Document:

Exhibit 4.1 - Memorandum and Articles of Association

     

    EXHIBIT
      4.1

    

    

    COMPANIES
      ACTS, 1963 to 2005

    

    ______________

    

    PUBLIC
      LIMITED COMPANY

    

    ______________

    

    

    

    

    M
      E M O R
      A N D U M

    

    and

    

    A
      R T I C
      L E S O F A S S O C I A T I O N

    

    of

    

    ELAN
      CORPORATION, plc

    ______________

    

    (As
      amended by all Special Resolutions up to and

    including
      the 25th
      of May,
      2006)

    

    

    

    

    

    _________________________________________

    

    Incorporated
      18th December, 1969

    _________________________________________

    

    

    

    

    

    Elan
      Corporation, plc

    Treasury
      Building

    Lower
      Grand Canal Street

    Dublin
      2

    Ireland

    
      
        
        

      

      
        1

        
          

        

      

      
        
        

      

    

    

    

    THE
      COMPANIES ACTS, 1963 to 2005

    _______________

    

    PUBLIC
      LIMITED COMPANY

    ____________

    

    

    

    MEMORANDUM
      OF ASSOCIATION

    

    of

    

    ELAN
      CORPORATION, plc

    

    (As
      amended by all Special Resolutions up to and

    including
      the 19th
      of
      August, 2002)

    

    _____________

    

    1. The
      name
      of the Company is "Elan Corporation, plc".

    

    2. The
      Company is to be a public limited company.

    

    3. The
      objects for which the Company is established are:-

    

    
      	 	
              (1)

            	
              To
                carry on all or any of the businesses of manufacturers, buyers, sellers,
                and distributing agents of and dealers in all kinds of patent,
                pharmaceutical, medicinal, and medicated preparations, patent medicines,
                drugs, herbs, perfumes, creams, unguents, hairdressings, washes,
                pomades,
                dyes, cosmetics, skin preparations, soaps, oils, oleaginous and
                vaporaceous substances, beauty specialties, preparations and accessories
                of every description, and of and in pharmaceutical, medicinal, proprietary
                and industrial preparations, compounds, and articles of all kinds,
                chemists, druggists, and chemical manufacturers, merchants and dealers;
                and to manufacture, make up, prepare, buy, sell, and deal in all
                articles,
                substances, and things commonly or conveniently used in or for making
                up,
                preparing, or packing any of the products in which the Company is
                authorised to deal, or which may be required by customers of or persons
                having dealings with the Company. 

            

    

    

    
      	 	
              (2)

            	
              To
                establish, maintain and operate laboratories and shops for the purpose
                of
                carrying on chemical, physical and other research in medicine, chemistry,
                pharmacy, dentistry, industry or other unrelated or related fields.
                

            

    

    

    
      	 	
              (3)

            	
              To
                carry on any other business except the issuing of policies of insurance,
                which may seem to the Company capable of being conveniently carried
                on in
                connection with the above, or calculated directly or indirectly to
                enhance
                the value of or render profitable any of the Company's property or
                rights.

            

    

    
      
        
        

      

      
        2

        
          

        

      

      
        
        

      

    

    

    
      	 	
              (4)

            	
              As
                an object of the Company and as a pursuit in itself or otherwise,
                and
                whether for the purpose of making a profit or avoiding a loss or
                for any
                other purpose whatsoever (whether or not the Company derives any
                benefit
                therefrom), to engage in currency exchange and interest rate transactions
                and any other financial or other transactions of whatever nature,
                including (without limiting the foregoing) any transaction for the
                purposes of, or capable of being for the purposes of, avoiding, reducing,
                minimising, hedging against or otherwise managing the risk of any
                loss,
                cost, expense or liability existing, or which may arise, directly
                or
                indirectly, from a change or changes in any interest rate or currency
                exchange rate or in the price or value of any property, asset, commodity,
                index or liability or from any other risk of factor, including but
                not
                limited to dealings, whether involving purchases, sales or otherwise,
                in
                foreign and Irish currency, spot and forward exchange rate contracts,
                forward rate agreements, caps, floors and collars, futures, options,
                swaps, and any other currency interest rate and other hedging arrangements
                and such other instruments as are similar to, or derivatives of,
                any of
                the foregoing.

            

    

    

    
      	 	
              (5)

            	
              To
                invest any monies of the Company in such investments (including shares
                in
                the Company) and in such manner as may from time to time be determined,
                and to hold, sell or deal with such investments and generally to
                purchase,
                take on lease or in exchange or otherwise acquire any real and personal
                property and rights or privileges.

            

    

    

    
      	 	
              (6)

            	
              To
                develop and turn to account any land acquired by the Company or in
                which
                it is interested and in particular by laying out and preparing the
                same
                for building purposes, constructing, altering, pulling down, decorating,
                maintaining, fitting up and improving buildings and conveniences,
                and by
                planting, paving, draining, farming, cultivating, letting on building
                lease or building agreement and by advancing money to and entering
                into
                contracts and arrangements of all kinds with builders, tenants and
                others.

            

    

    

    
      	 	
              (7)

            	
              To
                lend money to such persons or companies either with or without security
                and upon such terms as may seem
                expedient.

            

    

    

    
      	 	
              (8)

            	
              To
                borrow or raise or secure the payment of money in such manner as
                the
                Company shall think fit, and in particular by the issue of debentures
                or
                debenture stock, perpetual or otherwise, charged upon all or any
                of the
                Company's property, both present and future, including its uncalled
                capital, and to purchase, redeem or pay off any such
                securities.

            

    

    

    
      	 	
              (9)

            	
              To
                adopt such means of making known the Company and its products and
                services
                as may seem expedient.

            

    

    

    
      	 	
              (10)

            	
              To
                sell, improve, manage, develop, exchange, lease, mortgage, enfranchise,
                dispose of, turn to account or otherwise deal with all or any part
                of the
                property, undertaking, rights or assets of the Company and for such
                consideration as the Company might think fit. Generally to purchase,
                take
                on lease or in exchange or otherwise acquire any real and personal
                property and rights or
                privileges.

            

    

    
      
        
        

      

      
        3

        
          

        

      

      
        
        

      

    

    

    
      	 	
              (11)

            	
              To
                guarantee, support or secure, whether by personal covenant or by
                mortgaging or charging all or any part of the undertaking, property
                and
                assets (present and future) and uncalled capital of the Company,
                or by
                both such methods, the performance of the obligations of and the
                repayment
                or payment of the principal amounts of and premiums, interest and
                dividends on any securities of any person, firm or company, including
                (without prejudice to the generality of the foregoing) any company
                which
                is for the time being the Company's holding company as defined by
                Section
                155 of the Companies Act, 1963, or another subsidiary as defined
                by the
                said Section of the Company's holding company or otherwise associated
                with
                the Company in business and to grant indemnities of all kinds whether
                with
                or without any such security as above
                mentioned.

            

    

    

    (12) To
      amalgamate with any other company.

    

    
      	 	
              (13)

            	
              To
                apply for, purchase or otherwise acquire any patents, brevets d'invention,
                licences, trade marks, technology and know-how and the like conferring
                any
                exclusive or non-exclusive or limited right to use or any secret
                or other
                information as to any invention or technology which may seem capable
                of
                being used, for any of the purposes of the Company or the acquisition
                of
                which may seem calculated directly or indirectly to benefit the Company,
                and to use, exercise, develop or grant licences in respect of or
                otherwise
                turn to account the property rights or information so
                acquired.

            

    

    

    
      	 	
              (14)

            	
              To
                enter into partnership or into any arrangement for sharing profits,
                union
                of interests, co-operation, joint venture or otherwise with any person
                or
                company or engage in any business or transaction capable of being
                conducted so as directly or indirectly to benefit the
                Company.

            

    

    

    
      	 	
              (15)

            	
              To
                grant pensions or gratuities (to include death benefits) to any officers
                or employees or ex-officers or ex-employees of the Company, or its
                predecessors in business or the relations, families or dependants
                of any
                such persons, and to establish or support any non-contributory or
                contributory pension or superannuation funds, any associations,
                institutions, clubs, buildings and housing schemes, funds and trusts
                which
                may be considered calculated to benefit any such persons or otherwise
                advance the interests of the Company or of its
                members.

            

    

    

    
      	 	
              (16)

            	
              To
                promote any company or companies for the purpose of acquiring all
                or any
                of the property and liabilities of this Company or for any other
                purpose
                which may seem directly or indirectly calculated to benefit this
                Company.

            

    

    

    
      	 	
              (17)

            	
              To
                remunerate any person or company for services rendered or to be rendered
                in placing or assisting to place or guaranteeing the placing of any
                of the
                shares in the Company's capital or any debentures, debenture stock
                or
                other securities of the Company, or in or about the formation or
                promotion
                of the Company or the conduct of its
                business.

            

    

    

    
      	 	
              (18)

            	
              To
                draw, make, accept, endorse, discount, execute and issue promissory
                notes,
                bills of exchange, bills of lading, warrants, debentures, letters
                of
                credit and other negotiable or transferable
                instruments.

            

    

    
      
        
        

      

      
        4

        
          

        

      

      
        
        

      

    

    

    
      	 	
              (19)

            	
              To
                undertake and execute any trusts the undertaking whereof may seem
                desirable, whether gratuitously or
                otherwise.

            

    

    

    
      	 	
              (20)

            	
              To
                procure the Company to be registered or recognised in any country
                or
                place.

            

    

    

    
      	 	
              (21)

            	
              To
                promote freedom of contract and to counteract and discourage interference
                therewith, to join any trade or business federation, union or association,
                with a view to promoting the Company's business and safeguarding
                the
                same.

            

    

    

    
      	 	
              (22)

            	
              To
                do all or any of the above things in any part of the world as principal,
                agent, contractor, trustee or otherwise, and by or through trustees,
                agents or otherwise and either alone or in conjunction with
                others.

            

    

    

    
      	 	
              (23)

            	
              To
                distribute any of the property of the Company in specie among the
                members.

            

    

    

    
      	 	
              (24)

            	
              To
                do all such other things as the Company may think incidental or conducive
                to the attainment of the above objects or any of
                them.

            

    

    

    NOTE
      A: The
      objects specified in each paragraph of this clause shall, except where otherwise
      expressed in such paragraph, be in no wise limited or restricted by reference
      to, or inference from, the terms of any other paragraph. 

    

    NOTE
      B: It
      is
      hereby declared that the word "company" in this clause (except where it refers
      to this Company) shall be deemed to include any partnership or other body of
      persons, whether or not incorporated and whether formed in Ireland or
      elsewhere.

    

    
      	
              4.

            	
              The
                liability of the members is
                limited.

            

    

    

    
      	
              5.

            	
              The
                capital of the Company is €33,502,500
                divided into 670,000,000 Ordinary Shares of €0.05
                each, 1,000 non-voting Executive Shares of €1.25
                each and 25,000 “B” Executive Shares of €0.05
                each.

            

    

    
      
        
        

      

      
        5

        
          

        

      

      
        
        

      

    

    

    

    We,
      the
      several persons whose names, addresses and descriptions are subscribed, wish
      to
      be formed into a Company in pursuance of this Memorandum of Association, and
      we
      agree to take the number of shares in the capital of the Company set opposite
      our respective names.

    

    ____________________________________________________________

    

    
      	
              Names,
                Addresses and Descriptions

            	
              Number
                of Shares

            
	
              of
                Subscribers

            	
              taken
                by each Subscriber

            

    

    ____________________________________________________________

    

    

    

    

    
      	
              Donald
                M. Pratt,

            	
              One

            
	
              32
                Kildare Street,

            	 
	
              Dublin
                2.

            	 

    

    

    Solicitor

    

    

    

    

    

    
      	
              Heather
                Johnston,

            	
              One

            
	
              32
                Kildare Street,

            	 
	
              Dublin
                2.

            	 

    

    

    Secretary

    

    ____________________________________________________________

    

    
      	
              Total
                Shares taken:-

            	
              Two

            

    

    ____________________________________________________________

    

    

    Dated
      the
      15th day of December, 1969.

    

    Witness
      to the above signatures:-

    

    
      	 	
              Simon
                C. K. Quick,

            
	 	
              32
                Kildare Street,

            
	 	
              Dublin
                2.

            
	 	 
	 	
              Solicitor

            

    

    
      
        
        

      

      
        6

        
          

        

      

      
        
        

      

    

    

    

    COMPANIES
      ACTS, 1963 to 2005

    _______________

    

    

    PUBLIC
      LIMITED COMPANY

    ____________

    

    

    ARTICLES
      OF ASSOCIATION

    

    of

    

    ELAN
      CORPORATION, plc

    

    (Adopted
      by Special Resolution passed the 25th
      of
      August, 1987 and subsequently amended by Special Resolutions passed the
      25th
      of
      August 1988, the 24th
      of
      August 1989, the 27th
      of
      August 1991, the 2nd
      of July
      1992, the 6th
      of July
      1995, the 27th
      of June
      1996, the 20th
      of June
      1997, the 24th
      of April
      1998, the 14th
      of May
      1999, the 19th
      of
      August 2002, the 17th
      of June
      2004 and the 25th
      of May
      2006.)

    

    _____________

    

    PRELIMINARY

    

    
      	
              1.

            	
              The
                regulations in Table A in the First Schedule to the Companies Act,
                1963
                shall not apply to the Company.

            

    

    

    
      	
              2.

            	
              In
                these Articles the words standing in the first column of the table
                next
                hereinafter contained shall bear the meanings set opposite to them
                respectively in the second column thereof, if not inconsistent with
                the
                subject or context -

            

    

     

     

      
        

      

    

    

    
      	
              WORDS

            	
              MEANINGS

            

    

     

      
        

      

    

     

    
      	
              The
                Act

            	
              The
                Companies Act, 1963.

            
	 	 
	
              The
                Acts

            	
              The
                Companies Acts, 1963 to 2005 and every statutory modification or
                re-enactment thereof for the time being in force.

            
	 	 
	
              These
                Articles

            	
              These
                Articles of Association as originally framed or as altered from time
                to
                time by Special Resolution.

            
	 	 
	
              Address

            	
              Includes
                any number or address used for the purposes of communication by way
                of
                electronic mail or other Electronic Communication.

            
	 	 
	
              Advanced
                Electronic

            	 
	
              Signature

            	
              Has
                the same meaning as under the Electronic Commerce Act, 2000 (as amended
                or
                supplemented from time to time).

            

    

     

     

     

    
      
        
        

      

      
        7

        
          

        

      

      
        
        

      

    

     

    
       

    

    
      	 	 
	
              Electronic
                

            	 
	
              Communication

            	
              Has
                the same meaning as under the Electronic Commerce Act, 2000 (as amended
                or
                supplemented from time to time).

            
	 	 
	
              Electronic
                Signature

            	
              Has
                the same meaning as under the Electronic Commerce Act, 2000 (as amended
                or
                supplemented from time to time).

            
	 	 
	
              The
                Office

            	
              The
                registered office for the time being of the Company.

            
	 	 
	
              The
                Seal

            	
              The
                Common Seal of the Company.

            
	 	 
	
              Paid
                Up

            	
              Paid
                up and/or credited as paid up.

            
	 	 
	
              Dividend

            	
              Dividend
                and/or bonus.

            
	 	 
	
              In
                writing

            	
              Written,
                printed, photographed or lithographed or visibly expressed in all
                or any
                of those or any other modes of representing or reproducing words
                provided
                that it shall not include writing in electronic form except as provided
                in
                these Articles and/or where it constitutes writing in electronic
                form sent
                to either the Company or a member of the Company, the Company or
                member of
                the Company has agreed to receipt in such form.

            
	 	 
	
              Class
                Meeting

            	
              Meeting
                of holders of one class of Shares in the Company.

            
	 	 
	
              Secretary

            	
              means
                any person appointed to perform the duties of the Secretary of the
                Company
                and shall, if there is no Secretary capable of acting, include an
                Assistant Secretary or Acting Secretary for the time
                being.

            
	 	 
	
              The
                Register

            	
              means
                the Register of Members to be kept as required by Section 116 of
                the
                Act.

