**Exhibit      4.37**

**EFFECTIVE      AS OF THE 6th DAY OF MARCH 2007**

**THE      GLOBAL SOURCES**

**RETENTION      SHARE GRANT PLAN**

**__________________________________________**

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**CONTENTS**

| **Section**               | **Heading**                                                             |
|---------------------------|-------------------------------------------------------------------------|
|                      |                                                                    |
| 1.                        | Name                of the Plan                                         |
|                      |                                                                    |
| 2.                        | Purpose                of the Plan                                      |
|                      |                                                                    |
| 3                         | Shares                Subject to the Plan                               |
|                      |                                                                    |
| 4                         | Grants                to Eligible Persons                               |
|                      |                                                                    |
| 5.                        | Non-transferability                                                     |
|                      |                                                                    |
| 6.                        | Adjustments                                                             |
|                      |                                                                    |
| 7.                        | Vesting                of Shares                                        |
|                      |                                                                    |
| 8.                        | Plan                Duration                                            |
|                      |                                                                    |
| 9.                        | Administration                                                          |
|                      |                                                                    |
| 10.                       | Terminating                Transactions                                 |
|                      |                                                                    |
| 11.                       | Government                Regulations                                   |
|                      |                                                                    |
| 12                        | Costs                and Expenses                                       |
|                      |                                                                    |
| 13.                       | Amendment                or Termination of the Plan                     |
|                      |                                                                    |
| 14                        |  Effective                Date of this Plan                        |
|                      |                                                                    |
| 15.                       | Limitation                of Liability                                  |
|                      |                                                                    |
| 16.                       | Governing                Law and Jurisdiction                           |
| 17                        | Status                of the Plan                                       |
|                      |                                                                    |
|                      |                                                                    |
| Annex                     | Form                of Share Award Certificate                          |
|                      |                                                                    |
| Schedule                1 | Certain                Other Conditions Relating to the Award of Shares |
|                      |                                                                    |
| Schedule                2 | Vesting                Schedule                                         |

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**THE      GLOBAL SOURCES**

**RETENTION      SHARE GRANT PLAN**

**1.           Name      of the Plan**

| 1.1 | This                equity compensation plan shall be known as “The Global Sources Retention                Share Grant Plan” (hereinafter referred to as the                **“Plan”**). |
|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 1.2 | This                Plan is made pursuant to The Global Sources Equity Compensation (2007)                Master Plan (the **“Master Plan”**), and constitutes a                supplementary or subsidiary document to (and shall form an integral                part                of and be read in conjunction with) the Master                Plan. |
|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

**2.           Purpose      of the Plan**

|   | (a) | to                ensure the continuing success of the Global Sources Network (as defined                in                Section 4.1) by providing valued Global Sources Team Members (as                defined                in Section 4.1) with an incentive to remain “in good standing” (as                determined in accordance with Section 7.1) with the Global Sources                Network; and |
|--------|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (b) | to                encourage valued Global Sources Team Members to remain committed                and                engaged as shareholders and owners of Global Sources Ltd. (the                **“Company”**) (a company incorporated in                Bermuda), |
|--------|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

**“Shares”**
**“Trust”**

**3.           Shares      Subject to the Plan**

| 3.1 | The                Trust has been established pursuant to a Declaration of Trust dated                28                November 2006 (**“Trust Document”**) by Appleby Trust                (Bermuda) Limited (the **“Trustee”**), and the trusts set out                therein have been accepted by the                Trustee. |
|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 3.2 | All                Awarded Shares (as defined in Section 4.3) awarded to a Grantee (as                defined in Section 4.2) shall be issued and allotted by the Company                to the                Trustee (which Awarded Shares so issued and allotted shall form part                of                the Trust property to be held by the Trustee as trustee of the Trust),                and                shall be eligible for the subsequent transfer (and shall be subsequently                transferred) by the Trustee to the respective Grantee pursuant to                this                Plan, subject to and in accordance with the vesting rules and other                applicable provisions of this Plan. |
|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 3.3 | A                plan committee (the **“Plan Committee”**) has been                constituted to (amongst other things) determine the award and allocation                of the grant of Shares and other benefits to the Grantees, with such                powers, functions, rights, responsibilities and terms of reference                as are                provided for, and/or contemplated, by the Master Plan and/or the                Trust                Document. |
|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

