Document:

CLASS A ORDINARY SHARES
			 

		  	
			 
				
			 

			 
				Greenlight Capital Re, Ltd.
			 

		  	
			 
				CLASS A ORDINARY SHARES
			 

		  
	 	
	
			 
				INCORPORATED IN THE CAYMAN ISLANDS
UNDER THE
				COMPANIES LAW CAP.22
			 

		  	
			 
				Authorized Share Capital 100,000,000 Class A Ordinary
				Shares
having a par value of US$0.10 each
			 

		  	
			 
				G4095J 10 9
			 

		  

	 
		

	 

	 
	 

	 
		

	 

	 
		THIS IS TO CERTIFY THAT

 
is the
		registered holder of
	 

	 
		FULLY PAID AND NON-ASSESSABLE CLASS A ORDINARY
		SHARES OF PAR VALUE US$0.10 EACH OF
	 

	 
		
	 

	 
		transferable on the books of the Company by the holder
		hereof in person or by duly authorized attorney upon surrender of this
		certificate properly endorsed. This certificate and the shares represented
		hereby are issued and shall be held subject to all of the provisions of the
		Memorandum and Articles of Association of the Company and all amendments
		thereof to all of which the holder by acceptance hereof assents and shall be
		transferable in accordance therewith. This certificate is not valid unless
		countersigned by the Transfer Agent.
	 

	 
		WITNESS the facsimile seal of the Company and the
		facsimile signatures of its duly authorized officers.
	 

	 
		

	 

	 
		Dated
	 

	 
	 

	 	
			 
				
			 

			 
				CHIEF
				FINANCIAL OFFICER
			 

		  	
			 
				
			 

		  	
			 
				

				CHIEF EXECUTIVE
				OFFICER
			 

		  

	 
		

	 

	 
		COUNTERSIGNED:
	 

	 
		THE BANK OF NEW YORK
	 

	 
		(NEW YORK)
	 

	 
		TRANSFER AGENT
	 

	 
		BY
	 

	 
		
 

	 

	 
		AUTHORIZED SIGNATURE
	 

	 
		

	 

	 
		

	 

	 
 
 

	 
	 
	 
		

	 

	 
		Greenlight Capital Re, Ltd.
	 

	 
		

	 

	 
		The following abbreviations, when used in the inscription on the face of
		this certificate, shall be construed as though they were written out in full
		according to applicable laws or regulations:
	 

	 
		

	 

	 										
	
			 
				TEN COM
			 

		  	
			 
				-
			 

		  	
			 
				as tenants in common
			 

		  	
			 
				 
			 

		  	
			 
				UNIF GIFT MIN ACT–
			 

		  	
			 
				   
			 

		  	
			 
				Custodian
			 

		  	

			 
			 

		  
	
			 
				TEN ENT
			 

		  	
			 
				-
			 

		  	
			 
				as tenants by the entireties
			 

		  	
			 
				 
			 

		  	
			 
				 
			 

		  	
			 
				(Cust)
			 

		  	
			 
				(Minor)
			 

		  
	
			 
				JT TEN
			 

		  	
			 
				-
			 

		  	
			 
				as joint tenants with right of
			 

		  	
			 
				 
			 

		  	
			 
				 
			 

		  	
			 
				under Uniform Gifts to Minors
			 

		  
	
			 
				 
			 

		  	
			 
				 
			 

		  	
			 
				survivorship and not as
			 

		  	
			 
				 
			 

		  	
			 
				 
			 

		  	
			 
				Act
			 

		  	
			 
				 
			 

		  	
			 
				 
			 

		  
	
			 
				 
			 

		  	
			 
				 
			 

		  	
			 
				tenants in common
			 

		  	
			 
				 
			 

		  	
			 
				 
			 

		  	
			 
				 
			 

		  	
			 
				(State)
			 

		  

	 
		

	 

	 
		Additional abbreviations may also be used though not in the above list.
	 

	 
		

	 

	 
		For Valued Received, _____________________hereby sell, assign and
		transfer unto
	 

	 
		

	 

	 
		PLEASE INSERT SOCIAL SECURITY OR OTHER 
 IDENTIFYING NUMBER OF
		ASSIGNEE
	 

	 
		

	 

	 
		   
    
	 

	 
		

	 

	 
		

	 

	 
		(PLEASE PRINT OR TYPEWRITE NAME AND ADDRESS, INCLUDING ZIP CODE, OF
		ASSIGNEE)
	 

	 
		

	 

	 
		    
  
	 

	 
		  
  

	 

	 
		Shares represented by the within Certificate, and do hereby irrevocably
		constitute and appoint
	 

	 
		

	 

	 
		

	 

	 
		Attorney to transfer the said shares on the books of the within named
		Company with full power of substitution in the premises.
	 

	 
		

	 

	 			
	
			 
				Dated  
			 

		  	

			 
				 
			 

		  	
			 
				  
			 

		  
	
			 
				  
			 

		  	
			 
				  
			 

		  	
			 
				  
			 

		  
	
			 
				  
			 

		  	
			 
				  
			 

		  	
			 
				  
			 

		  
	
			 
				  
			 

		  	
			 
				    
			 

		  	

			 
				  
			 

		  
	
			 
				  
			 

		  	
			 
				  
			 

		  	
			 
				NOTICE: The signature to this assignment must correspond with the
				name as written upon the face of the certificate in every particular, without
				alteration or enlargement or any change whatever.
			 

		  

	 
		

	 

	 
		Signature(s) Guaranteed:
	 

	 
		

	 

	 
	 

	 
	 

	 
		THE SIGNATURE(S) MUST BE GUARANTEED BY AN ELIGIBLE GUARANTOR INSTITUTION
		(BANKS, STOCKBROKERS, SAVINGS AND LOAN ASSOCIATIONS AND CREDIT UNIONS WITH
		MEMBERSHIP IN AN APPROVED SIGNATURE GUARANTEE MEDALLION PROGRAM), PURSUANT TO
		S.E.C. RULE 17Ad-15.
	 