            

    

    

    Words
      importing the singular number only shall include the plural number, and vice
      versa.

    

    Words
      importing the masculine gender only shall include the feminine gender and vice
      versa.

    

    Words
      importing persons shall include corporations.

    

    "Ordinary
      Shares" shall include all categories of Ordinary Shares.

    

    Subject
      as aforesaid, any words or expressions defined in the Acts shall, if not
      inconsistent with the subject or context, bear the same meanings in these
      Articles.

    

    

    CAPITAL

    

    
      	
              3.

            	
              (i)

            	
              The
                capital of the Company is €33,502,500
                divided into 670,000,000 Ordinary Shares of €0.05
                each, 1,000 non-voting Executive Shares of €1.25
                each and 25,000 “B” Executive Shares of €0.05
                each;

            

    

    
      
        
        

      

      
        8

        
          

        

      

      
        
        

      

    

    

    
      	 	
              (ii)

            	
              The
                said non-voting Executive Shares shall confer on the holders thereof
                neither the right to receive notice of or to attend or vote at any
                meetings of the Company, nor the right to be paid a dividend out
                of the
                profits of the Company save such dividend as the Directors may from
                time
                to time determine. The holders of such non-voting Executive Shares
                shall
                rank in a winding up of the Company as regards return of capital
                in
                priority to the Ordinary Shares, but shall not be entitled to any
                participation in the profits or assets of the
                Company.

            

    

    

    
      	 	
              (iii)

            	
              The
                said “B” Executive Shares shall rank pari passu in all respects with the
                said Ordinary shares except, that the said “B” Executive Shares shall not
                confer on the holders thereof the right to be paid a dividend out
                of the
                profits of the company save such dividend as the Directors may from
                time
                to time determine. On a winding up the said “B” Executive Shares will
                confer on the holders thereof the right to a return of capital paid
                up
                thereon pari passu with the holders of the Ordinary shares but shall
                confer no right to participate in any
                surplus.

            

    

    

    
      	
              4.

            	
              Without
                prejudice to any special rights for the time being conferred on the
                holders of any shares or class of shares any share in the Company
                may be
                issued with such preferred, deferred or other special rights or such
                restrictions as the Company may by Special Resolution determine,
                and any
                Preference Share may be issued on the terms that it is, or at the
                option
                of the Company is to be liable, to be redeemed on such terms and
                in such
                manner as the Company may by Special Resolution
                determine.

            

    

    

    
      	
              5.

            	
              (i)

            	
              Subject
                to the provisions of and to the extent permitted by the Acts and
                the
                Companies Act, 1990, to any rights conferred on the holders of any
                class
                of shares and to the following paragraph of this Article, the Company
                may
                purchase any of its shares of any class and may cancel any shares
                so
                purchased or hold them as treasury shares, with liberty to reissue
                any
                such shares as shares of any class or
                classes;

            

    

    

    
      	 	
              (ii)

            	
              The
                Company shall not be required to select the shares to be purchased
                on a
                pro rata basis or in any particular manner whether as between the
                holders
                of the shares of the same class or as between the holders of shares
                of
                different classes or otherwise.

            

    

    

    

    VARIATION
      OF RIGHTS

    

    
      	
              6.

            	
              Whenever
                the capital of the Company is divided into different classes of shares
                the
                special rights attached to any class may subject to the provisions
                of the
                Acts be varied or abrogated, either whilst the Company is a going
                concern
                or during or in contemplation of a winding-up, with the sanction
                of a
                Special Resolution passed at a Class Meeting of the holders of the
                shares
                of that class but not otherwise. To every Class Meeting all the provisions
                of these Articles relating to General Meetings of the Company or
                to the
                proceedings thereat shall, mutatis mutandis, apply, except that the
                necessary quorum shall be two or more persons holding or representing
                by
                proxy at least a majority in nominal amount of the issued shares
                of the
                class (but so that if at any adjourned meeting of such holders a
                quorum as
                above defined is not present those members who are present in person
                or by
                proxy shall be a quorum) and that the holders of shares of the class
                shall, on a poll, have one vote in respect of every share of the
                class
                held by them respectively. 

            

    

    
      
        
        

      

      
        9

        
          

        

      

      
        
        

      

    

    

    
      	
              7.

            	
              The
                special rights attached to any class of shares in the capital of
                the
                Company shall not (unless otherwise expressly provided by these Articles
                or the conditions of issue of such shares) be deemed to be varied
                by the
                creation or issue of further shares ranking pari passu therewith
                or
                subordinate thereto.

            

    

    

    SHARES

    

    
      	
              8.

            	
              Subject
                as regards new shares to the provisions of these Articles, the shares
                shall be under the control of the Directors who may, subject to the
                provisions of the Acts allot, grant options over or otherwise deal
                with or
                dispose of them to such persons at such times and generally on such
                terms
                and conditions as they think proper, but so that no shares shall
                be issued
                at a discount except in accordance with the provisions of the Acts
                and so
                that, in the case of all shares issued by the Company, the amount
                payable
                on application on each share shall not be less than the nominal amount
                of
                the share and the whole of any premium
                thereon.

            

    

    

    
      	
              9.

            	
              The
                Company shall not give, whether directly or indirectly, and whether
                by
                means of a loan, guarantee, the provision of security or otherwise,
                any
                financial assistance for the purpose of or in connection with a purchase
                or subscription made or to be made by any person of or for any shares
                in
                the Company or in its holding company (if any) nor shall the Company
                make
                a loan for any purpose whatsoever on the security of its shares or
                those
                of its holding company (if any), but nothing in this Article shall
                prohibit transactions permitted by the
                Acts.

            

    

    

    
      	
              10.

            	
              The
                Company may exercise the powers conferred by the Acts of paying
                commissions to persons subscribing or procuring subscriptions for
                shares
                of the Company or agreeing so to do, whether absolutely or conditionally,
                and any such commission may be satisfied by the payment of cash or
                the
                allotment of fully or partly paid shares of the Company, or partly
                in the
                one way and partly in the other: Provided that the rate per cent.
                of the
                amount of the commission paid or agreed to be paid shall be disclosed
                in
                the manner required by the Acts and shall not exceed 10 per cent.
                of the
                price at which the shares in respect whereof the commission is paid
                are
                issued or an amount equivalent thereto. The Company may also, on
                any issue
                of shares, pay such brokerage as may be
                lawful.

            

    

    

    
      	
              11.

            	
              Except
                as required by law, no person shall be recognised by the Company
                as
                holding any share upon any trust, and the Company shall not be bound
                by or
                compelled in any way to recognise (even when having notice thereof)
                any
                equitable, contingent, future or partial interest in any share or
                any
                interest in any fraction or part of a share or (except only as by
                these
                Articles or by law otherwise provided) any other rights in respect
                of any
                share except an absolute right to the entirety thereof in the registered
                holder; this shall not preclude the Company from requiring the members
                or
                the transferee of shares to furnish the Company with information
                as to the
                beneficial ownership of any share when such information is reasonably
                required by the Company.

            

    

    

    
      	
              12.

            	
              Every
                person whose name is entered as a member in the Register of Members
                shall
                be entitled without payment to one certificate for all his shares
                of each
                class and, if he transfers part of his holding, to one certificate
                for the
                balance. Upon payment of such sum, not exceeding ten pence for every
                certificate after the first, as the Directors shall from time to
                time
                determine, he shall also be entitled to several certificates, each
                for one
                or more of his shares. Every certificate shall be issued within two
                months
                after allotment or the 

            

    

    
      
        
        

      

      
        10

        
          

        

      

      
        
        

      

    

    lodgement
      with the Company of the transfer of the shares, unless the conditions of issue
      of such shares otherwise provide, and shall be under the Seal or under the
      official seal kept by the Company by virtue of section 3 of the Companies
      (Amendment) Act, 1977 and bear the signatures of one Director and the Secretary
      and shall specify the number and class and distinguishing numbers (if any)
      of
      the shares to which it relates and the amount paid up thereof; but so that
      the
      Directors may by resolution determine, either generally or in any particular
      case, that the signature of the Secretary or any Director may be affixed by
      some
      mechanical means or that such certificate shall bear no signatures, provided
      that the method is used only for certificates which have first been approved
      in
      writing for sealing by the Auditors, Transfer Auditors or Bankers of the
      Company. The Company shall not be bound to register more than four persons
      as
      the joint holders of any share (except in the case of executors or trustees
      of a
      deceased member) and in any case, not until such holders have supplied the
      Company with one address for the service of notices pursuant to Regulation
      105
      hereof and in the case of a share held jointly by several persons the Company
      shall not be bound to issue more than one certificate therefor and delivery
      of a
      certificate for a share to one of several joint holders shall be sufficient
      delivery to all.

    

    
      	
              13.

            	
              If
                any such certificate shall be worn out, defaced, destroyed or lost,
                it may
                be renewed on such evidence being produced as the Directors shall
                require,
                and, in case of wearing out or defacement, on delivery up of the
                old
                certificate and, in case of destruction or loss, on execution of
                such
                indemnity (if any) as the Directors may from time to time require.
                In case
                of destruction or loss, the member to whom such renewed certificate
                is
                given shall also bear and pay to the Company all expenses incidental
                to
                the investigation by the Company of the evidence of such destruction
                or
                loss and to such indemnity.

            

    

    

    

    TRANSFER
      OF SHARES

    

    
      	
              14.

            	
              All
                transfers of shares shall be effected by transfer in writing in any
                usual
                or common form or in any other form which the Directors may approve,
                but
                need not be under seal.

            

    

    

    
      	
              15.

            	
              The
                instrument of transfer of a fully paid share shall be signed by or
                on
                behalf of the transferor and in the case of a share not fully paid
                the
                instrument of transfer shall also be signed by or on behalf of the
                transferee. The transferor shall be deemed to remain the holder of
                the
                share until the name of the transferee is entered in the Register
                of
                Members in respect thereof.

            

    

    

    
      	
              16.

            	
              Every
                instrument of transfer shall be left at the Office for registration
                accompanied by the certificate of the shares to be transferred and
                such
                other evidence as the Company may require to prove the title of the
                transferor and his right to transfer the
                shares.

            

    

    

    
      	
              17.

            	
              The
                registration of transfers may be suspended at such times and for
                such
                periods (not exceeding thirty days in any year) as the Directors
                may from
                time to time determine.

            

    

    

    
      	
              18.

            	
              No
                fee shall be charged for registration of transfers or other documents
                relating to or affecting the title to any
                shares.

            

    

    

    
      	
              19.

            	
              All
                instruments of transfer which shall be registered shall be retained
                by the
                Company.

            

    

    

    
      	
              20.

            	
              Nothing
                in these Articles shall preclude the Directors from recognising a
                renunciation of the allotment of any shares by the allottee in favour
                of
                some other person.

            

    

    
      
        
        

      

      
        11

        
          

        

      

      
        
        

      

    

    

    TRANSMISSION
      OF SHARES

    

    
      	
              21.

            	
              In
                the case of the death of a member, the survivors or survivor where
                the
                deceased was joint holder, and the legal personal representatives
                of the
                deceased where he was a sole or only surviving holder, shall be the
                only
                persons recognised by the Company as having any title to his interest
                in
                the shares, but nothing in this Article shall release the estate
                of a
                deceased joint holder from any liability in respect of any share
                jointly
                held by him.

            

    

    

    
      	
              22.

            	
              Any
                person becoming entitled to a share in consequence of the death or
                bankruptcy of a member may, upon producing such evidence of title
                as may
                from time to time be properly required by the Directors and subject
                as
                hereinafter provided, elect either to be registered himself as the
                holder
                of the share or to have some person nominated by him registered as
                the
                transferee thereof, but the Directors shall in either case have the
                same
                right to suspend registration as they would have had in the case
                of a
                transfer of the share by that member before the event upon which
                transmission took place.

            

    

    

    

    
      	
              23.

            	
              If
                the person so becoming entitled shall elect to be registered himself,
                he
                shall deliver or send to the Company a notice in writing signed by
                him
                stating that he so elects. If he shall elect to have another person
                registered, he shall testify his election by executing to that person
                a
                transfer of such share. All the limitations, restrictions and provisions
                of these Articles relating to the right to transfer, and the registration
                of transfers of, shares shall be applicable to any such notice or
                transfer
                as if the event upon which the transmission took place had not occurred
                and the notice or transfer executed by the person from whom the title
                by
                transmission is derived.

            

    

    

    
      	
              24.

            	
              A
                person becoming entitled to a share by transmission shall be entitled
                to
                receive and give a discharge for any dividends or other moneys payable
                on
                or in respect of the share, but he shall not be entitled to receive
                notices of, or to attend or vote at, meetings of the Company or (save
                as
                aforesaid) to exercise any of the rights or privileges of a member
                in
                respect of the share, unless and until he shall be entered in the
                Register
                of Members as the holder thereof; however, the Directors may at any
                time
                give notice requiring any person to elect either to be registered
                himself
                or to transfer the share and, if the notice is not complied with
                within 90
                days, the Directors may thereupon withhold payment of all dividends
                or
                other moneys payable in respect of the share until the requirements
                of the
                notice have been complied with.

            

    

    

    

    INCREASE
      OF CAPITAL

    

    
      	
              25.

            	
              The
                Company may from time to time by Ordinary Resolution increase its
                share
                capital by such sum to be divided into shares of such amount as the
                resolution shall prescribe.

            

    

    

    
      	
              26.

            	
              Subject
                to the provisions of the Acts, the new shares shall be issued to
                such
                persons, upon such terms and conditions and with such rights and
                privileges annexed thereto as the General Meeting resolving upon
                the
                creation thereof shall direct and, if no direction be given, as the
                Directors shall determine and in particular such shares may be issued
                with
                a preferential or qualified right to dividends and in the distribution
                of
                the assets of the Company and with a special, or without any, right
                of
                voting.

            

    

    

    
      
        
        

      

      
        12

        
          

        

      

      
        
        

      

    

    

    
      	
              27.

            	
              Except
                so far as otherwise provided by the conditions of issue or by these
                presents, any capital raised by the creation of new shares shall
                be
                considered part of the pre-existing ordinary capital and shall be
                subject
                to the provisions herein contained with reference to transfer,
                transmission and otherwise.

            

    

    

    

    ALTERATION
      OF CAPITAL

    

    28. The
      Company from time to time may by Ordinary Resolution:-

    

    
      	 	
              (a)

            	
              consolidate
                and divide all or any of its share capital into shares of larger
                amount
                than its existing shares,

            

    

    

    
      	 	
              (b)

            	
              sub-divide
                its shares, or any of them, into shares of smaller amount, so however
                that
                the resolution whereby the share is sub-divided may determine that,
                as
                between the holders of the shares resulting from such sub-division,
                one or
                more of the shares may have such preferred or other special rights
                over,
                or may have such deferred rights or be subject to such restrictions
                as
                compared with, the others as the Company has power to attach to any
                unissued or new shares,

            

    

    

    
      	 	
              (c)

            	
              cancel
                shares which, at the date of the passing of the Resolution in that
                behalf,
                have not been taken or agreed to be taken by any person and diminish
                the
                amount of its share capital by the amount of the shares so
                cancelled

            

    

    

    and
      may
      by Special Resolution reduce its share capital, any capital redemption reserve
      fund and any share premium account in any manner authorised by the
      Acts.

    

    

    GENERAL
      MEETINGS

    

    
      	
              29.

            	
              The
                Company shall in each year hold a General Meeting as its Annual General
                Meeting in addition to any other meetings in that year and not more
                than
                fifteen months shall elapse between the date of one Annual General
                Meeting
                and that of the next.

            

    

    

    
      	
              30.

            	
              (a)

            	
              The
                Annual General Meeting shall be held at such time and place as the
                Directors shall determine. All General Meetings other than Annual
                General
                Meetings shall be called Extraordinary General
                Meetings.

            

    

    

    
      	 	
              (b)

            	
              Every
                Annual General Meeting shall be held in the Republic of Ireland unless
                either all the members entitled to attend and vote at such meetings
                consent in writing to its being held elsewhere or a resolution providing
                that it be held elsewhere shall have been passed at the preceding
                Annual
                General Meeting.