**4.           Grants      to Eligible Persons**

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| 4.1 | In                this Plan:- |
|-----|-------------------------------|

|   | **“Eligible                Person”** shall mean any Global Sources Team Member who on or after                the Commencement Date (as defined in Section 14.1)                hereof: |
|--------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (c) | at                the time of Retirement, he/she was “in good standing” (as determined in                accordance with Section 7.1); and |
|--------|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | **“Global                Sources Group”** shall mean Global Sources Ltd. and its                subsidiaries, collectively; |
|--------|-----------------------------------------------------------------------------------------------------------------------------------------|

**“Global      Sources Network”**

**“Global      Sources Team Member”**

**“Other      Relevant Entity”**

**“Other      Forfeited Shares”**

**“Retirement”**

**“Service”**

| 4.2 | Each                Eligible Person shall be eligible to receive awards of Shares under                the                Plan, upon his/her Retirement. The Plan Committee shall select and                determine (in its sole and absolute discretion) which Eligible Persons                shall receive awards of Shares (the persons receiving such awards                of                Shares being hereinafter referred to collectively as the                **“Grantees”** and individually as a                **“Grantee”**). |
|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 4.3 | The                number of Shares to be awarded to a Grantee (**“Awarded                Shares”**), upon his/her Retirement, shall be calculated at a rate                of twenty per cent (20%) of the total number of his/her Other Forfeited                Shares (at the time of the Grantee’s Retirement) for each year of                completed Service (at the time of the Grantee’s Retirement) over five (5)                years and up to a maximum of ten (10) years. Such Awarded Shares                shall not                vest immediately upon the award thereof, but (subject to the provisions                of                Section 7) shall vest in accordance with the vesting schedule set                out in                Schedule 2. |
|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (a) | if                a Global Sources Team Member’s Service with a particular Global Sources                Network company (**“Original Company”**) ceases, by virtue of                a transfer of his/her Service from the Original Company to another                Global                Sources Network company, then his/her cessation of Service with                the |
|--------|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

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|   | (b) | the                number of years of completed Service shall be calculated on the basis                of                consolidating and aggregating all years of completed Service with                all                applicable Global Sources Network                companies. |
|--------|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

**5.           Non-transferability**

**6.           Adjustments**

**7.           Vesting      of Shares**

| 7.1 | Provided                that the Grantee is **"in good standing"** (which definition                shall be at the sole and absolute discretion of the Plan Committee)                at the                time of the award and remains in good standing at the time of vesting,                Shares awarded under the Plan shall vest in the Grantee in accordance                with                the vesting schedule set out in Schedule 2, subject to the                following: |
|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| a)   | In                the case of every Share awarded                hereunder: |
|----------------|-----------------------------------------------------------------------------|

| (i)   | if,                before all the Awarded Shares are vested in accordance with Schedule                2, a                Grantee shall die, then all Awarded Shares which have not yet vested                at                the time of death shall immediately vest, and the person or persons                to                whom the Grantee’s rights to the Awarded Shares shall have lawfully                passed, whether by will, by the applicable laws of succession or                otherwise, shall be entitled receive such Awarded Shares;                or |
|-----------------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (ii)   | if,** **before                all the Awarded Shares are vested in accordance with Schedule 2,                a Grantee                shall become a director, officer or employee of, or a consultant                or                advisor to, or an independent contractor of, a Competitor (or any                parent,                subsidiary or affiliate thereof); or he/she ceases to be of “good                standing” (the definition and determination of shall be at the sole and                absolute discretion of the Plan Committee); or he/she does anything,                or                conducts himself/herself in a manner, which is prejudicial to any                Global                Sources Network company (as determined by the Plan Committee in its                sole                and absolute discretion); or for any other reason (as determined                by the                Plan Committee in its sole and absolute discretion); then all the                Awarded                Shares which have not yet vested at the time of such occurrence and                which                are held by the Trustee for the Grantee may (at the sole and absolute                discretion of the Plan Committee) be forfeited to the Trust, in which                event all such forfeited Shares shall be available for further grant                under                the Plan. |
|------------------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

