----

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| A. | Options      (each an “Option”) may be granted alone or in addition to other Awards      granted under the Plan and may be of two types: “incentive stock options”      (within the meaning of Section 422 of the Code) and “non-incentive stock      options”. Any Option granted under the Plan shall be in such form as the      Committee may from time to timeapprove. |
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| B. | The      Committee shall have the authority to grant any Participant incentive      stock options, non-incentive stock options or both types of Options (in      each case with or without other Awards).  Incentive stock      options may be granted only to employees of the Company and its      Subsidiaries. To the extent that any Option is not designated as an      incentive stock option or, even if so designated, does not qualify as an      incentive stock option, it shall constitute a non-incentive stock      option.  Incentive stock options may be granted only within 10      years from the date the Plan is adopted, or the date the Plan is approved      by the Company’s shareholders, whichever is  earlier. |
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| C. | Options      shall be evidenced by option agreements in a form approved by the      Committee. An option agreement shall indicate on its face whether it is      intended to be an agreement for an incentive stock option or a      non-incentive stock option. The grant date of an Option shall be the date      the Committee determines to be the grant date; provided, that the grant      complies in all respects with the pricing requirements in Section      8. |
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| D. | Anything      in the Plan to the contrary notwithstanding, no term of the Plan relating      to incentive stock options shall be interpreted, amended or altered, nor      shall any discretion or authority granted under the Plan be exercised, so      as to disqualify the Plan under Section 422 of the Code or, without the      consent of the Participant affected, to disqualify any incentive stock      option under Section 422 of theCode. |
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| A. | The      initial per share option price of an Option which is an incentive stock      option shall be the price determined by the Committee, but not less than      the fair market value of a Class A Common Share or Class B Common Share on      the date of grant;      provided, however, that, in the case of a Participant who owns, or      is deemed to own, Common Shares representing more than 10% of the total      combined voting power of all classes of stock of the Company or any parent      or subsidiary corporation of the Company, determined pursuant to rules      applicable to Section 422(b)(6) of the Code (a “Ten-Percent Holder”), at      the time an Option which is an incentive stock option is granted to him,      the initial per share option price shall not be less than 110% of the fair      market value of a Class A Common Share or Class B Common Share on the date      of grant. |
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| B. | The      initial per share option price of any Option which is a non-incentive      stock option granted to an employee shall be the price determined by the      Committee, but not less than the fair market value of a Class A Common      Share or Class B Common Share on the date of grant. The Committee may      provide that the option price per share will increase to reflect the cost      of the capital or any other objective measure or may set the initial      exercise price at an amount in excess of the fair market value at the time      of grant. The per share option price of any Option granted to a      non-employee director pursuant to Section 24.A. shall be determined in the      same manner as the per share option price for options granted to      employees, and the per share option price of an Option granted to a      non-employee director pursuant to Section 24.B. shall be determined as      provided in Section 24.B. |
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| C. | For      all purposes of the Plan, the fair market value of a Class A Common Share      or a Class B Common Share on any date shall be equal to (i) if, on such      day, the Class A Common Shares shall be traded on a national securities      exchange, the closing sales price of a Class A Common Share as published      by such national securities exchange or if there is no sale of the Class A      Common Shares on such date, the average of the bid and asked price on such      exchange at the close of trading on such date, or (ii) if the Class A      Common Shares are not listed on a national securities exchange on such      date, and are traded on a national securities market, the average of the      bid and asked price in the over-the-counter market at the close of trading      on such date, or (iii) if the provisions of clause (i) and clause (ii)      shall not be applicable, such amount as shall be determined in good faith      by the Board; provided, that the exercise price shall not be less than the      par value of a share of CommonStock. |
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| A. | Each      Option shall be exercisable and the total number of shares subject thereto      shall be purchasable in installments, which need not be equal, as      specified in the Option. Except as otherwise determined by the Committee,      the first installment shall not become exercisable during the period      commencing on the date of the granting of such Option and ending on the      day next preceding the first anniversary of such date. An installment once      exercisable shall remain exercisable until the Option expires or is      terminated. |
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| B. | Except      as hereinbefore otherwise set forth, an Option may be exercised either in      whole at any time or in part from time totime. |