            

    

    

    
      	
              31.

            	
              The
                Directors may at any time call an Extraordinary General Meeting.
                Extraordinary General Meetings shall also be convened on such requisition,
                or in default may be convened by such requisitionists, as is provided
                by
                the Act.

            

    

    

    
      
        
        

      

      
        13

        
          

        

      

      
        
        

      

    

    

    NOTICE
      OF
      GENERAL MEETINGS

    

    
      	
              32.

            	
              In
                the case of an Annual General Meeting or of a meeting for the passing
                of a
                Special Resolution twenty-one clear-days' notice at the least, and
                in any
                other case 14 clear days' notice at the least, shall be given in
                writing
                (including writing in electronic form) in manner hereinafter mentioned
                to
                all the members (other than those who under the provisions of these
                Articles or the conditions of issue of the shares held by them are
                not
                entitled to receive the notice) and to the Auditors for the time
                being of
                the Company.

            

    

    

    33. Such
      notice shall state:-

    

    
      	 	
              (a)

            	
              the
                place, the day and the hour of the
                meeting,

            

    

    

    
      	 	
              (b)

            	
              in
                any case where there is to be special business, the general nature
                of such
                business,

            

    

    

    
      	 	
              (c)

            	
              that
                the meeting is the Annual General Meeting, where such is the case
                and

            

    

    

    
      	 	
              (d)

            	
              in
                reasonable prominence, that a member entitled to attend and vote
                is
                entitled to appoint one or more proxies to attend, speak and vote
                in his
                place and that a proxy need not be a member of the
                Company.

            

    

    

    
      	
              34.

            	
              Where,
                by any provision contained in the Acts, extended notice is required
                of a
                resolution, the resolution shall not be effective (except where the
                Directors of the Company have resolved to submit it) unless notice
                of the
                intention to move it has been given to the Company not less than
                twenty-eight days (or such shorter period as the Acts permit) before
                the
                meeting at which it is moved, and the Company shall give to the members
                notice of any such resolution as required by and in accordance with
                the
                provisions of the Acts.

            

    

    

    
      	
              35.

            	
              The
                accidental omission to give notice, to, or the non-receipt of notice
                by,
                any person entitled to receive notice shall not invalidate the proceedings
                at any General Meeting.

            

    

    

    

    PROCEEDINGS
      AT GENERAL MEETINGS

    

    
      	
              36.

            	
              All
                business shall be deemed special that is transacted at an Extraordinary
                General Meeting. All business that is transacted at an Annual General
                Meeting shall also be deemed special, with the exception of declaring
                a
                dividend, the consideration of the accounts, balance sheets and reports
                of
                the Directors and Auditors, the election of Directors in the place
                of
                those retiring, the re-appointment of the retiring Auditors and the
                fixing
                of the remuneration of the
                Auditors.

            

    

    

    
      	
              37.

            	
              No
                business shall be transacted at any General Meeting unless a quorum
                is
                present at the time when the meeting proceeds to business. Three
                or more
                members present in person or by proxy being holders of not less than
                one
                third of the Issued Ordinary Shares shall be a
                quorum.

            

    

    

    
      	
              38.

            	
              If
                within half an hour from the time appointed for the meeting a quorum
                is
                not present, the meeting, if convened on the requisition of or by
                members,
                shall be dissolved. In any other

            

    

    
      
        
        

      

      
        14

        
          

        

      

      
        
        

      

    

    case
      it
      shall stand adjourned to the same day in the next week at the same time and
      place or to such other day and at such other time and place as the Directors
      may
      determine, and, if at such adjourned meeting a quorum is not present within
      fifteen minutes from the time appointed for holding the meeting, the meeting
      shall be dissolved.

    

    
      	
              39.

            	
              The
                Chairman may, with the consent of any meeting at which a quorum is
                present, and shall, if so directed by the meeting, adjourn the meeting
                from time to time and from place to place. Whenever a meeting is
                adjourned
                for fourteen days or more, seven clear days' notice at the least,
                specifying the place, the day and the hour of the adjourned meeting
                shall
                be given as in the case of the original meeting, but it shall not
                be
                necessary to specify in such notice the nature of the business to
                be
                transacted at the adjourned meeting. Save as aforesaid, no member
                shall be
                entitled to any notice of an adjournment. No business shall be transacted
                at any adjourned meeting other than the business which might have
                been
                transacted at the meeting from which the adjournment took
                place.

            

    

    

    
      	40.
                	
              The
                Chairman (if any) of the Board of Directors, or in his absence the
                Deputy
                Chairman (if any) of the Board of Directors, or in his absence some
                other
                Director nominated by the Directors, shall preside at every General
                Meeting, but if at any meeting neither the Chairman, nor the Deputy
                Chairman, nor such other Director be present within fifteen minutes
                after
                the time appointed for holding the same, or if none of them be willing
                to
                act as Chairman, the Directors present shall choose some Director
                present
                to be Chairman, or if no Director be present or if all the Directors
                present decline to take the chair, the members present shall choose
                some
                member present to be Chairman.

            

    

    

    
      	
              41.

            	
              At
                any General Meeting, a resolution put to the vote of the meeting
                shall be
                decided on a show of hands unless, before or upon the declaration
                of the
                result of the show of hands, a poll is demanded in accordance with
                the
                provisions hereinafter contained. Unless a poll be so demanded, a
                declaration by the Chairman that a resolution has been carried, or
                carried
                unanimously or by a particular majority, or lost, or not carried
                by a
                particular majority, and an entry to that effect in the book containing
                the minutes of proceedings of the Company, shall be conclusive evidence
                of
                the fact without proof of the number or proportion of the votes recorded
                in favour of or against such
                resolution.

            

    

    

    
      	
              42.

            	
              (i)

            	
              A
                poll may be demanded by the Chairman,
                or

            

    

    

    
      	 	
              (a)

            	
              by
                not less than three members having the right to vote at the meeting,
                or
                

            

    

    

    
      	 	
              (b)

            	
              by
                a member or members representing not less than one-tenth of the total
                voting rights of all the members having the right to vote at the
                meeting.

            

    

    

    
      	 	
              (ii)

            	
              The
                demand for a poll shall not prevent the continuance of a meeting
                for the
                transaction of any business other than the question on which a poll
                has
                been demanded.

            

    

    

    (iii) The
      demand for a poll may be withdrawn.

    

    
      	 	
              (iv)

            	
              The
                instrument appointing a proxy to vote at a meeting shall be deemed
                also to
                confer authority to demand or join in demanding a poll, and for the
                purposes of this Article a demand by a person as proxy for a member
                shall
                be the same as a demand by the
                member.

            

    

    
      
        
        

      

      
        15

        
          

        

      

      
        
        

      

    

    

    
      	 	
              (v)

            	
              A
                poll demanded on the election of a Chairman or on a question of
                adjournment shall be taken forthwith. A poll demanded on any other
                question shall be taken either immediately or at such time (not being
                more
                than thirty days from the date of a meeting or adjourned meeting
                at which
                the poll was demanded) and place as the Chairman shall direct and
                shall be
                taken in such manner (including the use of ballot or voting papers)
                as the
                Chairman shall direct. The result of a poll shall be deemed to be
                the
                resolution of the meeting at which the poll was
                demanded.

            

    

    

    
      	 	
              (vi)

            	
              If
                any vote shall be counted which ought not to have been counted or
                might
                have been rejected, the error shall not vitiate the result of the
                voting
                unless it be pointed out at the meeting or adjourned meeting at which
                the
                vote is given and not in that case unless it shall in the opinion
                of the
                Chairman of the meeting be of sufficient magnitude to vitiate the
                result
                of the voting.

            

    

    

    
      	 	
              (vii)

            	
              On
                a poll a member entitled to more than one vote need not use all his
                votes
                or cast all the votes he uses in the same
                way.

            

    

    

    

    VOTES
      OF
      MEMBERS

    

    
      	
              43.

            	
              Votes
                may be given either personally or by proxy. Subject to any special
                rights
                or restrictions as to voting attached to any class of shares, on
                a show of
                hands every member who is present in person and entitled to vote
                and every
                proxy shall have one vote, so, however, that no individual shall
                have more
                than one vote and upon a poll every member present in person or by
                proxy
                shall have one vote for every share of which he is the
                holder.

            

    

    

    
      	
              44.

            	
              A
                corporation which is a member of the Company may by resolution of
                its
                directors or other governing body authorise such person as it thinks
                fit
                to act as its representative at any meeting of the Company or of
                any class
                of members of the Company and the person so authorised shall be entitled
                to exercise the same powers on behalf of the corporation which he
                represents as that corporation could exercise if it were an individual
                member of the Company.

            

    

    

    
      	
              45.

            	
              A
                member of unsound mind, or in respect of whom an order has been made
                by
                any court having jurisdiction in lunacy, may vote, whether on a show
                of
                hands or on a poll, by his committee, receiver, curator bonis or
                other
                person in the nature of a committee, receiver or curator bonis appointed
                by such court, and such committee, receiver, curator bonis or other
                person
                may on a poll vote by proxy, provided that such evidence as the Directors
                may require of the authority of the person claiming to vote shall
                have
                been deposited at the Office not less than forty-eight hours before
                the
                time for holding the meeting or adjourned meeting at which such person
                claims to vote.

            

    

    

    
      	
              46.

            	
              In
                the case of joint holders of a share, if only one votes, his act
                binds all
                the joint holders, if more than one vote, the act of the majority
                so
                voting binds all; and, if more than one vote, but the vote is evenly
                split
                on any particular matter, each fraction may vote the shares in question
                proportionately. Any of such votes may be exercisable in person or
                by
                proxy.

            

    

    

    
      	
              47.

            	
              No
                objection shall be raised to the qualification of any voter except
                at the
                meeting or adjourned meeting at which the vote objected to is given
                or
                tendered and every vote not 

            

    

    
      
        
        

      

      
        16

        
          

        

      

      
        
        

      

    

    disallowed
      at such meeting shall be valid for all purposes. Any such objection made in
      due
      time shall be referred to the Chairman of the meeting, whose decision in the
      absence of manifest error, shall be final and conclusive.

    

    
      	
              48.

            	
              The
                instrument appointing a proxy shall be in writing under the hand
                of the
                appointor or of his attorney duly authorised in writing, or, if the
                appointor is a corporation, either under its common seal or under
                the hand
                of an officer or attorney so authorised. An instrument of proxy may
                be in
                any common form or in such other form as the Directors shall approve.
                Instruments of proxy need not be
                witnessed.

            

    

    

    
      	
              49.

            	
              Any
                person (whether a member of the Company or not) may be appointed
                to act as
                a proxy. A member may appoint more than one proxy as alternates to
                attend
                on the same occasion.

            

    

    

    
      	
              50.

            	
              Any
                proxy shall be delivered to the secretary of the meeting at or prior
                to
                the time designated in the order of business for so delivering such
                proxies. In the case of two or more proxies for the same shares the
                most
                recently dated of such proxies shall be
                controlling.

            

    

    

    
      	
              51.

            	
              The
                Directors may at the expense of the Company send, by post or otherwise,
                to
                the members instruments of proxy (with or without stamped envelopes
                for
                their return) for use at any General Meeting or at any Class Meeting,
                either in blank or nominating any one or more of the Directors or
                any
                other persons, in the alternative. If for the purpose of any meeting
                invitations to appoint as proxy a person or one of a number of persons
                specified in the invitations are issued at the expense of the Company,
                such invitations shall be issued to all (and not to some only) of
                the
                members entitled to be sent a notice of the meeting and to vote thereat
                by
                proxy.

            

    

    

    
      	
              52.

            	
              A
                vote given in accordance with the terms of an instrument of proxy
                shall be
                valid notwithstanding the death or insanity of the principal, or
                the
                revocation of the proxy or of the authority under which the instrument
                of
                proxy was executed, or the transfer of the share in respect of which
                the
                instrument of proxy is given, provided that no intimation in writing
                of
                such death, insanity, revocation or transfer shall have been received
                by
                the Company at the Office before the commencement of the meeting
                or
                adjourned meeting at which the instrument of proxy is
                used.

            

    

    

    

    DIRECTORS

    

    
      	
              53.

            	
              Unless
                otherwise determined by the Company by Ordinary Resolution, the number
                of
                Directors shall be not less than three and not more than
                fifteen.

            

    

    

    
      	
              54.

            	
              A
                Director shall not require a share qualification but nevertheless
                shall be
                entitled to attend and speak at any General Meeting and at any Class
                Meeting.

            

    

    

    
      	
              55.

            	
              The
                Directors shall be entitled by way of remuneration to such sum (if
                any) as
                shall from time to time be voted to them by the Company by Ordinary
                Resolution, and any such sum (unless otherwise determined by the
                resolution by which it is voted) shall be divided amongst the Directors
                as
                they shall agree or, failing agreement, equally. The Directors'
                remuneration shall be deemed to accrue from day to
                day.

            

    

    

    
      	
              56.

            	
              The
                Directors shall also be entitled to be paid all travelling, hotel
                and
                other expenses 

            

    

    
      
        
        

      

      
        17

        
          

        

      

      
        
        

      

    

    incurred
      by them respectively in and about the performance of their duties as Directors,
      including their expenses of travelling to and from meetings of the Directors
      or
      Committees of the Directors or General Meetings or Class Meetings.

    

    
      	
              57.

            	
              Any
                Director who serves on any Committee or who devotes special attention
                to
                the business of the Company or who otherwise performs services which
                in
                the opinion of the Directors are outside the scope of the ordinary
                duties
                of a Director may be paid such extra remuneration by way of salary,
                commission, participation in profits or otherwise as the Directors
                may
                determine.

            

    

    

    APPOINTMENT,
      ROTATION, DISQUALIFICATION AND 

    REMOVAL
      OF DIRECTORS

    

    
      	
              58.

            	
              Directors
                shall serve for a term of three years expiring at the Annual General
                Meeting in the third year following their appointment or as the case
                may
                be, their re-appointment at Annual General
                Meeting.

            

    

    

    
      	
              59.

            	
              A
                Director retiring at an Annual General Meeting shall retain office
                until
                the close or adjournment of the
                meeting.

            

    

    

    
      	
              60.

            	
              The
                Company may by Ordinary Resolution at the meeting at which any Director
                retires in manner aforesaid fill up the vacated office by appointing
                a
                person thereto and, in default, the retiring Director, if willing
                to act,
                shall be deemed to have been re-appointed unless at such meeting
                it is
                expressly resolved not to fill such vacated office or a resolution
                of the
                re-appointment of such Director shall have been put to the meeting
                and
                lost.

            

    

    

    
      	
              61.

            	
              At
                a General Meeting a motion for the appointment of two or more persons
                as
                Directors of the Company by a single resolution shall not be put
                unless a
                resolution that it shall be so put has been first agreed to by the
                meeting
                without any vote being given against
                it.

            

    

    

    
      	
              62.

            	
              No
                person shall, unless recommended by the Directors for appointment
                or, as
                the case may be, reappointment, be eligible for appointment or
                re-appointment to the office of Director at any General Meeting unless,
                within the prescribed time before the day appointed for the meeting,
                there
                shall have been given to the Company notice in writing by some member
                duly
                qualified to be present and vote at the meeting of his intention
                to
                propose such person for appointment and also notice in writing, signed
                by
                the person to be proposed, of his willingness to be appointed. The
                prescribed time above mentioned shall be such that, between the date
                when
                the notice is served or deemed to be served and the day appointed
                for the
                meeting, there shall be not less than seven nor more than forty-two
                days.

            

    

    

    
      	
              63.

            	
              The
                Company may by Ordinary Resolution increase or reduce the number
                of
                Directors.

            

    

    

    
      	
              64.

            	
              The
                Directors may from time to time and at any time appoint any person
                to be a
                Director either to fill a casual vacancy or as an additional Director
                provided that the total number of Directors shall not exceed the
                maximum
                number fixed by or in accordance with these Articles. Subject to
                the
                provisions of the Act, a Director so appointed shall hold office
                only
                until the conclusion of the Annual General Meeting following next
                after
                his appointment, when he shall retire. A Director who retires under
                this
                Article shall be eligible for re-appointment at the meeting at which
                he
                retires but shall not be taken into account in determining the rotation
                or
                retirement of Directors or the number of Directors to retire at such
                meeting.