**“Competitor”**

| (b) | All                Awarded Shares, when vested and issued to a Grantee, shall rank *pari                passu* in all respects with other Shares of the Company of the same                class, including the right for the holder thereof to receive dividends                (if |
|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

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|   | any);                provided however that (for the avoidance of doubt), unless and until                Awarded Shares are actually vested and issued to a Grantee, the Grantee                shall not be entitled to receive any dividends thereon or to have                any                voting rights therein. |
|--------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

**8.           Plan      Duration**

| 8.1 | This                Plan shall commence with effect from the Commencement Date (as defined                in                Section 14.1) and shall terminate                upon:- |
|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (a) | the                expiration or termination of the Master Plan;                or |
|--------|-----|------------------------------------------------------------------------------------|

|   | (b) | the                termination of this Plan in accordance with the provisions of Section                10.1                or Section 13.1 hereof, |
|--------|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------|

|   | whichever                is the earliest to occur. |
|--------|----------------------------------------------------|

| 8.2 | Shares                may not be awarded after the Plan is terminated; provided that (for                the                avoidance of doubt) if the terms of any award made prior to the                termination date of the Plan provide for the vesting of Shares thereunder                to occur upon or after such termination date, then such award and                the                vesting of Shares thereunder shall not be prejudiced by the termination                of                the Plan. |
|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

**9.           Administration**

| 9.1 | The                Plan shall be managed and administered by the Trustee, subject always                to                the directions of the Plan Committee as provided under the Trust                Document. |
|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 9.2 | The                interpretation and construction by the Plan Committee of any of the                provisions of the Plan or of any Grants awarded hereunder shall be                final                and binding upon Grantees and their respective                successors. |
|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 9.3 | The                Plan Committee may, from time to time, adopt further rules and regulations                for carrying out the Plan and, subject to the provisions of the Plan                and                the directions and approval of the Plan Committee, the Trustee may                issue a                certificate in the form set out in the Annex to the Plan or such                other                form or forms of the instruments evidencing Shares awarded under                the Plan                as may be prescribed or approved by the Plan                Committee. |
|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 9.4 | Subject                to the provisions of the Plan, the Plan Committee shall have full                and                final authority (in its sole and absolute                discretion): |
|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (a) | to                determine (from amongst Eligible Persons) the Grantees to be awarded                Shares; |
|--------|-----|---------------------------------------------------------------------------------------------------------------|

|   | (d) | to                determine such other terms and provisions of award as it may authorise                at                the time when each Share is awarded (each of which terms and provisions                may be different for each award);                and |
|--------|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (e) | to                amend the terms of any existing award to accelerate the time or times                at                which Shares awarded under the Plan, or any part thereof, shall become                vested, or in any other respect which shall not adversely affect                the                rights of the Grantee of such award of                Shares. |
|--------|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 9.5 | In                the event any Global Sources Team Member considers, following Retirement,                that his/her participation in the Plan has been unreasonably withheld                as a                result of an unreasonable exercise of discretion on the part of the                Plan                Committee, such Global Sources Team Member shall be entitled to request                that the designated management board of the Company (**“Management                Board”**) reviews such decision and that it makes recommendations                to |
|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

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| 9.6 | The                Trustee, the Plan Committee, the Board of Directors of the Company,                the                Management Board of the Company and the Company shall not be liable                for                any action taken, or any determination made, in good faith, in connection                with the Plan. |
|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 9.7 | The                Company or its Board of Directors may delegate any of its powers,                rights,                duties and/or responsibilities under the Plan to the Plan Committee,                who                may discharge the same with the authority and in the place and stead                of                the Company or its Board of Directors (as the case may                be). |
|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

