award Agreement evidencing the Deferred Share Units, for each such Deferred Share Unit the Participant
shall receive, as specified in the Award Agreement, (i) a cash payment equal to the Fair Market Value of one (1) Share as of such payment
date, (ii) one (1) Share or (iii) any combination of clauses Section 10.5 and Section 10.5.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><B>ARTICLE XI</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><B><U>OTHER STOCK-BASED AWARDS</U></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0">Section 11.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Grant of
Stock-Based Awards.</I> The Administrator is authorized to make Awards of other types of equity-based or equity-related awards <I>(</I>&#8220;<I>Stock-Based
Awards</I>&#8221;<I>)</I> not otherwise described by the terms of the Plan in such amounts and subject to such terms and conditions
as the Administrator shall determine. All Stock-Based Awards shall be evidenced by an Award Agreement. Such Stock-Based Awards may
be granted as an inducement to enter the employ of the Company or any Subsidiary or in satisfaction of any obligation of the Company
or any Subsidiary to an officer or other key associate, whether pursuant to this Plan or otherwise, that would otherwise have been
payable in cash or in respect of any other obligation of the Company. Such Stock-Based Awards may entail the transfer of actual
Shares, or payment in cash or otherwise of amounts based on the value of Shares and may include, without limitation, Awards under
Subplans designed to comply with or take advantage of the applicable local laws of jurisdictions other than the United States.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0">Section 11.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Automatic Grants for Directors.</I> The Administrator
may institute, by resolution, grants of automatic Awards to new and continuing Directors, with the number and type of such Awards, the
frequency of grant and all related terms and conditions, including any applicable vesting conditions, as determined by the Administrator
in its sole discretion.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><B>ARTICLE XII</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><B><U>DIVIDEND EQUIVALENTS</U></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0">Section 12.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Generally.</I> Dividend Equivalents may be
granted to Participants at such time or times as shall be determined by the Administrator. Dividend Equivalents may be granted in tandem
with other Awards, in addition to other Awards, or freestanding and unrelated to other Awards. The grant date of any Dividend Equivalents
under the Plan will be the date on which the Dividend Equivalent is awarded by the Administrator, or such other date permitted by Applicable
Laws as the Administrator shall determine in its sole discretion. Dividend Equivalents may, at the discretion of the Administrator, be
fully vested and nonforfeitable when granted or subject to such vesting conditions as determined by the Administrator. For the avoidance
of doubt, Dividend Equivalents with respect to Performance Awards shall not be fully vested until the Performance Awards have been earned
and shall be forfeited if the related Award is forfeited. Dividend Equivalents shall be evidenced in writing, whether as part of the
Award Agreement governing the terms of the Award, if any, to which such Dividend Equivalent relates, or pursuant to a separate Award
Agreement with respect to freestanding Dividend Equivalents, in each case, containing such provisions not inconsistent with the Plan
as the Administrator shall determine, including customary representations, warranties and covenants with respect to securities law matters.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><B>ARTICLE XIII</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><B><U>TERMINATION AND FORFEITURE</U></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0">Section 13.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Termination for Cause.</I> Unless otherwise determined
by the Administrator at the grant date and set forth in the Award Agreement covering the Award or otherwise in writing or determined thereafter
in a manner more favorable to the Participant, if a Participant&#8217;s employment or service terminates for Cause, all Options and SARs,
whether vested or unvested, and all other Awards that are unvested or unexercisable or otherwise unpaid (or were unvested or unexercisable
or unpaid at the time of occurrence of Cause) shall be immediately forfeited and canceled, effective as of the date of the Participant&#8217;s
termination of service.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0">Section 13.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Termination for Any Other Reason.</I> Unless
otherwise determined by the Administrator at the grant date and set forth in the Award Agreement covering the Award or otherwise in writing
or determined thereafter in a manner more favorable to the Participant, if a Participant&#8217;s employment or service terminates for
any reason other than Cause:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.5in; text-align: left; text-indent: 0in">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;All Awards that are unvested or unexercisable shall be immediately forfeited and canceled, effective as of the date of the Participant&#8217;s
termination of service;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.5in; text-indent: 0in">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
All Options and SARs that are vested shall remain outstanding until (x) in the case of termination for death, Disability or retirement
at normal retirement age, the first anniversary of the date of the Participant&#8217;s death, Disability or retirement at normal retirement
age, (y) the three-month anniversary of the effective date of the Participant&#8217;s termination for any reason other than death, Disability
or retirement at normal retirement age or (z) the Award&#8217;s normal expiration date, whichever is earlier, after which any unexercised
Options and SARs shall immediately terminate; and</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.5in; text-indent: 0in">(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
All Awards other than Options and SARs that are vested shall be treated as set forth in the applicable Award Agreement (or in any more
favorable manner determined by the Administrator).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0">Section 13.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Post-Termination Informational Requirements.</I>
Before the settlement of any Award following termination of employment or service, the Administrator may require the Participant (or the
Participant&#8217;s Eligible Representative, if applicable) to make such representations and provide such documents as the Administrator
deems necessary or advisable to effect compliance with Applicable Law and determine whether the provisions of Section 13.1 or Section
13.4 may apply to such Award.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0">Section 13.4&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Forfeiture of Awards.</I> Awards granted under this
Plan (and gains earned or accrued in connection with Awards) shall be subject to such generally applicable policies as to forfeiture and
recoupment (including, without limitation, upon the occurrence of material financial or accounting errors, financial or other misconduct
or Competitive Activity) as may be adopted by the Administrator or the Board from time to time and communicated to Participants. Any such
policies may (in the discretion of the Administrator or the Board) be applied to outstanding Awards at the time of adoption of such policies,
or on a prospective basis only. The Participant shall also forfeit and disgorge to the Company any Awards granted or vested and any gains
earned or accrued due to the exercise of Options or SARs or the sale of any Company Common Stock to the extent required by Applicable
Law or regulations in effect on or after the Effective Date, including Section 304 of the Sarbanes-Oxley Act of 2002 and Section 10D of
the Exchange Act. For the avoidance of doubt, the Administrator shall have full authority to implement any policies and procedures necessary
to comply with Section 10D of the Exchange Act and any rules promulgated thereunder, and the implementation of such policies and procedures
pursuant to this Section 13.4 shall not be subject to any restrictions on amendment or modification of Awards.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0">&nbsp;</P>