            

    

    
      
        
        

      

      
        18

        
          

        

      

      
        
        

      

    

    

    65. The
      office of a Director shall be vacated forthwith:

    

    
      	 	
              (a)

            	
              If
                a receiving order be made against him or he make any arrangement
                or
                composition with his creditors
                generally;

            

    

    

    
      	 	
              (b)

            	
              If
                he become of unsound mind;

            

    

    

    
      	 	
              (c)

            	
              If
                he cease to be a Director, or be prohibited from being a Director
                by an
                Order made, under any provisions of the
                Acts;

            

    

    

    
      	 	
              (d)

            	
              If
                he (not being a Director holding for a fixed term an executive office
                in
                his company as a Director) resign his office by notice in writing
                to the
                Company; or

            

    

    

    
      	 	
              (e)

            	
              If
                he be absent from meetings of the Directors for twelve successive
                months
                without leave and his alternate Director (if any) shall not during
                such
                period have attended in his stead and the Directors resolve that
                his
                office be vacated.

            

    

    

    
      	
              66.

            	
              The
                Company may, by Ordinary Resolution, of which extended notice has
                been
                given in accordance with the provisions of the Acts, remove any Director
                before the expiry of his period of office notwithstanding anything
                in
                these Articles or in any agreement between the Company and such Director
                and may, if thought fit, by Ordinary Resolution appoint another Director
                in his stead. The person appointed shall be subject to retirement
                at the
                same time as if he had become a Director on the date on which the
                Director
                in whose place he is appointed was last appointed a Director. Nothing
                in
                this Article shall be taken as depriving a person removed thereunder
                of
                compensation or damages payable to him in respect of the termination
                of
                his appointment as Director or of any appointment terminating with
                that of
                Director.

            

    

    

    
      	
              67.(1)

            	
              (a)

            	
              The
                Directors may from time to time appoint one or more of their body
                to be
                the holder of any executive office on such terms and for such period
                as
                they think fit and, subject to the terms of any agreement entered
                into in
                any particular case, may revoke such
                appointment.

            

    

    

    
      	 	
              (b)

            	
              In
                the case of a Director so appointed to the office of Managing Director
                his
                appointment shall be automatically terminated if he cease from any
                cause
                to be a Director (without prejudice to any claim he may have for
                damages
                for breach of any contract of service between him and the Company).
                

            

    

    

    
      	 	
              (c)

            	
              A
                Director so appointed to any executive office shall be subject to
                retirement in accordance with these
                Articles.

            

    

    

    
      	 	
              (d)

            	
              A
                Director holding any such executive office shall receive such
                remuneration, whether in addition to or in substitution for his ordinary
                remuneration as a Director and whether by way of salary, commission,
                participation in profits or otherwise or partly in one way and partly
                in
                another, as the Directors may
                determine.

            

    

    

    
      	 	
              (e)

            	
              The
                Directors may confer upon a Director holding any such executive office
                any
                of the powers exercisable by them as Directors (save the control
                of
                shares) upon such terms and conditions and with such restrictions
                as they
                think fit and either collaterally with or to the exclusion of their
                own
                powers, and may from time to 

            

    

    
      
        
        

      

      
        19

        
          

        

      

      
        
        

      

    

    time
      revoke, withdraw or vary all or any such powers.

    

    (2)          
      A
      Director may from time to time appoint another Director or any other person
      to
      be his alternate. Every such alternate shall be entitled to notice of meetings
      of the Directors and to attend and vote as a Director (having an additional
      vote
      for each Director for whom he acts as alternate) at any such meeting at which
      the Director appointing him is not personally present and generally at such
      meeting to have and exercise all the powers, rights, duties and authorities
      of
      the Director appointing him. Every such alternate shall also be entitled in
      the
      absence of the Director appointing him to sign on his behalf a resolution in
      writing of the Directors. Every such alternate shall be an officer of the
      Company and shall not be deemed to be the agent of the Director appointing
      him.
      The remuneration of an alternate shall be payable out of the remuneration
      payable to the Director appointing him, and shall consist of such portion of
      the
      last mentioned remuneration as shall be agreed between such alternate and the
      Director appointing him. If a Director shall die or cease to hold the office
      of
      Director the appointment of his alternate shall thereupon cease and determine:
      Provided that if any Director retires by rotation but is re-appointed by the
      meeting at which such retirement took effect, any appointment made by him
      pursuant to this Article which was in force immediately prior to his retirement
      shall continue to operate after his re-appointment as if he had not so retired.
      All appointments and revocations of appointments of alternate Directors shall
      be
      in writing under the hand of the Appointer left at or sent by telex or facsimile
      to the office.

    

    POWERS
      OF
      DIRECTORS

    

    
      	
              68.

            	
              The
                business of the Company shall be managed by the Directors, who may
                pay all
                expenses incurred in promoting and registering the Company and may
                exercise all such powers of the Company as are not, by the Acts or
                by
                these regulations, required to be exercised by the Company in general
                meeting, subject, nevertheless, to any of these regulations, to the
                provisions of the Acts and to such directions, being not inconsistent
                with
                the aforesaid regulations or provisions, as may be given by the Company
                in
                general meeting; but no direction given by the Company in general
                meeting
                shall invalidate any prior act of the Directors which would have
                been
                valid if that direction had not been
                given.

            

    

    

    69. Without
      prejudice to the generality of the foregoing provisions:-

    

    
      	 	
              (a)

            	
              The
                Directors may make such arrangements as may be thought fit for the
                management of the Company's affairs in the Republic of Ireland or
                abroad
                and may for this purpose appoint local boards, attorneys and agents
                and
                fix their remuneration and delegate to them such powers as may be
                deemed
                requisite or expedient.

            

    

    

    
      	 	
              (b)

            	
              The
                Directors may establish and maintain or procure the establishment
                and
                maintenance of any non-contributory or contributory pension or
                superannuation funds for the benefit of, and give or procure the
                giving of
                donations, gratuities, pensions, allowances or emoluments to any
                persons
                who are or were at any time in the employment or service of the Company
                or
                of any company which is a subsidiary of the Company or is allied
                to or
                associated with
                the Company
                or
                with any such subsidiary or who are or were at any time Directors or
                officers of the Company or of any such other company as aforesaid
                and
                holding, or who held, any salaried employment, office or place of
                profit
                in the Company or such other company, and the wives, widows, families
                and
                dependants of any such persons, and

            

    

    
      
        
        

      

      
        20

        
          

        

      

      
        
        

      

    

    may
      make
      payments for or towards the insurance of any such persons as aforesaid, and
      may
      do any of the matters aforesaid either alone or in conjunction with any such
      other company as aforesaid, subject always, if the Acts shall so require, to
      particulars with respect thereto being disclosed to the members and to the
      proposal being approved by the Company by Ordinary Resolution. A Director
      holding any such employment or office shall be entitled to participate in and
      retain for his own benefit any such donation, gratuity, pension, allowance
      or
      emolument.

    

    (c)          
      Subject
      as provided in Part III of the Companies (Amendment) Act, 1983 and subject
      as
      hereinafter provided the Board may exercise all the powers of the Company to
      borrow money, and to mortgage or charge its undertaking property, assets and
      uncalled capital or any part thereof, and subject to Section 20 of the Companies
      (Amendment) Act, 1983 to issue debentures, debenture stock and other securities,
      whether outright or as collateral security for any debt, liability or obligation
      of the Company or of any third party.

    

    

    
      	
              70.

            	
              (a)

            	
              A
                Director may hold any other office or place of profit under the Company
                (except that of Auditor) in conjunction with his office of Director,
                and
                may act in a professional capacity to the Company on such terms as
                to
                remuneration and otherwise as the Directors shall
                arrange.

            

    

    

    
      	 	
              (b)

            	
              A
                Director may be or become a director or officer of, or otherwise
                interested in, any company holding shares in the Company, any associated
                company or any company promoted by the Company or in which the Company
                may
                be interested as a member or otherwise and no such Director shall
                be
                accountable for any remuneration or other benefits received by him
                as a
                director or officer of or from his interest in such other company.
                The
                Directors may also exercise the voting power conferred by the shares
                in
                any other company held or owned by the Company in such manner in
                all
                respects as they think fit, including the exercise thereof in favour
                of
                any resolution appointing them or any of their number directors or
                officers of such other company or voting or providing for the payment
                of
                remuneration to the directors or officers of such other company;
                provided
                always that a Director may not vote in favour of the exercise of
                such
                voting power in manner aforesaid if he has an interest which (together
                with any interest of any person connected with him (within the meaning
                of
                Section 26 of the Companies Act 1990)) is a material interest (other
                than
                by virtue of his interest in shares or debentures or other securities
                of,
                or otherwise in or through, the Company) save where such interest
                arises
                in respect of a resolution relating to another company in which he
                does
                not hold an interest in shares (as that term is used in Part IV,
                Chapter 2
                of the Companies Act, 1990) representing one per cent or more of
                either
                any class of the equity share capital, or the voting rights, in such
                company. For the purposes of this paragraph "equity share capital"
                means,
                in relation to a company, its issued share capital excluding any
                part of
                that capital which, neither as respects dividend nor as respects
                capital,
                carries any right to participate beyond a specified amount in a
                distribution.

            

    

    

    

    
      	 	
              (c)

            	
              A
                Director who is in any way, whether directly or indirectly interested
                in a
                contract or arrangement or proposed contract or arrangement with
                the
                Company shall declare the nature of his interest at the meeting of
                the
                Directors at which the 

            

    

    
      
        
        

      

      
        21

        
          

        

      

      
        
        

      

    

    question
      of entering into the contract or arrangement is first taken into consideration,
      if his interest then exists, or in any other case at the first meeting of the
      Directors after he becomes so interested. A general notice given by a Director
      to the effect that he is a member of a specified company or firm and is to
      be
      regarded as interested in all transactions with such company or firm shall
      be
      sufficient declaration of interest under this Article, and after such general
      notice it shall not be necessary to give any special notice relating to any
      subsequent transaction with such company or firm, provided that either the
      notice is given at a meeting of the Directors or the Director giving the same
      takes reasonable steps to secure that it is brought up and read at the next
      meeting of Directors after it is given.

    

    
      	 	
              (d)

            	
              (i)

            	
              Save
                as herein provided, a Director shall not vote in respect of any contract
                or arrangement or any other proposal whatsoever in which he has an
                interest which (together with any interest of any person connected
                with
                him (within the meaning of Section 26 of the Companies Act, 1990))
                is a
                material interest otherwise than by virtue of his interest in shares
                or
                debentures or other securities of, or otherwise in or through, the
                Company. A Director shall be counted in the quorum at a meeting in
                relation to any resolution on which he is debarred from
                voting.

            

    

    

    
      	 	 	
              (ii)

            	
              Where
                proposals are under consideration concerning the appointment (including
                fixing or varying the terms of appointment) of two or more Directors
                to
                offices or employments with the Company or any company in which the
                Company is interested, such proposals may be divided and considered
                in
                relation to each Director separately and in such cases each of the
                Directors concerned shall be entitled to vote and be counted in the
                quorum
                in respect of each resolution except that concerning his own
                appointment.

            

    

    

    
      	 	 	
              (iii)

            	
              If
                any question shall arise at any meeting as to the materiality of
                a
                Director's interest or as to the entitlement of any Director to vote
                and
                such question is not resolved by his voluntarily agreeing to abstain
                from
                voting, such question shall be referred to the members of the Board
                whose
                votes are not in question.

            

    

    

    
      	 	 	
              (iv)

            	
              The
                Company may by Ordinary Resolution ratify any transaction not duly
                authorised by reason of a contravention of this
                Article.

            

    

    
      
        
        

      

      
        22

        
          

        

      

      
        
        

      

    

    

    

    
      	 	
              71.

            	
              A
                copy of every declaration made and notice given under the preceding
                Article shall within three days after the making or giving thereof
                be
                entered in a book kept for this purpose. Such book shall be open
                for
                inspection without charge by any Director, Secretary, Auditor or
                member of
                the Company at the Office and shall be produced at every General
                Meeting
                of the Company and at any meeting of the Directors if any Director
                so
                requests in sufficient time to enable the book to be available at
                the
                meeting.

            

    

    

    
      	
              72.

            	
              All
                cheques, promissory notes, drafts, bills of exchange and other negotiable
                or transferable instruments and all receipts for moneys paid to the
                Company shall be signed, drawn, accepted, endorsed or otherwise executed,
                as the case may be, in such manner and by such persons, whether Directors
                or not, as the Directors shall from time to time
                determine.

            

    

    

    

    PROCEEDINGS
      OF DIRECTORS

    

    
      	
              73.

            	
              The
                Directors may meet together for the despatch of business and adjourn
                and
                otherwise regulate their meetings as they think fit. A Director who
                is
                also an alternate Director shall be entitled in the absence of the
                Director by whom he was appointed to a separate vote on behalf of
                such
                Director in addition to his own vote. Questions arising at any meeting
                shall be decided by a majority of votes. In the case of an equality
                of
                votes, the Chairman of the meeting shall have a second or casting
                vote.

            

    

    

    
      	
              74.

            	
              The
                Chairman may, and on the request of a Director the Secretary shall,
                at any
                time summon a meeting of the Directors.

            

    

    

    
      	
              75.

            	
              The
                quorum necessary for the transaction of the business of the Directors
                shall be one third or such higher proportion as from time to time
                may be
                fixed by the Directors. An alternate Director shall be counted in
                a
                quorum.

            

    

    

    
      	
              76.

            	
              The
                continuing Directors or Director may at any time act notwithstanding
                any
                vacancy in their body: Provided that, in case the Directors shall
                at any
                time be reduced in number to less than the minimum number fixed by
                or in
                accordance with these Articles, the continuing Directors or Director
                may
                act for the purpose of appointing an additional Director or Directors
                to
                make up such minimum, or of summoning a General Meeting of the Company,
                but for no other purpose.

            

    

    

    
      	
              77.

            	
              The
                Directors may from time to time appoint and remove a Chairman and
                a Deputy
                Chairman. The Chairman shall preside at all meetings of the Directors
                but,
                if at any meeting the Chairman be not present, the Deputy Chairman
                shall
                preside. If no Deputy Chairman shall have been appointed or if the
                Deputy
                Chairman be not present, the Directors present shall choose one of
                their
                number to be Chairman of such
                meeting.

            

    

    

    
      	
              78.

            	
              The
                Directors may delegate any of their powers to Committees as they
                think
                fit; any Committee may consist of one or more Directors, and the
                Directors
                shall be entitled to appoint such other persons as they consider
                expedient
                to a Committee, and to fix the remuneration of any such persons;
                provided
                that a majority of the members of a Committee shall at all times
                be
                Directors. Any Committee so formed shall be in the exercise of any
                power
                so delegated conform to any regulations that may from time to time
                be
                imposed upon it by the
                Directors.

            

    

    
      
        
        

      

      
        23

        
          

        

      

      
        
        

      

    

    

    
      	
              79.

            	
              The
                meetings and proceedings of any such Committee consisting of two
                or more
                members shall be governed by the provisions of these Articles regulating
                the meetings and proceedings of the Directors, so far as the same
                are
                applicable and are not superseded by any regulations made by the
                Directors
                under the last preceding Article.

            

    

    

    
      	
              80.

            	
              All
                acts bona fide done by any meeting of Directors or of a Committee
                of
                Directors or by any person acting as a Director, shall, notwithstanding
                that it be afterwards discovered that there was some defect in the
                appointment of any such Director or person acting as aforesaid or
                that
                they or any of them were disqualified or had vacated office or were
                not
                entitled to vote, be as valid as if every such person had been duly
                appointed and was qualified and had continued to be a Director and
                had
                been entitled to vote provided such action is subsequently duly
                ratified.

            

    

    

    
      	
              81.