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| C. | An      Option may be exercised only by a written notice of intent to exercise      such Option with respect to a specific number of Class A Common Shares or      Class B Common Shares and payment to the Company of the amount of the      option price for the number of Class A Common Shares or the Class B Common      Shares so specified; provided, however, that      all or any portion of such payment may be made in kind by the delivery of      Class A Common Shares or Class B Common Shares, as the case may be, having      a fair market value equal to the portion of the option price so paid;      provided, further,      however, that, subject to the requirements of Regulation T (as in      effect from time to time) promulgated under the United States Securities      Exchange Act of 1934, as amended, the Committee may implement procedures      to allow a broker chosen by a Participant to make payment of all of any      portion of the option price payable upon the exercise of an Option and      receive, on behalf of such Participant, all or any portion of the Class A      Common Shares or Class B Common Shares issuable upon such exercise; provided, further,      however, that any such exercise shall not violate Section 402 of      the United States Sarbanes-Oxley Act of2002. |
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| D. | Notwithstanding      the terms of this Section 11, the Board may, in its discretion, permit any      Option to be exercised, in whole or in part, prior to the time when it      would otherwise be exercisable. |
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| A. | The      Committee may make (1) Awards of Class A Common Shares (without any      intervening Options) (“Restricted Stock”) or (2) Awards of units valued in      US dollars by reference to Class A Common Shares or otherwise based on      Class A Common Shares (“Restricted Stock Units”), in each case with such      vesting, restrictions, forfeiture provisions, performance requirements,      contingencies and other terms as provided herein or as the Committee shall      determine. |
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| B. | The      Committee shall have the authority to grant any Participant Restricted      Stock or Restricted Stock Units or both Restricted Stock and Restricted      Stock Units (in each case with or without other Awards).  The      grant date of Restricted Stock or Restricted Stock Units shall be the date      the Committee determines. |
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| A. | Awards      under Section 13 may be issued to vest in one or more installments over      the Participant’s period of employment or other service to the Company      (“Time-Based Awards”), or the Committee may make Awards that entitle the      Participant to receive a specified number of vested Class A Common Shares      (or the equivalent in cash at the discretion of the Committee) upon the      attainment of one or more performance goals or service requirements      established by the Committee (“Performance-Based  Awards”). |
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| B. | The      vesting schedule for any Time-Based Awards and the term for performance      for any Performance-Based Awards shall be set by the Committee at the time      of grant, shall constitute a “substantial risk of forfeiture” within the      meaning of Section 409A of the Code and shall not exceed ten years (the      “Restricted Period”). |
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| C. | The      performance criteria shall be determined by the Committee, in its      discretion, and shall be used as a basis for payment with respect to an      Award. Such criteria may include, but not be limited to, (i) attainment of      or growth in a specified level of earnings per share, (ii) Common Shares      price appreciation, (iii) attainment of or growth in a specified level of      net income or net operating income, (iv) earnings before interest and      taxes, (v) revenues, (vi) market share, (vii) cost reduction goals, (viii)      return on equity, (ix) operating cash flow, (x) return on assets, (xi) the      completion of certain corporate transactions or other strategic      objectives, or (xii) a combination of the  foregoing. |
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| D. | An      Award under Section 13 may be issued in exchange for any consideration      which the Committee may deem appropriate in each individual instance,      including, without limitation: |
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|   | (i) | cash      or cash equivalents; |
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|   | (ii) | services      to be rendered to the Company or any Subsidiary (provided that, in such      case, the par value of the stock subject to such Award shall be paid in      cash or cash equivalents, unless the Committee provides      otherwise). |
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| E. | The      Committee shall determine at the time of the grant of an Award of      Restricted Stock Units whether the Award shall be paid in Class A Common      Shares or in cash (based on the fair market value of such Restricted Stock      Unit as determined by reference to the fair market value of a Class A      Common Share on the date the Restricted Stock Unit has      vested). |
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| A. | Participants      who receive Awards of Restricted Stock shall deliver to the Company a      restricted stock agreement in a form approved by the Committee. Restricted      Stock Units shall be evidenced by a restricted stock unit agreement in a      form approved by the Committee. Such forms need not be identical for all      Participants. |
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| B. | Shares      representing an Award of Restricted Stock shall be evidenced in such      manner as the Committee may deem appropriate, including book-entry      registration or issuance of one or more certificates (which may bear      appropriate legends referring to the terms, conditions and restrictions      applicable to such Award).  Shares underlying an Award of      Restricted Stock Units shall be evidenced in such manner as the Committee      may deem appropriate. |
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| C. | The      Committee may require that any certificates in respect of an Award of      Restricted Stock be held in custody by the Company until any restrictions      thereon shall have lapsed and that the Participant deliver a share      transfer form, endorsed in blank, relating to the Common Stock covered by      such Award that will permit the transfer to the Company of any or all      shares of Restricted Stock that shall be forfeited by means of repurchase      in accordance with the corresponding restricted stock agreement or shall      not become vested in accordance with thePlan. |
