Document:

EXHIBIT 10.1

COVIDIEN
LTD.

2007
STOCK AND INCENTIVE PLAN

(EFFECTIVE AS OF JUNE 29, 2007)

ARTICLE
I

PURPOSE

1.1    Purpose.    The purposes of this Covidien Ltd. 2007
Stock and Incentive Plan (the “Plan”) are to promote the interests of Covidien
Ltd. (and any successor thereto) by (i) aiding in the recruitment and retention
of Directors and Employees, (ii) providing incentives to Directors and
Employees by means of performance-related incentives to achieve short-term and
long-term performance goals, (iii) providing Directors and Employees with an
opportunity to participate in the growth and financial success of the Company,
and (iv) promoting the growth and success of the Company’s business by aligning
the financial interests of Directors and Employees with that of the other
stockholders of the Company. Toward these objectives, the Plan provides for the
grant of Stock Options, Stock Appreciation Rights, Annual Performance Bonuses,
Long Term Performance Awards and Other Stock-Based Awards.

1.2    Effective
Date; Shareholder Approval.    The Plan is effective as of the date of the
Separation, as defined below.  The Plan
was approved by the Board of Directors of Covidien Ltd. on June 1, 2007 and by
Tyco International Ltd., as the Company’s sole shareholder on June 13, 2007.

ARTICLE II

DEFINITIONS

For
purposes of the Plan, the following terms have the following meanings, unless
another definition is clearly indicated by particular usage and context:

“ Acquired Company ” means any business,
corporation or other entity acquired by the Company or any Subsidiary.

“ Acquired Grantee ” means the grantee of a
stock-based award of an Acquired Company and may include a current or former
Director of an Acquired Company.

“ Annual Performance Bonus ” means an Award
of cash or Shares granted under Section 4.4 of the Plan that is paid solely on
account of the attainment of a specified performance target in relation to one
or more Performance Measures.

“ Award ” means any form of incentive or
performance award granted under the Plan, whether singly or in combination, to
a Participant by the Committee pursuant to any terms and conditions that the
Committee may establish and set forth in the applicable Award Certificate.
Awards granted under the Plan may consist of:

(a)    “ Stock
Options ” awarded pursuant to Section 4.3;

(b)    “ Stock
Appreciation Rights ” awarded pursuant to Section 4.3;

(c)    “ Annual
Performance Bonuses ” awarded pursuant to Section 4.4;

(d)    “ Long
Term Performance Awards ” awarded pursuant to Section 4.5;

(e)    “ Other
Stock-Based Awards ” awarded pursuant to Section 4.6;

(f)    “ Director
Awards ” awarded pursuant to Section 4.7; and

(g)    “ Substitute
Awards ” awarded pursuant to Section 4.8.

“ Award Certificate ” means the document
issued, either in writing or an electronic medium, by the Committee or its
designee to a Participant evidencing the grant of an Award and which contains,
in the same or accompanying document, the terms and conditions applicable to
such Award.

“ Board ” means the Board of Directors of
the Company.

“ Cause ” means misconduct that is willfully
or wantonly harmful to the Company or any of its Subsidiaries, monetarily or
otherwise including, without limitation, conduct that violates the Company’s
Code of Ethical Conduct.

“ Change in Control ” means the first to
occur of any of the following events:

(a)    any “person” (as defined in Section 13(d)
and 14(d) of the Exchange Act, excluding for this purpose, (i) the Company or
any Subsidiary or (ii) any employee benefit plan of the Company or any
Subsidiary (or any person or entity organized, appointed or established by the
Company for or pursuant to the terms of any such plan that acquires beneficial
ownership of voting securities of the Company), is or becomes the “beneficial
owner” (as defined in Rule 13d-3 under the Exchange Act) directly or indirectly
of securities of the Company representing more than 30 percent of the combined
voting power of the Company’s then outstanding securities; provided, however,
that no Change in Control will be deemed to have occurred as a result of a
change in ownership percentage resulting solely from an acquisition of
securities by the Company; or

(b)    persons who, as of the Effective Date
constitute the Board (the “Incumbent Directors”) cease for any reason
(including without limitation, as a result of a tender offer, proxy contest,
merger or similar transaction) to constitute at least a majority thereof,
provided that any person becoming a Director of the Company subsequent to the
Effective Date shall be considered an Incumbent Director if such person’s
election or nomination for election was approved by a vote of at least 50
percent of the Incumbent Directors; but provided further, that any such person
whose initial assumption of office is in connection with an actual or
threatened proxy contest relating to the election of members of the Board or
other actual or threatened solicitation of proxies or consents by or on behalf
of a “person” (as defined in Section 13(d) and 14(d) of the Exchange Act) other
than the Board, including by reason of agreement intended to avoid or settle
any such actual or threatened contest or solicitation, shall not be considered
an Incumbent Director; or

(c)    consummation of a reorganization, merger or
consolidation or sale or other disposition of at least 80 percent of the assets
of the Company (a “Business Combination”), in each case, unless, following such
Business Combination, all or substantially all of the individuals and entities
who were the beneficial owners of outstanding voting securities of the Company
immediately prior to such Business Combination beneficially own directly or
indirectly more than 50 percent of the combined voting power of the then
outstanding voting securities entitled to vote generally in the election of
directors, of the company resulting from such Business Combination (including,
without limitation, a company which, as a result of such transaction, owns the
Company or all or substantially all of the Company’s assets either directly or
through one or more Subsidiaries) in substantially the same proportions as
their ownership, immediately prior to such Business Combination, of the
outstanding voting securities of the Company; or

(d)    approval by the stockholders of the Company
of a complete liquidation or dissolution of the Company;

provided, however, that if and to the extent that any
provision of this Plan or an Award Certificate applicable to a Long Term
Performance Award, a Restricted Unit Award or a Deferred Stock Unit Award would
cause a payment of deferred compensation that is subject to Code Section
409A(a)(2) to be made upon the occurrence of a “Change in Control,” then such
payment shall not be made unless such “Change in Control” satisfies the
requirements of Code Section 409A(a)(2)(A)(v) and applicable regulations and
rulings thereunder.

“ Change in Control Termination ” means a
Participant’s involuntary termination of employment that occurs during the
twelve (12) month period immediately following a Change in Control.  For this purpose, a Participant’s 

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involuntary termination of employment includes only
the following:

(a)                            termination
of the Participant’s employment by the Company for any reason other than for
Cause, Disability or death;

(b)                           termination
of the Participant’s employment by the Participant after one of the following
events, provided that the Participant’s termination of employment occurs within
sixty (60) days after the occurrence of any such event:

(i)             the Company (1)
assigns or causes to be assigned to the Participant duties inconsistent in any
material respect with his or her position as in effect immediately prior to the
Change in Control; (2) makes or causes to be made any material adverse change
in the Participant’s position (including titles and reporting relationships and
level), authority, duties or responsibilities; or (3) takes or causes to be
taken any other action which, in the reasonable judgment of the Participant,
would cause him or her to violate his or her ethical or professional
obligations (after written notice of such judgment has been provided by the
Participant to the Company and the Company has been given a 15-day period
within which to cure such action), or which results in a significant diminution
in such position, authority, duties or responsibilities; or

(ii)          the Company, without the
Participant’s consent, (1) requires the Participant to relocate to a principal
place of employment more than fifty (50) miles from his or her existing place
of employment; or (2) reduces the Participant’s base salary, annual bonus, or
retirement, welfare, stock incentive, perquisite (if any) and other benefits
taken as a whole.

“ Code ” means the United States Internal
Revenue Code of 1986, as amended.

“ Committee ” means the Compensation and
Human Resources Committee of the Board or any successor committee or other
committee to which the Compensation and Human Resources Committee delegates its
authority under this Plan.  The
Compensation and Human Resources Committee is comprised solely of nonemployee
directors within the meaning of Rule 16b-3(b)(3) of the Exchange Act and two or
more persons who are outside directors within the meaning of Section
162(m)(4)(C)(i) of the Code and the applicable regulations.

“ Common Stock ” means the common stock of
the Company, $0.20 (U.S.) par value, and such other securities or property as
may become subject to Awards pursuant to an adjustment made under Section 5.3
of the Plan.

“ Company ” means Covidien Ltd., a Bermuda
company, or any successor thereto.

“ Deferred Stock Unit ” means a Unit granted
under Section 4.6 or 4.7 to acquire Shares upon Termination of Directorship or
Termination of Employment, subject to any restrictions that the Committee, in
its discretion, may determine.

“ Director ” means a member of the Board who
is a “non-employee director” within the meaning of Rule 16b-3(b)(3) under the
Exchange Act.

“ Disabled ” or “ Disability ” means the inability of the Director or Employee
to perform the material duties pertaining to such Director’s directorship or
such Employee’s employment due to a physical or mental injury, infirmity or
incapacity for 180 days (including weekends and holidays) in any 365-day
period. The existence or nonexistence of a Disability shall be determined by an
independent physician selected by the Company and reasonably acceptable to the
Director or Employee.    Notwithstanding
the above, if and to the extent that any provision of this Plan or an Award
Certificate applicable to a Long Term Performance Award, a Restricted Unit
Award or a Deferred Stock Unit Award would cause a payment of deferred
compensation that is subject to Code Section 409A(a)(2) to be made upon the
occurrence of a “Disability” or upon a person becoming “Disabled,” then such
payment shall not be made unless such “Disability” or condition of being “Disabled”
satisfies the requirements of Code Section 409A(a)(2)(C) and applicable
regulations and rulings thereunder.