            	
              The
                Directors shall cause proper minutes to be made of all proceedings
                of
                General Meetings and Class Meetings of the Company and of meetings
                of
                Directors and Committees of Directors and of the attendances thereat
                and
                of all appointments of officers made by the
                Directors.

            

    

    

    
      	
              82.

            	
              A
                resolution in writing signed by all the Directors shall be as effective
                for all purposes as a resolution duly passed at a meeting of the
                Directors
                duly convened and held and may consist of several documents in the
                like
                form each signed by one or more
                Directors.

            

    

    

    
      	
              83.

            	
              (a)

            	
              For
                the purpose of these Articles the contemporaneous linking together
                by
                telephone or other means of communication of a number of the Directors
                not
                less than the quorum, shall be deemed to constitute a meeting of
                the
                Directors and all the provisions in these Articles as to the meetings
                of
                the Directors shall apply to such meetings so long as the following
                conditions are met:-

            

    

    

    
      	 	 	
              (i)

            	
              All
                the Directors for the time being entitled to receive notice of a
                meeting
                of the Directors (including any alternate for any Director) shall
                be
                entitled to notice of any meeting of the Directors to be held by
                way of
                telephone communication or otherwise. Notice of any such meeting
                may be
                given by telephone or any other means of communication;
                

            

    

    

    
      	 	 	
              (ii)

            	
              Each
                of the Directors taking part in the meeting by telephone or other
                means of
                communication and, if in attendance, the Secretary, must be able
                to hear
                each of the other Directors taking part at the commencement of the
                meeting;

            

    

    

    
      	 	 	
              (iii)

            	
              At
                the commencement of the meeting each Director must acknowledge his
                presence for the purpose of a meeting of the Directors of the Company
                to
                all the other Directors taking
                part.

            

    

    

    
      	 	
              (b)

            	
              A
                Director may not leave the meeting by disconnecting his telephone
                or other
                means of communication, unless he has obtained the prior express
                consent
                of the Chairman of the meeting, and a Director shall be conclusively
                presumed to have been present and to have formed part of the quorum
                at all
                time during the meeting by telephone or other means of communication
                unless he had previously obtained the express consent of the Chairman
                of
                the meeting to leave the meeting
                aforesaid).

            

    

    
      
        
        

      

      
        24

        
          

        

      

      
        
        

      

    

    

    
      	 	
              (c)

            	
              A
                minute of the proceedings at such meeting by telephone or other means
                of
                communication shall be sufficient evidence of such proceedings and
                of the
                observance of all necessary formalities, if certified as a correct
                minute
                by the Chairman of the meeting.

            

    

    

    

    SECRETARY

    

    
      	
              84.

            	
              The
                Secretary shall be appointed by the Directors and any Secretary so
                appointed may be removed by them. The Directors may also appoint
                one or
                more Assistant Secretaries. An Assistant Secretary may carry out
                any of
                the functions of a Secretary which is required or authorised to be
                done by
                a Secretary under the Act. Anything by the Act required or authorised
                to
                be done by the Secretary or an Assistant Secretary may, if both offices
                are vacant or there is for any other reason no Secretary or Assistant
                Secretary capable of acting, be done by any officer of the Company
                authorised generally or specially on that behalf by the Directors:
                provided that any provision of the Act or these Articles requiring
                or
                authorising a thing to be done by a Director and the Secretary shall
                not
                be satisfied by its being done by the same person acting both as
                a
                Director and as, or in the place of, the
                Secretary.

            

    

    

    

    REGISTER
      OF DIRECTORS' SHARE AND DEBENTURE HOLDINGS

    

    
      	
              85.

            	
              A
                register of Directors' share and debenture holdings when required
                by the
                Acts shall be kept at the same office as that at which the Register
                of
                Members is kept and shall be open to the inspection of any member
                or
                holder of debentures of the Company on each day during which the
                same is
                bound to be open for inspection pursuant to the
                Acts.

            

    

    

    

    THE
      SEAL

    

    
      	
              86.

            	
              The
                Directors shall provide for the safe custody of the Seal and the
                Seal
                shall never be used except by the authority of the Directors or of
                a
                committee of Directors authorised by the Directors and (subject to
                the
                provisions of these Articles in relation to share certificates) every
                instrument to which the Seal shall be affixed shall be signed by
                a
                Director and shall be countersigned by the Secretary or by a second
                Director or by some other person appointed by the Directors for the
                purpose.

            

    

    

    
      	
              87.

            	
              The
                Company may have an official seal for use abroad under the provisions
                of
                the Acts where and as the Directors shall determine and the Company
                may by
                writing under the Seal appoint any agent or committee abroad to be
                the
                duly authorised agent of the Company for the purpose of affixing
                and using
                such official seal and may impose such restrictions on the use thereof
                as
                shall be thought fit. Wherever in these Articles reference is made
                to the
                Seal, the reference shall, when and so far as may be applicable,
                be deemed
                to include any such official seal as
                aforesaid.

            

    

    

    
      	
              88.

            	
              The
                Company may have, for use for sealing securities issued by the Company
                and
                for sealing documents creating or evidencing securities so issued,
                an
                official seal which is a facsimile of the Seal with the addition
                on its
                face of the word "Securities".

            

    

    
      
        
        

      

      
        25

        
          

        

      

      
        
        

      

    

    

    

    DIVIDENDS

    

    
      	
              89.

            	
              Subject
                to any preferential or other special rights for the time being attached
                to
                any class of shares, the profits of the Company available for distribution
                which it shall from time to time be determined to distribute by way
                of
                dividend shall be applied in payment of dividends upon the shares
                of the
                Company in proportion to the amount paid up thereon respectively
                otherwise
                than in advance of calls. All dividends shall be apportioned and
                paid pro
                rata according to the amounts for the time being paid up on the shares
                during the period in respect of which the dividend is paid except
                that if
                any share is issued on terms providing that it shall rank for dividend
                as
                if paid up (in whole or in part) as from a particular date such share
                shall rank for dividend
                accordingly.

            

    

    

    
      	
              90.

            	
              The
                Company in General Meeting may from time to time declare dividends,
                but no
                dividend shall be payable otherwise than out of the profits of the
                Company
                which it is lawful to distribute. No higher dividend shall be paid
                than is
                recommended by the Directors.

            

    

    

    
      	
              91.

            	
              Subject
                to the provisions of the Acts, the Directors may if they think fit
                from
                time to time pay to the members such interim dividends as appear
                to the
                Directors to be justified by the profits of the Company. If at any
                time
                the share capital of the Company is divided into different classes
                the
                Directors may pay such interim dividends in respect of those shares
                in the
                capital of the Company which confer on the holders thereof deferred
                or
                non-preferred rights as well as in respect of those shares which
                confer on
                the holders thereof preferential rights with regard to dividend and
                provided that the Directors act bona fide they shall not incur any
                responsibility to the holders of shares conferring a preference for
                any
                damage that they may suffer by reason of the payment of an interim
                dividend on any shares having deferred or non-preferred rights. The
                Directors may also pay half-yearly or at other suitable intervals
                to be
                settled by them any dividend which may be payable at a fixed rate
                if they
                are of opinion that the profits justify the
                payment.

            

    

    

    
      	
              92.

            	
              The
                Directors may deduct from any dividend or other moneys payable on
                or in
                respect of any shares held by a member all sums of money (if any)
                immediately payable by him to the Company on account of calls or
                otherwise
                in relation to shares of the
                Company.

            

    

    

    
      	
              93.

            	
              All
                unclaimed dividends may be invested or otherwise made use of by the
                Directors for the benefit of the Company until claimed. No dividend
                shall
                bear interest as against the
                Company.

            

    

    

    
      	
              94.

            	
              Any
                dividend or other moneys payable on or in respect of a share may
                be paid
                by cheque or warrant sent through the post to the registered address
                of
                the member or person entitled thereto and, in the case of joint holders,
                to the first named of such joint holders or to such person and such
                address as the holder or joint holders may direct. Every such cheque
                or
                warrant shall be made payable to the order of the person to whom
                it is
                sent or to such person as the holder or joint holders may direct
                and
                payment of the cheque or warrant shall be a good discharge to the
                Company.
                Every such cheque or warrant shall be sent at the risk of the persons
                entitled to the money represented
                thereby.

            

    

    

    
      	
              95.

            	
              If
                several persons are registered as joint holders of any share, any
                one of
                them may give effectual receipts for any dividend or other moneys
                payable
                on or in respect of the share.

            

    

    

    
      
        
        

      

      
        26

        
          

        

      

      
        
        

      

    

    

    
      	
              96.

            	
              A
                General Meeting declaring a dividend may direct payment of such dividend
                wholly or in part by the distribution of specific assets (in particular,
                of paid up shares or debentures of any other company) and the Directors
                shall give effect to such resolution. Where any difficulty arises
                in
                regard to the distribution, the Directors may settle the same as
                they
                think expedient and in particular may issue fractional certificates
                and
                may fix the value for distribution of such specific assets or any
                part
                thereof and may determine that cash payments shall be made to any
                members
                upon the footing of the value so fixed in order to adjust the rights
                of
                members and may vest any specific assets in trustees upon trust for
                the
                persons entitled to the dividend as the Directors think expedient
                and
                generally may make such arrangements for the allotment, acceptance
                and
                sale of such specific assets or fractional certificates, or any part
                thereof, and otherwise as they think
                fit.

            

    

    

    

    RESERVES

    

    
      	
              97.

            	
              The
                Directors may before recommending any dividend, whether preferential
                or
                otherwise, carry to reserve out of the profits of the Company (including
                any premiums received upon the issue of debentures or other securities
                of
                the Company) such sums as they think proper as a reserve or reserves
                which
                shall, at the discretion of the Directors, be applicable for any
                purpose
                to which the profits of the Company may be properly applied and pending
                such application may, at the like discretion, either be employed
                in the
                business of the Company or be invested in such investments as the
                Directors may from time to time think fit. The Directors may also
                without
                placing the same to reserve carry forward any profits which they
                may think
                it prudent not to divide.

            

    

    

    

    CAPITALISATION
      OF PROFITS

    

    
      	
              98.

            	
              The
                Company may by Ordinary Resolution on the recommendation of the Directors
                resolve that it is desirable to capitalise the whole or any part
                of the
                amounts for the time being standing to the credit of any of the Company's
                reserves or reserve accounts (including any capital redemption reserve
                fund or share premium account) or to the credit of the profit and
                loss
                account (whether or not such amounts are available for distribution)
                and
                accordingly that the Directors be authorised and directed to appropriate
                the amounts resolved to be capitalised to the members in proportion
                in
                which such amounts would have been divisible amongst them had the
                same
                been applied or been applicable in paying dividends and to apply
                such
                amounts on their behalf, either in or towards paying up the amounts
                (if
                any) for the time being unpaid on any shares or debentures held by
                such
                members respectively or in paying up in full unissued shares or debentures
                of the Company of a nominal amount equal to such amounts, or partly
                in one
                way and partly in the other, such shares or debentures to be allotted
                and
                distributed, credited as fully paid up, to and amongst such members
                in the
                proportion aforesaid.

            

    

    

    
      	
              99.

            	
              Whenever
                such a resolution as aforesaid shall have been passed, the Directors
                shall, subject to the provisions of the Acts, make all appropriations
                and
                applications of the amounts or sum resolved to be capitalised thereby
                and
                all allotments and issues of fully paid shares or debentures (if
                any) and
                generally shall do all acts and things required to give effect thereto,
                with full power to the Directors to make such provision by the issue
                of
                fractional certificates or by payment in cash or otherwise as they
                think
                fit for the case of shares or debentures becoming distributable in
                fractions, and also to authorise any person to enter, on behalf of
                all the
                members entitled to the benefit of such appropriations and applications,
                

            

    

    
      
        
        

      

      
        27

        
          

        

      

      
        
        

      

    

    into
      an
      agreement with the Company providing for the allotment to them respectively,
      credited as fully paid up, of any further shares or debentures to which they
      may
      be entitled upon such capitalisation, and any agreement made under such
      authority shall be effective and binding on all such members.

    

    

    

    ACCOUNTS

    

    
      	
              100.

            	
              The
                Directors shall cause proper accounts to be kept in accordance with
                the
                provisions of the Acts.

            

    

    

    
      	
              101.

            	
              The
                books of account shall be kept at the Office or (subject to the provisions
                of the Acts) at such other place as the Directors shall think fit
                and
                shall always be open to the inspection of the Directors. No member
                (not
                being a Director) shall have any right of inspecting any account
                or book
                or document of the Company except as conferred by statute or authorised
                by
                the Directors.

            

    

    

    
      	
              102.

            	
              The
                Directors shall from time to time, in accordance with the provisions
                of
                the Act, cause to be prepared and to be laid before the Company in
                General
                Meeting such profit and loss accounts, balance sheets, group accounts
                (if
                any) and reports as are specified in the
                Acts.

            

    

    

    
      	
              103.

            	
              A
                copy of the Directors' and Auditors' reports, accompanied by copies
                of the
                balance sheet, profit and loss account and other documents required
                by the
                Acts to be annexed to the balance sheet, shall, twenty-one days at
                the
                least before the Annual General Meeting, be delivered or sent by
                post to
                the registered address of every member and every holder of debentures
                of
                the Company (whether or not they are entitled to receive notice of
                meetings) and to the Auditors, provided that, if copies of such documents
                are sent less than twenty-one days before the date of the meeting,
                they
                shall, notwithstanding that fact, be deemed to have been duly sent
                if it
                is so agreed by all the members entitled to attend and vote at the
                meeting.

            

    

    

    
      	
              104.

            	
              The
                Auditors' Report shall be read before the Company in General Meeting
                and
                shall be open to inspection by any
                member.

            

    

    

    
      	
              105.

            	
              Every
                account of the Directors when audited and approved by an Annual General
                Meeting shall be conclusive except as regards any error discovered
                therein
                within three months next after the approval thereof. Whenever such
                an
                error is discovered within that period, the account shall forthwith
                be
                corrected and thereupon shall be
                conclusive.

            

    

    

    

    AUDIT

    

    106.         
      The
      provisions of the Acts in regard to audit and Auditors shall be
      observed.

    

    

    
      
        
        

      

      
        28

        
          

        

      

      
        
        

      

    

    

    NOTICES

    

    
      	
              107.

            	
              A
                notice or other document may be served by the Company upon any member
                either personally or by sending it through the post in a prepaid
                letter
                addressed to such member at his address as appearing in the Register
                of
                Members or by sending the same by electronic mail or other form of
                Electronic Communication approved by the Directors to the address
                of any
                member notified to the Company by the member for such purpose. In
                the case
                of joint holders of a share, all notices shall be sent to the address
                appearing in the Register of Members in respect of the joint holding
                (or
                in the case of a notice sent by electronic mail, to the address in
                respect
                of the joint holding notified to the Company by the joint holders
                for such
                purpose) and notice so given shall be sufficient notice to all the
                joint
                holders.

            

    

    

    

    
      	
              108.

            	
              Any
                member described in the Register of Members by an address not within
                the
                Republic of Ireland or the United States of America who shall from
                time to
                time give the Company an address within the Republic of Ireland or
                the
                United States of America at which notices may be served upon him
                shall be
                entitled to have notices served upon him at such address or shall
                be
                entitled to receive notices by electronic mail, or other form of
                Electronic Communication approved by the Directors, to be sent to
                an
                address notified to the Company by the member for such
                purpose.

            

    

    

    
      	
              109.

            	
              Every
                legal personal representative, committee, receiver curator bonis
                or other
                legal curator, assignee in bankruptcy or liquidator of a member shall
                be
                bound by a notice given as aforesaid if sent to the last registered
                address of such member or, in the event of a notice given or delivered
                by
                electronic mail, or other form of Electronic Communication approved
                by the
                Directors, if sent to the address notified by the member to the Company
                for such purpose, notwithstanding that the Company may have notice
                of the
                death, lunacy, bankruptcy, liquidation or disability of such
                member.

            

    

    

    
      	
              110.