<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><B>ARTICLE XIV</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><B><U>CHANGE IN CONTROL</U></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: left">Section 14.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Accelerated Vesting and
Payment.</I> Except as otherwise provided in this Article XIV or in an Award Agreement or thereafter on terms more favorable to a Participant,
upon a Change in Control:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.5in; text-indent: 0in">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
each vested and unvested Option or SAR shall be canceled in exchange for a payment equal to the excess, if any, of the Change in Control
Price over the Option Price or Base Price;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.5in; text-indent: 0in">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
the vesting restrictions applicable to all other unvested Awards (other than freestanding Dividend Equivalents not granted in connection
with another Award) shall lapse, all such Awards shall vest and become non-forfeitable and be canceled in exchange for a payment equal
to the Change in Control Price;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.5in; text-indent: 0in">(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
all other Awards (other than freestanding Dividend Equivalents not granted in connection with another Award) that were vested prior to
the Change in Control but that have not been settled or converted into Shares prior to the Change in Control shall be canceled in exchange
for a payment equal to the Change in Control Price; and</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.5in; text-align: justify; text-indent: 0in">(d)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
all freestanding Dividend Equivalents not granted in connection with another Award shall be cancelled without payment therefor.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0">To the extent any portion of the Change in Control Price is
payable other than in cash and/or other than at the time of the Change in Control, equity holders under the Plan may (to the extent consistent
with Section 409A) receive the same time and form of payment in the Change in Control in the same proportion as the Company&#8217;s stockholders,
or the Administrator may, in its sole discretion, cause equity holders under the Plan to be paid in cash at the time of the Change in
Control. For avoidance of doubt, upon a Change in Control, the Administrator may cancel Options and SARs for no consideration if the aggregate
Fair Market Value of the Shares subject to Options and SARs is less than or equal to the Option Price of such Options or the Base Price
of such SARs.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0">Section 14.2 <I>&nbsp;&nbsp;&nbsp;&nbsp;Alternative Award.</I> No cancellation, acceleration
of vesting or other payment shall occur with respect to any Award if the Administrator reasonably determines in good faith, prior to the
occurrence of a Change in Control, that such Award shall be honored or assumed, or new rights substituted therefor following the Change
in Control (such honored, assumed or substituted award, an &#8220;<I>Alternative Award</I>&#8221;), <I>provided,</I> that any Alternative
Award must:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.5in">(a) &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;give the Participant who held such Award rights and
entitlements substantially equivalent to or better than the rights and terms applicable under such Award immediately prior to the Change
in Control, including, without limitation, an identical or better schedule as to vesting and/or exercisability, and for Alternative Awards
that are stock options, identical or better methods of payment of the exercise price thereof; and</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 228pt"></P>




<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.5in">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;have terms such that if, within two years following
a Change in Control, the Participant&#8217;s employment is involuntarily (other than for Cause) or constructively terminated (in each
case as the terms &#8220;involuntarily&#8221; and &#8220;constructively&#8221; are determined by the Administrator as constituted prior
to the Change in Control), at a time when any portion of the Alternative Award is unvested, the unvested portion of such Alternative Award
shall immediately vest in full and such Participant shall be provided with either cash or marketable stock equal to the fair market value
of the stock subject to the Alternative Award on the date of termination (and, in the case of Alternative Awards that are stock options
or stock appreciation rights, in excess of the Option Price or Base Price that the Participant would be required to pay in respect of
such Alternative Award).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0">Section 14.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Section 409A.</I> Notwithstanding the discretion
in Sections 14.1 and 14.2, if any Award is subject to Section 409A of the Code and an Alternative Award would be deemed a non-compliant
modification of such Award under Section 409A, then no Alternative Award shall be provided and such Award shall instead be treated as
provided in Section 14.1 or in the Award Agreement (or in such other manner determined by the Administrator that is a compliant modification
under Section 409A).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><B>ARTICLE XV</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><B><U>OTHER PROVISIONS</U></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0">Section 15.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Awards Not Transferable.</I> Unless otherwise agreed
to in writing by the Administrator, no Award or interest or right therein or part thereof shall be liable for the debts, contracts or
engagements of the Participant or his or her 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; <I>provided, however,</I> that nothing in this Section 15.1 shall prevent transfers by will or
by the applicable laws of descent and distribution.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0">Section 15.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Amendment, Suspension or Termination of the Plan or
Award Agreements.</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.5in">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Plan may
be wholly or partially amended or otherwise modified, suspended or terminated at any time or from time to time by the Administrator; <I>provided
that</I> without the approval by a majority of the shares entitled to vote at a duly constituted meeting of shareholders of the
Company, no amendment or modification to the Plan may (i) except as otherwise expressly provided in Section 4.3, increase the number
of shares of Stock subject to the Plan; (ii) modify the class of persons eligible for participation in the Plan; (iii) modify the
prohibition against repricing in Section 4.5 or (iv) materially modify the Plan in any other way that would require shareholder
approval under Applicable Law. Except as otherwise expressly provided in the Plan, neither the amendment, modification, suspension
nor termination of the Plan shall, without the consent of the holder of the Award, adversely alter or impair any rights or
obligations under any Award theretofore granted.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0">&nbsp;</P>




<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.5in; text-indent: 0in">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Except as provided by Section 4.3, the Administrator at any time, and from time to time, may amend the terms of any one or more existing
Award Agreements, <I>provided, however, </I>that the rights of a Participant under an Award Agreement shall not be adversely impaired
without the Participant&#8217;s written consent. The Company shall provide a Participant with notice of any amendment made to such Participant&#8217;s
existing Award Agreement(s) in accordance with the terms of this Section 15.2(b).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.5in; text-indent: 0in">(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Notwithstanding any provision of the Plan to the contrary, in no event shall adjustments made by the Administrator pursuant to Section
4.3 or the application of Section 13.4, Section 14.1, Section 15.6 or Section 15.12 to any Participant constitute an amendment of the
Plan or of any Award Agreement requiring the consent of any Participant.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.5in; text-indent: 0in">(d)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
No Award may be granted during any period of suspension nor after termination of the Plan, and in no event may any Award be granted under
this Plan after the expiration of ten (10) years from the Effective Date.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0">Section 15.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Effect of Plan upon Other Award and Compensation
Plans.</I> The adoption of this Plan shall not affect any other compensation or incentive plans in effect for the Company or any of its
Subsidiaries. Nothing in this Plan shall be construed to limit the right of the Company or any of its Subsidiaries (a) to establish any
other forms of incentives or compensation for Service Providers or (b) to grant or assume options or restricted stock other than under
this Plan in connection with any proper corporate purpose, including, but not by way of limitation, the grant or assumption of options
or restricted stock in connection with the acquisition by purchase, lease, merger, consolidation or otherwise, of the business, stock
or assets of any corporation, firm or association.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0">&nbsp;</P>