	 
		
 
KEEP THIS CERTIFICATE IN A SAFE PLACE. IF IT IS LOST, STOLEN,
		MUTILATED OR DESTROYED, THE COMPANY WILL 
REQUIRE A BOND OF INDEMNITY AS A
		CONDITION TO THE ISSUANCE OF A REPLACEMENT CERTIFICATE.GREENLIGHT CAPITAL RE, LTD.
	 

	 
		AMENDED AND RESTATED
	 

	 
		2004 STOCK INCENTIVE PLAN
	 

	 
		

	 

	 
		1.
	 

	 
		Purposes.
	 

	 
		(a)
	 

	 
		Eligible Award Recipients.  The persons eligible to receive
		Awards are the Employees, Directors and Consultants of the Company and its
		Affiliates.  
	 

	 
		(b)
	 

	 
		Available Awards.  The purpose of the Plan is to provide a
		means by which eligible Employees, Directors and Consultants may be given an
		opportunity to benefit from increases in the value of the Shares through the
		granting of the following awards:  (i) stock options, (ii) stock bonuses
		and (iii) restricted stock (collectively, “Awards”).  The
		Plan was initially adopted on August 12, 2004 and was amended and restated
		effective as of August 15, 2005, February 14, 2007 and May 4, 2007.
	 

	 
		(c)
	 

	 
		General Purpose.  The Company, by means of the Plan, seeks to
		retain the services of the group of persons eligible to receive Awards, to
		secure and retain the services of new members of this group and to provide
		incentives for such persons to exert maximum efforts for the success of the
		Company and its Affiliates.
	 

	 
		2.
	 

	 
		Definitions.
	 

	 
		(a)
	 

	 
		“Affiliate” means any subsidiary of the
		Company or any entity selected by the Board to participate in this Plan.
	 

	 
		(b)
	 

	 
		“Agreement” means a written agreement
		between the Company and a Participant evidencing the terms and conditions of an
		individual Award.  Each Award Agreement shall be subject to the terms and
		conditions of the Plan (and in the event of any inconsistency between the terms
		of an Agreement and the Plan, the terms of the Plan will override).
	 

	 
		(c)
	 

	 
		“Award” has the meaning set forth in
		Section 1(b) of the Plan.
	 

	 
		(d)
	 

	 
		“Board” means the board of directors of
		the Company.
	 

	 
		(e)
	 

	 
		“Cause” means, if the Participant is a party to an
		employment agreement or other agreement for services with the Company or its
		Affiliates and such agreement provides for a definition of Cause, the
		definition therein contained, or, if no such agreement or definition exists, it
		shall mean a Participant’s (i) material breach of any of such
		Participant’s covenants or obligations under any applicable employment
		agreement or agreement for services or non-compete agreement;
		(ii) continued failure after written notice from the Company or any
		applicable Affiliate to satisfactorily perform assigned job responsibilities or
		to follow the reasonable instructions of such Participant’s superiors,
		including, without limitation, the Board; (iii) commission of a crime
		constituting a criminal offense or felony (or its equivalent) under the laws of
		any jurisdiction in which the Company or any applicable Affiliate conducts its
		business or other crime involving moral turpitude; or (iv) material
		violation of any material law or regulation (including, without limitation, the
		Foreign Corrupt Practices Act or any similar non-U.S. statute) or any policy or
		code of conduct adopted by the Company or engaging in any other
	 

	 
		
 

	 

	 
		1
	 

	 
		

	 

	 
	 
		

	 

	 
		

	 

	 
		form of misconduct which, if it were made public, could reasonably be
		expected to adversely affect the business reputation or affairs of the Company
		or of an Affiliate.  The Board or Committee, in good faith, shall
		determine all matters and questions relating to whether a Participant has been
		discharged for Cause.  
	 

	 
		(f)
	 

	 
		“Change in Control” means the occurrence of one of the
		following events:
	 

	 
		(i)
	 

	 
		any “person” or “group” becomes the “beneficial
		owner” (as such terms are used in Rule 13d-3 promulgated under the
		U.S. Securities Exchange Act of 1934, as amended, except that a person or group
		shall be deemed to have “beneficial ownership” of all securities that
		such person or group has the right to acquire, whether such right is
		exercisable immediately or only after the passage of time), directly or
		indirectly, of 51% or more of the Shares (measured by voting power rather than
		number of shares); provided, however, that an event described in
		this paragraph (i) shall not be deemed to be a Change in Control if any of
		following becomes such a beneficial owner: (A) any tax-qualified, broad-based
		employee benefit plan sponsored or maintained by the Company or any
		majority-owned subsidiary, (B) any Company underwriter temporarily holding
		securities pursuant to an offering of such securities, or (C) any person or
		group pursuant to a Non-Qualifying Transaction (as defined in paragraph (ii));
		or
	 

	 
		(ii)
	 

	 
		the Company consolidates or merges with or into any other person or group
		or sells, assigns, conveys, transfers, leases or otherwise disposes of all or
		substantially all of its assets and the assets of the Company’s direct and
		indirect subsidiaries (on a consolidated basis) to any other person or group,
		in either one transaction or a series of related transactions which occur
		within six months, other than a consolidation or merger or disposition of
		assets: (A) of or by the Company into or to a 100% owned subsidiary of the
		Company, or (B) pursuant to a transaction in which the outstanding Shares
		are changed into or exchanged for securities or other property with the effect
		that the beneficial owners of the outstanding Shares immediately prior to such
		transaction, beneficially own, directly or indirectly, at least a majority of
		the Shares (measured by voting power rather than number of shares) of the
		surviving corporation or the person or group to whom the Company’s assets
		are transferred immediately following such transaction (any transaction which
		satisfies the criteria specified in (A) or (B) above shall be deemed to be a
		“Non-Qualifying Transaction”). 
	 