            	
              Any
                notice or other document if served personally shall be deemed to
                have been
                served upon delivery and if served by post shall be deemed to have
                been
                served on the day following that on which the envelope or wrapper
                containing the same was posted, and in proving such service it shall
                be
                sufficient to prove that the envelope or wrapper containing the notice
                was
                properly addressed and put into the post office. A certificate in
                writing
                signed by the Secretary or any other officer of the Company that
                the
                envelope or wrapper containing the notice was so addressed and posted
                shall be conclusive evidence thereof. Where a notice or other document
                is
                served by electronic mail, or other form of Electronic Communication
                approved by the Directors, such notice or other document shall be
                deemed
                to have been served forty-eight (48) hours after the despatch of
                the
                Electronic Communication and a transmission report shall be conclusive
                evidence thereof.

            

    

    

    
      	
              111.

            	
              The
                signature to any notice to be given by the Company may be written
                or
                printed or in the case of a notice in electronic form the signature
                may be
                an Electronic Signature, Advanced Electronic Signature or otherwise
                as the
                Directors may approve.

            

    

    

    
      	
              112.

            	
              Where
                a given number of days' notice, or notice extending over any other
                period,
                is required to be given, the day of service shall, unless it is otherwise
                provided, be counted in such number of days or other
                period.

            

    

    

    
      
        
        

      

      
        29

        
          

        

      

      
        
        

      

    

    

    

    WINDING-UP

    

    
      	
              113.

            	
              If
                the Company shall be wound up (whether the liquidation is voluntary
                or by
                the court) the Liquidator may, with the authority of a Special Resolution,
                divide among the members in specie the whole or any part of the assets
                of
                the Company, whether such assets shall consist of property of one
                kind or
                of properties of different kinds, and may for such purpose set such
                value
                as he deems fair upon each kind of property and may determine subject
                to
                the rights of the holders of any class of preferential shares, how
                such
                division shall be carried out as between the members or different
                classes
                of members. The Liquidator may, with the like authority, vest any
                part of
                the assets in trustees upon such trusts for the benefit of members
                and for
                contributories as the Liquidator, with the like authority, shall
                think fit
                and the liquidation of the Company may be closed and the Company
                dissolved, but so that no member shall be compelled to accept any
                shares
                in respect of which there is a
                liability.

            

    

    

    
      	
              114.

            	
              Without
                prejudice to the rights of holders of shares issued upon special
                terms and
                conditions if the Company shall be wound up and the assets available
                for
                distribution among the members shall be insufficient to repay the
                whole of
                the paid up capital, such assets shall be distributed so that, as
                nearly
                as may be, the losses shall be borne by the members in proportion
                to the
                nominal amount of the share capital held by them but, if the assets
                available for distribution among the members shall be sufficient
                or more
                than sufficient to repay the whole of the paid up capital, such assets
                shall be applied first in paying off the whole of the paid up capital
                and
                secondly, in distributing the balance amount the members in proportion
                to
                the nominal share capital held by
                them.

            

    

    

    

    INDEMNITY
      

    

    
      	
              115.

            	
              Every
                Director and other officer of the Company (other than an Auditor)
                shall be
                indemnified out of the assets of the Company against any cost, expense,
                liability or other matter incurred by him in defending any proceedings,
                whether civil or criminal, in relation to his acts while acting in
                such
                office in which judgment is given in his favour or in which he is
                acquitted or in connection with any application in which relief is
                granted
                to him by the Court under the Acts.

            

    

    

    
      
        
        

      

      
        30

        
          

        

      

      
        
        

      

    

    

    

    NAMES,
      ADDRESSES AND DESCRIPTIONS OF SUBSCRIBERS

    ___________________________________________________________

    

    

    

    

    

    

    
      	 	
              Donald
                Pratt,

            	 
	 	
              32
                Kildare Street,

            	 
	 	
              Dublin
                2.

            	 
	 	 	 
	 	 	
              Solicitor.

            

    

    

    

    

    

    

    
      	 	
              Heather
                Johnston,

            	 
	 	
              32
                Kildare Street,

            	 
	 	
              Dublin
                2.

            	 
	 	 	 
	 	 	
              Secretary

            

    

    

    

    

    ___________________________________________________________

     

    

    Dated
      the
      15th day of December 1969.

    

    

    Witness
      to the above Signatures:-

     

    
      	 	
              Simon
                C.K. Quick,

            
	 	
              32
                Kildare Street,

            
	 	
              Dublin
                2.

            
	 	
              Solicitor

            
	 	 

    

    
 

     

    31Exhibit 4.4 - Elan Corporation, plc 2006 Long Term Incentive Plan

     

    EXHIBIT
      4.4

    ELAN
      CORPORATION, PLC

     

    2006
      LONG TERM INCENTIVE PLAN

     

    The
      purposes of the 2006 Long Term Incentive Plan are to advance the interests
      of
      Elan Corporation, plc and its shareholders by providing a means to attract,
      retain, and motivate employees, consultants and directors of Elan Corporation,
      plc, its subsidiaries and affiliates, to provide for competitive compensation
      opportunities, to encourage long term service, to recognize individual
      contributions and reward achievement of performance goals, and to promote the
      creation of long term value for shareholders by aligning the interests of such
      persons with those of shareholders.

     

    1.  Definitions.

     

    For
      purposes of the Plan, the following terms shall be defined as set forth
      below:

     

    (a)  “Act”
      means the Companies Act 1963 as amended from time to time. References to any
      provision of the Act shall be deemed to include successor provisions thereto
      and
      regulations thereunder.

     

    (b)  “Affiliate”
      means any entity other than the Company and its Subsidiaries that is designated
      by the Board or the Committee as a participating employer under the Plan;
provided,
      however,
      that
      the Company directly or indirectly owns at least 20% of the combined voting
      power of all classes of stock of such entity or at least 20% of the ownership
      interests in such entity.

     

    (c)  “Award”
      means any Option, SAR, Restricted Share, Restricted Share Unit, Performance
      Share, Performance Unit, Dividend Equivalent, or Other Share-Based Award granted
      to an Eligible Person under the Plan.

     

    (d)  “Award
      Agreement” means any written agreement, contract, or other instrument or
      document evidencing an Award.

     

    (e)  “Beneficiary”
      means the person, persons, trust or trusts which have been designated by an
      Eligible Person in his or her most recent written beneficiary designation filed
      with the Company to receive the benefits specified under this Plan upon the
      death of the Eligible Person, or, if there is no designated Beneficiary or
      surviving designated Beneficiary, then the person, persons, trust or trusts
      entitled by will or the laws of descent and distribution to receive such
      benefits.

     

    (f)  “Board”
      means the Board of Directors of the Company.

     

    (g)  “Change
      in Control” means:

     

    (i)  The
      consummation of a merger or consolidation of the Company with or into another
      entity or any other corporate reorganization if more than 50% of the combined
      voting power of the continuing or surviving entity’s issued shares or securities
      outstanding immediately after such merger, consolidation or other reorganization
      is 

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    owned
      by
      persons who were not shareholders of the Company immediately prior to such
      merger, consolidation or other reorganization;

     

    (ii)  The
      sale,
      transfer or other disposition of all or substantially all of the Company’s
      assets;

     

    (iii)  Individuals
      who on the Effective Date of this Plan 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 of the Board; provided, however, that any individual who
      becomes a director of the Company subsequent to the Effective Date of this
      Plan
      shall be considered an Incumbent Director if such person’s election or
      nomination for election was approved by a vote of at least a majority of the
      Incumbent Directors; but, provided further
      that any
      such person whose initial assumption of office is in connection with an actual
      or threatened solicitation of proxies or consents by or on behalf of a person
      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

     

    (iv)  A
      transaction as a result of which a person or company obtains Control of the
      Company in pursuance of a compromise or arrangement sanctioned by the court
      under Section 201 of the Act or becomes bound or entitled to acquire Shares
      in
      the Company under Section 204 of the Act; or

     

    (v)  Any
      transaction as a result of which any person becomes the “beneficial owner” (as
      defined in Rule 13d-3 under the Exchange Act), directly or indirectly, of
      securities of the Company representing at least 50% of the total voting power
      represented by the Company’s then outstanding voting securities (e.g., issued
      shares). For purposes of this subsection (v), the term “person” shall have the
      same meaning as when used in sections 13(d) and 14(d) of the Exchange Act but
      shall exclude (i) a trustee or other fiduciary holding securities under an
      employee benefit plan of the Company or of any Subsidiary and (ii) a company
      owned directly or indirectly by the shareholders of the Company in substantially
      the same proportions as their ownership of the Shares of the
      Company.

     

    (vi)  Notwithstanding
      the foregoing, in the case of an Award that constitutes deferred compensation
      subject to section 409A of the Code, the definition of “Change in Control” set
      forth above shall not apply, and the term “Change in Control” shall instead mean
      a “change in the ownership or effective control” of the Company or “in the
      ownership of a substantial portion of the assets” of the Company within the
      meaning of section 409A(a)(2)(A)(v) of the Code and the regulations and guidance
      issued thereunder, but only to the extent this substitute definition is
      necessary in order for the Award to comply with the requirements prescribed
      by
      section 409A of the Code.

     

    (h)  “Code”
      means the Internal Revenue Code of 1986, as amended from time to time.
      References to any provision of the Code shall be deemed to include successor
      provisions thereto and regulations thereunder.

     

    
      
        
        

      

      
        2

        
          

        

      

      
        
        

      

    

     

    (i)  “Committee”
      means the Leadership Development and Compensation Committee of the Board, or
      such other Board committee (which may include the entire Board) as may be
      designated by the Board to administer the Plan.

     

    (j)  “Company”
      means Elan Corporation, plc, a corporation organized under the laws of Ireland,
      or any successor corporation.

     

    (k)  “Control”
      means the ownership directly or indirectly of shares in a company carrying
      more
      than 50% of the total voting power represented by that company’s issued share
      capital.

     

    (l)  “Director”
      means a member of the Board who is not an employee of the Company, a Subsidiary
      or an Affiliate.

     

    (m)  “Dividend
      Equivalent” means a right, granted under Section 4(g), to receive cash, Shares,
      or other property equal in value to dividends paid with respect to a specified
      number of Shares. Dividend Equivalents may be awarded on a free-standing basis
      or in connection with another Award, and may be paid currently or on a deferred
      basis.

     

    (n)  “Effective
      Date” has the meaning set forth in Section 9(l) below.

     

    (o)  “Eligible
      Person” means (i) an employee or consultant of the Company, a Subsidiary or an
      Affiliate, including any director who is an employee, or (ii) a Director.
      Notwithstanding any provisions of this Plan to the contrary, an Award may be
      granted to an employee, consultant or Director, in connection with his or her
      hiring or retention prior to the date the employee, consultant or Director
      first
      performs services for the Company, a Subsidiary or an Affiliate; provided,
      however,
      that
      any such Award shall not become vested or exercisable prior to the date the
      employee, consultant or Director first performs such services.

     

    (p)  “Exchange
      Act” means the Securities Exchange Act of 1934, as amended from time to time.
      References to any provision of the Exchange Act shall be deemed to include
      successor provisions thereto and regulations thereunder.

     

    (q)  “Fair
      Market Value” means, with respect to Shares or other property, the fair market
      value of such Shares or other property determined by such methods or procedures
      as shall be established from time to time by the Committee. If the Shares are
      listed on any established stock exchange or a national market system, unless
      otherwise determined by the Committee in good faith, the Fair Market Value
      of
      Shares shall mean the closing price per Share on the date in question (or,
      if
      the Shares were not traded on that day, the next preceding day that the Shares
      were traded) or, alternatively, the average of the closing price per Share
      for a
      period, not to exceed 30 days, preceding the date in question on the principal
      exchange or market system on which the Shares are traded, as such prices are
      officially quoted on such exchange.

     

    (r)  “ISO”
      means any Option intended to be and designated as an incentive stock option
      within the meaning of Section 422 of the Code.

     

    (s)  “NQSO”
      means any Option that is not an ISO.

     

    
      
        
        

      

      
        3

        
          

        

      

      
        
        

      

    

     

    (t)  “Option”
      means a right, granted under Section 4(b), to purchase Shares.

     

    (u)  “Other
      Share-Based Award” means a right, granted under Section 4(h), that relates to or
      is valued by reference to Shares.

     

    (v)  “Participant”
      means an Eligible Person who has been granted an Award under the
      Plan.

     

    (w)  “Performance
      Share” means a performance share granted under Section 5(f).

     

    (x)  “Performance
      Unit” means a performance unit granted under Section 4(f).

     

    (y)  “Plan”
      means this 2006 Long Term Incentive Plan.

     

    (z)  “Restricted
      Shares” means an Award of Shares under Section 4(d) that may be subject to
      certain restrictions and to a risk of forfeiture.

     

    (aa)  “Restricted
      Share Unit” means a unit
      representing the Company’s obligation to deliver or issue one Share for each
      such unit,
      granted
      under Section 4(e), or
      the
      cash
      equivalent,
      at the
      end of a specified deferral period.

     

    (bb)  “Rule
      16b-3” means Rule 16b-3, as from time to time in effect and applicable to the
      Plan and Participants, promulgated by the Securities and Exchange Commission
      under Section 16 of the Exchange Act.

     

    (cc)  “SAR”
or
      “Share Appreciation Right” means the right, granted under Section 4(c), to be
      paid an amount measured by the difference between the exercise price of the
      right and the Fair Market Value of Shares on the date of exercise of the right,
      with payment to be made in cash or Shares as specified in the Award or
      determined by the Committee.

     

    (dd)  “Share”
      means one ordinary share of 5 Euro cents in the capital of the Company as
      represented by one American Depositary Share and as evidenced by one American
      Depositary Receipt.

     

    (ee)  “Subsidiary”
      means any company
      which is, for the time being, a subsidiary of the Company within the meaning
      of
      Section 155 of the Act. For the avoidance of doubt, and provided it is not
      in
      conflict with the Act, this shall include
      any
      corporation (other than the Company) in an unbroken chain of corporations
      beginning with the Company if each of the corporations (other than the last
      corporation in the unbroken chain) owns shares possessing 50% or more of the
      total combined voting power of all classes of stock in one of the other
      corporations in the chain.

     

    (ff)  “Termination
      of Service” means, unless otherwise defined in an applicable Award Agreement,
      that a Participant is no longer employed by, providing consulting services
      to
      nor a director of the Company, its Subsidiaries and its Affiliates, as the
      case
      may be. A Participant employed by or providing service to a Subsidiary of the
      Company or one of its Affiliates shall also be deemed to incur a Termination
      of
      Service if the Subsidiary of the 

     

    
      
        
        

      

      
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    Company
      or Affiliate ceases to be such a Subsidiary or an Affiliate, as the case may
      be,
      and the Participant does not immediately thereafter become an employee or
      director of, or a consultant to, the Company, another Subsidiary of the Company
      or an Affiliate. Temporary absences from employment or service because of
      illness, vacation or leave of absence and transfers among the Company and its
      Subsidiaries and Affiliates shall not be considered a Termination of
      Service.