<P STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0">Section 15.4&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>At-Will Employment.</I> Nothing in the Plan
or any Award Agreement hereunder shall confer upon the Participant any right to continue as a Service Provider of the Company or any of
its Subsidiaries or shall interfere with or restrict in any way the rights of the Company and any of its Subsidiaries, which are hereby
expressly reserved, to discharge any Participant at any time for any reason whatsoever, with or without Cause.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0">Section 15.5&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Titles.</I> Titles are provided herein for
convenience only and are not to serve as a basis for interpretation or construction of the Plan.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0">Section 15.6&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Conformity to Securities Laws.</I> The Plan
is intended to conform to the extent necessary with all provisions of the Securities Act and the Exchange Act and any and all regulations
and rules promulgated under any of the foregoing, to the extent the Company, any of its Subsidiaries or any Participant is subject to
the provisions thereof. Notwithstanding anything herein to the contrary, the Plan shall be administered, and Awards shall be granted
and may be exercised, only in such a manner as to conform to such laws, rules and regulations. To the extent permitted by applicable
law, the Plan and Awards granted hereunder shall be deemed amended to the extent necessary to conform to such laws, rules and regulations.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0">Section 15.7&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Term of
Plan. </I>The Plan shall become effective on the Effective Date, subject to approval by ordinary resolution of the stockholders of
the Company. If approved by stockholders, the Plan shall continue in effect, unless sooner terminated pursuant to Section 15.2,
until April 27, 2025. The provisions of the Plan shall continue thereafter to govern all outstanding Awards.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0">Section 15.8&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Governing Law.</I> To the extent not preempted
by federal law, the Plan shall be construed in accordance with and governed by the laws of England regardless of the application of rules
of conflict of law that would apply the laws of any other jurisdiction.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0">Section 15.9&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Severability.</I> In the event any portion
of the Plan or any action taken pursuant thereto shall be held illegal or invalid for any reason, the illegality or invalidity shall not
affect the remaining parts of the Plan, and the Plan shall be construed and enforced as if the illegal or invalid provisions had not been
included, and the illegal or invalid action shall be null and void.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0">Section 15.10&nbsp;&nbsp;&nbsp;<I>Governing Documents.</I> In the event of any
express contradiction between the Plan and any Award Agreement or any other written agreement between a Participant and the Company or
any Subsidiary of the Company that has been approved by the Administrator, the express terms of the Plan shall govern, unless it is expressly
specified in such Award Agreement or other written document that such express provision of the Plan shall not apply.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0">Section 15.11&nbsp;&nbsp;&nbsp;<I>Withholding Taxes.</I>
In addition to any rights or obligations with respect to Withholding Taxes under the Plan or any applicable Award Agreement, the
Company or any Subsidiary employing a Service Provider shall have the right to withhold from the Service Provider, or otherwise
require the Service Provider or an assignee to pay, any Withholding Taxes arising as a result of grant, exercise, vesting or
settlement of any Award or any other taxable event occurring pursuant to the Plan or any Award Agreement, including, without
limitation, to the extent permitted by law, the right to deduct any such Withholding Taxes from any payment of any kind otherwise
due to the Service Provider or to take such other actions (including, without limitation, withholding any Shares or cash deliverable
pursuant to the Plan or any Award) as may be necessary to satisfy all or any portion of such Withholding Taxes; <I>provided,
however,</I> that in the event that the Company withholds Shares issued or issuable to the Participant to satisfy the Withholding
Taxes, the Company shall withhold a number of whole Shares having a Fair Market Value, determined as of the date of withholding, not
in excess of the minimum tax required to be withheld by law (or such lower amount as may be necessary to avoid liability award
accounting); and <I>provided, further,</I> that with respect to any Award subject to Section 409A of the Code, in no event shall
Shares be withheld pursuant to this Section 15.11 (other than upon or immediately prior to settlement in accordance with the Plan
and the applicable Award Agreement) other than to pay taxes imposed under the U.S. Federal Insurance Contributions Act (FICA) and
any associated U.S. federal withholding tax imposed under Section 3401 of the Code and in no event shall the value of such Shares
(other than upon immediately prior to settlement) exceed the amount of the tax imposed under FICA and any associated U.S. federal
withholding tax imposed under Section 3401 of the Code. The Participant shall be responsible for all Withholding Taxes and other tax
consequences of any Award granted under this Plan.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0">Section 15.12&nbsp;&nbsp;&nbsp;<I>Section 409A.</I>
To the extent that the Administrator determines that any Award granted under the Plan is subject to Section 409A of the Code, the Award
Agreement evidencing such Award shall incorporate any terms and conditions required by Section 409A of the Code. To the extent applicable,
the Plan and Award Agreements shall be interpreted in accordance with Section 409A of the Code and Department of Treasury regulations
and other interpretive guidance issued thereunder, including without limitation any such regulations or other guidance that may be issued
after the adoption of the Plan. Notwithstanding any provision of the Plan to the contrary, in the event that following the adoption of
the Plan, the Administrator determines that any Award may be subject to Section 409A of the Code and related regulations and Department
of Treasury guidance (including such Department of Treasury guidance as may be issued after the adoption of the Plan), the Administrator
may adopt such amendments to the Plan and the applicable Award Agreement or adopt other policies and procedures (including amendments,
policies and procedures with retroactive effect), or take any other actions, that the Administrator determines are necessary or appropriate
to (a) exempt the Award from Section 409A of the Code and/or preserve the intended tax treatment of the benefits provided with respect
to the Award, (b) comply with the requirements of Section 409A of the Code and related Department of Treasury guidance or (c) comply
with any correction procedures available with respect to Section 409A of the Code. Notwithstanding anything else contained in this Plan
or any Award Agreement to the contrary, if a Service Provider is a &#8220;specified employee&#8221; (as determined pursuant to Section
409A under any Company Specified Employee policy in effect at the time of the Service Provider&#8217;s &#8220;separation from service&#8221;
(as determined under Section 409A) or, if no such policy is in effect, as defined in Section 409A of the Code), then, to the extent necessary
to comply with, and avoid imposition on such Service Provider of any tax penalty imposed under, Section 409A of the Code, any payment
required to be made to a Service Provider hereunder upon or following his or her separation from service shall be delayed until the first
to occur of (i) the six-month anniversary of the Service Provider&#8217;s separation from service and (ii) the Service Provider&#8217;s
death. Should payments be delayed in accordance with the preceding sentence, the accumulated payment that would have been made but for
the period of the delay shall be paid in a single lump sum during the ten-day period following the lapsing of the delay period. No provision
of this Plan or an Award Agreement shall be construed to indemnify any Service Provider for any taxes incurred by reason of Section 409A
(or timing of incurrence thereof), other than an express indemnification provision therefor.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0">Section 15.13&nbsp;&nbsp;&nbsp;<I>Notices.</I> Except as provided otherwise in an Award
Agreement, all notices and other communications required or permitted to be given under this Plan or any Award Agreement shall be in writing
and shall be deemed to have been given if delivered personally, sent by email or any other form of electronic transfer approved by the
Administrator, or sent by certified or express mail, return receipt requested, postage prepaid or by any recognized international equivalent
of such delivery, (i) in the case of notices and communications to the Company, to its registered office or (ii) in the case of a Participant,
to the last known address, or email address or, where the individual is an Associate employed by the Company or one of its subsidiaries,
to the individual&#8217;s workplace address or email address or by other means of electronic transfer approved by the Administrator. All
such notices and communications shall be deemed to have been received on the date of delivery, if sent by email or any other form of electronic
transfer, at the time of delivery, if delivered personally, or on the third business day after the mailing thereof, if sent by mail.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0">&nbsp;</P>