	 
		(g)
	 

	 
		“Code” means the U.S. Internal Revenue
		Code of 1986, as amended, and the regulations and other authoritative guidance
		promulgated thereunder.
	 

	 
		(h)
	 

	 
		“Committee” means the Board, unless and
		until a committee of one or more members of the Board is appointed by the Board
		in accordance with Section 3(c) of the Plan.
	 

	 
		(i)
	 

	 
		“Company” means Greenlight Capital Re,
		Ltd., its successors and assigns.
	 

	 
		(j)
	 

	 
		“Consultant” means any person, including
		an advisor, who is engaged by the Company or an Affiliate to render consulting
		or advisory services and who is not either an Employee or Director.
	 

	 
		(k)
	 

	 
		“Continuous Service” means that the
		Participant’s service with the Company or an Affiliate, whether as an
		Employee, Director or Consultant, has not been interrupted or terminated.
		 The Participant’s Continuous Service shall not be deemed to have
		terminated merely
	 

	 
		
 

	 

	 
		2
	 

	 
		

	 

	 
		

	 

	 
	 
		

	 

	 
		

	 

	 
		because of a change in the capacity in which the Participant renders
		service to the Company or an Affiliate as an Employee, Consultant or Director
		or a change in the entity for which the Participant renders such service,
		provided that there is no interruption or termination of the Participant’s
		Continuous Service.  For example, a change in status from an Employee of
		the Company to a Consultant of an Affiliate or a Director will not constitute
		an interruption of Continuous Service.  The Board or the Committee, in its
		sole discretion, may determine whether Continuous Service shall be considered
		interrupted.
	 

	 
		(l)
	 

	 
		“Director” means a member of the Board or
		any member of the board of directors of any Affiliate.
	 

	 
		(m)
	 

	 
		“Disability” means, if the Participant is
		a party to an employment agreement or other agreement for services with the
		Company or its Affiliates and such agreement provides for a definition of
		Disability, the definition therein contained, or, if no such agreement or
		definition exists, it shall mean the failure of any Participant to perform his
		or her duties due to physical or mental incapacity as determined by the
		Committee.
	 

	 
		(n)
	 

	 
		“Effective Date” means August 12, 2004.
	 

	 
		(o)
	 

	 
		“Employee” means any person employed by
		the Company or an Affiliate.  
	 

	 
		(p)
	 

	 
		“Event” has the meaning set forth in Section 11(a) of
		the Plan.
	 

	 
		(q)
	 

	 
		“Exchange Act” means the U.S. Securities
		Exchange Act of 1934, as amended.
	 

	 
		(r)
	 

	 
		“Fair Market Value” means, as of any date, the value of
		the Shares determined as follows:  (i) if the Shares are listed on any
		established stock exchange or a national market system, including, without
		limitation, the Nasdaq Global Select Market, the Nasdaq Global Market or the
		Nasdaq Capital Market of the Nasdaq Stock Market, the Fair Market Value of the
		Shares will be the closing sales price for such Shares (or the closing bid, if
		no sales were reported) as quoted on such exchange or system on the day of
		determination, as reported in the Wall Street Journal or such other source as
		the Committee deems reliable; (ii) if the Shares are regularly quoted by a
		recognized securities dealer but selling prices are not reported, the Fair
		Market Value of the Shares will be the mean between the high bid and low asked
		prices for the Shares on the day of determination, as reported in the Wall
		Street Journal or such other source as the Committee deems reliable; or (iii)
		in the absence of a public market for the Shares, the Fair Market Value of the
		Shares will be as determined in good faith by the Committee, and such
		determination shall be conclusive and binding on all persons.
	 

	 
		(s)
	 

	 
		“Foreign Corrupt Practices Act” means the U.S. Foreign
		Corrupt Practices Act.
	 

	 
		(t)
	 

	 
		“Non-Employee Director” means a Director who serves on
		the Board and who is a “non-employee director” within the meaning of
		Rule 16b-3.
	 

	 
		(u)
	 

	 
		“Officer” means a person who is an officer
		of the Company within the meaning of Section 16 of the Exchange Act.
	 

	 
		
 

	 

	 
		3
	 

	 
		

	 

	 
		

	 

	 
	 
		

	 

	 
		

	 

	 
		(v)
	 

	 
		“Option” means a non-qualified stock
		option to purchase Shares which is not intended to be an “incentive stock
		option” within the meaning of Section 422 of the Code.
	 

	 
		(w)
	 

	 
		“Option Agreement” means a written
		agreement between the Company and an Optionee evidencing the terms and
		conditions of an individual Option grant.  Option Agreements shall be
		subject to the terms and conditions of the Plan and need not be identical (and
		may include a term to the effect that, in the event of any inconsistency
		between the terms of an Option Agreement and the Plan, the terms of the Plan
		will prevail);
	 

	 
		(x)
	 

	 
		“Optionee” means a person holding an
		Option granted pursuant to the Plan.
	 

	 
		(y)
	 

	 
		“Participant” means a person holding an
		Award granted pursuant to the Plan.
	 

	 
		(z)
	 

	 
		“Plan” means the Greenlight Capital Re,
		Ltd. Amended and Restated 2004 Stock Incentive Plan, as amended and restated
		effective as of August 15, 2005, February 14, 2007 and May 4, 2007.
	 

	 
		(aa)
	 

	 
		“Rule 16b-3” means Rule 16b-3 promulgated
		under the Exchange Act or any successor to Rule 16b-3, as in effect from time
		to time.
	 