“ Dividend Equivalent ” means an amount
equal to the cash dividend or the Fair Market Value of the stock 

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dividend that would be paid on each Share underlying
an Award if the Share were duly issued and outstanding on the date on which the
dividend is payable.

“ Effective Date ” means the date of
Separation, as defined below.

“ Employee ” means any individual who
performs services as an officer or employee of the Company or a Subsidiary.

“ Exchange Act ” means the United States
Securities Exchange Act of 1934, as amended.

“ Exercise Price ” means the price of a
Share, as fixed by the Committee, which may be purchased under a Stock Option
or with respect to which the amount of any payment pursuant to a Stock
Appreciation Right is determined.

“ Fair Market Value ” of a Share means,
solely with respect to Awards issued as part of the Founders Grant, the volume
weighted average price of a Share as reported on the New York Stock Exchange
during the first day of trading of Common Stock after Separation and, with
respect to all other grants issued thereafter or for other purposes as provided
for in the Plan, the closing sales price on the New York Stock Exchange of a
Share on the trading day of the grant or on the date as of which the
determination of Fair Market Value is being made or, if no sale is reported for
such day, on the next preceding day on which a sale of Shares is reported.   Notwithstanding anything to the contrary
herein, the Fair Market Value of a Share will in no event be determined to be
less than par value.

“ Fair Market Value Stock Option ” means a
Stock Option the Exercise Price of which is fixed by the Committee at a price
equal to the Fair Market Value of a Share on the date of grant.

“ Founders Grant ” means the grant of an
Award made in connection with, and solely as a result of, the Separation.

“ GAAP ” means United States generally
accepted accounting principles.

“ Incentive Stock Option ” means a Stock
Option granted under Section 4.3 of the Plan that meets the requirements of
Section 422 of the Code and any related regulations and is designated in the
Award Certificate to be an Incentive Stock Option.

“ Key Employee ” means an Employee who is a “covered
employee” within the meaning of Section 162(m)(3) of the Code.

“ Long-Term Performance Award ” means an
Award granted under Section 4.5 of the Plan that is paid solely on account of
the attainment of a specified performance target in relation to one or more
Performance Measures or other performance criteria as selected in the sole
discretion of the Committee.

“ Non-Employee Director ” means any member
of the Board, elected or appointed, who is not otherwise an Employee of the
Company or a Subsidiary. An individual who is elected to the Board at an annual
meeting of the stockholders of the Company will be deemed to be a member of the
Board as of the date of such meeting.

“ Nonqualified Stock Option ” means any
Stock Option granted under Section 4.3 of the Plan that is not an Incentive
Stock Option.

“ Normal Retirement ” means Termination of
Employment on or after a Participant has attained age 60, provided that the sum
of the Participant’s age and years of service with the Company or a Subsidiary
is 70 or higher.

“ Other Stock-Based Award ” means an Award
granted under Section 4.6 of the Plan and denominated in Shares.

“ Participant ” means a Director, Employee
or Acquired Grantee who has been granted an Award under the Plan.

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“ Performance Cycle ” means, with respect to
any Award that vests based on Performance Measures, the period of 12 months or
longer over which the level of performance will be assessed. The first
Performance Cycle under the Plan will begin on such date as is set by the
Committee, in its sole discretion.

“ Performance Measure ” means, with respect
to any Annual Performance Bonus or Long Term Performance Award, the business
criteria selected by the Committee to measure the level of performance of the
Company during a Performance Cycle.  The
Committee may select as the Performance Measure any operating and maintenance
expense targets or financial goals as interpreted by the Committee, either
individually, alternatively or in any combination, applied to either the
Company as a whole or to a business unit or Subsidiary, either individually,
alternatively or in any combination, and measured during the Performance Cycle
including, but not limited to the following criteria: (a) cash flow, (b)
earnings per share, (c) earnings before interest, taxes and amortization, (d)
return on equity, (e) total stockholder return, (f) share price performance,
(g) return on capital, (h) return on assets or net assets, (i) revenue, (j)
income or net income, (k) operating income or net operating income, (l)
operating profit or net operating profit, (m) operating margin or profit
margin, (n) return on operating revenue, (o) return on invested capital, (p)
market segment share, (q) product release schedules, (r) new product innovation,
(s) product cost reduction through advanced technology, (t) brand
recognition/acceptance, (u) product ship targets, or (v) customer satisfaction.

“ Performance Unit ” means a Long Term
Performance Award denominated in dollar Units.

“ Plan ” means the Covidien Ltd.  2007 Stock and Incentive Plan, as it may be
amended from time to time.

“ Premium-Priced Stock Option ” means a
Stock Option the Exercise Price of which is fixed by the Committee at a price
that exceeds the Fair Market Value of a Share on the date of grant.

“ Reporting Person ” means a Director or an
Employee who is subject to the reporting requirements of Section 16(a) of the
Exchange Act.

“ Restricted Stock ” means Shares issued
pursuant to Section 4.6 that are subject to any restrictions that the
Committee, in its discretion, may impose.

“ Restricted Unit ” means a Unit granted
under Section 4.6 to acquire Shares or an equivalent amount in cash, which Unit
is subject to any restrictions that the Committee, in its discretion, may
impose.

“ Securities Act ” means the United States
Securities Act of 1933, as amended.

“ Separation ” means the effective date of
the separation of Tyco International Ltd. into three separate, publicly traded
companies, one for each of (i) the healthcare business, which shall be owned
and conducted, directly or indirectly, by the Company, (ii) the electronics
business, which shall be owned and conducted, directly or indirectly, by Tyco
Electronics, Ltd. and (iii) the fire and security and engineered products and
services business, which shall be owned and conducted, directly or indirectly,
by Tyco International Ltd. as consummated by the dividend distribution of
Company shares to the Tyco International Ltd. shareholders of record on the
distribution date.

“ Share ” means a share of Common Stock.

“ Stock Appreciation Right ” means a right
granted under Section 4.3 of the Plan of an amount in cash or Shares equal to
any difference between the Fair Market Value of the Shares as of the date on
which the right is exercisedand the Exercise Price.

“ Stock Option ” means a right granted under
Section 4.3 of the Plan to purchase from the Company a stated number of Shares
at a specified price. Stock Options awarded under the Plan may be in the form
of Incentive Stock Options or Nonqualified Stock Options.

“ Subsidiary ” means a subsidiary company
(wherever incorporated) of the Company, as defined by Section 86 of the
Companies Act 1981 of Bermuda, as amended.

“ Target Amount ” means the amount of
Performance Units that will be paid if the Performance Measure is fully 

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(100%) attained, as determined in the sole discretion
of the Committee.

“ Target Vesting Percentage ” means the
percentage of performance-based Restricted Units or Shares of Restricted Stock
that will vest if the Performance Measure is fully (100%) attained, as
determined in the sole discretion of by the Committee.

“ Termination of Directorship ” means the
date of cessation of a Director’s membership on the Board for any reason, with
or without Cause, as determined in the sole discretion of  the Committee, provided however that if the
Director is a member of the Committee, such determination shall be made by the
full Board (excluding such Director).

“ Termination of Employment ” means the date
of cessation of an Employee’s employment relationship with the Company or a
Subsidiary for any reason, with or without Cause, as determined  in the sole discretion of the Company.

“ Unit ” means, for purposes of Performance
Units, the potential right to an Award equal to a specified amount denominated
in such form as is deemed appropriate in the discretion of the Committee and,
for purposes of Restricted Units or Deferred Stock Units, the potential right
to acquire one Share.

ARTICLE
III

ADMINISTRATION

       3.1    Committee.    The Plan will be administered by the
Committee.

       3.2    Authority of the Committee.    The Committee or, to the extent required by
applicable law, the Board will have the authority, in its sole and absolute
discretion and subject to the terms of the Plan, to:

(a)  Interpret and administer the Plan and any
instrument or agreement relating to the Plan;

(b)  Prescribe the rules and regulations that it
deems necessary for the proper operation and administration of the Plan, and
amend or rescind any existing rules or regulations relating to the Plan;

(c)  Select Employees to receive Awards under the
Plan;

(d)  Determine the form of an Award, the number of
Shares subject to each Award, all the terms and conditions of an Award,
including, without limitation, the conditions on exercise or vesting, the
designation of Stock Options as Incentive Stock Options or Nonqualified Stock
Options, and the circumstances under which an Award may be settled in cash or
Shares or may be cancelled, forfeited or suspended, and the terms of each Award
Certificate;

(e)  Determine whether Awards will be granted
singly, in combination or in tandem;

(f)  Establish and interpret Performance Measures
(or, as applicable, other performance criteria) in connection with Annual
Performance Bonuses and Long Term Performance Awards, evaluate the level of
performance over a Performance Cycle and certify the level of performance
attained with respect to Performance Measures (or other performance criteria,
as applicable);

(g)  Waive or amend any terms, conditions,
restriction or limitation on an Award, except that the prohibition on the
repricing of Stock Options and Stock Appreciation Rights, as described in
Section 4.3(g), may not be waived;

(h)  Make any adjustments to the Plan (including
but not limited to adjustment of the number of Shares available under the Plan
or any Award) and any Award granted under the Plan as may be appropriate
pursuant to Section 5.3;

(i)  Determine under which circumstances Awards
may be deferred and the extent to which a deferral will be credited with
Dividend Equivalents and interest thereon;

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(j)  Determine whether a Nonqualified Stock Option
or Restricted Share may be transferable to family members, a family trust or a
family partnership;

(k)  Establish any subplans and make any
modifications to the Plan, without amending the Plan, or to Awards made
hereunder (including the establishment of terms and conditions in the Award
Certificate not otherwise inconsistent with the terms of the Plan) that the
Committee  may determine to be necessary or advisable for grants made in
countries outside the United States to comply with, or to achieve favorable tax
treatment under, applicable foreign laws or regulations or tax policies or
customs;

(l)  Appoint such agents as it shall deem appropriate
for proper administration of the Plan; and

(m)  Take any and all other actions it deems
necessary or advisable for the proper operation or administration of the Plan.