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<DOCUMENT>
<TYPE>EX-5.1
<SEQUENCE>3
<FILENAME>tm2227891d1_ex5-1.htm
<DESCRIPTION>EXHIBIT 5.1
<TEXT>
<HTML>
<HEAD>
     <TITLE></TITLE>
</HEAD>
<BODY STYLE="font: 10pt Times New Roman, Times, Serif">

<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="text-align: right; margin: 0"><B>Exhibit 5.1</B></P>

<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="margin: 0"><IMG SRC="tm2227891d1_ex5-1img002.jpg" ALT="">&nbsp;</P>

<P STYLE="margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Rentokil Initial plc&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>London</B></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Compass House&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Freshfields Bruckhaus
    Deringer <FONT STYLE="font-variant: small-caps">llp</FONT></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Manor Royal&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">100 Bishopsgate</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Crawley&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">London EC2P 2SR</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 10pt; width: 70%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">West Sussex&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; width: 3%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">T</FONT></TD>
    <TD STYLE="font-size: 10pt; width: 27%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">+44 20 7936 4000
    (Switchboard)</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">RH10 9PY</FONT></TD>
    <TD STYLE="font-size: 10pt"></TD>
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">+44 20 7427 3058 (Direct)</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">F</FONT></TD>
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">+44 20 7108 3058</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">LDE No 23</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">E</FONT></TD>
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">jennifer.bethlehem@&zwnj;freshfields.com</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">www.freshfields.com</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Doc ID</B></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt">EUROPE-LEGAL-263162768</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Our Ref</B></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">JXB&nbsp;</FONT></TD></TR>
  </TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;
<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-bottom: 0pt">
<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-bottom: 0pt">12 October 2022</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Rentokil Initial plc &ndash; Registration Statement on Form
S-8</B></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Introduction</B></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">1.</FONT></TD><TD STYLE="text-align: justify">We are acting as advisers as to English law to Rentokil Initial plc (the <B><I>Company</I></B>), a public
limited company incorporated under the laws of England and Wales with company number 05393279 and its registered office at Compass House,
Manor Royal, Crawley, West Sussex, RH10 9PY, UK, in relation to the Registration Statement on Form S-8 (the <B><I>Registration Statement</I></B>)
to be filed on or around 12 October 2022 with the Securities and Exchange Commission (the <B><I>SEC</I></B>) under the Securities Act
of 1933, as amended (the <B><I>Securities Act</I></B>), with respect to 25,188,574 ordinary shares in the capital of the Company (the
<B><I>Ordinary Shares</I></B>) (each represented by one-fifth of an American Depositary Share) which may be issued or transferred from
time to time in satisfaction of awards granted pursuant to (i) the Terminix Global Holdings, Inc. 2014 Omnibus Incentive Plan; or (ii)
the Rentokil Initial plc Performance Share Plan (together, the <B><I>Plans</I></B>).</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Documents Reviewed</B></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">2.</FONT></TD><TD STYLE="text-align: justify">For the purposes of giving this opinion, we have examined the documents listed in Schedule 3 to this opinion
(the <B><I>Documents</I></B>) and relied upon the statements as to factual matters contained in or made pursuant to each of the Documents.
Unless explicitly stated in this opinion, we have not examined any other agreement, deed or document entered into by or affecting the
Company or any other corporate records of the Company and have not made any other inquiry concerning it. Terms defined in the Schedules
have the same meaning where used in this opinion (including, for the avoidance of doubt, the Schedules).</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Freshfields Bruckhaus Deringer LLP is a limited liability partnership
registered in England and Wales with registered number OC334789. It is authorised and regulated by the Solicitors Regulation Authority
(SRA no. 484861). For further regulatory information please refer to www.freshfields.com/support/legal-notice.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">A list of the members (and of the non-members who are designated as
 &lsquo;partners&rsquo;) of Freshfields Bruckhaus Deringer LLP is available for inspection at its registered office, 100 Bishopsgate, London
EC2P 2SR. Any reference to a &lsquo;partner&rsquo; means a member, or a consultant or employee with equivalent standing and qualifications,
of Freshfields Bruckhaus Deringer LLP or any associated firms or entities.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"></P>

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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt; text-align: left; font-size: 10pt"><IMG SRC="tm2227891d1_ex5-1img001.jpg" ALT="">&nbsp;</P><P STYLE="margin: 0pt; text-align: left; font-size: 10pt">&nbsp;</P><P STYLE="margin: 0pt; text-align: right; font-size: 10pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->2<!-- Field: /Sequence --><FONT STYLE="font-family: Symbol; font-size: 10pt">&iuml;</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">10</FONT></P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Nature of Opinion and Observations</B></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">3.</FONT></TD><TD STYLE="text-align: justify; width: 0.5in">(a)&#9;</TD>
                                                                                                                                         <TD STYLE="text-align: justify">This opinion is confined to matters of English law (including case law) as currently applied by the English courts as at the date of
this opinion. We express no opinion with regard to any system of law other than the laws of England as currently applied by the English
courts. A reference in this opinion to any law or statutory provision is to it as amended.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(b)</FONT></TD><TD STYLE="text-align: justify">By giving this opinion, we do not assume any obligation to notify you of future changes in law which may
affect the opinions expressed in this opinion, or otherwise to update this opinion in any respect.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(c)</FONT></TD><TD STYLE="text-align: justify">We should also like to make the following observations:</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(i)</FONT></TD><TD STYLE="text-align: justify"><B><I>Factual Statements</I></B>: we have not been responsible for verifying whether statements of fact
(including foreign law), opinion or intention in any documents referred to in this opinion or in any related documents are accurate, complete
or reasonable;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(ii)</FONT></TD><TD STYLE="text-align: justify"><B><I>Engagement Letter</I></B>: we have carried out our legal work relating to the Registration Statement
(including the provision of this opinion) on the basis of our engagement letter entered into with you;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(iii)</FONT></TD><TD STYLE="text-align: justify"><B><I>Tax</I></B>: we express no opinion in respect of the tax treatment of the transactions contemplated
by the Plans or the Registration Statement.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Opinion</B></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">4.</FONT></TD><TD STYLE="text-align: justify">On the basis stated in paragraph 3, and subject to the assumptions in Schedule 1 and the qualifications
in Schedule 2, we are of the opinion that the Ordinary Shares, or any portion thereof, when issued by the Company in accordance with the
Plans or transferred in satisfaction of awards granted pursuant to the Plans after the Registration Statement has become effective under
the Securities Act, and upon the passing of all necessary resolutions and the taking of all necessary corporate action in connection therewith,
will be duly and validly issued and fully paid and no further amounts will be payable to the Company in respect thereof.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Benefit of Opinion</B></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">5.</FONT></TD><TD STYLE="text-align: justify">This opinion is addressed to you solely for your own benefit in relation to the Registration Statement
and, except with our prior written consent, is not to be transmitted or disclosed to or used or relied upon by any other person or used
or relied upon by you for any other purpose, except that we consent to the filing of this opinion as an exhibit to the Registration Statement.
Having requested production of this opinion and in order to rely on its contents, you agree to be bound by its terms.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"></P>