     

    2.  Administration.

     

    (a)  Authority
      of the Committee.
      The
      Plan shall be administered by the Committee, and the Committee shall have full
      and final authority to take the following actions, in each case subject to
      and
      consistent with the provisions of the Plan:

     

    (i)  to
      select
      Eligible Persons to whom Awards may be granted;

     

    (ii)  to
      designate Affiliates;

     

    (iii)  to
      determine the type or types of Awards to be granted to each Eligible
      Person;

     

    (iv)  to
      determine the type and number of Awards to be granted, the number of Shares
      to
      which an Award may relate, the terms and conditions of any Award granted under
      the Plan (including, but not limited to, any exercise price, grant price, or
      purchase price, any restriction or condition, any schedule for lapse of
      restrictions or conditions relating to transferability or forfeiture,
      exercisability, or settlement of an Award, and waiver or accelerations thereof,
      and waivers of performance conditions relating to an Award, based in each case
      on such considerations as the Committee shall determine), and all other matters
      to be determined in connection with an Award;

     

    (v)  to
      determine whether, to what extent, and under what circumstances an Award may
      be
      settled, or the exercise price of an Award may be paid, in cash, Shares or
      other
      Awards, or an Award may be canceled, forfeited, exchanged, or
      surrendered;

     

    (vi)  to
      determine whether, to what extent, and under what circumstances cash, Shares,
      other Awards, or other property payable with respect to an Award will be
      deferred either automatically, at the election of the Committee, or at the
      election of the Eligible Person;

     

    (vii)  to
      prescribe the form of each Award Agreement, which need not be identical for
      each
      Eligible Person;

     

    (viii)  to
      adopt,
      amend, suspend, waive, and rescind such rules and regulations and appoint such
      agents as the Committee may deem necessary or advisable to administer the
      Plan;

     

    (ix)  to
      correct any defect or supply any omission or reconcile any inconsistency in
      the
      Plan and to construe and interpret the Plan and any Award, rules and
      regulations, Award Agreement, or other instrument hereunder;

     

    
      
        
        

      

      
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    (x)  to
      accelerate the exercisability or vesting of all or any portion of any Award
      (provided that, except in the event of vesting due to a Change in Control or
      Termination of Service, no Award shall vest in full until at least the second
      anniversary of the grant date of such Award) or to extend the period during
      which an Award is exercisable;

     

    (xi)  to
      determine whether uncertificated Shares may be used in satisfying Awards and
      otherwise in connection with the Plan; and

     

    (xii)  to
      make
      all other decisions and determinations as may be required under the terms of
      the
      Plan or as the Committee may deem necessary or advisable for the administration
      of the Plan.

     

    (b)  Manner
      of Exercise of Committee Authority.
      The
      Committee shall have sole discretion in exercising its authority under the
      Plan.
      Any action of the Committee with respect to the Plan shall be final, conclusive,
      and binding on all persons, including the Company, Subsidiaries, Affiliates,
      Eligible Persons, any person claiming any rights under the Plan from or through
      any Eligible Person, and shareholders. By accepting an Award under the Plan,
      each Eligible Person accepts the authority and discretion of the Committee
      as
      set forth in, and exercised in accordance with, this Plan. The express grant
      of
      any specific power to the Committee, and the taking of any action by the
      Committee, shall not be construed as limiting any power or authority of the
      Committee. The Committee may delegate to other members of the Board or officers
      or managers of the Company or any Subsidiary or Affiliate the authority, subject
      to such terms as the Committee shall determine, to perform administrative
      functions and, with respect to Awards granted to persons not subject to Section
      16 of the Exchange Act, to perform such other functions as the Committee may
      determine, to the extent permitted under Rule 16b-3 (if applicable) and
      applicable law.

     

    (c)  Limitation
      of Liability.
      Each
      member of the Committee shall be entitled to rely or act upon, in good faith,
      any report or other information furnished to him or her by any officer or other
      employee of the Company or any Subsidiary or Affiliate, the Company’s
      independent public accountants, or other professional retained by the Company
      to
      assist in the administration of the Plan. No member of the Committee, and no
      officer or employee of the Company acting on behalf of the Committee, shall
      be
      personally liable for any action, determination, or interpretation taken or
      made
      in good faith with respect to the Plan, and all members of the Committee and
      any
      officer or employee of the Company acting on their behalf shall, to the extent
      permitted by law, be fully indemnified and protected by the Company with respect
      to any such action, determination, or interpretation.

     

    (d)  No
      Option or SAR Repricing Without Shareholder Approval.
      Except
      as provided in the first sentence of Section 3(c) relating to certain
      antidilution adjustments, unless the approval of shareholders of the Company
      is
      obtained, Options and SARs issued under the Plan shall not be amended to lower
      their exercise price and Options and SARs issued under the Plan will not be
      exchanged for other Options or SARs with lower exercise prices.

     

    3.  Shares
      Subject to the Plan.

     

    
      
        
        

      

      
        6

        
          

        

      

      
        
        

      

    

     

     

    (a)  Subject
      to adjustment as provided in Section 3(c), the total number of Shares reserved
      for issuance in connection with Awards under the Plan shall be 10,000,000.
      No
      Award may be granted if the number of Shares to which such Award relates, when
      added to the number of Shares previously issued under the Plan, exceeds the
      number of Shares reserved under the preceding sentence. If any Awards are
      forfeited, canceled, terminated, exchanged, surrendered or reduced to satisfy
      the minimum withholding obligations under Section 9(c), such Award is settled
      in
      cash or otherwise terminates without a distribution of Shares to the
      Participant, any Shares counted against the number of Shares reserved and
      available under the Plan with respect to such Award shall, to the extent of
      any
      such forfeiture, settlement, termination, cancellation, exchange or surrender,
      again be available for Awards under the Plan. Upon the exercise of any Award
      granted in tandem with any other Awards, such related Awards shall be canceled
      to the extent of the number of Shares as to which the Award is
      exercised.

     

    (b)  All
      Awards under the Plan, other than Dividend Equivalents, shall be expressed
      in
      Shares of stock. The maximum aggregate number of Shares with respect to which
      all Awards, other than Dividend Equivalents, may be made under the Plan to
      any
      individual during any calendar year shall be 1,000,000 Shares, subject to
      adjustment as described below. A Participant may not accrue Dividend Equivalents
      during any calendar year in excess of $1,000,000. The individual limits
      described in this subsection (b) shall apply without regard to whether the
      Awards are to be paid in Shares of stock or in cash. All cash payments (other
      than Dividend Equivalents) shall equal the Fair Market Value of the Shares
      of
      stock to which the cash payment relates. 

     

    (c)  In
      the
      event that the Committee shall determine that any dividend in Shares,
      recapitalization, Share split, reverse split, reorganization, merger,
      consolidation, spin-off, combination, repurchase, share exchange, extraordinary
      distribution, or other similar corporate transaction or event, affects the
      Shares such that an adjustment is appropriate in order to prevent dilution
      or
      enlargement of the rights of the Participants under the Plan, then the Committee
      shall make such equitable changes or adjustments as it deems appropriate and,
      in
      such manner as it may deem equitable, (i) adjust any or all of (x) the number
      and kind of shares which may thereafter be issued under the Plan, (y) the number
      and kind of shares, other securities or other consideration issued or issuable
      in respect of outstanding Awards, and (z) the exercise price, grant price,
      or
      purchase price relating to any Award or (ii) provide for a distribution of
      cash
      or property in respect of any Award; provided,
      however,
      in each
      case that, with respect to ISOs, such adjustment shall be made in accordance
      with Section 424(a) of the Code, unless the Committee determines otherwise;
      provided further,
      however, that no adjustment shall be made pursuant to this Section 3 that causes
      any Award to be treated as deferred compensation pursuant to Section 409A of
      the
      Code. In addition, the Committee is authorized to make adjustments in the terms
      and conditions of, and the criteria and performance objectives, if any, included
      in, Awards in recognition of unusual or non-recurring events (including, without
      limitation, events described in the preceding sentence) affecting the Company
      or
      any Subsidiary or Affiliate or the financial statements of the Company or any
      Subsidiary or Affiliate, or in response to changes in applicable laws,
      regulations, or accounting principles.

     

    (d)  Any
      Shares distributed pursuant to an Award may consist, in whole or in part, of
      authorized and unissued Shares or treasury Shares including Shares acquired
      by
      purchase in the open market or in private transactions.

     

    
      
        
        

      

      
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    4.  Specific
      Terms of Awards.

     

    (a)  General.
      Awards
      may be granted on the terms and conditions set forth in this Section 4. In
      addition, the Committee may impose on any Award or the exercise thereof, at
      the
      date of grant or thereafter (subject to Section 9(d)), such additional terms
      and
      conditions, not inconsistent with the provisions of the Plan, as the Committee
      shall determine, including terms regarding forfeiture of Awards or continued
      exercisability of Awards in the event of Termination of Service by the Eligible
      Person.

     

    (b)  Options.
      The
      Committee is authorized to grant Options, which may be NQSOs or ISOs, to
      Eligible Persons on the following terms and conditions:

     

    (i)  Exercise
      Price.
      The
      exercise price per Share purchasable under an Option shall be determined by
      the
      Committee; provided, however, that the exercise price per Share shall not be
      less than the Fair Market Value per Share on the date of grant.

     

    (ii)  Option
      Term.
      The
      term of each Option shall be determined by the Committee; provided, however,
      that such term shall not be longer than ten years from the date of grant of
      the
      Option.

     

    (iii)  Time
      and Method of Exercise.
      The
      Committee shall determine at the date of grant or thereafter the time or times
      at which an Option may be exercised in whole or in part (including, without
      limitation, upon achievement of performance criteria if deemed appropriate
      by
      the Committee), the methods by which such exercise price may be paid or deemed
      to be paid (including, without limitation, broker-assisted exercise
      arrangements), the form of such payment (cash or Shares), and the methods by
      which Shares will be delivered or deemed to be delivered to Eligible
      Persons.

     

    (iv)  Early
      Exercise.
      The
      Committee may provide at the time of grant or any time thereafter, in its sole
      discretion, that any Option shall be exercisable with respect to Shares that
      otherwise would not then be exercisable, provided that, in connection with
      such
      exercise, the Participant enters into a form of Restricted Share agreement
      approved by the Committee with respect to the Shares received on
      exercise.

     

    (v)  ISOs.
      The
      terms of any ISO granted under the Plan shall comply in all respects with the
      provisions of Section 422 of the Code, including but not limited to the
      requirement that the ISO shall be granted within ten years from the earlier
      of
      the date of adoption or shareholder approval of the Plan. ISOs may only be
      granted to employees of the Company or a Subsidiary.

     

    (c)  SARs.
      The
      Committee is authorized to grant SARs (Share Appreciation Rights) to Eligible
      Persons on the following terms and conditions:

     

    (i)  Right
      to Payment.
      A SAR
      shall confer on the Eligible Person to whom it is granted a right to receive
      with respect to each Share subject thereto, upon exercise thereof, the excess
      of
      (1) the Fair Market Value of one Share on the date of exercise over (2) the
      exercise price per Share of the SAR, as determined by the Committee as of the
      

     

    
      
        
        

      

      
        8

        
          

        

      

      
        
        

      

    

     

    date
      of
      grant of the SAR (which shall not be less than the Fair Market Value per Share
      on the date of grant).

     

    (ii)  Other
      Terms.
      The
      Committee shall determine, at the time of grant, the time or times at which
      a
      SAR may be exercised in whole or in part (which shall not be more than ten
      years
      after the date of grant of the SAR), the method of exercise, method of
      settlement, form of consideration payable in settlement (whether paid in the
      form of cash, in Shares of stock or a combination of the two), method by which
      Shares will be delivered or deemed to be delivered to Eligible Persons, whether
      or not a SAR shall be in tandem with any other Award, and any other terms and
      conditions of any SAR. Unless the Committee determines otherwise, a SAR (1)
      granted in tandem with an NQSO may be granted at the time of grant of the
      related NQSO or at any time thereafter and (2) granted in tandem with an ISO
      may
      only be granted at the time of grant of the related ISO.

     

    (d)  Restricted
      Shares.
      The
      Committee is authorized to grant Restricted Shares to Eligible Persons on the
      following terms and conditions:

     

    (i)  Issuance
      and Restrictions.
      Restricted Shares shall be subject to such restrictions on transferability
      and
      other restrictions, if any, as the Committee may impose at the date of grant
      or
      thereafter, which restrictions may lapse separately or in combination at such
      times, under such circumstances (including, without limitation, upon achievement
      of performance criteria if deemed appropriate by the Committee), in such
      installments, or otherwise, as the Committee may determine. Except to the extent
      restricted under the Award Agreement relating to the Restricted Shares, an
      Eligible Person granted Restricted Shares shall have all of the rights of a
      shareholder including, without limitation, the right to vote Restricted Shares
      and the right to receive dividends thereon.

     

    (ii)  Forfeiture.
      Except
      as otherwise determined by the Committee, at the date of grant or thereafter,
      upon Termination of Service during the applicable restriction period, Restricted
      Shares and any accrued but unpaid dividends or Dividend Equivalents that are
      at
      that time subject to restrictions shall be forfeited; provided,
      however,
      that
      the Committee may provide, by rule or regulation or in any Award Agreement,
      or
      may determine in any individual case, that restrictions or forfeiture conditions
      relating to Restricted Shares will be waived in whole or in part in the event
      of
      Termination of Service resulting from specified causes, and the Committee may
      in
      other cases waive in whole or in part the forfeiture of Restricted
      Shares.

     

    (iii)  Certificates
      for Shares.
      Restricted Shares granted under the Plan may be evidenced in such manner as
      the
      Committee shall determine. If certificates representing Restricted Shares are
      registered in the name of the Participant, such certificates shall bear an
      appropriate legend referring to the terms, conditions, and restrictions
      applicable to such Restricted Shares, and, unless otherwise determined by the
      Committee, the Company shall retain physical possession of the certificate
      and
      the Participant shall deliver a stock power to the Company, endorsed in blank,
      relating to the Restricted Shares.

     

    
      
        
        

      

      
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    (iv)  Dividends.
      Dividends paid on Restricted Shares shall be either paid at the dividend payment
      date, or deferred for payment to such date as determined by the Committee,
      in
      cash or in unrestricted Shares having a Fair Market Value equal to the amount
      of
      such dividends. Unless otherwise determined by the Committee, Shares distributed
      in connection with a Share split or dividend in Shares, and other property
      distributed as a dividend, shall be subject to restrictions and a risk of
      forfeiture to the same extent as the Restricted Shares with respect to which
      such Shares or other property has been distributed.

     

    (v)  Early
      Exercise Options.
      The
      Committee shall award Restricted Shares to a Participant upon the Participant’s
      early exercise of an Option under Section 4(b)(iv) hereof. Unless otherwise
      determined by the Committee, the lapse of restrictions with respect to such
      Restricted Shares shall occur on the same schedule as the exercisability of
      the
      Option for which the Restricted Shares were exercised.

     

    (e)  Restricted
      Share Units.
      The
      Committee is authorized to grant Restricted Share Units to Eligible Persons,
      subject to the following terms and conditions:

     

    (i)  Award
      and Restrictions.
      Delivery of Shares or cash, as the case may be, will occur upon expiration
      of
      the deferral period specified for Restricted Share Units by the Committee (or,
      if permitted by the Committee, as elected by the Eligible Person), but
      consistent with the requirements of Section 409A of the Code. In addition,
      Restricted Share Units shall be subject to such restrictions as the Committee
      may impose, if any (including, without limitation, the achievement of
      performance criteria if deemed appropriate by the Committee), at the date of
      grant or thereafter, which restrictions may lapse at the expiration of the
      deferral period or at earlier or later specified times, separately or in
      combination, in installments or otherwise, as the Committee may
      determine.

     

    (ii)  Forfeiture.
      Except
      as otherwise determined by the Committee at the date of grant or thereafter,
      upon Termination of Service during the applicable deferral period or portion
      thereof to which forfeiture conditions apply (as provided in the Award Agreement
      evidencing the Restricted Share Units), or upon failure to satisfy any other
      conditions precedent to the delivery of Shares or cash to which such Restricted
      Share Units relate, all Restricted Share Units that are at that time subject
      to
      deferral or restriction shall be forfeited; provided,
      however,
      that
      the Committee may provide, by rule or regulation or in any Award Agreement,
      or
      may determine in any individual case, that restrictions or forfeiture conditions
      relating to Restricted Share Units will be waived in whole or in part in the
      event of Termination of Service resulting from specified causes, and the
      Committee may in other cases waive in whole or in part the forfeiture of
      Restricted Share Units.

     

     

    (iii)  Dividend
      Equivalents.
      Unless
      otherwise determined by the Committee at the date of grant, Dividend Equivalents
      on the specified number of Shares covered by a Restricted Share Unit shall
      be
      either (A) paid with respect to such Restricted Share Unit at the dividend
      payment date in cash or in unrestricted Shares having a Fair Market Value equal
      to the amount of such dividends, or (B) deferred with respect to such Restricted
      

     

    
      
        
        

      

      
        10

        
          

        

      

      
        
        

      

    

     

    Share
      Unit and the amount or value thereof automatically deemed reinvested in
      additional Restricted Share Units or other Awards, as the Committee shall
      determine or permit the Participant to elect.