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| D. | A      Participant who receives an Award of Restricted Stock shall on receipt of      such Award be a shareholder of the Company with respect to all shares of      Restricted Stock and be entitled to vote such shares, to receive all cash      dividends made in respect of such shares and to exercise all other rights      in respect of such Restricted Stock except that during the Restricted      Period: |
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|   | (i) | for      any certificates for which the Committee requires that the Company retain      custody, a Participant will not be entitled to delivery of the stock      certificate or other evidence of such Restricted Stock before the end of      such Restricted Period and unless all other vesting requirements shall      have been satisfied; |
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|   | (ii) | other      than cash dividends, the Company will not issue any such distributions      (“Retained Distributions”) made or declared with respect to such      Restricted Stock until such time as the shares of Restricted Stock in      respect of which such Retained Distributions shall have been made or      declared shall have become vested (and such Retained Distributions shall      be subject to the same restrictions and other terms and conditions as are      applicable to the shares of Restricted Stock underlying such Restricted      Distributions); |
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|   | (iii) | a      Participant who receives an Award of Restricted Stock shall not sell,      assign, exchange, transfer, pledge, charge, hypothecate or otherwise      dispose of or encumber any of the shares of Restricted Stock before the      end of the Restricted Period and unless all other vesting requirements      have been satisfied; and |
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|   | (iv) | any      breach of any restrictions or other terms or conditions of such      Award  of any Restricted Stock or any Retained Distributions in      respect thereof will result in such Restricted Stock or Retained      Distributions being forfeited by means of repurchase in accordance with      the corresponding restricted stockagreement. |
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| E. | A      Participant who receives an Award of Restricted Stock Units shall not be a      shareholder on receipt of such Award and such a Participant shall not be      considered an owner of any Common Shares by virtue of such      Award.  During the Restricted Period and until all vesting      requirements have been satisfied, a Participant who receives Restricted      Stock Units shall not sell, assign, exchange, transfer, pledge, charge      hypothecate or otherwise dispose of or encumber any Restricted Stock      Units; and any breach of any restrictions or other terms or conditions of      such Award of any Restricted Stock Units will result in such Restricted      Stock Units being forfeited. |
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| F. | Each      Restricted Stock Unit shall be exercised on such date as specified in the      restricted stock agreement and the total number of shares subject thereto      or cash consideration to be received in respect thereof shall be      receivable in a fixed scheme of installments, which need not be equal, as      specified in the restricted stock unit agreement. In addition, except as      otherwise specified in the restricted stock agreement, the first      installment shall not be exercised during the period commencing on the      date of the granting of such Restricted Stock Unit and ending on the day      preceding the first anniversary of such grant  date. |
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|   | (a) | If      Termination occurs by reason of (i) disability, (ii) death or (iii)      retirement at or after age 65, each Option theretofore granted to him      which shall not have theretofore expired or otherwise been cancelled shall      become fully vested and shall, to the extent not theretofore exercised,      terminate upon the earlier to occur of the expiration of one (1) year      after the date of such Termination and the date of termination specified      in such Options; |
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|   | (b) | If      Termination occurs by reason of (i) termination by the Company or a      Subsidiary other than for Cause or (ii) the Participant's voluntary      termination, each Option theretofore granted to him that is fully vested      which shall not have theretofore expired or otherwise have been cancelled      shall, to the extent not theretofore exercised, terminate upon the earlier      to occur of the expiration of ninety (90) days after the date of      Termination and the date of termination specified in such Award,      and |
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|   | (c) | If      Termination occurs by reason of termination by the Company for Cause, each      Option theretofore granted to him which shall not have theretofore expired      or otherwise been cancelled shall immediately  terminate. |
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|   | In      the event of a Termination of a Participant who has received an Award of      Restricted Stock or Restricted Stock Units, the vesting and exercise of      such Awards, as applicable, shall be governed by the corresponding      agreement in respect of suchAwards. |
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|   | "Cause"      shall mean (i) the commission by a Participant of any act or omission that      would constitute a felony under United States federal, state or equivalent      foreign law, or an indictable offense under Bermuda law, (ii) a      Participant's gross negligence, recklessness, dishonesty, fraud,      disclosure of trade secrets or confidential information, willful      malfeasance or willful misconduct in the performance of services to the      Company or its Subsidiaries, (iii) willful misrepresentation to      shareholders or directors which is injurious to the Company; (iv) a      willful failure without reasonable justification to comply with reasonable      directions of a Participant's supervisor; or (v) a willful and material      breach of a Participant's duties or obligations under any agreement with      the Company or a Subsidiary. |