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    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Consent</B></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">6.</FONT></TD><TD STYLE="text-align: justify">We hereby consent to the filing of this opinion as Exhibit 5.1 to the Registration Statement. In giving
such consent, we do not thereby admit that we are included in the category of persons whose consent is required under Section 7 of the
Securities Act, or the rules and regulations of the SEC promulgated thereunder.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in"><B>Reliance</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">7.</FONT></TD><TD STYLE="text-align: justify">Your reliance on the matters addressed in this opinion is on the basis that any associated recourse is
against the firm&rsquo;s assets only and not against the personal assets of any individual partner. The firm&rsquo;s assets for this purpose
consist of all assets of the firm&rsquo;s business, including any right of indemnity of the firm or its partners under the firm&rsquo;s
professional indemnity insurance policies, but excluding any right to seek contribution or indemnity from or against any partner of the
firm or person working for the firm or similar right. The restrictions in the previous sentences apply to any claim, whether in contract,
tort (including negligence) for breach of statutory duty, or otherwise, but they do not apply in the case of our wilful misconduct or
fraud or where and to the extent prohibited by applicable law and regulation (including without limitation, the rules of professional
responsibility governing the practice of law).</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Governing Law</B></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">8.</FONT></TD><TD STYLE="text-align: justify">This opinion and any non-contractual obligations arising out of or in relation to this opinion are governed
by English law.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Yours faithfully</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">/s/ Freshfields Bruckhaus Deringer LLP</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Freshfields Bruckhaus Deringer LLP</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

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    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>




<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Schedule
1</B></FONT><BR>
Assumptions</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
considering the documents listed in </FONT>Schedule 3 and in rendering this opinion, we have (with your consent and without any further
enquiry) assumed:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(a)</FONT></TD><TD STYLE="text-align: justify"><B><I>Authenticity</I></B>: (A) the genuineness of all signatures, (B) that a signatory has personally
signed each Document either (i) by hand (a <B><I>wet ink signatory</I></B>); or (ii) by adding an image of their signature to an electronic
version of the Documents; or (iii) by adding their signature to an electronic version of the Documents on a web-based electronic signing
platform (an <B><I>e-platform</I></B>) contemplated by the parties and their legal advisers; or (iv) by using a mouse, finger, stylus
or similar to sign their name in an electronic version of the Documents on a touchscreen device such as an iPad (each signature referred
to in (ii) to (iv) an <B><I>e-signature</I></B>, and each signatory referred to in (ii) to (iv) an <B><I>e-signatory</I></B>), and (C)
the genuineness of all stamps and seals on, and the authenticity, accuracy and completeness of, all documents submitted to us (whether
as originals or copies);</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(b)</FONT></TD><TD STYLE="text-align: justify"><B><I>Copies</I></B>: the conformity to originals of all Documents supplied to us as photocopies, portable
document format (PDF) copies, facsimile copies or e-mail versions;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(c)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><I>Virtual signing using
email and/or PDFs</I></B>: that the parties have complied with the procedures for counterpart signature and delivery of the </FONT>Documents
and that such parties have validly authorised the attachment of their respective signature pages to the final text of the Documents;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(d)</FONT></TD><TD STYLE="text-align: justify"><B><I>Confirmation by legal adviser</I></B>: in any case where the legal adviser of a party to the Documents
has attached and released the signature page of such party&rsquo;s counterpart of a Document, that such legal adviser had all necessary
authority from such party to do so;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(e)</FONT></TD><TD STYLE="text-align: justify"><B><I>Certificate</I></B>: that each of the statements contained in the Certificate (as defined herein)
is true and correct as at the date hereof;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(f)</FONT></TD><TD STYLE="text-align: justify"><B><I>Drafts</I></B>: that, where a Document has been examined by us in draft, in agreed form or in specimen
form, it will be or has been executed in the form of that draft, agreed form or specimen form;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(g)</FONT></TD><TD STYLE="text-align: justify"><B><I>Corporate authority</I></B>: in relation to the Company:</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(i)</FONT></TD><TD STYLE="text-align: justify">that the Certificate of Incorporation and Certificate of Incorporation on Change of Name in the forms
referred to in paragraph (c) of Schedule 3 and the Articles of Association of the Company in the form referred to in paragraph (d) of
Schedule 3 are in force at the date hereof and will continue to be in force in those forms at the time of any issuance or Ordinary Shares;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"></P>

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    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(h)</FONT></TD><TD STYLE="text-align: justify"><B><I>Directors&rsquo; duties: </I></B>that the directors of the Company, in authorising execution of
the Documents and the allotment and issue of the Ordinary Shares, will exercise their powers in accordance with their duties under all
applicable laws and the Articles of Association of the Company;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(i)</FONT></TD><TD STYLE="text-align: justify"><B><I>Other parties - corporate capacity/approval</I></B>: that each of the parties to the Documents (other
than the Company) has the necessary capacity and corporate power to execute, deliver and perform the Documents and that the Documents
have each been duly authorised, executed and delivered by each of the parties thereto in accordance with all applicable laws (other than,
in the case of the Company, the laws of England);</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(j)</FONT></TD><TD STYLE="text-align: justify"><B><I>Validity under other laws</I></B>: that the Documents constitute legal, valid, binding and enforceable
obligations of each of the parties thereto under all applicable laws (other than, in the case of the Company, the laws of England) and
that insofar as the laws or regulations of any jurisdiction other than England and Wales may be relevant to: (i) the obligations or rights
of any of the parties under the Documents; or (ii) any of the transactions contemplated by the Documents, such laws and regulations do
not prohibit, and are not inconsistent with, the entering into and performance of any of such obligations, rights or transactions;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(k)</FONT></TD><TD STYLE="text-align: justify"><B><I>No escrow</I></B>: that the Documents have been delivered by the parties and are not subject to
any escrow or other similar arrangement;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(l)</FONT></TD><TD STYLE="text-align: justify"><B><I>No amendments</I></B>: that the Documents have not been amended, terminated, rescinded or varied,
that there has been no breach of any of their provisions by any of the parties thereto which would affect the opinions expressed in this
opinion, and that the Documents are not affected in any way by any relevant provisions of any other document or agreement (other than
any of the documents listed in Schedule 3) or any course of dealings between the parties thereto;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(m)</FONT></TD><TD STYLE="text-align: justify"><B><I>Unknown facts</I></B>: that there are no facts or circumstances (and no documents, agreements, instruments
or correspondence) which are not apparent from the face of the Documents or which have not been disclosed to us that may affect the validity
or enforceability of the Documents or any obligation therein or otherwise affect the opinions expressed in this opinion;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(n)</FONT></TD><TD STYLE="text-align: justify"><B><I>Arm&rsquo;s length terms</I></B>: that the Documents have been entered into for <I>bona fide</I>
commercial reasons and on arm&rsquo;s length terms by each of the parties thereto;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(o)</FONT></TD><TD STYLE="text-align: justify"><B><I>Company search</I></B>: that the information revealed by our search (carried out by us or by Legalinx
Limited trading as GlobalX on our behalf on 11 October 2022) of the public documents of the Company kept at Companies House in Cardiff
and accessible online (the <B><I>Company Search</I></B>): (i) was accurate in all respects and has not since the time of such searches
been altered; and (ii) was complete and included all relevant information which had been properly submitted to the Registrar of Companies;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"></P>