3.3    Effect of
Determinations.    All
determinations of the Committee will be final, binding and conclusive on all
persons having an interest in the Plan.

3.4    Delegation
of Authority.    The Board or,
if permitted under applicable corporate law, the Committee, in its discretion
and consistent with applicable law and regulations, may delegate to a committee
or an officer or group of officers, as it deems to be advisable, the authority
to select Employees to receive an Award and to determine the number of Shares
under any such Award, subject to any terms and conditions that the Board or the
Committee may establish. When the Board or the Committee delegates authority
pursuant to the foregoing sentence, it will limit, in its discretion, the
number of Shares that may be subject to Awards that the delegate may grant.
Only the Committee will have authority to grant and administer Awards to
Directors, Key Employees and other Reporting Persons or to delegates of the
Committee, and to establish and certify Performance Measures.

3.5    Employment
of Advisors.    The Committee
may employ attorneys, consultants, accountants and other advisors, and the
Committee, the Company and the officers and directors of the Company may rely
upon the advice, opinions or valuations of the advisors employed.

3.6    No
Liability.    No member of the
Committee or any person acting as a delegate of the Committee with respect to
the Plan will be liable for any losses resulting from any action,
interpretation or construction made in good faith with respect to the Plan or
any Award granted under the Plan.

ARTICLE
IV

AWARDS

4.1    Eligibility.
   All Participants and
Employees are eligible to be designated to receive Awards granted under the
Plan, except as otherwise provided in this Article IV.

4.2    Form of
Awards.    Awards will be in
the form determined by the Committee, in its discretion, and will be evidenced
by an Award Certificate. Awards may be granted singly or in combination or in
tandem with other Awards.

4.3    Stock
Options and Stock Appreciation Rights.    The Committee may grant Stock Options and
Stock Appreciation Rights under the Plan to those Employees whom the Committee
may from time to time select, in the amounts and pursuant to the other terms
and conditions that the Committee, in its discretion, may determine and set
forth in the Award Certificate, subject to the provisions below:

(a)    Form.    Stock Options granted under the Plan will,
at the discretion of the Committee and as set forth in the Award Certificate,
be in the form of Incentive Stock Options, Nonqualified Stock Options or a
combination of the two. If an Incentive Stock Option and a Nonqualified Stock
Option are granted to the same Participant under the Plan at the same time, the
form of each will be clearly identified, and they will be deemed to have been
granted in separate grants. In no event will the exercise of one Award affect
the right to exercise the other Award. Stock Appreciation Rights may be granted
either alone or in connection with concurrently or previously granted
Nonqualified Stock Options.

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(b)    Exercise
Price.    The Committee will
set the Exercise Price of Fair Market Value Stock Options or Stock Appreciation
Rights granted under the Plan at a price that is equal to the Fair Market Value
of a Share on the date of grant, subject to adjustment as provided in Section 5.3.
The Committee will set the Exercise Price of Premium-Priced Stock Options at a
price that is higher than the Fair Market Value of a Share as of the date of
grant, provided that such price is no higher than 150 percent of such Fair
Market Value. The Exercise Price of Incentive Stock Options will be equal to or
greater than 110 percent of the Fair Market Value of a Share as of the date of
grant if the Participant receiving the Stock Options owns stock possessing more
than 10 percent of the total combined voting power of all classes of stock of
the Company or any subsidiary or parent corporation of the Company, as defined
in Section 424 of the Code. The Exercise Price of a Stock Appreciation Right
granted in tandem with a Stock Option will equal the Exercise Price of the
related Stock Option. The Committee will set forth the Exercise Price of a
Stock Option or Stock Appreciation Right in the Award Certificate or
accompanying documentation. Stock Options granted under the Plan will, at the
discretion of the Committee and as set forth in the Award Certificate or
accompanying documentation, be Fair Market Value Stock Options, Premium-Priced
Stock Options or a combination of Fair Market Value Stock Options and
Premium-Priced Stock Options.

(c)    Term and
Timing of Exercise.    Each
Stock Option or Stock Appreciation Right granted under the Plan will be
exercisable in whole or in part, subject to the following conditions, unless
determined otherwise by the Committee:

(i)    A Stock Option or Stock Appreciation Right
will become exercisable at such times and in such manner as determined by the
Committee and set forth in the applicable Award Certificate.

(ii)    Unless the applicable Award Certificate
provides otherwise, upon the death, Disability or Normal Retirement (except as
otherwise provided below) of a Participant who has outstanding Stock Options or
Stock Appreciation Rights, the unvested Stock Options or Stock Appreciation
Rights will fully vest. Unless the applicable Award Certificate provides
otherwise, the Participant’s Stock Options and Stock Appreciation Rights will
lapse, and will not thereafter be exercisable, upon the earlier of (A) their
original expiration date or (B) the date that is three (3) years after the date
on which the Participant dies, incurs a Disability or retires due to Normal
Retirement.  Upon a Participant’s Normal
Retirement at any time after the Separation, such Participant shall not be
entitled to full vesting of Stock Options or Stock Appreciation Rights issued
as the Founders Grant unless such Normal Retirement occurs at least twelve (12)
months after the grant date of such Founders Grant.

(iii)    Unless the applicable Award Certificate
provides otherwise, upon the Termination of Employment of a Participant for any
reason other than the Participant’s death, Disability, Normal Retirement or a
Change in Control Termination, if the Participant has attained age 55 and the
sum of the Participant’s age and years of service with the Company or a
Subsidiary is 60 or higher, a pro rata portion of the Participant’s Stock
Options and Stock Appreciation Rights will vest so that the total number of
vested Stock Options or Stock Appreciation Rights held by the Participant at
Termination of Employment (including those that have already vested as of such
date) will be equal to the total number of Stock Options or Stock Appreciation
Rights originally granted to the Participant under each Award multiplied by a
fraction, the numerator of which is the period of time (in whole months) that
have elapsed since the date of grant, and the denominator of which is the
number of months set forth in the applicable Award Certificate that is required
to attain full vesting.  Unless the Award
Certificate provides otherwise, such Participant’s Stock Options and Stock Appreciation
Rights will lapse, and will not thereafter be exercisable, upon the earlier of
(A) their original expiration date or (B) the date that is three (3) years
after the date of Termination of Employment.

(iv)  Unless the applicable Award Certificate
provides otherwise, upon the Termination of Employment of a Participant that
does not meet the requirements of paragraphs (ii) or (iii) above, any unvested
Stock Options or Stock Appreciation Rights will be forfeited. Unless the
applicable Award Certificate provides otherwise, any Stock Options or Stock
Appreciation Rights that are vested as of such Termination of Employment will
lapse, and will not thereafter be exercisable, upon the earlier of (A) their
original expiration date or (B) the date that is ninety (90) days after the
date of such Termination of Employment.

(v)  Stock Options and Stock Appreciation Rights
of a deceased Participant may be exercised only by the estate of the
Participant or by the person given authority to exercise the Stock Options or
Stock 

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Appreciation Rights by the Participant’s will or by
operation of law. If a Stock Option or Stock Appreciation Right is exercised by
the executor or administrator of a deceased Participant, or by the person or
persons to whom the Stock Option or Stock Appreciation Right has been
transferred by the Participant’s will or the applicable laws of descent and
distribution, the Company will be under no obligation to deliver Shares or cash
until the Company is satisfied that the person exercising the Stock Option or
Stock Appreciation Right is the duly appointed executor or administrator of the
deceased Participant or the person to whom the Stock Option or Stock
Appreciation Right has been transferred by the Participant’s will or by
applicable laws of descent and distribution.

(vi)  A Stock Appreciation Right granted in tandem
with a Stock Option is subject to the same terms and conditions as the related
Stock Option and will be exercisable only to the extent that the related Stock
Option is exercisable.

(d)    Payment of
Exercise Price.    The
Exercise Price of a Stock Option must be paid in full when the Stock Option is
exercised. Stock certificates will be registered and delivered only upon
receipt of payment. Payment of the Exercise Price may be made in cash or by
certified check, bank draft, wire transfer, or postal or express money order,
provided that the format is approved by the Company or a designated third-party
administrator. The Committee, in its discretion may also allow payment to be
made by any of the following methods, as set forth in the applicable Award
Certificate:

(i)    Delivering a properly executed exercise
notice to the Company or its agent, together with irrevocable instructions to a
broker to deliver to the Company, within the typical settlement cycle for the
sale of equity securities on the relevant trading market (or otherwise in
accordance with the provisions of Regulation T issued by the Federal Reserve
Board), the amount of sale proceeds with respect to the portion of the Shares
to be acquired having a Fair Market Value on the date of exercise equal to the
sum of the applicable portion of the Exercise Price being so paid;

(ii)    Tendering (actually or by attestation) to
the Company previously acquired Shares that have been held by the Participant
for at least six (6) months, subject to paragraph (iv), and that have a Fair
Market Value on the day prior to the date of exercise equal to the applicable
portion of the Exercise Price being so paid, provided that the Board has specifically
approved the repurchase of such Shares (unless such approval is not required by
the terms of the bye-laws of the Company) and the Committee has determined
that, as of the date of repurchase, the Company is, and after the repurchase
will continue to be, able to pay its liabilities as they become due; or

(iii)    Provided such payment method has been
expressly authorized by the Board or the Committee in advance and subject to
any requirements of applicable law and regulations, instructing the Company to reduce
the number of Shares that would otherwise be issued by such number of Shares as
have in the aggregate a Fair Market Value on the date of exercise equal to the
applicable portion of the Exercise Price being so paid.