**10.           Terminating      Transactions**

| 10.1 | Upon                the occurrence of a Terminating Transaction, as hereinafter defined,                the                Plan shall automatically terminate. Upon the happening of a Terminating                Transaction and the corresponding termination of the Plan, any Awarded                Shares which have not yet vested (at the time of the Terminating                Transaction and the corresponding termination of the Plan) shall*ipso                facto* become vested in the respective                Grantees. |
|------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 10.2 | **“Terminating                Transaction”** shall mean such transaction or proceedings,                resulting (whether at the time of, or upon the conclusion of, such                transaction or proceedings) in the liquidation of the Company, as                the Plan                Committee shall in its sole and absolute discretion                determine. |
|------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

**11.           Government      Regulations**

| 11.1 | The                Trustee shall not issue any Awarded Shares upon the vesting thereof,                unless and until all licences, permissions and authorisations required                to                be granted by the Government of Bermuda, or by any authority or agency                thereof, shall have been duly                received. |
|------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

**12.           Costs      and Expenses**

| 12.1 | All                costs and expenses with respect to the adoption of the Plan and in                connection with the registration of Shares shall be borne by the                Company;                provided, however, that (except as otherwise specifically provided                in the                Plan or in any agreement between the Company and a Grantee), the                Company                shall not be obliged to pay or be otherwise responsible for any costs                or                expenses (including but not limited to any legal fees) incurred by                any                Grantee, or any brokerage, service or other fees, charges, costs                or                expenses due or payable, or any taxes which may be due or payable,                upon or                in connection with any award of Shares or any Awarded Shares, and/or                the                vesting or issuance of Awarded Shares, and/or the holding or transfer                of                any Awarded Shares by any Grantee. |
|------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 12.2 | All                Shares awarded to a Grantee shall be denominated in United States                Dollars                only, and any currency exchange gains and/or losses relating to such                Awarded Shares during the vesting period shall be borne solely by                the                Grantee concerned. |
|------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

**13.           Amendment      or Termination of the Plan**

| 13.1 | The                Plan Committee (acting in its sole and absolute discretion) may alter,                amend, suspend or terminate the Plan; provided however that, except                as                otherwise provided in the Plan, no such action shall deprive any                Grantee,                without his/her consent, of any his/her rights under an award of                Shares                already made to the Grantee pursuant to the                Plan. |
|------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 13.2 | No                amendment of this Plan shall increase the duties and/or responsibilities                of the Trustee without its                consent. |
|------|--------------------------------------------------------------------------------------------------------------------------------------------------------------|

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**14.           Effective      Date of this Plan**

| 14.1 | This                Plan shall be deemed to commence with effect from 6 March 2007                (**“Commencement                Date”**). |
|------|---------------------------------------------------------------------------------------------------------------------------------------------------------|

**15.           Limitation      of      Liability**

| 15.1 | No                member of the Board of Directors of the Company, the Management Board                of                the Company or the Plan Committee, or any person authorised to act                on                their behalf, shall be personally liable for any action, determination                or                interpretation taken or made in good faith with respect to the Plan, and                all members of the Board of Directors of the Company, the Management                Board                of the Company or the Plan Committee, and each and any person authorised                to act on their behalf, shall, to the extent permitted by law, be                fully                indemnified and protected by the Company in respect of any such action,                determination or interpretation. |
|------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

**16.           Governing      Law and Jurisdiction**

| 16.1 | This                Plan shall be governed by                and interpreted and construed in accordance with the laws of Bermuda;                and                the Company, the Trustee and the Plan Committee (and its members),                and                each Grantee, hereby irrevocably submits to the exclusive jurisdiction                of                the courts of Bermuda. |
|------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| **17.** | **Status                of the Plan** |
|---------|---------------------------------------|

| 17.1 | This                Plan shall be subject and subordinate to the Master Plan, and in                the event                of any conflict or inconsistency between the provisions of this Plan                and                the provisions of the Master Plan, the provisions of the Master Plan                shall                prevail (but only to the extent of such conflict or                inconsistency). |
|------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