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    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(p)</FONT></TD><TD STYLE="text-align: justify"><B><I>Winding-up enquiry</I></B>: that the information revealed by our search (carried out by us or by
Legalinx Limited trading as GlobalX on our behalf on 11 October 2022) of the Central Registry of Winding-up Petitions (the <B><I>Winding-up
Enquiry</I></B>) was accurate in all respects and has not since the time of such enquiry been altered;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(q)</FONT></TD><TD STYLE="text-align: justify"><B><I>Bad faith, fraud, duress</I></B>: the absence of bad faith, fraud, coercion, duress or undue influence
on the part of any of the parties to the Documents and their respective directors, employees, agents and advisers (excepting ourselves);</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(r)</FONT></TD><TD STYLE="text-align: justify"><B><I>Authorisation under the FSMA</I></B>: that each person dealing with the Company in connection with
the Plans or the Registration Statement which is carrying on, or purporting to carry on, a regulated activity (within the meaning of section
19 of the Financial Services and Markets Act 2000 (the FSMA)) is an authorised person or an exempt person for the purposes of the FSMA;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(s)</FONT></TD><TD STYLE="text-align: justify"><B><I>Financial promotions</I></B>: that any invitation or inducement to engage in investment activity
(within the meaning of section 21 of the FSMA) in connection with the issue of the Ordinary Shares has only been communicated or caused
to be communicated in circumstances in which there has been no breach of section 21(1) of the FSMA;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(t)</FONT></TD><TD STYLE="text-align: justify"><B><I>Financial crime, national security and investment, antitrust and criminal cartel, sanctions and
human rights etc</I></B>.: that the parties to Documents and all parties representing them have complied (and will continue to comply)
with all applicable anti-terrorism, national security and investment, anti-corruption, anti-money laundering, anti-tax evasion, other
financial crime, civil or criminal antitrust, cartel, competition, public procurement, state aid, anti-subsidy, sanctions, pensions and
human rights laws and regulations which may affect the Plans, the Registration Statement or the Documents and that (where applicable)
performance and enforcement of the Documents is, and will continue to be, consistent with all such laws and regulations;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(u)</FONT></TD><TD STYLE="text-align: justify"><B><I>Filings:</I></B> that all statutory notifications under the Companies Act 2006 in relation to the
Ordinary Shares, when issued, have been duly or will be made and valid entries will be made in the books and registers of the Company
reflecting any issuance of Ordinary Shares;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(v)</FONT></TD><TD STYLE="text-align: justify"><B><I>Share plans</I></B>: each of the Plans constitutes an employees&rsquo; share scheme for the purposes
of s1166 of the United Kingdom Companies Act 2006, as amended;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(w)</FONT></TD><TD STYLE="text-align: justify"><B><I>Transfer</I></B>: the Ordinary Shares to be transferred in satisfaction of awards granted pursuant
to the Plans were or will be allotted, issued and paid for in accordance with (i) the rules of the Plans; (ii) the articles of association
of the Company in force at the relevant time; and (iii) the relevant provisions of the United Kingdom Companies Act 2006 in force at the
relevant time, and all necessary authorities and resolutions with respect to the Ordinary Shares will be fully and unconditionally in
force at the time the Ordinary Shares are issued;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"></P>

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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt; text-align: left; font-size: 10pt"><IMG SRC="tm2227891d1_ex5-1img001.jpg" ALT="">&nbsp;</P><P STYLE="margin: 0pt; text-align: left; font-size: 10pt">&nbsp;</P><P STYLE="margin: 0pt; text-align: right; font-size: 10pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->7<!-- Field: /Sequence --><FONT STYLE="font-family: Symbol; font-size: 10pt">&iuml;</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">10</FONT></P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(x)</FONT></TD><TD STYLE="text-align: justify"><B><I>Subscription</I></B>: the subscription price per Ordinary Share was or will be no less than the
nominal value of a share in the capital of the Company and was or will be fully paid to the Company on issue of the Ordinary Shares;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(y)</FONT></TD><TD STYLE="text-align: justify"><B><I>Authority</I></B>: the directors of the Company will have the proper authority under section 551
of the United Kingdom Companies Act 2006, as amended, to allot and issue such of the Ordinary Shares as are proposed to be issued and
allotted at the date of allotment thereof, or that no such authority shall be required pursuant to section 549(2)(a) of that Act;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(z)</FONT></TD><TD STYLE="text-align: justify"><B><I>Pre-emption</I></B>: the Company will have complied with its obligations under section 561 of the
United Kingdom Companies Act 2006, as amended, to offer the Ordinary Shares to existing shareholders, or that no such obligation shall
arise pursuant to section 566 of that Act; and</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(aa)</FONT></TD><TD STYLE="text-align: justify"><B><I>Allotment and issuance</I></B>: the Ordinary Shares shall be duly allotted and issued in accordance
with the Plans by means of a resolution duly passed by the board of directors of the Company or a duly authorised committee thereof at
a validly convened and constituted meeting or meetings and duly entered in the Company&rsquo;s register of members.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"></P>

<!-- Field: Page; Sequence: 7 -->
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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt; text-align: left; font-size: 10pt"><IMG SRC="tm2227891d1_ex5-1img001.jpg" ALT="">&nbsp;</P><P STYLE="margin: 0pt; text-align: left; font-size: 10pt">&nbsp;</P><P STYLE="margin: 0pt; text-align: right; font-size: 10pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->8<!-- Field: /Sequence --><FONT STYLE="font-family: Symbol; font-size: 10pt">&iuml;</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">10</FONT></P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Schedule
2</B></FONT><BR>
Qualifications</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Our opinion is subject to the following qualifications:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(a)</FONT></TD><TD STYLE="text-align: justify"><B><I>Company Search</I></B>: the Company Search is not capable of revealing conclusively whether or not:</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(i)</FONT></TD><TD STYLE="text-align: justify">a winding-up order has been made or a resolution passed for the winding-up of a company;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(ii)</FONT></TD><TD STYLE="text-align: justify">an administration order has been made;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(iii)</FONT></TD><TD STYLE="text-align: justify">a receiver, administrative receiver, administrator or liquidator has been appointed; or</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(iv)</FONT></TD><TD STYLE="text-align: justify">a court order has been made under the Cross Border Insolvency Regulations 2006;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify">since notice of these matters may not
be filed with the Registrar of Companies immediately and, when filed, may not be entered on the public record of the relevant company
immediately.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify">In addition, the Company Search is not
capable of revealing, prior to the making of the relevant order or the appointment of an administrator otherwise taking effect, whether
or not a winding-up petition or an application for an administration order has been presented or notice of intention to appoint an administrator
under paragraphs 14 or 22 of Schedule B1 to the Insolvency Act 1986 has been filed with the court;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(b)</FONT></TD><TD STYLE="text-align: justify"><B><I>Winding-up Enquiry</I></B>: the Winding-up Enquiry relates only to the presentation of: (1) a petition
for the making of a winding-up order or the making of a winding-up order by the Court; (2) an application to the High Court of Justice
in London for the making of an administration order and the making by such court of an administration order; (3) a notice of intention
to appoint an administrator or a notice of appointment of an administrator filed at the High Court of Justice in London; and (4) a notice
of a moratorium under Part A1 of the Insolvency Act 1986. It is not capable of revealing conclusively whether or not such a winding-up
petition, application for an administration order, notice of intention or notice of appointment or notice of a moratorium has been presented
or winding-up or administration order granted, because:</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(i)</FONT></TD><TD STYLE="text-align: justify">details of a winding-up petition or application for an administration order may not have been entered
on the records of the Central Registry of Winding-up Petitions immediately;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(ii)</FONT></TD><TD STYLE="text-align: justify">in the case of: (i) an application for the making of an administration order; (ii) the filing of a notice
of intention to appoint an administrator; (iii) the filing of a notice of appointment of an administrator; or (iv) the filing of a notice
of a moratorium, if such application is made to, order made by or notice filed with, a court other than the High Court of Justice in London,
no record of such application, order or notice will be kept by the Central Registry of Winding-up Petitions;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"></P>