	 
		(bb)
	 

	 
		“Sarbanes-Oxley Act of 2002” means that certain U.S.
		federal legislation adopted on July 30, 2002, as amended or supplemented from
		time to time, or any U.S. federal statute or regulation adopted by the SEC in
		effect that has replaced, amended or supplemented or will replace, amend or
		supplement such legislation, and any reference in this Plan to a provision of
		the Sarbanes-Oxley Act of 2002 or a rule or regulation promulgated thereunder
		or in connection therewith means such provision, rule or regulation as amended
		or supplemented from time to time or any provision of a U.S. federal law, or
		any U.S. federal rule or regulation, from time to time in effect that has
		replaced such provision, rule or regulation.
	 

	 
		(cc)
	 

	 
		“SEC” means the U.S. Securities and
		Exchange Commission.
	 

	 
		(dd)
	 

	 
		“Securities Act” means the U.S. Securities
		Act of 1933, as amended.
	 

	 
		(ee)
	 

	 
		“Shares” means the Class A ordinary shares
		of the Company, $0.10 par value per share.
	 

	 
		3.
	 

	 
		Administration.
	 

	 
		(a)
	 

	 
		Administration.  The Plan shall be administered by the Board
		and, if and when appointed, the Committee.
	 

	 
		(b)
	 

	 
		Powers of Committee.  The Committee shall have the power,
		subject to, and within the limitations of, the express provisions of the Plan:
	 

	 
		(i)
	 

	 
		To determine from time to time which of the persons eligible under the
		Plan shall be granted Awards; when and how each Award shall be granted; what
		type or combination of types of Awards shall be granted; the provisions of each
		Award granted (which need not be identical), including the time or times when a
		person shall be permitted to receive
	 

	 
		
 

	 

	 
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		Shares pursuant to an Award; and the number of Shares with respect to
		which an Award shall be granted to each such person.
	 

	 
		(ii)
	 

	 
		To construe and interpret the Plan and Awards granted under it, and to
		establish, amend and revoke rules and regulations for its administration.
		 The Committee, in the exercise of this power, may correct any defect,
		omission or inconsistency in the Plan or in any Agreement, in a manner and to
		the extent it shall deem necessary or expedient to make the Plan fully
		effective, but it may not do so to the extent that such correction materially
		prejudices the recipients of any Awards.  The Committee shall expressly
		have the authority to adopt any modifications, procedures and sub-plans as may
		be necessary or desirable to comply with provisions of the law of foreign
		countries in which the Company or its Affiliates may operate to assure the
		viability of the benefits from Awards granted to Participants employed or
		providing services in such countries and to meet the objectives of the Plan.
		 If, in connection with the adoption of a sub-plan of the Plan, approval
		is required from any applicable agency of any other country or jurisdiction,
		the Committee shall have the authority to seek such approval and the adoption
		of the sub-plan shall be conditioned on such approval being obtained.
	 

	 
		(iii)
	 

	 
		Generally, to exercise such powers and to perform such acts as the Board
		deems necessary or expedient to promote the best interests of the Company which
		are not in conflict with the provisions of the Plan.
	 

	 
		(c)
	 

	 
		Delegation to Committee.  The entire Board may comprise the
		Committee or the Board may delegate administration of the Plan to a Committee
		which, if required under applicable law, shall consist of two (2) or more
		Non-Employee Directors.  In such event, the term “Committee”
		shall apply to any person or persons to whom such authority has been delegated.
		 Furthermore, unless a Committee has been appointed by the Board, any
		reference to the Committee in the Plan shall mean the Board.  If
		administration is delegated to a Committee, the Committee shall have, in
		connection with the administration of the Plan, the powers theretofore
		possessed by the Board (and references in this Plan to the Board shall
		thereafter be to the Committee) subject, however, to such resolutions, not
		inconsistent with the provisions of the Plan, as may be adopted from time to
		time by the Board.  The Board may abolish the Committee at any time and
		re-vest in the Board the administration of the Plan.  The Board may also
		delegate to a committee of one or more members of the Board who are not
		Non-Employee Directors the authority to grant Awards to eligible persons who
		are not then subject to Section 16 of the Exchange Act.
	 

	 
		(d)
	 

	 
		Effect of Committee’s Decision.  All determinations,
		interpretations and constructions made by the Committee in good faith shall not
		be subject to review by any person and shall be final, binding and conclusive
		on all persons.  Members of the Committee and any officer or employee of
		the Company or any Affiliate acting at the direction of the Committee shall (as
		far as permitted by applicable law) not be personally liable for any action or
		determination taken or made in good faith with respect to the Plan, and shall,
		to the extent permitted by law, be fully indemnified by the Company with
		respect to any such action or determination.
	 

	 
		

	 

	 
		
 

	 

	 
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		4.
	 

	 
		Shares Subject to the Plan.
	 

	 
		Subject to the provisions of Section 11, the total number of Shares that
		shall be available for the grant of Awards under the Plan shall not exceed in
		the aggregate 2,000,000 Shares.  If any Award shall for any reason expire
		or otherwise terminate, in whole or in part, without having been exercised or
		realized in full, the Shares not acquired under such Award shall again become
		available to be made subject to Awards under the Plan.  The Shares subject
		to the Plan may be authorized but unissued shares or shares reacquired by the
		Company in any manner.
	 

	 
		5.
	 

	 
		Eligibility.
	 

	 
		(a)
	 

	 
		Eligibility for Options.  Options may be granted to
		Employees, Directors and Consultants.
	 

	 
		(b)
	 

	 
		Consultants.
	 