(iv)    The Committee, in consideration of
applicable accounting standards, may waive any holding period on Shares
required to tender pursuant to clause (ii).

(e)    Incentive
Stock Options.    Incentive
Stock Options granted under the Plan will be subject to the following
additional conditions, limitations and restrictions:

(i)    Eligibility.
   Incentive Stock Options may
be granted only to Employees of the Company or a Subsidiary that is a
subsidiary or parent corporation of the Company within the meaning of Section
424 of the Code.

(ii)    Timing of
Grant.    No Incentive Stock
Option will be granted under the Plan after the 10-year anniversary of the date
on which the Plan is adopted by the Board or, if earlier, the date on which the
Plan is approved by the Company’s stockholders.

(iii)    Amount of
Award.    Subject to Section
5.3 of the Plan, no more than 10 million Shares may be available for grant in
the form of Incentive Stock Options. The aggregate Fair Market Value (as of the

 9

date of grant) of the Shares with respect to which the
Incentive Stock Options awarded to any Employee first become exercisable during
any calendar year may not exceed $100,000 (U.S.). For purposes of this $100,000
(U.S.) limit, the Employee’s Incentive Stock Options under this Plan and all
other plans maintained by the Company and its Subsidiaries will be aggregated.
To the extent any Incentive Stock Option would exceed the $100,000 (U.S.)
limit, the Incentive Stock Option will afterwards be treated as a Nonqualified
Stock Option for all purposes.

(iv)    Timing of
Exercise.    If the Committee
exercises its discretion in the Award Certificate to permit an Incentive Stock
Option to be exercised by a Participant more than three months after the
Participant has ceased being an Employee (or more than 12 months if the
Participant is permanently and totally disabled, within the meaning of Section
22(e) of the Code), the Incentive Stock Option will afterwards be treated as a
Nonqualified Stock Option for all purposes. For purposes of this paragraph
(iv), an Employee’s employment relationship will be treated as continuing
intact while the Employee is on military leave, sick leave or another approved
leave of absence if the period of leave does not exceed 90 days, or a longer
period to the extent that the Employee’s right to reemployment with the Company
or a Subsidiary is guaranteed by statute or by contract. If the period of leave
exceeds 90 days and the Employee’s right to reemployment is not guaranteed by
statute or contract, the employment relationship will be deemed to have ceased
on the 91st day of the leave.

(v)    Transfer
Restrictions.    In no event
will the Committee permit an Incentive Stock Option to be transferred by an
Employee other than by will or the laws of descent and distribution, and any
Incentive Stock Option awarded under this Plan will be exercisable only by the
Employee during the Employee’s lifetime.

(f)    Exercise of
Stock Appreciation Rights.    Upon exercise of a Participant’s Stock Appreciation
Rights, the Company will pay cash or Shares or a combination of cash and
Shares, in the discretion of the Committee and as described in the Award
Certificate. Cash payments will be equal to the excess of the Fair Market Value
of a Share on the date of exercise (or, if the Committee shall so determine,
any date during a specified period before or after the date of exercise) over
the Exercise Price, for each Share for which a Stock Appreciation Right was
exercised. If Shares are paid for the Stock Appreciation Right, the Participant
will receive a number of whole Shares equal to the quotient of the cash payment
amount divided by the Fair Market Value of a Share on the date of exercise. The
Committee may make payments after exercise in a lump sum or defer full payment
by annual installments or otherwise.

(g)    No
Repricing.    Except as
otherwise provided in Section 5.3, in no event will the Committee decrease the
Exercise Price of a Stock Option or Stock Appreciation Right after the date of
grant or cancel outstanding Stock Options or Stock Appreciation Rights and
grant replacement Stock Options or Stock Appreciation Rights with a lower
Exercise Price than that of the replaced Stock Options or Stock Appreciation
Rights or other Awards without first obtaining the approval of the holders of a
majority of the Shares who are present in person or by proxy at a meeting of
the Company’s stockholders and entitled to vote.

       4.4    Annual Performance Bonuses.    The Committee may grant Annual Performance
Bonuses under the Plan in the form of cash or Shares to the Reporting Persons
that the Committee may from time to time select, in the amounts and pursuant to
the terms and conditions that the Committee may determine and set forth in the
Award Certificate, subject to the provisions below:

(a)    Performance
Cycles.    Annual Performance
Bonuses will be awarded in connection with a twelve (12) month Performance
Cycle, which will be the fiscal year of the Company.

(b)    Eligible
Participants.    Within ninety
(90) days after the commencement of a Performance Cycle, the Committee will
determine the Reporting Persons who will be eligible to receive an Annual
Performance Bonus under the Plan.

(c)    Performance
Measures; Targets; Award Criteria.

(i)    Within ninety (90) days after the
commencement of a Performance Cycle, the Committee will fix and establish in
writing (A) the Performance Measures that will apply to that Performance Cycle;
(B) the 

 10
 

Target Amount payable to each Participant; and (C)
subject to subsection (d) below, the criteria for computing the amount that
will be paid with respect to each level of attained performance. The Committee
will also set forth the minimum level of performance, based on objective
factors, that must be attained during the Performance Cycle before any Annual
Performance Bonus will be paid and the percentage of the Target Amount that
will become payable upon attainment of various levels of performance that equal
or exceed the minimum required level.

(ii)   The Committee may, in its discretion, select
Performance Measures that measure the performance of the Company or one or more
business units, divisions or Subsidiaries of the Company. The Committee may
select Performance Measures that are absolute or relative to the performance of
one or more comparable companies or an index of comparable companies.

(iii)  The Committee, in its discretion, may, on a
case-by-case basis, reduce, but not increase, the amount payable to any Key
Employee with respect to any given Performance Cycle, provided, however, that
no reduction will result in an increase in the amount payable under any Annual
Performance Bonus of another Key Employee.

(d)    Payment,
Certification.    No Annual
Performance Bonus will vest with respect to any Reporting Person until the
Committee certifies in writing the level of performance attained for the
Performance Cycle in relation to the applicable Performance Measures. In
applying Performance Measures, the Committee may, in its discretion, exclude
unusual or infrequently occurring items (including any event listed in Section
5.3 and the cumulative effect of changes in the law, regulations or accounting
rules), and may determine no later than ninety (90) days after the commencement
of any applicable Performance Cycle to exclude other items, each determined in
accordance with GAAP (to the extent applicable) and as identified in the
financial statements, notes to the financial statements or discussion and
analysis of management.

(e)    Form of
Payment.    Annual Performance
Bonuses will be paid in cash or Shares. 
All such Performance Bonuses shall be paid no later than the 15th day of
the third month following the end of the calendar year (or, if later, following
the end of the Company’s fiscal year) in which such Performance Bonuses are no
longer subject to a substantial risk of forfeiture (as determined for purposes
of Section 409A of the Code), except to the extent that a Participant has
elected to defer payment under the terms of a duly authorized deferred
compensation arrangement.

(f)    Section
162(m) of the Code.    It is
the intent of the Company that Annual Performance Bonuses be “performance-based
compensation” for purposes of Section 162(m) of the Code, that this Section 4.4
be interpreted in a manner that satisfies the applicable requirements of
Section 162(m)(4)(C) of the Code and related regulations, and that the Plan be
operated so that the Company may take a full tax deduction for Annual
Performance Bonuses. If any provision of this Plan or any Annual Performance Bonus
would otherwise frustrate or conflict with this intent, the provision will be
interpreted and deemed amended so as to avoid this conflict.

(g)    Acceleration.    Each Participant who is eligible to receive
an Annual Performance Bonus with respect to a Performance Cycle during which a
Change of Control occurs will be deemed to have achieved a level of
performance, as of the date of Change in Control, that would cause all (100%)
of the Participant’s Target Amount to become payable at such times and in such
manner as determined in the sole discretion of the Committee.

       4.5    Long Term Performance Awards.    The Committee may grant Long Term
Performance Awards under the Plan in the form of Performance Units, Restricted
Units or Restricted Stock to any Employee who the Committee may from time to
time select, in the amounts and pursuant to the terms and conditions that the
Committee may determine and set forth in the Award Certificate, subject to the
provisions below:

(a)    Performance
Cycles.    Long Term
Performance Awards will be awarded in connection with a Performance Cycle, as
determined by the Committee in its discretion, provided, however, that a
Performance Cycle may be no shorter than twelve (12) months and no longer than
five (5) years.

(b)    Eligible Participants.    Within ninety (90) days after the
commencement of a Performance Cycle, the Committee will determine the Employees
who will be eligible to receive a Long Term Performance Award for the
Performance Cycle, provided that the Committee may determine the eligibility of
any Employee other than a Key Employee after the expiration of this ninety (90)
day period.

 11
 

(c)    Performance
Measures; Targets; Award Criteria.