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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt; text-align: left; font-size: 10pt"><IMG SRC="tm2227891d1_ex5-1img001.jpg" ALT="">&nbsp;</P><P STYLE="margin: 0pt; text-align: left; font-size: 10pt">&nbsp;</P><P STYLE="margin: 0pt; text-align: right; font-size: 10pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->9<!-- Field: /Sequence --><FONT STYLE="font-family: Symbol; font-size: 10pt">&iuml;</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">10</FONT></P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(iii)</FONT></TD><TD STYLE="text-align: justify">a winding-up order or administration order may be made before the relevant petition or application has
been entered on the records of the Central Registry of Winding-up Petitions, and the making of such order may not have been entered on
the records immediately;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(iv)</FONT></TD><TD STYLE="text-align: justify">details of a notice of intention to appoint an administrator or a notice of appointment of an administrator
under paragraphs 14 and 22 of Schedule B1 of the Insolvency Act 1986 and details of a notice of moratorium under Part A1 of the Insolvency
Act 1986 may not be entered on the records immediately (or, in the case of a notice of intention to appoint, at all); and</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(v)</FONT></TD><TD STYLE="text-align: justify">with regard to winding-up petitions, the Central Registry of Winding-up Petitions may not have records
of winding-up petitions issued prior to 1994;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(c)</FONT></TD><TD STYLE="text-align: justify"><B><I>Insolvency</I></B>: this opinion is subject to all applicable laws relating to insolvency, bankruptcy,
administration, moratorium, reorganisation, liquidation or analogous circumstances and other similar laws of general application relating
to or affecting generally the enforcement of creditors&rsquo; rights and remedies from time to time; and</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(d)</FONT></TD><TD STYLE="text-align: justify"><B><I>American Depositary Shares</I></B>: we express no opinion as to the validity or otherwise of the
issue of any American Depositary Shares under the Plans.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"></P>

<!-- Field: Page; Sequence: 9 -->
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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt; text-align: left; font-size: 10pt"><IMG SRC="tm2227891d1_ex5-1img001.jpg" ALT="">&nbsp;</P><P STYLE="margin: 0pt; text-align: left; font-size: 10pt">&nbsp;</P><P STYLE="margin: 0pt; text-align: right; font-size: 10pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->10<!-- Field: /Sequence --><FONT STYLE="font-family: Symbol; font-size: 10pt">&iuml;</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">10</FONT></P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Schedule
3</B></FONT>&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(a)</FONT></TD><TD STYLE="text-align: justify">a copy of the final draft Registration Statement;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(b)</FONT></TD><TD STYLE="text-align: justify">the certificate from the Company Secretary of the Company addressed to Freshfields Bruckhaus Deringer
LLP dated 12 October 2022 and the documents attached thereto (the <B><I>Certificate</I></B>);</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(c)</FONT></TD><TD STYLE="text-align: justify">copies of the Company&rsquo;s Certificate of Incorporation dated 15 March 2005 and Certificate of Incorporation
on Change of Name dated 21 June 2005 certified to be true and correct copies;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(d)</FONT></TD><TD STYLE="text-align: justify">a copy of the Articles of Association of the Company, certified to be a true and correct copy as at the
date hereof;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(e)</FONT></TD><TD STYLE="text-align: justify">a copy of the Rentokil Initial plc Performance Share Plan currently in effect, certified to be a true
and correct copy as at the date hereof;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(f)</FONT></TD><TD STYLE="text-align: justify">a copy of the Terminix Global Holdings, Inc. 2014 Omnibus Incentive Plan currently in effect, certified
to be a true and correct copy as at the date hereof;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(g)</FONT></TD><TD STYLE="text-align: justify">the Company Search;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(h)</FONT></TD><TD STYLE="text-align: justify">the Winding-up Enquiry; and</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(i)</FONT></TD><TD STYLE="text-align: justify">such other corporate records, certificates, instruments and other documents as in our judgment are necessary
or appropriate to enable us to render the opinion expressed herein.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0in">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0in">&nbsp;</P>

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<DOCUMENT>
<TYPE>EX-23.1
<SEQUENCE>4
<FILENAME>tm2227891d1_ex23-1.htm
<DESCRIPTION>EXHIBIT 23.1
<TEXT>
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<HEAD>
     <TITLE></TITLE>
</HEAD>
<BODY STYLE="font: 10pt Times New Roman, Times, Serif">

<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="text-align: right; margin: 0"><B>Exhibit 23.1</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>CONSENT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING
FIRM</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">We consent to the incorporation by reference in this Registration Statement
on Form&nbsp;S-8 of our report dated March&nbsp;1, 2022, relating to the financial statements of Terminix Global Holdings,&nbsp;Inc.,
appearing in the Annual Report on Form&nbsp;10-K of Terminix Global Holdings,&nbsp;Inc. for the year ended December&nbsp;31, 2021.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 50%">/s/ Deloitte&nbsp;&amp; Touche LLP</TD><TD STYLE="width: 50%; text-align: left">&nbsp;</TD>
</TR><TR STYLE="vertical-align: top; text-align: justify">
<TD>&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
     <TR STYLE="vertical-align: top; text-align: justify">
<TD>Memphis, Tennessee</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
     <TR STYLE="vertical-align: top; text-align: justify">
<TD>October&nbsp;12, 2022</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
     </TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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<DOCUMENT>
<TYPE>EX-23.2
<SEQUENCE>5
<FILENAME>tm2227891d1_ex23-2.htm
<DESCRIPTION>EXHIBIT 23.2
<TEXT>
<HTML>
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<BODY STYLE="font: 10pt Times New Roman, Times, Serif">