	 
		(i)
	 

	 
		At any time that the Shares are not publicly traded, a Consultant shall
		not be eligible for the grant of an Award if, at the time of grant, either the
		offer or the sale of the Company’s securities to such Consultant is not
		exempt under Rule 701 of the Securities Act (“Rule
		701”) because of the nature of the services that the Consultant is
		providing to the Company, or because the Consultant is not a natural person, or
		as otherwise provided by Rule 701, unless the Committee determines that such
		grant need not comply with the requirements of Rule 701 and will satisfy
		another exemption under the Securities Act as well as comply with the
		securities laws of all other relevant jurisdictions.  
	 

	 
		(ii)
	 

	 
		At any time that Shares are publicly traded, a Consultant shall not be
		eligible for the grant of an Award if, at the time of grant, a Form S-8
		Registration Statement under the Securities Act (“Form
		S-8”) is not available to register either the offer or the sale of
		the Company’s securities to such Consultant because of the nature of the
		services that the Consultant is providing to the Company, or because the
		Consultant is not a natural person, or as otherwise provided by the rules
		governing the use of Form S-8, unless the Company determines both (A) that such
		grant either (1) shall be registered in another manner under the Securities Act
		(e.g., on a Form S-3 Registration Statement) or (2) does not require
		registration under the Securities Act in order to comply with the requirements
		of the Securities Act, if applicable, and (B) that such grant complies with the
		securities laws of all other relevant jurisdictions.
	 

	 
		(iii)
	 

	 
		Rule 701 and Form S-8 generally are available to Consultants and advisors
		only if (a) they are natural persons; (b) they provide bona fide services to
		the issuer, its parent, its majority-owned subsidiaries or majority-owned
		subsidiaries of the issuer’s parent; and (c) the services are not in
		connection with the offer or sale of securities in a capital-raising
		transaction, and do not directly or indirectly promote or maintain a market for
		the issuer’s securities.
	 

	 
		6.
	 

	 
		Option Provisions.
	 

	 
		Each Option shall be in such form and shall contain such terms and
		conditions as the Committee shall deem appropriate.  The provisions of
		separate Options need not be identical, but each Option shall include (through
		incorporation of provisions hereof by reference in the Option or otherwise) the
		substance of each of the following provisions:
	 

	 
		
 

	 

	 
		6
	 

	 
		

	 

	 
		

	 

	 
	 
		

	 

	 
		

	 

	 
		(a)
	 

	 
		Term.  No Option shall be exercisable after the expiration of
		ten (10) years from the date it was granted.
	 

	 
		(b)
	 

	 
		Exercise Price of an Option.  The exercise price of each
		Option shall be established by the Committee but shall be not less than one
		hundred percent (100%) of the Fair Market Value of the Shares subject to the
		Option on the date the Option is granted (and not less than the par value of
		the Shares).
	 

	 
		(c)
	 

	 
		Consideration.  The purchase price of Shares acquired
		pursuant to an Option shall be paid, to the extent permitted by applicable
		statutes and regulations, either (i) in cash or cashiers’ check at the
		time the Option is exercised or (ii) at the discretion of the Committee at the
		time of the grant of the Option or subsequently (A) by delivery to the Company
		of other Shares, duly endorsed for transfer to the Company, with a Fair Market
		Value on the date of delivery equal to the exercise price (or portion thereof)
		due for the number of Shares being acquired, or by means of attestation whereby
		the Participant identifies for delivery specific Shares that have a Fair Market
		Value on the date of attestation equal to the exercise price (or portion
		thereof) and receives a number of Shares equal to the difference between the
		number of Shares thereby purchased and the number of identified attestation
		Shares; provided, that, such delivered or attestation Shares are
		not subject to any pledge or other security interest and have been held by the
		Optionee for more than six (6) months (or such longer or shorter period of time
		required to avoid a charge to earnings for financial accounting purposes); (B)
		by a “net exercise” method whereby the Company withholds from
		delivery of the Shares subject to the Option (or portion thereof) that number
		of whole Shares having a Fair Market Value on the date of exercise equal to
		(or, to avoid the issuance of fractional Shares, less than) the aggregate
		exercise price of the Shares being purchased upon such exercise; (C) in any
		other form of legal consideration that may be acceptable to the Committee,
		including, without limitation, a “cashless” exercise program
		established with a broker that does not violate the Sarbanes-Oxley Act of 2002;
		or (D) by any combination of the foregoing methods.
	 

	 
		(d)
	 

	 
		Transferability of Options.  An Option shall be transferable
		to the extent provided in the Option Agreement.  If the Option does not
		provide for transferability, then the Option shall not be transferable except
		by will or by the laws of descent and distribution and shall be exercisable
		during the lifetime of the Optionee only by the Optionee.  Notwithstanding
		the foregoing, the Optionee may, by delivering written notice to the Company,
		in a form satisfactory to the Company, designate a third party who, in the
		event of the death or incapacity of the Optionee, shall thereafter be entitled
		to exercise the Option.
	 

	 
		(e)
	 

	 
		Vesting.  The total number of Shares subject to an Option
		may, but need not, vest and become exercisable in periodic installments that
		may, but need not, be equal.  The Option may be subject to such other
		terms and conditions on the time or times when it may be exercised (which may
		be based on performance or other criteria) as the Committee may deem
		appropriate.  The vesting provisions of individual Options may vary.
		 The provisions of this Section 6(e) are subject to any Option provisions
		governing the minimum number of Shares as to which an Option may be exercised.
		 No Option may be exercised for a fraction of a Share.
	 