(i)    Within ninety (90) days after the
commencement of a Performance Cycle, the Committee will fix and establish in
writing (A) the Performance Measures that will apply to that Performance Cycle;
(B) with respect to Performance Units, the Target Amount payable to each
Participant; (C) with respect to Restricted Units and Restricted Stock, the
Target Vesting Percentage for each Participant; and (D) subject to subsection
(d) below, the criteria for computing the amount that will be paid or will vest
with respect to each level of attained performance. The Committee will also set
forth the minimum level of performance, based on objective factors, that must
be attained during the Performance Cycle before any Long Term Performance Award
will be paid or vest, and the percentage of Performance Units that will become
payable and the percentage of performance-based Restricted Units or Shares of
Restricted Stock that will vest upon attainment of various levels of
performance that equal or exceed the minimum required level.

(ii)   The Committee may, in its discretion, select
Performance Measures that measure the performance of the Company or one or more
business units, divisions or Subsidiaries of the Company. The Committee may
select Performance Measures that are absolute or relative to the performance of
one or more comparable companies or an index of comparable companies.

(iii)  The Committee, in its discretion, may, on a
case-by-case basis, reduce, but not increase, the amount of Long Term
Performance Awards payable to any Key Employee with respect to any given
Performance Cycle, provided, however, that no reduction will result in an
increase in the dollar amount or number of Shares payable under any Long Term
Performance Award of another Key Employee.

(iv)   With respect to Employees who are not Key
Employees, the Committee may establish, in its discretion, performance criteria
other than the Performance Measures that will be applicable for the Performance
Cycle.

(d)    Payment,
Certification.    No Long Term
Performance Award will vest with respect to any Employee until the Committee
certifies in writing the level of performance attained for the Performance
Cycle in relation to the applicable Performance Measures. Long Term Performance
Awards awarded to Participants who are not Key Employees will be based on the
Performance Measures, or other applicable performance criteria, and payment
formulas that the Committee, in its discretion, may establish for these
purposes. These Performance Measures, or other performance criteria, and
formulas may be the same as or different than the Performance Measures and
formulas that apply to Key Employees.

       In applying Performance Measures, the
Committee may, in its discretion, exclude unusual or infrequently occurring
items (including any event listed in Section 5.3 and the cumulative effect of
changes in the law, regulations or accounting rules, and may determine no later
than ninety (90) days after the commencement of any applicable Performance
Cycle to exclude other items, each determined in accordance with GAAP (to the
extent applicable) and as identified in the financial statements, notes to the
financial statements or discussion and analysis of management.

(e)    Form of
Payment.    Long Term
Performance Awards in the form of Performance Units may be paid in cash or full
Shares, in the discretion of the Committee, and as set forth in the applicable
Award Certificate. Performance-based Restricted Units and Restricted Stock will
be paid in full Shares. Payment with respect to any fractional Share will be in
cash in an amount based on the Fair Market Value of the Share as of the date
the Performance Unit becomes payable.

(f)    Section
162(m) of the Code.    It is
the intent of the Company that Long Term Performance Awards made to Key
Employees be “performance-based compensation” for purposes of Section 162(m) of
the Code, that this Section 4.5 be interpreted in a manner that satisfies the
applicable requirements of Section 162(m)(4)(C) of the Code and related
regulations with respect to Long Term Performance awards made to Key Employees,
and that the Plan be operated so that the Company may take a full tax deduction
for Long Term Performance Awards. If any provision of this Plan or any Long
Term Performance Award would otherwise frustrate or conflict with this intent,
the provision will be interpreted and deemed amended so as to avoid this
conflict.

 12
 

(g)    Retirement.    If a Participant would be entitled to a Long
Term Performance Award but for the fact that the Participant’s employment with
the Company terminated prior to the end of the Performance Cycle, the
Participant may, in the Committee’s discretion, receive a Long Term Performance
Award, pro rated for the portion of the Performance Cycle that the Participant
completed and payable at the same time after the end of the Performance Cycle
that payments to other Long Term Performance Award recipients are made, if the
sum of the Participant’s age and years of service with the Company was sixty
(60) or higher at the time of Termination of Employment or if the Participant
retired under a Normal Retirement.

       4.6    Other Stock-Based Awards.    The Committee may, from time to time, grant
Awards (other than Stock Options, Stock Appreciation Rights, Annual Performance
Bonuses or Long Term Performance Awards) to any Employee who the Committee may
from time to time select, which Awards consist of, or are denominated in,
payable in, valued in whole or in part by reference to, or otherwise related
to, Shares. These Awards may include, among other forms, Restricted Stock,
Restricted Units, or Deferred Stock Units. The Committee will determine, in its
discretion, the terms and conditions that will apply to Awards granted pursuant
to this Section 4.6, which terms and conditions will be set forth in the
applicable Award Certificate.

(a)    Vesting.    Restrictions on Other Stock-Based Awards
granted under this Section 4.6 will lapse at such times and in such manner as
determined by the Committee and set forth in the applicable Award Certificate.
If the restrictions on Other Stock-Based Awards have not lapsed or been
satisfied as of the Participant’s Termination of Employment, the Shares will be
forfeited by the Participant if the termination is for any reason other than
the Normal Retirement (except for the Founders Grant, as provided below), death
or Disability of the Participant or a Change in Control Termination, except
that the Award will vest pro rata with respect to the portion of the vesting
term set forth in the applicable Award Certificate, that the Participant has
completed if the Participant has attained age 55 and the sum of the Participant’s
age and years of service with the Company is 60 or higher. All restrictions on
Other Stock-Based Awards granted pursuant to this Section 4.6 will lapse upon
the Normal Retirement (except for the Founders Grant, as provided below), death
or Disability of the Participant or a Change in Control Termination.  Upon a Participant’s Normal Retirement at any
time after the Separation, such Participant shall not be entitled to full
vesting of any Other Stock-Based Awards issued as the Founders Grant unless
such Normal Retirement occurs at least twelve (12) months after the grant date
of Founders Grant.

(b)    Grant of
Restricted Stock.    The
Committee may grant Restricted Stock to any Employee, which Shares will be
registered in the name of the Participant and held for the Participant by the
Company.  The Participant will have all
rights of a stockholder with respect to the Shares, including the right to vote
and to receive dividends or other distributions, except that the Shares may be
subject to a vesting schedule and will be forfeited if the Participant attempts
to sell, transfer, assign, pledge or otherwise encumber or dispose of the
Shares before the restrictions are satisfied or lapse.

(c)    Grant of
Restricted Units.    The
Committee may grant Restricted Units to any Employee, which Units will be paid
in cash or whole Shares or a combination of cash and Shares, in the discretion
of the Committee, when the restrictions on the Units lapse and any other
conditions set forth in the Award Certificate have been satisfied. For each
Restricted Unit that vests, one Share will be paid or an amount in cash equal
to the Fair Market Value of a Share as of the date on which the Restricted Unit
vests.

(d)    Grant of
Deferred Stock Units.    The
Committee may grant Deferred Stock Units to any Employee, which Units will be
paid in whole Shares upon the Employee’s Termination of Employment if the
restrictions on the Units have lapsed. One Share will be paid for each Deferred
Stock Unit that becomes payable.

(e)    Dividends
and Dividend Equivalents.    At the discretion of the Committee,
dividends issued on Shares may be paid immediately or withheld and deferred in
the Participant’s account. In the event of a payment of dividends on Common Stock,
the Committee may credit Restricted Units with Dividend Equivalents in
accordance with terms and conditions established in the discretion of the
Committee. Dividend Equivalents will be subject to such vesting terms as is
determined by the Committee and may be distributed immediately or withheld and
deferred in the Participant’s account as determined by the Committee and set
forth in the applicable Award Certificate. Deferred Stock Units may, in the
discretion of the Committee and as set forth in the Award Certificate, be
credited with Dividend Equivalents or additional Deferred Stock Units. The
number of any Deferred Stock Units credited to a Participant’s account upon the
payment of a dividend will be equal to the quotient produced by dividing the
cash value of the dividend by the Fair Market Value of one Share as of the date
the dividend is paid. 

 13
 

The Committee will determine any terms and conditions
on deferral of a dividend or Dividend Equivalent, including the rate of
interest to be credited on deferral and whether interest will be compounded.

4.7    Director
Awards.

(a)   As of the first day of each fiscal year of
the Company (or upon a Director’s commencement of service as a Director), the
Committee will grant Deferred Stock Units to each Director in such an amount as
the Board, in its discretion, may approve in advance. Each such Deferred Stock
Unit will vest as determined by the Committee and set forth in the Award
Certificate and will be paid in Shares within thirty (30) days following the recipient’s
Termination of Directorship. Dividend Equivalents or additional Deferred Stock
Units will be credited to each Director’s account when dividends are paid on
Common Stock to the shareholders, and will be paid to the Director at the same
time that the Deferred Stock Units are paid to the Director.

(b)   The Committee may, in its discretion, grant
Stock Options, Stock Appreciation Rights and Other Stock-Based Awards to
Directors.

4.8    Substitute
Awards.    The Committee may
make Awards under the Plan to Acquired Grantees through the assumption of, or
in substitution for, outstanding stock-based awards previously granted to such
Acquired Grantees. Such assumed or substituted Awards will be subject to the
terms and conditions of the original awards made by the Acquired Company, with
such adjustments therein as the Committee considers appropriate to give effect
to the relevant provisions of any agreement for the acquisition of the Acquired
Company. Any grant of Incentive Stock Options pursuant to this Section 4.8 will
be made in accordance with Section 424 of the Code and any final regulations
published thereunder.