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**ANNEX      – FORM OF SHARE AWARD CERTIFICATE**

**THIS      DOCUMENT IS IMPORTANT AND SHOULD BE KEPT IN A SAFE PLACE**

**GLOBAL      SOURCES LTD.**

**SHARE      AWARD CERTIFICATE**

**THE      GLOBAL SOURCES RETENTION SHARE GRANT PLAN**

**THIS      IS TO CERTIFY**

| Grantee:  Name:                  |   |   |                                              |
|--------------------------------------------|--------|--------|---------------------------------------------------|
|                                       |   |   |                                              |
| Address:                                   |   |   |                                              |
|                                       |   |   |                                              |
|                                       |   |   |                                              |
|                                       |   |   |                                              |
|                                       |   |   |                                              |
|                                       |   |   |                                              |
| Date                  of Award:            |   |   |                                              |
|                                       |   |   |                                              |
| Vesting                  Dates and amounts |   |   |                                              |
|                                       |   |   |                                              |
|                                       |   |   |                                              |
|                                       |   |   |                                              |
|                                       |   |   |                                              |
|                                       |   |   |                                              |
|                                       |   |   |                                              |
|                                       |   |   |                                              |
|                                       |   |   |                                              |
|                                       |   |   |                                              |
| Number                  of Shares:         |   |   |                                              |
|                                       |   |   |                                              |
|                                       |   |   |                                              |
|                                       |   |   | For                  and on behalf of the Trustee |
|                                       |   |   |                                              |
|                                       |   |   |                                              |
|                                       |   |   |                                              |
|                                       |   |   |                                              |

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**SCHEDULE      1**

**CERTAIN      OTHER CONDITIONS RELATING TO THE AWARD OF SHARES**

| 1.   | The                Grantee can direct the Trustee to transfer the Awarded Shares, upon                the                vesting thereof, to the Grantee or to such person as the Grantee                directs. |
|----------------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 2.   | No                loans shall be made to a Grantee against the award of Shares under                this                Plan. |
|----------------|-------------------------------------------------------------------------------------------------------------------------------|

| 3.   | Awarded                Shares which have not yet vested under this Plan cannot be committed                as                collateral. |
|----------------|------------------------------------------------------------------------------------------------------------------------------------------|

| 4.   | It                is the responsibility of the Grantee to ensure that he/she may participate                in this Plan under the laws of his/her                jurisdiction. |
|----------------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 5.   | All                disputes regarding this Plan shall be referred to the Plan Committee                for                resolution, and its decision shall be final and                binding. |
|----------------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

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**SCHEDULE      2**

**VESTING      SCHEDULE**

| 1. | Awarded                Shares shall not automatically vest in a Grantee upon the award thereof,                but (subject to the provisions of Section 7 of the Plan) shall vest                over a                period of five (5) years after the Grantee’s Retirement, in accordance                with the vesting schedule set out                below. |
|----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|                                                            | **1 year                after Retirement** | **2                years after Retirement** | **3                years after Retirement** | **4                years after Retirement** | **5                years after Retirement** |
|-----------------------------------------------------------------|-------------------------------------------------|---------------------------------------------|---------------------------------------------|---------------------------------------------|---------------------------------------------|
| **Percentage                of the Awarded Shares which vests** |  **20%**                              | **An                additional****20%**     | **An                additional****20%**     | **An                additional****20%**     | **An                additional****20%**     |

| 2. | Any                fractional number of Shares resulting from the above percentage                calculation shall be rounded up to the nearest whole                Share. |
|----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 3. | The                rights to Awarded Shares acquired by a Grantee under the Plan are                not                transferable, except in accordance with Section 7.1(a)(i) of the                Plan or                paragraph 1 of Schedule 1 to the                Plan. |
|----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|