	 
		(f)
	 

	 
		Termination of Continuous Service. Unless otherwise provided in an
		Option Agreement, in the event an Optionee’s Continuous Service terminates
		(other than upon the
	 

	 
		
 

	 

	 
		7
	 

	 
		

	 

	 
		

	 

	 
	 
		

	 

	 
		

	 

	 
		Optionee’s death or Disability), all unvested Options shall
		terminate and the Optionee may exercise his or her vested Options, but only
		within such period of time ending on the earlier of (i) the date three (3)
		months following the termination of the Optionee’s Continuous Service, or
		(ii) the expiration of the term of the Option as set forth in the Option
		Agreement; provided, that, if the termination of Continuous
		Service is by the Company for Cause, all outstanding Options (whether or not
		vested) shall immediately terminate and cease to be exercisable.  If,
		after termination, the Optionee does not exercise his or her Option within the
		time specified in the Option Agreement, the Option shall terminate.
	 

	 
		(g)
	 

	 
		Disability of Optionee.  Unless otherwise provided in an
		Option Agreement, in the event that an Optionee’s Continuous Service
		terminates as a result of the Optionee’s Disability, all unvested Options
		shall terminate and the Optionee (or a person designated to exercise the Option
		upon the Optionee’s Disability pursuant to Section 6(d)) may exercise his
		or her vested Options, but only within such period of time ending on the
		earlier of (i) the date twelve (12) months following such termination or (ii)
		the expiration of the term of the Option as set forth in the Option Agreement.
		 If, after termination, the Optionee does not exercise his or her Option
		within the time specified herein, the Option shall terminate.
	 

	 
		(h)
	 

	 
		Death of Optionee.  Unless otherwise provided in an Option
		Agreement, in the event an Optionee’s Continuous Service terminates as a
		result of the Optionee’s death, then all unvested Options shall terminate
		and the vested Options may be exercised by the Optionee’s estate, by a
		person who acquired the right to exercise the Option by bequest or inheritance
		or by a person designated to exercise the Option upon the Optionee’s death
		pursuant to Section 6(d), but only within the period ending on the earlier of
		(i) the date twelve (12) months following the date of death or (ii) the
		expiration of the term of such Option as set forth in the Option Agreement.
		 If, after death, the Option is not exercised within the time specified
		herein, the Option shall terminate.
	 

	 
		(i)
	 

	 
		Change in Control.  Unless otherwise provided in an Option
		Agreement and except as otherwise provided in the Plan, a Change in Control
		shall not affect any Options granted under the Plan.  
	 

	 
		7.
	 

	 
		Provisions of Awards Other Than Options.
	 

	 
		(a)
	 

	 
		Stock Bonus Awards.  Each Agreement evidencing a stock bonus
		shall be in such form and shall contain such terms and conditions as the
		Committee shall deem appropriate.  The terms and conditions of such
		Agreements may change from time to time, and the terms and conditions of
		separate Agreements need not be identical, but each such Agreement shall
		include (through incorporation of provisions hereof by reference in the
		Agreement or otherwise) the substance of each of the following provisions:
		 
	 

	 
		(i)
	 

	 
		Consideration.  A stock bonus may be awarded in consideration
		for past services actually rendered to the Company or an Affiliate.
	 

	 
		(ii)
	 

	 
		Vesting.  Shares awarded under the stock bonus Agreement may,
		but need not, be subject to a share repurchase option in favor of the Company
		in accordance with a vesting schedule to be determined by the Committee.
	 

	 
		
 

	 

	 
		8
	 

	 
		

	 

	 
		

	 

	 
	 
		

	 

	 
		

	 

	 
		(iii)
	 

	 
		Termination of Participant’s Continuous Service.  In the
		event a Participant’s Continuous Service terminates, the Company may
		reacquire, for par value, any or all of the Shares held by the Participant
		which have not vested as of the date of termination under the terms of the
		applicable Agreement.
	 

	 
		(iv)
	 

	 
		Transferability.  Shares under the applicable Agreement shall
		be transferable by the Participant only upon such terms and conditions as are
		set forth in the Agreement, as the Committee shall determine in its discretion,
		so long as the Shares awarded under the Agreement remain subject to the terms
		of the Agreement.
	 

	 
		(b)
	 

	 
		Restricted Stock Awards.  Each such Agreement evidencing a
		grant of restricted Shares shall be in such form and shall contain such terms
		and conditions as the Committee shall deem appropriate.  The terms and
		conditions of such Agreements may change from time to time, and the terms and
		conditions of separate Agreements need not be identical, but each such
		Agreement shall include (through incorporation of provisions hereof by
		reference in the Agreement or otherwise) the substance of each of the following
		provisions:
	 

	 
		(i)
	 

	 
		Purchase Price.  The purchase price of Awards of restricted
		Shares, if any, shall be determined by the Committee and set forth in the
		Agreement.
	 

	 
		(ii)
	 

	 
		Consideration.  The purchase price of Shares acquired
		pursuant to the applicable Agreement, if any, shall be paid either:  (i)
		in cash at the time of purchase; (ii) at the discretion of the Committee,
		according to a deferred payment or other similar arrangement with the
		Participant to the extent it does not violate the Sarbanes-Oxley Act of 2002 or
		any other applicable law; or (iii) in any other form of legal consideration
		that may be acceptable to the Committee in its discretion.
	 

	 
		(iii)
	 

	 
		Vesting.  Restricted Shares shall vest in accordance with a
		vesting schedule to be determined by the Committee under the applicable
		Agreement and may, but need not, be subject to a share repurchase option in
		favor of the Company.
	 

	 
		(iv)
	 

	 
		Termination of Participant’s Continuous Service.  In the
		event a Participant’s Continuous Service terminates, the Company may
		repurchase or otherwise reacquire, for par value, any or all of the Shares held
		by the Participant which have not vested as of the date of termination under
		the terms of the applicable Agreement.
	 

	 
		(v)
	 

	 
		Transferability.  Restricted Shares under the Agreement shall
		be transferable by the Participant only upon such terms and conditions as are
		set forth in the Agreement, as the Committee shall determine in its discretion,
		so long as Shares awarded under the Agreement remain subject to the terms of
		the Agreement.
	 