4.9    Limit on
Individual Grants.    Subject
to Sections 5.1 and 5.3, no Employee may be granted more than six (6) million
Shares over any calendar year pursuant to Awards of Stock Options, Stock
Appreciation Rights and performance-based Restricted Stock and Restricted
Units, except that an incentive Award of no more than ten (10) million Shares
may be made pursuant to Stock Options, Stock Appreciation Rights and
performance-based Restricted Stock and Restricted Units to any person who has
been hired within the calendar year as a Key Employee. The maximum amount that
may be paid in cash or Shares pursuant to Annual Performance Bonuses or Long Term
Performance Awards paid in Performance Units to any one Employee is $15 million
(U.S.) for any Performance Cycle of twelve (12) months. For any longer
Performance Cycle, this maximum will be adjusted proportionally.

4.10    Termination
for Cause.    Notwithstanding
anything to the contrary herein, if a Participant incurs a Termination of
Directorship or Termination of Employment for Cause, then all Stock Options,
Stock Appreciation Rights, Annual Performance Bonuses, Long Term Performance
Awards, Restricted Units, Restricted Stock and Other Stock-Based Awards will
immediately be cancelled. The exercise of any Stock Option or Stock
Appreciation Right or the payment of any Award may be delayed, in the Committee’s
discretion, in the event that a potential termination for Cause is
pending.  If a Participant incurs a
Termination of Directorship or Termination of Employment for Cause, then the
Participant will be required to deliver to the Company (i) Shares (or, in the
discretion of the Committee, cash) equal in value to the amount of any profit
the Participant realized upon the exercise of an Option or Stock Appreciate
Right during the twelve (12) month period occurring immediately prior to the
Participant’s Termination of Directorship or Termination of Employment for
Cause; and (ii) the number of Shares (or, in the discretion of the Committee,
the cash value of Shares) the Participant received for Other Stock Based Awards
(including Restricted Stock, Restricted Units and Deferred Stock Units) that
vested during the period specified in (i) above.  If, after a Participant’s Termination of
Directorship or Termination of Employment, the Committee determines in its sole
discretion that while the Participant was a Company or Subsidiary employee or a
Director, such Participant engaged in activity that would have been grounds for
a Termination of Directorship or Termination of Employment for Cause, then the
Company will immediately cancel all Stock Options, Stock Appreciation Rights,
Annual Performance Bonuses, Long Term Performance Awards, Restricted Units,
Restricted Stock and Other Stock-Based Awards and the Participant will be
required to deliver to the Company (A) Shares (or, in the discretion of the
Committee, cash) equal in value to the amount of any profit the Participant
realized upon the exercise of an Option or Stock Appreciate Right during the
period that begins twelve (12) months immediately prior to the Participant’s
Termination of Directorship or Termination of Employment and ends on the date
of the Committee’s determination that the Participant’s conduct would have
constituted grounds for a Termination of Directorship or Termination of
Employment for Cause; and (B) the number of Shares (or, in the discretion of
the Committee, the cash value of said shares) the Participant received for
Other Stock Based Awards (including Restricted Stock, Restricted Units and
Deferred Stock Units) that vested during the period specified in (A) above.

 14
 

ARTICLE
V

SHARES SUBJECT TO THE PLAN;
ADJUSTMENTS

5.1    Shares
Available.    The Shares
issuable under the Plan will be authorized but unissued Shares, and, to the
extent permissible under applicable law, Shares acquired by the Company, any
Subsidiary or any other person or entity designated by the Company. The total
number of Shares with respect to which Awards may be issued under the Plan may
equal, but may not exceed, five percent (5%) of the Shares outstanding as of
the Effective Date, and subject to adjustment in accordance with Section 5.3;
provided that when Shares are issued pursuant to a grant of Restricted Stock,
Restricted Units, Deferred Stock Units, Performance Units or as payment of an
Annual Performance Bonus or Other Stock-Based Award, the total number of Shares
remaining available for grant will be decreased by a margin of at least 1.8 per
Share issued. No more than 10 million Shares of the total Shares issuable under
the Plan may be available for grant in the form of Incentive Stock Options.

5.2    Counting
Rules.    The following Shares
related to Awards under this Plan may again be available for issuance under the
Plan, in addition to the Shares described in Section 5.1:

(a)   Shares related to Awards paid in cash;

(b)   Shares related to Awards that expire, are
forfeited or cancelled or terminate for any other reason without issuance of
Shares;

(c)   Shares that are tendered or withheld in
payment of all or part of the Exercise Price of a Stock Option awarded under
this Plan, or in satisfaction of withholding tax obligations arising under this
Plan;

(d)   Any Shares issued in connection with Awards
that are assumed, converted or substituted as a result of the acquisition of an
Acquired Company by the Company or a combination of the Company with another
company; and

(e)   Any Shares of Restricted Stock that are
returned to the Company upon a Participant’s Termination of Employment or, if
applicable, a Director’s Termination of Directorship.

5.3    Adjustments.
   In the event of a change in
the outstanding Shares by reason of a stock split, reverse stock split, dividend
or other distribution (whether in the form of cash, Shares, other securities or
other property), extraordinary cash dividend, recapitalization, merger,
consolidation, split-up, spin-off, reorganization, combination, repurchase or
exchange of Shares or other securities or similar corporate transaction or
event, the Committee shall make an appropriate adjustment to prevent dilution
or enlargement of the benefits or potential benefits intended to be made
available under the Plan .  Any
adjustment made by the Committee under this Section 5.3 will be conclusive and
binding for all purposes under the Plan.

5.4    Change in
Control.

(a)    Acceleration.    Unless the applicable Award Certificate
provides otherwise, (i) all outstanding Stock Options and Stock Appreciation
Rights will become exercisable as of the effective date of a Participant’s
Change in Control Termination if the Awards are not otherwise vested, and all
conditions will be waived with respect to outstanding Restricted Stock and
Restricted Units (other than Long Term Performance Awards) and Deferred Stock
Units and (ii) each Participant who has been granted a Long Term Performance
Award that is outstanding as of the date of such Participant’s Change in
Control Termination will be deemed to have achieved a level of performance, as
of the Change in Control Termination, that would cause all (100%) of the
Participant’s Target Amounts to become payable and all restrictions on the
Participant’s performance-based Restricted Units and Shares of Restricted Stock
to lapse.  Unless the Committee
determines otherwise in its discretion (either when an Award is granted or any
time thereafter), in the event that Awards outstanding as of the date of a
Change in Control that are payable in shares of Company Common Stock will not
be substituted with comparable awards payable or redeemable in shares of
publicly-traded stock after the Change in Control, each such outstanding Award
(A) will become fully vested (at target, where applicable) immediately prior to
the Change in Control and (B) each such Award that is a Stock Option will be
settled in cash, without the Participant’s consent, for an amount equal to the
amount that could have been attained upon the exercise of such Award
immediately prior to the Change in Control had such Award been exercisable or
payable at such time.

 15
 

(b)    Permissive
Actions.  In addition to the actions described
in Section 5.4(a)(A) and (B), in the event of a Change in Control, the
Committee may take any one or more of the following actions with respect to any
or all outstanding Awards, without the consent of Participants: (i) the
Committee may determine that outstanding Stock Options and Stock Appreciation
Rights shall be fully vested and exercisable and restrictions on Restricted
Stock, Restricted Units, Deferred Stock Units and Other Stock-Based Awards
shall lapse as of the date of the Change in Control or such other time (prior
to a Participant’s Change in Control Termination) as the Committee determines;
(ii) the Committee may require that a Participant surrender his or her
outstanding Stock Options and Stock Appreciation Rights in exchange for one or
more payments by the Company, in cash or Common Stock, as determined by the
Committee, in an amount equal to the amount by which the then Fair Market Value
of the Shares subject to the Participant’s unexercised Stock Options and Stock
Appreciation Rights exceeds the Exercise Price, if any, and on such terms as
the Committee determines; (iii) after giving Participants an opportunity to
exercise any outstanding Stock Options and Stock Appreciation Rights, the
Committee may terminate any or all unexercised Stock Options and Stock
Appreciation Rights at such time as the Committee deems appropriate; (iv) the
Committee may determine that Annual Performance Bonuses and/or Long Term
Performance Awards will be paid out at their target level, in cash or Common
Stock as determined by the Committee; or (v) the Committee may determine that
Awards that remain outstanding after the Change in Control shall be converted
to similar grants of, or assumed by, the surviving corporation (or a parent or
subsidiary of the surviving corporation or successor).  Such acceleration, surrender, termination,
settlement, payment or conversion shall take place as of the date of the Change
in Control or such other date as the Committee determines.  The Committee may specify how an Award will
be treated in the event of a Change in Control either when the Award is granted
or at any time thereafter.

5.5    Fractional
Shares.    No fractional
Shares will be issued under the Plan. 
Except as otherwise provided in Section 4.5(e) and unless otherwise
provided by the Committee, if a Participant acquires the right to receive a
fractional Share under the Plan, the Participant will receive, in lieu of the
fractional Share, a full Share as of the date of settlement.

ARTICLE
VI

AMENDMENT AND TERMINATION

6.1    Amendment.    The Plan may be amended at any time and from
time to time by the Board or authorized Board committee without the approval of
stockholders of the Company, except that no material revision to the terms of
the Plan will be effective until the amendment is approved by the stockholders
of the Company. A revision is “material” for this purpose if, among other
changes, it materially increases the number of Shares that may be issued under
the Plan (other than an increase pursuant to Section 5.3 of the Plan), expands
the types of Awards available under the Plan, materially expands the class of
persons eligible to receive Awards under the Plan, materially extends the term
of the Plan, materially decreases the Exercise Price at which Stock Options or
Stock Appreciation Rights may be granted, reduces the Exercise Price of
outstanding Stock Options or Stock Appreciation Rights, or results in the
replacement of outstanding Stock Options and Stock Appreciation Rights with new
Awards that have an Exercise Price that is lower than the Exercise Price of the
replaced Stock Options and Stock Appreciation Rights. No amendment of the Plan
made without the Participant’s written consent may adversely affect any right
of a Participant with respect to an outstanding Award.