<P STYLE="text-align: right; margin: 0"><B>Exhibit 23.2</B></P>

<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>CONSENT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING
FIRM</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">We hereby consent to the use in this Registration Statement on Form&nbsp;S-8
of Rentokil Initial plc of our report dated June&nbsp;7, 2022, except for the change in composition of reportable segments discussed in
Note A1 to the consolidated financial statements, as to which the date is August&nbsp;19, 2022, relating to the financial statements of
Rentokil Initial plc, which appears in the Registration Statement on Form&nbsp;F-4 (File No.&nbsp;333-265455) of Rentokil Initial plc.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">/s/ PricewaterhouseCoopers LLP</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">London, United Kingdom</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">October&nbsp;12, 2022</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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<DOCUMENT>
<TYPE>EX-23.3
<SEQUENCE>6
<FILENAME>tm2227891d1_ex23-3.htm
<DESCRIPTION>EXHIBIT 23.3
<TEXT>
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</HEAD>
<BODY STYLE="font: 10pt Times New Roman, Times, Serif">

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.05pt 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.05pt 0pt 0; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Exhibit
23.3</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.05pt 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.05pt 0pt 0">&nbsp;<IMG SRC="tm2227891d1_ex23-3img001.jpg" ALT=""></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.05pt 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Consent of Independent Registered Public Accounting
Firm</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">We consent to the use of our report dated 7 June 2022, except for the
change in composition of reportable segments discussed in Note A1 to the consolidated financial statements, as to which the date is 19
August 2022, with respect to the consolidated financial statements of Rentokil Initial plc, incorporated herein by reference.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">/s/ KPMG LLP</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">London, United Kingdom</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><BR>
12 October 2022</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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<DOCUMENT>
<TYPE>EX-FILING FEES
<SEQUENCE>7
<FILENAME>tm2227891d1_ex-filingfees.htm
<DESCRIPTION>EX-FILING FEES
<TEXT>
<HTML>
<HEAD>
     <TITLE></TITLE>
</HEAD>
<BODY STYLE="font: 10pt Times New Roman, Times, Serif">

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><B>Exhibit 107 </B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Calculation of Filing Fee Table</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Form S-8</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">(Form Type)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Rentokil Initial plc</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">(Exact Name of Registrant as Specified in its Charter)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Newly Registered Securities</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="border: Black 1pt solid; white-space: nowrap; width: 12%; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 10pt; text-align: center"><FONT STYLE="font-size: 10pt"><B>Security <BR>
Type</B></FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; width: 22%; padding-right: 5.4pt; padding-left: 5.4pt">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Title of Securities to</B></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>be Registered(1)</B></P></TD>
    <TD STYLE="border-top: Black 1pt solid; white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; width: 5%; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 10pt; text-align: center"><FONT STYLE="font-size: 10pt"><B>Fee <BR>
Calculation Rule</B></FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; width: 13%; padding-right: 5.4pt; padding-left: 5.4pt">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Amount</B></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>to be</B></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Registered(2)</B></P></TD>
    <TD STYLE="border-top: Black 1pt solid; white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; width: 12%; padding-right: 5.4pt; padding-left: 5.4pt">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Proposed</B></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Maximum</B></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Offering <BR>
Price</B></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Per Share(3)</B></P></TD>
    <TD STYLE="border-top: Black 1pt solid; white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; width: 12%; padding-right: 5.4pt; padding-left: 5.4pt">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Proposed</B></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Maximum</B></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Aggregate</B></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Offering <BR>
Price(3)</B></P></TD>
    <TD STYLE="border-top: Black 1pt solid; white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; width: 12%; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 10pt; text-align: center"><FONT STYLE="font-size: 10pt"><B>Fee Rate</B></FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; width: 12%; padding-right: 5.4pt; padding-left: 5.4pt">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Amount of</B></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Registration<BR>
 Fee</B></P></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 10pt">Ordinary Shares, par value &pound;0.01 per share, of Rentokil Initial plc (&#8220;Ordinary Shares&#8221;)</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 10pt">Rule 457(c) and Rule 457(h)</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 10pt">25,188,574</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 10pt">$5.53</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 10pt">$139,270,140.48</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 10pt">0.00011020</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 10pt">$15,347.57</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 10pt"><FONT STYLE="font-size: 10pt">Total Offering Amounts</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 10pt">$15,347.57</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 10pt"><FONT STYLE="font-size: 10pt">Total Fee Offsets</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 10pt"><FONT STYLE="font-size: 10pt">$0</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 10pt"><FONT STYLE="font-size: 10pt">Net Fee Due</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 10pt">$15,347.57</TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 100%; font-size: 10pt"><FONT STYLE="font-size: 10pt">(1)&nbsp;&nbsp;The Ordinary Shares will initially be represented by a beneficial interest in American depository shares (&#8220;ADSs&#8221;), each of which represent five Ordinary Shares and may be represented by American depository receipts (&#8220;ADRs&#8221;).&nbsp;&nbsp;The ADSs have been or will be registered under a separate registration statement on Form F-6.</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 10pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top; background-color: white">
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">(2)&nbsp;&nbsp;This Registration Statement covers 25,188,574 Ordinary Shares, of which 19,000,000 Ordinary Shares may be offered or sold under the 2016 Rentokil Initial plc Performance Share Plan, as amended (the &#8220;PSP&#8221;) and 6,188,574 Ordinary Shares may be offered or sold under the Terminix Global Holdings, Inc. 2014 Omnibus Incentive Plan. (the &#8220;Omnibus Incentive Plan&#8221; and, together with the PSP, the &#8220;Plans&#8221;).&nbsp;&nbsp;In addition, the amount being registered also includes an indeterminate number of additional Ordinary Shares that may be issued under the Plans upon any stock split, stock dividend, recapitalization or other similar transaction in accordance with Rule 416(a) under the Securities Act of 1933, as amended (the &#8220;Securities Act&#8221;).</FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: white">
    <TD STYLE="font-size: 10pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">(3)&nbsp;&nbsp;Estimated pursuant to Rule 457(c) and Rule 457(h) under
the Securities Act, solely for purposes of computing the registration fee, <FONT STYLE="background-color: white">based on (i) with respect
to </FONT>2,590,945 Ordinary Shares underlying unvested and unexercised stock options outstanding under the Omnibus Incentive Plan,
the weighted average exercise price of such Ordinary Shares, or $5.70 and (ii) with respect to all other Ordinary Shares covered
by this Registration Statement, <FONT STYLE="background-color: white">the average of the high and low sales prices reported for an Ordinary
Share on the London Stock Exchange on October </FONT>6<FONT STYLE="background-color: white">, 2022, or $</FONT>5.51 <FONT STYLE="background-color: white">(in
each case, converted from Pounds Sterling to U.S. Dollars at the currency cross rate at the close of the New York Stock Exchange on October
</FONT>6<FONT STYLE="background-color: white">, 2022, as reported by the Wall Street Journal (&pound;1=U.S.$</FONT>1.1162<FONT STYLE="background-color: white">)).</FONT></FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