	 
		8.
	 

	 
		Covenants of the Company
	 

	 
		(a)
	 

	 
		Availability of Shares.  During the terms of the Awards, the
		Company shall keep available at all times the number of Shares required to
		satisfy such Awards.
	 

	 
		(b)
	 

	 
		Securities Law Compliance.  The Company shall seek to obtain
		from each regulatory commission or agency having jurisdiction over the Plan
		such authority as may be
	 

	 
		
 

	 

	 
		9
	 

	 
		

	 

	 
		

	 

	 
	 
		

	 

	 
		

	 

	 
		required to grant Awards and to issue and sell Shares upon exercise of
		the Awards; provided, however, that this undertaking shall not
		require the Company to register under the Securities Act or any other
		applicable law of the United States (or otherwise) the Plan, any Awards or any
		Shares issued or issuable pursuant to any such Awards.  If, after
		reasonable efforts, the Company is unable to obtain from any such regulatory
		commission or agency the authority which counsel for the Company deems
		necessary for the lawful issuance and sale of Shares under the Plan, the
		Company shall be relieved from any liability for failure to issue and sell
		Shares upon grant or exercise of such Awards unless and until such authority is
		obtained.
	 

	 
		9.
	 

	 
		Use of Proceeds from Stock.
	 

	 
		Proceeds from the sale of Shares pursuant to the grant or exercise of
		Awards shall constitute general funds of the Company.
	 

	 
		10.
	 

	 
		Miscellaneous.
	 

	 
		(a)
	 

	 
		Acceleration of Exercisability and Vesting.  The Committee
		shall have the power to accelerate the time at which an Award may first be
		exercised or the time during which an Award or any part thereof will vest in
		accordance with the Plan, notwithstanding the provisions in the Award stating
		the time at which it may first be exercised or the time during which it will
		vest.  
	 

	 
		(b)
	 

	 
		Shareholder Rights.  No Participant shall be deemed to be the
		holder of, or to have any of the rights of a holder with respect to, any Shares
		subject to such Award unless and until such Participant has satisfied all
		requirements for exercise of the Award pursuant to its terms and has become the
		registered holder of such Shares.
	 

	 
		(c)
	 

	 
		No Employment or other Service Rights.  Nothing in the Plan
		or any instrument executed or Award granted pursuant thereto shall confer upon
		any Participant any right to continue to serve the Company or an Affiliate in
		the capacity in effect at the time the Award was granted or shall affect the
		right of the Company or an Affiliate to terminate (i) the employment of an
		Employee with or without notice and with or without Cause, (ii) the service of
		a Consultant with or without notice and with or without Cause or (iii) the
		service of a Director pursuant to the Memorandum and Articles of Association of
		the Company or an Affiliate, and any applicable provisions of the corporate law
		of the jurisdiction in which the Company or the Affiliate is incorporated, as
		the case may be.
	 

	 
		(d)
	 

	 
		Investment Assurances.  The Company may require a
		Participant, as a condition to exercising an Option or acquiring Shares under
		any Award to: (i) give written assurances satisfactory to the Company as to the
		Participant’s knowledge and experience in financial and business matters
		and/or to employ a purchaser representative reasonably satisfactory to the
		Company who is knowledgeable and experienced in financial and business matters
		and that he or she is capable of evaluating, alone or together with the
		purchaser representative, the merits and risks of exercising the Award; and
		(ii) give written assurances satisfactory to the Company stating that the
		Participant is acquiring Shares subject to the Award for the Participant’s
		own account and not with any present intention of selling or otherwise
		distributing the Shares.  The foregoing requirements, and any assurances
		given pursuant to such requirements, shall be
	 

	 
		
 

	 

	 
		10
	 

	 
		

	 

	 
		

	 

	 
	 
		

	 

	 
		

	 

	 
		inoperative if (1) the issuance of the Shares upon the exercise or
		acquisition of Shares under the Award has been registered under a then
		currently effective registration statement under the Securities Act or (2) as
		to any particular requirement, a determination is made by counsel for the
		Company that such requirement need not be met in the circumstances under the
		then applicable securities laws.  The Company may, upon advice of
		counsel to the Company, place legends on stock certificates issued under the
		Plan as such counsel deems necessary or appropriate in order to comply with
		applicable securities laws, including, but not limited to, legends restricting
		the transfer of the Shares.
	 

	 
		(e)
	 

	 
		Withholding Obligations.  The Company shall have the right to
		deduct from any compensation paid to the Participant pursuant to the Plan the
		amount of taxes required by law to be withheld therefrom, or to require the
		Participant to pay the Company in cash such amount required to be withheld.
		 To the extent provided by the terms of an Agreement or authorized by the
		Committee, the Participant may satisfy any foreign, federal, state or local tax
		withholding obligation relating to the exercise or acquisition of Shares under
		an Award by any of the following means (in addition to the Company’s right
		to withhold or to direct the withholding from any compensation paid to the
		Participant by the Company or by an Affiliate) or by a combination of such
		means:  (i) tendering a cash payment; (ii) authorizing the Company to
		withhold Shares from the Shares otherwise issuable or deliverable to the
		Participant as a result of the vesting, exercise or acquisition of Shares under
		the Award; provided, however, that no Shares are withheld with a
		value exceeding the minimum amount of tax required to be withheld by applicable
		law; or (iii) transferring to the Company or an Affiliate for repurchase for
		the aggregate sum of US $1.00, owned and unencumbered Shares with a Fair Market
		Value equal to the amount of the applicable tax liability in exchange for the
		Company's or Affiliate's commitment to remit such amounts to the taxing
		authority.
	 

	 
		11.
	 

	 
		Adjustments Upon Changes in Stock.
	 