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| A. | In      the event that a dividend shall be declared upon the Class A Common Shares      payable in Class A Common Shares, the number of Class A Common Shares then      subject to any Award, the number of Class A Common Shares reserved for      issuance in accordance with the provisions of the Plan but not yet covered      by an Award and the number of Class A Common Shares referred to in Section      24.B. hereof shall be adjusted by adding to each share the number of      shares which would be distributable thereon if such shares had been issued      on the date fixed for determining the shareholders entitled to receive      such stock dividend. |
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| B. | In      the event that the issued Class A Common Shares shall be changed into or      exchanged for a different number or kind of shares of stock or other      securities of the Company or of another corporation, whether through      reorganization, stock split-up, combination of shares, sale of assets,      amalgamation, merger or consolidation in which the Company is the      surviving corporation, then there shall be substituted for each Class A      Common Share then subject to any Award, for each Class A Common Share      reserved for issuance in accordance with the provisions of the Plan but      not yet covered by an Award and for each Class A Common Share referred to      in Section 24.B. hereof, the number and kind of shares of stock or other      securities into which each issued Common Share shall be so changed or for      which each such share shall beexchanged. |
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| C. | In      the event that there shall be any change, other than as specified in this      Section 17, in the number or kind of issued Class A Common Shares, or of      any stock or other securities into which the Class A Common Shares shall      have been changed, or for which it shall have been exchanged, then, if the      Committee shall, in its sole discretion, determine that such change      equitably requires an adjustment in the number or kind of shares then      subject to any Award, the number or kind of shares reserved for issuance      in accordance with the provisions of the Plan but not yet covered by an      Award and the number or kind of shares referred to in Section 24.B.      hereof, such adjustment shall be made by the Committee and shall be      effective and binding for all purposes of the Plan and of each      corresponding agreement or certificate entered into in accordance with the      provisions of the Plan. |
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| D. | In      the case of any substitution or adjustment in accordance with the      provisions of this Section 17, the price (if any) in each agreement or      certificate for each share covered thereby prior to such substitution or      adjustment shall be the price for all shares of stock or other securities      which have been substituted for such share or to which such share shall      have been adjusted in accordance with the provisions of this Section      17. |
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| E. | No      adjustment or substitution provided for in this Section 17 shall require      the Company to sell or issue a fractional share under any agreement or      certificate. |
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| F. | In      the event of the dissolution or liquidation of the Company, or a merger,      reorganization or consolidation in which the Company is not the surviving      corporation, then each Award, to the extent not theretofore exercised,      shall be immediately exercisable in full; provided, that such dissolution      liquidation, amalgamation, merger, reorganization or consolidation      constitutes a “change in control” within the meaning of Section 409A of      the Code. |
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| G. | This      Section 17 shall apply, pari passu, with respect to Class B Common      Shares. |
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| A. | In      addition to any Award granted pursuant to Section 4, a non-employee      director shall be eligible to receive an annual Award. Except as otherwise      provided in this Section 24, any Award granted to a non-employee director      shall be subject to all of the terms and conditions of the      Plan. |
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| B.                (1) | Effective      at the 2007 annual meeting of the Company and each annual meeting      thereafter, each non-employee director who shall have served as a      non-employee director since the immediately preceding annual meeting and      any other non-employee director as determined by a vote of a majority of      the members of the Board (excluding any such other non-employee director)      shall be granted (i) an annual Award of a non-incentive stock option to      purchase 5,000 Common Shares, which shall be Class B Common Shares in the      case of a non-employee director who is eligible to be a holder of Class B      Common Shares pursuant to the Company's Bye-laws, or otherwise shall be      Class A Common Shares, or (ii) an annual Award of non-incentive stock      options, Restricted Stock or Restricted Stock Units (or any combination      thereof); provided, that the value of such options, shares of Restricted      Stock or Restricted Stock Units (or combination thereof) in the aggregate      shall be equal to value to 5,000 non-incentive stock options referred to      in subclause (i) on the date of grant.  The Compensation      Committee shall have discretion to determine the components of the Awards      within the limitations of the preceding sentence. For purposes of      determining the value of 5,000 non-incentive stock options, the      Compensation Committee shall calculate a U.S. dollar amount using the      methodology that is employed by the Company for valuing Options in its      most recent annual financial statements, including all assumptions      contained therein.  For purposes of determining the number of      shares of Restricted Stock or Restricted Stock Units constituting all or a      portion of an Award, the U.S. dollar amount allocated to such Award shall      be divided by the fair market value of a share of the Company’s Class A      Common Stock on the date of grant. |