6.2    Termination.
   The Plan will terminate
upon the earlier of the following dates or events to occur:

(a)    the adoption of a resolution of the Board
terminating the Plan; or

(b)    the day before the tenth (10th) anniversary of the adoption
of the Plan by the Company’s shareholder as described in Section 1.2.

No Awards will be
granted under this Plan after it has terminated. The termination of the Plan,
however, will not alter or impair any of the rights or obligations of any
person under any Award previously granted under the Plan without such person’s
consent. After the termination of the Plan, any previously granted Awards will
remain in effect and will continue to be governed by the terms of the Plan and
the applicable Award Certificate.

 16
 

ARTICLE VII

GENERAL
PROVISIONS

7.1    Nontransferability of Awards.    No Award under the Plan will be subject in
any manner to alienation, anticipation, sale, assignment, pledge, encumbrance
or transfer, and no other persons will otherwise acquire any rights therein,
except as provided below.

(a)    Any Award may be transferred by will or by
the laws of descent or distribution.

(b)    The Committee may provide in the applicable
Award Certificate that all or any part of a Nonqualified Stock Option or Shares
of Restricted Stock may, subject to the prior written consent of the Committee,
be transferred  to a family member.  For purposes of this subsection (b), “family
member” includes any child, stepchild, grandchild, parent, stepparent,
grandparent, spouse, former spouse, sibling, niece, nephew, mother-in-law,
father-in-law, son-in-law, daughter-in-law, brother-in-law, or sister-in-law of
the Participant, including adoptive relationships, any person sharing the
Participant’s household (other than a tenant or employee), a trust in which
these persons have more than fifty percent (50%) of the beneficial interest, a
foundation in which these persons (or the Participant) control the management
of assets, and any other entity in which these persons (or the Participant) own
more than fifty percent (50%) of the voting interests.

Any transferred Award
will be subject to all of the same terms and conditions as provided in the Plan
and the applicable Award Certificate. The Participant or the Participant’s
estate will remain liable for any withholding tax that may be imposed by any
federal, state or local tax authority. The Committee may, in its discretion,
disallow all or a part of any transfer of an Award pursuant to this subsection
(b) unless and until the Participant makes arrangements satisfactory to the
Committee for the payment of any withholding tax. The Participant must
immediately notify the Committee, in the form and manner required by the
Committee, of any proposed transfer of an Award pursuant to this subsection
(b). No transfer will be effective until the Committee consents to the transfer
in writing.

(c)    Except as otherwise provided in the
applicable Award Certificate, any Nonqualified Stock Option transferred by a
Participant pursuant to subsection (b) may be exercised by the transferee only
to the extent that the Award would have been exercisable by the Participant had
no transfer occurred. The transfer of Shares upon exercise of the Award will be
conditioned on the payment of any withholding tax.

(d)    Restricted Stock may be freely transferred
after the restrictions lapse or are satisfied and the Shares are delivered,
provided, however, that Restricted Stock awarded to an affiliate of the Company
may be transferred only pursuant to Rule 144 under the Securities Act, or
pursuant to an effective registration for resale under the Securities Act. For
purposes of this subsection (d), “affiliate” will have the meaning assigned to
that term under Rule 144.

(e)    In no event may a Participant transfer an
Incentive Stock Option other than by will or the laws of descent and
distribution.

7.2    Withholding
of Taxes.    The Committee, in
its discretion, may require the satisfaction of a Participant’s tax withholding
obligations by any of the following methods or any method as it determines to
be in accordance with the laws of the jurisdiction in which the Participant
resides, has domicile or performs services.

(a)    Stock
Options and Stock Appreciation Rights.    As a condition to the delivery of Shares
pursuant to the exercise of a Stock Option or Stock Appreciation Right, the
Committee may require that the Participant, at the time of exercise, pay to the
Company by cash, certified check, bank draft, wire transfer or postal or
express money order an amount sufficient to satisfy any applicable tax
withholding obligations. The Committee may also, in its discretion, accept
payment of tax withholding obligations through any of the Exercise Price
payment methods described in Section 4.3(d).

(b)    Other Awards
Payable in Shares.    The
Participant shall satisfy the Participant’s tax withholding obligations arising
in connection with the release of restrictions on Restricted Units, Restricted
Stock and Other Stock-Based Awards by payment to the Company in cash or by
certified check, bank draft, wire transfer or postal or express money order,
provided that the format is approved by the Company or a designated third-party

 17
 

administrator. However, subject to any requirements of
applicable law, the Company may also satisfy the Participant’s tax withholding
obligations by other methods, including selling or withholding Shares that
would otherwise be available for delivery, provided that the Board or the
Committee has specifically approved such payment method in advance.

(c)    Cash Awards.
   The Company may satisfy a
Participant’s tax withholding obligation arising in connection with the payment
of any Award in cash by withholding cash from such payment.

7.3    Special
Forfeiture Provision.    The
Committee may, in its discretion, provide in an Award Certificate that the
Participant may not, within two (2) years after the Participant’s Termination
of Employment, enter into any employment or consultation arrangement (including
service as an agent, partner, stockholder, consultant, officer or director)
with any entity or person engaged in any business in which the Company or any
Subsidiary is engaged without prior written approval of the Committee if, in
the sole judgment of the Committee, the business is competitive with the
Company or any Subsidiary or business unit or such employment or consultation
arrangement would present a risk that the Participant would likely disclose
Company proprietary information (as determined in the sole discretion of the
Committee). If the Committee makes a determination that this prohibition has
been violated, unless the Award Certificate otherwise provides, the Participant
(i) will forfeit all rights under any outstanding Stock Option or Stock
Appreciation Right that was granted subject to the Award Certificate and will
return to the Company the amount of any profit realized upon an exercise of all
Awards during the period, as the Committee determines and sets forth in the
Award Certificate, beginning no earlier than twelve (12) months prior to the
Participant’s Termination of Employment, and (ii) will forfeit and return to
the Company any Annual Performance Bonuses, Performance Units, Shares of Restricted
Stock, Restricted Units (including any credited Dividend Equivalents), Deferred
Stock Units, and Other Stock-Based Awards that are outstanding on the date of
the Participant’s Termination of Employment, subject to the Award Certificate,
and have not vested or that became vested and remain subject to this Section
7.3 during a period, as the Committee determines and sets forth in the Award
Certificate, beginning no earlier than twelve (12) months prior to the
Participant’s Termination of Employment.

7.4    No Implied
Rights.    The establishment
and operation of the Plan, including the eligibility of a Participant to
participate in the Plan, will not be construed as conferring any legal or other
right upon any Director for any continuation of directorship or any Employee
for the continuation of employment through the end of any Performance Cycle or
other period. The Company expressly reserves the right, which may be exercised
at any time and in the Company’s sole discretion, to discharge any individual
or treat him or her without regard to the effect that discharge might have upon
him or her as a Participant in the Plan.

7.5    No
Obligation to Exercise Awards.    The grant of a Stock Option or Stock
Appreciation Right will impose no obligation upon the Participant to exercise
the Award.

7.6    No Rights as
Stockholders.    A Participant
who is granted an Award under the Plan will have no rights as a stockholder of
the Company with respect to the Award unless and until certificates for the
Shares underlying the Award are registered in the Participant’s name and (other
than in the case of Restricted Stock) delivered to the Participant. The right
of any Participant to receive an Award by virtue of participation in the Plan
will be no greater than the right of any unsecured general creditor of the
Company.

7.7    Indemnification of Committee.    The Company will indemnify, to the fullest
extent permitted by law, each person made or threatened to be made a party to
any civil or criminal action or proceeding by reason of the fact that the
person, or the executor or administrator of the person’s estate, is or was a
member of the Committee or an authorized delegate of the Committee.

7.8    No Required
Segregation of Assets.    Neither the Company nor any Subsidiary will
be required to segregate any assets that may at any time be represented by
Awards granted pursuant to the Plan.

7.9    Nature of
Payments.    All Awards made
pursuant to the Plan are in consideration of services for the Company or a
Subsidiary. Any gain realized pursuant to Awards under the Plan constitutes a
special incentive payment to the Participant and will not be taken into account
as compensation for purposes of any other employee benefit plan of the Company
or a Subsidiary, except as the Committee otherwise provides. The adoption of
the Plan will have no effect on Awards made or to be made under any other
benefit plan covering an employee of the Company or a Subsidiary or any
predecessor or successor of the Company or a Subsidiary.

 18
 

7.10    Securities
Law Compliance.    Awards
under the Plan are intended to satisfy the requirements of Rule 16b-3 under the
Exchange Act. If any provision of this Plan or any grant of an Award would
otherwise frustrate or conflict with this intent, that provision will be
interpreted and deemed amended so as to avoid conflict. No Participant will be
entitled to a grant, exercise, transfer or payment of any Award if the grant,
exercise, transfer or payment would violate the provisions of the
Sarbanes-Oxley Act of 2002 or any other applicable law.