	 
		(a)
	 

	 
		Capitalization Adjustments. In the event of any dividend or other
		distribution (whether in the form of cash, Shares, other securities, or other
		property), recapitalization, reclassification, stock split, reverse stock
		split, reorganization, merger, consolidation, split-up, spin-off, combination,
		repurchase, liquidation, dissolution, or sale, transfer, exchange or other
		disposition of all or substantially all of the assets or stock of the Company,
		or exchange of Shares or other securities of the Company, issuance of warrants
		or other rights to purchase Shares or other securities of the Company, or other
		similar corporate transaction or event (each, an “Event”) that
		affects the Shares such that an adjustment is appropriate in order to prevent
		dilution or enlargement of the benefits or potential benefits intended to be
		made available under the Plan or with respect to an Award, then the Committee
		shall, without limitation, equitably adjust any or all of the following: (i)
		the number and kind of Shares (or other securities or property) with respect to
		which Awards may be granted or awarded; (ii) the number and kind of Shares (or
		other securities or property) subject to all or any outstanding Awards; and/or
		(iii) the exercise price with respect to all or any outstanding Awards.
		 The Committee’s determination under this Section 11(a) shall be
		final, binding and conclusive.
	 

	 
		(b)
	 

	 
		Termination of Awards.  Unless otherwise provided in an
		Agreement, upon the occurrence of an Event, or other similar corporate event or
		transaction in which outstanding Awards are not to be assumed by the surviving
		entity or otherwise continued following such an Event or other similar
		corporate event or transaction, the Committee may, in
	 

	 
		
 

	 

	 
		11
	 

	 
		

	 

	 
		

	 

	 
	 
		

	 

	 
		

	 

	 
		its discretion, terminate any outstanding Award without a
		Participant’s consent and (i) provide for the purchase of any such Award
		for an amount of cash equal to the amount that could have been attained upon
		the exercise of such Award or realization of the Participant’s rights had
		such Award been currently exercisable or payable or fully vested (based on the
		Fair Market Value of the Shares on the date of such termination) or the
		replacement of such Award with other rights or property selected by the
		Committee in its sole discretion and/or (ii) provide that such Award shall
		be exercisable (whether or not vested) as to all Shares covered thereby for at
		least thirty (30) days prior to such Event or other similar corporate
		event or transaction but will terminate at the end of that period.
	 

	 
		(c)
	 

	 
		Future Transactions.  The existence of the Plan, the
		Agreements and the Award granted hereunder shall not affect or restrict in any
		way the right or power of the Company or the shareholders of the Company to
		make or authorize any adjustment, recapitalization, reorganization or other
		change in the Company’s capital structure or its business, any merger or
		consolidation of the Company, any issue of stock or of options, warrants or
		rights to purchase stock or of bonds, debentures, preferred or prior preference
		stocks whose rights are superior to or affect the Shares or the rights thereof
		or which are convertible into or exchangeable for Shares, or the dissolution or
		liquidation of the Company, or any sale or transfer of all or any part of its
		assets or business, or any other corporate act or proceeding, whether of a
		similar character or otherwise.
	 

	 
		12.
	 

	 
		Amendment of the Plan and Awards.
	 

	 
		(a)
	 

	 
		Amendment of Plan.  The Board at any time, and from time to
		time, may amend the Plan.  However, except as provided in Section 11
		relating to adjustments upon changes in Shares, no amendment shall be effective
		unless approved by the stockholders of the Company to the extent stockholder
		approval is necessary to satisfy any applicable law or any national securities
		exchange or Nasdaq listing requirements.
	 

	 
		(b)
	 

	 
		Stockholder Approval.  The Board may, in its sole discretion,
		submit any other amendment to the Plan for stockholder approval.
	 

	 
		(c)
	 

	 
		Contemplated Amendments.  It is expressly contemplated that
		the Board may amend the Plan in any respect the Board deems necessary or
		advisable to provide Participants with the maximum benefits provided or to be
		provided under the provisions of the Code and the regulations promulgated
		thereunder and/or to bring the Plan into compliance therewith.
	 

	 
		(d)
	 

	 
		No Impairment of Rights.  Subject to Section 11, rights under
		any Award granted before amendment of the Plan shall not be impaired by any
		amendment of the Plan unless (i) the Company requests the consent of the
		Participant and (ii) the Participant consents in writing.
	 

	 
		(e)
	 

	 
		Amendment of Awards.  Subject to Section 11, the Board at any
		time, and from time to time, may amend the terms of any one or more Awards;
		provided, however, that the rights under any Award shall not be
		impaired by any such amendment unless (i) the Company requests the consent of
		the Participant and (ii) the Participant consents in writing.
	 

	 
		

	 

	 
		
 

	 

	 
		12
	 

	 
		

	 

	 
		

	 

	 
	 
		

	 

	 
		

	 

	 
		13.
	 

	 
		Termination or Suspension of the Plan.
	 

	 
		(a)
	 

	 
		Plan Term.  The Committee may suspend or terminate the Plan
		at any time.  Unless sooner terminated, the Plan shall terminate on August
		11, 2014.  No Awards may be granted under the Plan while the Plan is
		suspended or after it is terminated.
	 

	 
		(b)
	 

	 
		No Impairment of Rights.  Subject to Section 11, suspension
		or termination of the Plan shall not impair rights and obligations under any
		Award granted while the Plan is in effect except with the written consent of
		the Participant.
	 

	 
		14.
	 

	 
		Effective Date of Plan.
	 

	 
		The Plan is effective as of the Effective Date.  
	 

	 
		15.
	 

	 
		Choice of Law.
	 

	 
		The laws of the Cayman Islands shall govern all questions concerning the
		construction, validity and interpretation of this Plan.
	 

	 
		
 

	 

	 
		13

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