|-------------------------------------------------------------------------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (2) | The      initial per share option price of each Option granted to a non-employee      director pursuant to this Section 24.B. shall be equal to the fair market      value of a Class A Common Share on the date the Option is granted, or 105%      of the fair market value of a Class B Common Share on the date the Option      is granted. Notwithstanding the preceding sentence, the Committee may      provide that the Option price per share will increase to reflect the cost      of capital or any other objective measure or may set the initial exercise      price at an amount in excess of the fair market value at the time of      grant. |
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|   | (3) | The      term of each Option granted to a non-employee director pursuant to this      Section 24.B. shall be five years from the date of the granting thereof.      The Board shall determine by a majority vote the number of installments in      which an Option granted pursuant to this Section 24 shall be exercisable;      provided, that the first installment shall not become exercisable during      the period commencing on the date of the granting of such Option and      ending on the day immediately preceding the first anniversary of such      date. An installment once exercisable shall remain exercisable until such      Option expires or is terminated. |
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|   | (4) | Subject      to the provisions (including any applicable solvency test) of the      Companies Act 1981, all or any portion of the payment required upon the      exercise of an Option granted to a non-employee director may be made in      kind by the delivery of Class A Common Shares or Class B Common Shares, as      the case may be, having a fair market value on the date the Option is      exercised equal to the portion of the option price so  paid. |
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| C. | The      provisions of this Section 24 may not be amended except by the vote of a      majority of the members of the Board and by the vote of a majority of the      members of the Board who are non-employee  directors. |
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| A. | Nothing      contained in the Plan shall prevent the Company or any Subsidiary from      adopting other or additional compensation arrangements for its      employees. |
|----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| B. | Unless      otherwise determined by the Committee, any withholding obligations may be      settled with Common Shares, including Common Shares that are part of the      award that gives rise to the withholding requirement.  The      obligations of the Company under the Plan shall be conditional on such      payment or arrangements, and the Company and its Subsidiaries shall, to      the extent permitted by law, have the right to deduct any such taxes from      any payment otherwise due to the Participant.  The Committee may      establish such procedures as it deems appropriate for the settlement of      withholding obligations with CommonShares. |
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| C. | The      Committee shall establish such procedures as it deems appropriate for a      Participant to designate a beneficiary to whom any amounts payable in the      event of the Participant’s death are to bepaid. |
|----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| D. | Any      amounts owed to the Company or a Subsidiary by the Participant of whatever      nature may be offset by the Company from the value of any Common Shares,      cash or other thing of value under this Plan or an agreement or      certificate to be transferred to the Participant, and no Common Shares,      cash or other thing of value under this Plan or an agreement or      certificate shall be transferred unless and until all disputes between the      Company and the Participant have been fully and finally resolved and the      Participant has waived all claims against the Company or a Subsidiary in      respect thereof. |
|----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| E. | To      the extent that the Committee determines that the restrictions imposed by      the Plan preclude the achievement of the material purposes of the awards      in jurisdictions outside the United States of America, the Committee may      in its discretion modify those restrictions as it determines to be      necessary or appropriate to conform to applicable requirements or      practices of such jurisdictions. |
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| F. | The      headings contained in the Plan are for reference purposes only and shall      not affect the meaning or interpretation of this  Plan. |
|----|------------------------------------------------------------------------------------------------------------------------------------------------|

| G. | If      any provision of this Plan shall for any reason be held to be invalid or      unenforceable, such invalidity or unenforceability shall not affect any      other provision hereby, and this Plan shall be construed as if such      invalid or unenforceable provision wereomitted. |
|----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| H. | This      Plan shall inure to the benefit of and be binding on each successor and      assign of the Company.  All obligations imposed on a      Participant, and all rights granted to the Company hereunder, shall be      binding on the Participant’s heirs, legal representatives, successors and      assigns. |
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| I. | This      Plan and each agreement or certificate granting an Award constitute the      entire agreement with respect to the subject matter hereof and thereof;      provided, that in      the event of any inconsistency between this Plan and such agreement or      certificate, the terms and conditions of the Plan      shallprevail. |
|----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

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| J. | None      of the Company, any Subsidiary or the Committee shall have any duty or      obligation to disclose affirmatively in any manner to a registered or      beneficial holder of Common Shares or an Option or other Award, and such      holder shall have no right to be advised of, any material non-public      information regarding the Company or any Subsidiary at any time prior to,      upon or in connection with, the receipt or exercise of an Option or other      Award. |
|----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----