7.11  Coordination with Other
Plans.  If this Plan provides
a level of benefits with respect to Awards that differs from the level of
benefits provided under the Covidien Ltd. Severance Plan for U.S. Officers and
Executives, the Covidien Ltd. Change in Control Severance Plan for Certain U.S.
Officers and Executives or any other plan or any agreement between the
Participant and Company or Subsidiary that directly addresses the treatment of
any Awards, then the terms of the plan or agreement that provides for the more
favorable benefit to the Participant shall govern.

      7.12   Section 409A Compliance.    To the extent the Committee determines that
any Award granted under the Plan is subject to Section 409A of the Code, the Award
Certificate evidencing such Award will incorporate the terms and conditions
required by Section 409A of the Code.  To
the extent applicable, the Plan and the Award Certificate will be interpreted
in accordance with Section 409A of the Code and Department of Treasury
regulations and other interpretive guidance issued thereunder, including
without limitation any such regulations or other guidance that may be issued
after the Effective Date. 
Notwithstanding any provision of the Plan, in the event that following
the Effective Date the Committee determines that any Award may be subject to
Section 409A of the Code, the Committee may adopt such amendments to the Plan
and/or the applicable Award Certificate or adopt policies and procedures or
take any other action or actions, including an action or amendment with
retroactive effect, that the Committee determines is necessary or appropriate
to (i) exempt the Award from the application of Section 409A of the Code or
(ii) comply with the requirements of Section 409A of the Code.

7.13    Governing
Law, Severability.    The Plan
and all determinations made and actions taken under the Plan will be governed
by the law of Bermuda and construed accordingly. If any provision of the Plan
is held unlawful or otherwise invalid or unenforceable in whole or in part, the
unlawfulness, invalidity or unenforceability will not affect any other parts of
the Plan, which parts will remain in full force and effect.

 19Exhibit
10.2

COVIDIEN
LTD. EMPLOYEE STOCK PURCHASE PLAN

ARTICLE 1

PURPOSE

The Covidien Ltd. Employee Stock Purchase Plan (the “Plan”) is created
for the purpose of encouraging stock ownership by officers and employees of
Covidien Ltd. and its subsidiaries (the “Company”) so that they may share in
growth of the Company by acquiring or increasing their proprietary interest in
the Company.

ARTICLE 2

ADMINISTRATION OF THE PLAN

The Plan is administered by the Compensation and Human Resources
Committee, a committee of the Board of Directors of the Company (the “Committee”).  The Committee may delegate its authority and
responsibility for plan administration to a committee or an officer or group of
officers, as it deems advisable.  The
interpretation and construction by the Committee, or its delegate, of any
provision of the Plan shall be final and binding on all parties. The Committee,
or its delegate, may adopt, from time to time, such rules and regulations, as
it deems appropriate for carrying out the Plan. 
No member of the Board of Directors or the Committee, or its delegate,
shall be liable for any action or determination made in good faith with respect
to the Plan.

ARTICLE 3

ELIGIBLE EMPLOYEES

The Company will, from time to time, determine which of its employees
(including employees of its subsidiaries and divisions) will be eligible to
participate in the Plan. All officers who are employees of the Company will be
eligible to participate in the Plan. Eligible employees who elect to
participate in the Plan shall hereinafter be referred to as “Participants”.

Notwithstanding the foregoing, any employee who sells Shares purchased
under the Plan within three (3) months of the date of purchase shall be
precluded from participating in the Plan for the next twelve (12) months.

ARTICLE 4

SHARES TO BE PURCHASED

The stock subject to purchase under the Plan is 5,000,000 shares
(subject to adjustment in the event of stock splits, stock dividends,
recapitalization, or similar adjustment in the Company’s common stock) of the
common stock of the Company (the “Shares”) which will be purchased on the open
market.

ARTICLE 5

PAYROLL DEDUCTIONS

Participants, upon entering the Plan, shall authorize payroll deductions
to be made for the purchase of Shares. 
The maximum deduction shall not, on a per pay period basis, exceed a
Participant’s base salary or commission (in the case of an employee who
receives commission and no base salary) and deductions shall be exclusive of
overtime and net withholding and other deductions. The Participant may
authorize increases or decreases in the amount of payroll deductions at any
time. In order to effect such a change in the amount of the payroll deductions,
the Company must receive notice of such change in the manner specified by the
Company and changes will take effect as soon as administratively practicable.
The Company will accumulate and hold for the Participant’s account the amounts
deducted from his/her pay. No interest shall be paid on such amounts.
Notwithstanding the foregoing, the Committee may, in its sole discretion,
authorize a special bonus payment be made to a Participant and such bonus be
designated as an employee contribution. The Company will match such employee
contribution, subject to the limit described in the next Article. The bonus may
exceed the contribution limits otherwise imposed on the Participant.

ARTICLE 6

EMPLOYER CONTRIBUTION

The Company will match a part of the employee contribution by
contributing to the Plan an additional percentage of the employee’s payroll
deduction.  The Committee, from time to
time, may increase or decrease the percentage of the Company’s contribution to
the Participant’s payroll deduction if the interests of the Company so
require.  The Company shall not match any
part of an employee’s contribution that exceeds twenty-five thousand dollars
(US) ($25,000.00) during a single calendar year.  The matching contributions hereunder are not
intended to be entitlement or part of the regular compensation of any
Participant. The Company will pay all commissions relating to the purchase of
the Shares under the Plan, and the Company will pay all administrative costs
associated with the implementation and operation of the Plan.

ARTICLE 7

AUTHORIZATION FOR ENTERING THE PLAN

An eligible employee may enter the Plan by enrolling in the Plan and
specifying his/her contribution amount in the manner authorized by the Company.
Such authorization will take effect as of the next practicable payroll period.
Unless a Participant authorizes changes to his/her payroll deductions in
accordance with Article 5 or withdraws from the Plan, his/her deductions under
the latest authorization on file with the Company shall continue from one
payment period to the succeeding payment period as long as the Plan remains in
effect.

ARTICLE 8

PURCHASE OF SHARES

All Shares purchased under the Plan shall be purchased on the open
market by a broker designated, from time to time, by the Committee. On a
monthly basis, as soon as practicable following the month end, the Company
shall remit the total of contributions to the broker for the purchase of the
Shares. The broker will then execute the purchase order and the Plan
Administrator shall allocate Shares (or fraction thereof) to each participant’s
individual recordkeeping account.  In the
event the

 

purchase of Shares takes place over a number of days and at different
prices, then each participant’s allocation shall be adjusted on the basis of
the average price per Share over such period.

ARTICLE 9

ISSUANCE OF SHARES

The Shares purchased under the Plan shall be held by the Plan
Administrator or its nominee. Participants shall receive periodic statements
that will evidence all activity in the accounts that have been established on
their behalf. Such statements will be issued by the Plan Administrator or its
nominee. In the event a Participant wishes to hold certificates in his/her own
name, the Participant must instruct the Plan Administrator or its nominee
independently and bear the costs associated with the issuance of such
certificates and pay, if required, a small fee for each certificate so issued.
Certificates for fractional Shares will not be issued. Fractional Shares shall
be liquidated on a cash basis only in lieu of the issuance of certificates for
such fractional Shares upon the employee’s withdrawal.

ARTICLE 10

AUTOMATIC DIVIDEND
REINVESTMENT

Any dividends paid to Participants for Shares purchased under the Plan
and held by the Plan Administrator shall be automatically reinvested in the
Shares of the Company.

ARTICLE 11

SALE OF SHARES PURCHASED 

UNDER THE PLAN

Each Participant may sell at any time all of any portion of the Shares
acquired under the Plan and held by the Plan Administrator by notifying the
Plan Administrator, who will direct the broker to execute the sale on behalf of
the Participant. The Participant shall pay the broker’s commission and any
other expenses incurred with regard to the sale of the Shares. All such sales
of the Shares will be subject to compliance with any applicable federal or
state securities, tax, or other laws. Each participant assumes the risk of any
fluctuations in the market price of the Shares.

ARTICLE 12

WITHDRAWAL FROM THE PLAN

A Participant may cease making contributions to the Plan at any time by
changing his/her payroll deduction to zero as described in Article 5.  In order to execute a sale of all or part of
the Shares purchased under the Plan and held by the Plan Administrator, the
Participant must contact the Plan Administrator directly. If the Participant
desires to withdraw from the Plan by liquidating all or part of his/her
shareholder interest, he/she shall receive the proceeds from the sale thereof,
minus the commission and other expenses on such sale.

ARTICLE 13

NO TRANSFER OR ASSIGNMENT

A Participant’s right to purchase Shares under the Plan through payroll
deduction is his/hers alone and may not be transferred or assigned to, or
availed of, by any other person.

ARTICLE 14

TERMINATION OF EMPLOYEE RIGHTS

All of the employee’s rights under the Plan will terminate when he/she
ceases to be an eligible employee due to retirement, resignation, death,
termination, or any other reason. A notice of withdrawal will be deemed to have
been received from a Participant on the day of his/her final payroll deduction.
If a Participant’s payroll deductions are interrupted by any legal process, a
withdrawal notice will be deemed as having been received on the day the
interruption occurs.

ARTICLE 15

TERMINATION AND AMENDMENT TO THE PLAN

The Plan may be terminated at any time by the Company’s Board of
Directors. Upon such termination, or any other termination of the Plan, all
payroll deductions not used to purchase Shares will be refunded. The Board of
Directors also reserves the right to amend the Plan, from time to time, in any
respect and authorizes the Committee to approve amendments to the Plan on its
behalf.

ARTICLE 16

LOCAL TAX LAWS

If the provisions of the Plan contradict local tax laws, the local tax
laws shall prevail.

 

 2

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