     

    (f)  Performance
      Shares and Performance Units.
      The
      Committee is authorized to grant Performance Shares or Performance Units or
      both
      to Eligible Persons on the following terms and conditions:

     

    (i)  Performance
      Period.
      The
      Committee shall determine a performance period (the “Performance Period”) of one
      or more years or other periods and shall determine the performance objectives
      for grants of Performance Shares and Performance Units. Performance objectives
      may vary from Eligible Person to Eligible Person and shall be based upon the
      performance criteria as the Committee may deem appropriate. The performance
      objectives may be determined by reference to the performance of the Company,
      or
      of a Subsidiary or Affiliate, or of a division or unit of any of the foregoing.
      Performance Periods may overlap and Eligible Persons may participate
      simultaneously with respect to Performance Shares and Performance Units for
      which different Performance Periods are prescribed.

     

    (ii)  Award
      Value.
      At the
      beginning of a Performance Period, the Committee shall determine for each
      Eligible Person or group of Eligible Persons with respect to that Performance
      Period the range of number of Shares, if any, in the case of Performance Shares,
      and the range of dollar values, if any, in the case of Performance Units, which
      may be fixed or may vary in accordance with such performance or other criteria
      specified by the Committee, which shall be paid to a Participant as an Award
      if
      the relevant measure of Company performance for the Performance Period is
      met.

     

    (iii)  Significant
      Events.
      If
      during the course of a Performance Period there shall occur significant events
      as determined by the Committee which the Committee expects to have a substantial
      effect on a performance objective during such period, the Committee may revise
      such objective.

     

    (iv)  Forfeiture.
      Except
      as otherwise determined by the Committee, at the date of grant or thereafter,
      upon Termination of Service during the applicable Performance Period,
      Performance Shares and Performance Units for which the Performance Period was
      prescribed shall be forfeited; provided,
      however,
      that
      the Committee may provide, by rule or regulation or in any Award Agreement,
      or
      may determine in an individual case, that restrictions or forfeiture conditions
      relating to Performance Shares and Performance Units will be waived in whole
      or
      in part in the event of Termination of Service resulting from specified causes,
      and the Committee may in other cases waive in whole or in part the forfeiture
      of
      Performance Shares and Performance Units.

     

    (v)  Payment.
      Each
      Performance Share or Performance Unit may be paid in whole Shares, or cash,
      or a
      combination of Shares and cash either as a lump sum payment or in installments,
      all as the Committee shall determine, at the time of grant of the Performance
      Share or Performance Unit or otherwise, commencing as soon as practicable after
      the end of the relevant Performance Period.

     

    
      
        
        

      

      
        11

        
          

        

      

      
        
        

      

    

     

     

    (g)  Dividend
      Equivalents.
      The
      Committee is authorized to grant Dividend Equivalents to Eligible Persons.
      The
      Committee may provide, at the date of grant or thereafter, that Dividend
      Equivalents shall be paid or distributed when accrued or shall be deemed to
      have
      been reinvested in additional Shares, or other investment vehicles as the
      Committee may specify; provided,
      however,
      that
      Dividend Equivalents (other than freestanding Dividend Equivalents) shall be
      subject to all conditions and restrictions of any underlying Awards to which
      they relate.

     

    (h)  Other
      Share-Based Awards.
      The
      Committee is authorized, subject to limitations under applicable law, to grant
      to Eligible Persons such other Awards that may be denominated or payable in,
      valued in whole or in part by reference to, or otherwise based on, or related
      to, Shares, as deemed by the Committee to be consistent with the purposes of
      the
      Plan, including, without limitation, unrestricted shares awarded purely as
      a
“bonus” and not subject to any restrictions or conditions, other rights
      convertible or exchangeable into Shares, purchase rights for Shares, Awards
      with
      value and payment contingent upon performance of the Company or any other
      factors designated by the Committee, and Awards valued by reference to the
      performance of specified Subsidiaries or Affiliates. The Committee shall
      determine the terms and conditions of such Awards at date of grant or
      thereafter. Shares delivered pursuant to an Award in the nature of a purchase
      right granted under this Section 4(h) shall be purchased for such consideration,
      paid for at such times, by such methods, and in such forms, including, without
      limitation, cash, Shares, notes or other property, as the Committee shall
      determine. Cash awards, as an element of or supplement to any other Award under
      the Plan, shall also be authorized pursuant to this Section 4(h).

     

    (i)  Payment
      of par value of Shares.
      The
      Committee may require that a condition of the delivery of Shares under Section
      4(d), 4(e) or 4(f) above is that the Participant pays the par value of Shares
      to
      the Company prior to delivery of the Shares, if required to do so under the
      Act.

     

    5.  Certain
      Provisions Applicable to Awards.

     

    (a)  Stand-Alone,
      Additional, Tandem and Substitute Awards.
      Awards
      granted under the Plan may, in the discretion of the Committee, be granted
      to
      Eligible Persons either alone or in addition to, in tandem with, or in exchange
      or substitution for, any other Award granted under the Plan or any award granted
      under any other plan or agreement of the Company, any Subsidiary or Affiliate,
      or any business entity to be acquired by the Company or a Subsidiary or
      Affiliate, or any other right of an Eligible Person to receive payment from
      the
      Company or any Subsidiary or Affiliate. Awards may be granted in addition to
      or
      in tandem with such other Awards or awards, and may be granted either as of
      the
      same time as, or a different time from, the grant of such other Awards or
      awards. Subject to the provisions of Section 2(d) hereof prohibiting Option
      and
      SAR repricing without shareholder approval, the per Share exercise price of
      any
      Option, or grant price of any SAR, which is granted in connection with the
      substitution of awards granted under any other plan or agreement of the Company
      or any Subsidiary or Affiliate, or any business entity to be acquired by the
      Company or any Subsidiary or Affiliate, shall be determined by the Committee,
      in
      its discretion.

     

    (b)  Term
      of Awards.
      The
      term of each Award granted to an Eligible Person shall be for such period as
      may
      be determined by the Committee; provided,
      however,
      that in
      no 

     

    
      
        
        

      

      
        12

        
          

        

      

      
        
        

      

    

     

    event
      shall the term of any Option or SAR exceed a period of ten years from the date
      of its grant (or such shorter period as may be applicable under Section 422
      of
      the Code).

     

    (c)  Form
      of Payment Under Awards.
      Subject
      to the terms of the Plan and any applicable Award Agreement, payments to be
      made
      by the Company or a Subsidiary or Affiliate upon the grant, maturation, or
      exercise of an Award may be made in such forms as the Committee shall determine
      at the date of grant or thereafter, including, without limitation, cash, Shares,
      notes or other property (if permissible under section 409A of the Code), and
      may
      be made in a single payment or transfer, in installments, or on a deferred
      basis. The Committee may make rules relating to installment or deferred payments
      with respect to Awards, including the rate of interest to be credited with
      respect to such payments.

     

    (d)  Noncompetition.
      The
      Committee may, by way of the Award Agreements or otherwise, establish such
      other
      terms, conditions, restrictions and/or limitations, if any, of any Award,
      provided they are not inconsistent with the Plan, including, without limitation,
      the requirement that the Participant not engage in competition with, solicit
      customers or employees of, or disclose or use confidential information of the
      Company or its Subsidiaries and Affiliates.

     

    6.  Transferability
      of Awards.

     

    (a)  Restrictions
      on Transfer.
      Except
      as described in this Section 6, or unless otherwise set forth by the Committee
      in an Award Agreement, Awards shall not be transferable by a Participant except
      by will or the laws of descent and distribution (except pursuant to a
      Beneficiary designation) and shall be exercisable during the lifetime of a
      Participant only by such Participant or his guardian or legal representative.
      A
      Participant’s rights under the Plan may not be pledged, mortgaged, hypothecated,
      or otherwise encumbered, and shall not be subject to claims of the Participant’s
      creditors.

     

    (b)  Transfer
      of Nonqualified Stock Options.
      Notwithstanding the foregoing, the Committee may provide in a Award Agreement
      that a Participant may transfer Nonqualified Stock Options to family members,
      or
      one or more trusts or other entities for the benefit of or owned by family
      members, consistent with the applicable securities laws, according to such
      terms
      as the Committee may determine; provided that the Participant receives no
      consideration for the transfer of a Nonqualified Stock Option and the
      transferred Nonqualified Stock Option shall continue to be subject to the same
      terms and conditions as were applicable to the Nonqualified Stock Option
      immediately before the transfer.

     

    7.  Change
      in Control Provisions.

     

    (a)  Assumption
      of Awards.
      Upon a
      Change in Control where the Company is not the surviving corporation (or
      survives only as a subsidiary of another corporation), unless the Committee
      determines otherwise, all outstanding Options and SARs that are not exercised
      shall be assumed by, or replaced with comparable options or rights by, the
      surviving corporation (or a parent or subsidiary of the surviving corporation),
      and other outstanding Awards shall be converted to similar awards of the
      surviving corporation (or a parent or subsidiary of the surviving
      corporation).

     

    
      
        
        

      

      
        13

        
          

        

      

      
        
        

      

    

     

     

    (b)  Other
      Alternatives.
      Notwithstanding the foregoing, in the event of a Change in Control, the
      Committee may take any of the following actions with respect to any or all
      outstanding Awards: (i) determine that outstanding Options and SARs shall
      accelerate and become exercisable, in whole or in part, upon the Change in
      Control or upon such other event as the Committee determines, (ii) determine
      that the restrictions and conditions on outstanding Restricted Shares,
      Restricted Share Units, Performance Shares and Performance Units shall lapse,
      in
      whole or in part, upon the Change in Control or upon such other event as the
      Committee determines, (iii) determine that Eligible Persons holding Restricted
      Share Units, Performance Units, Dividend Equivalents and Other Share-Based
      Awards shall receive a payment in settlement of such Restricted Share Units,
      Performance Units, Dividend Equivalents, and Other Share-Based Awards in an
      amount determined by the Committee, (iv) require that Participants surrender
      their outstanding Options and SARs in exchange for a payment by the Company,
      in
      cash or 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 Options and SARs exceeds the exercise price of the Options or the
      base amount of SARs, as applicable, or (v) after giving Participants an
      opportunity to exercise their outstanding Options and SARs, terminate any or
      all
      unexercised Options and SARs at such time as the Committee deems appropriate.
      Such surrender, termination or settlement shall take place as of the date of
      the
      Change in Control or such other date as the Committee may specify. The Committee
      shall have no obligation to take any of the foregoing actions, and, in the
      absence of any such actions, outstanding Awards shall continue in effect
      according to their terms (subject to any assumption pursuant to Subsection
      (a)
      above).

     

    8.  Qualified
      Performance-Based Compensation.

     

    (a)  Designation
      as Qualified Performance-Based Compensation.
      The
      Committee may determine that Restricted Shares, Restricted Share Units,
      Performance Shares, Performance Units, Dividend Equivalents or Other Share-Based
      Awards granted to an Employee shall be considered “qualified performance-based
      compensation” under Section 162(m) of the Code. The provisions of this Section 8
      shall apply to any such Awards that are to be considered “qualified
      performance-based compensation” under Section 162(m) of the Code. The Committee
      may also grant Options or SARs under which the exercisability of the Options
      is
      subject to achievement of performance goals as described in this Section 8
      or
      otherwise.

     

    (b)  Performance
      Goals.
      When
      Restricted Shares, Restricted Share Units, Performance Shares, Performance
      Units, Dividend Equivalents or Other Share-Based Awards that are considered
      to
      be “qualified performance-based compensation” are granted, the Committee shall
      establish in writing (i) the objective performance goals that must be met,
      (ii)
      the period during which performance will be measured, (iii) the maximum amounts
      that may be paid if the performance goals are met, and (iv) any other conditions
      that the Committee deems appropriate and consistent with the requirements of
      Section 162(m) of the Code for “qualified performance-based compensation.” The
      performance goals shall satisfy the requirements for “qualified
      performance-based compensation,” including the requirement that the achievement
      of the goals be substantially uncertain at the time they are established and
      that the performance goals be established in such a way that a third party
      with
      knowledge of the relevant facts could determine whether and to what extent
      the
      performance goals have been met. The Committee shall not have discretion to
      increase the amount of compensation that is payable, but may reduce

     

    
      
        
        

      

      
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    the
      amount of compensation that is payable upon achievement of the designated
      performance goals.

     

    (c)  Criteria
      Used for Objective Performance Goals.
      The
      Committee shall use objectively determinable performance goals based on one
      or
      more of the following criteria: stock price, earnings per share, price-earnings
      multiples, net earnings, operating earnings, revenue, number of days sales
      outstanding in accounts receivable, productivity, margin, EBITDA (earnings
      before interest, taxes, depreciation and amortization), net capital employed,
      return on assets, shareholder return, return on equity, return on capital
      employed, growth in assets, unit volume, sales, cash flow, market share,
      relative performance to a comparison group designated by the Committee, or
      strategic business criteria consisting of one or more objectives based on
      meeting specified revenue goals, market penetration goals, customer growth,
      geographic business expansion goals, cost targets or goals relating to
      acquisitions or divestitures. The performance goals may relate to one or more
      business units or the performance of the Company as a whole, or any combination
      of the foregoing. Performance goals need not be uniform as among
      Participants.

     

    (d)  Timing
      of Establishment of Goals.
      The
      Committee shall establish the performance goals in writing either before the
      beginning of the performance period or during a period ending no later than
      the
      earlier of (i) 90 days after the beginning of the performance period or (ii)
      the
      date on which 25% of the performance period has been completed, or such other
      date as may be required or permitted under applicable regulations under Section
      162(m) of the Code.

     

    (e)  Certification
      of Results.
      The
      Committee shall certify the performance results for the performance period
      specified in the Award Agreement after the performance period ends. The
      Committee shall determine the amount, if any, to be paid pursuant to each Award
      based on the achievement of the performance goals and the satisfaction of all
      other terms of the Award Agreement. 

     

    (f)  Death,
      Disability or Other Circumstances.
      The
      Committee may provide in the Award Agreement that Awards under this Section
      8
      shall be payable, in whole or in part, in the event of the Participant’s death
      or disability, a Change in Control or under other circumstances consistent
      with
      the Treasury regulations and rulings under Section 162(m) of the
      Code.

     

    9.  General
      Provisions.

     

    (a)  Compliance
      with Legal and Trading Requirements.
      The
      Plan, the granting and exercising of Awards thereunder, and the other
      obligations of the Company under the Plan and any Award Agreement, shall be
      subject to all applicable federal, state and foreign laws, rules and
      regulations, and to such approvals by any stock exchange, regulatory or
      governmental agency as may be required. The Company, in its discretion, may
      postpone the issuance or delivery of Shares under any Award until completion
      of
      such stock exchange or market system listing or registration or qualification
      of
      such Shares or any required action under any state, federal or foreign law,
      rule
      or regulation as the Company may consider appropriate, and may require any
      Participant to make such representations and furnish such information as it
      may

     

    
      
        
        

      

      
        15

        
          

        

      

      
        
        

      

    

     

    consider
      appropriate in connection with the issuance or delivery of Shares in compliance
      with applicable laws, rules and regulations. No provisions of the Plan shall
      be
      interpreted or construed to obligate the Company to register any Shares under
      Irish
      law, US
      federal or state
      law
      or
      other
      applicable
      law.
      The
      Shares issued under the Plan may be subject to such other restrictions on
      transfer as determined by the Committee.

     

    (b)  No
      Right to Continued Employment or Service.
      Neither
      the Plan nor any action taken thereunder shall be construed as giving any
      employee, consultant or director the right to be retained in the employ or
      service of the Company or any of its Subsidiaries or Affiliates, nor shall
      it
      interfere in any way with the right of the Company or any of its Subsidiaries
      or
      Affiliates to terminate any employee’s, consultant’s or director’s employment or
      service at any time.

     

    (c)  Taxes.
      The
      Company or any Subsidiary or Affiliate is authorized to withhold from any Award
      granted, any payment relating to an Award under the Plan, including from a
      distribution of Shares, or any payroll or other payment to an Eligible Person,
      amounts of minimum withholding and other taxes due in connection with any
      transaction involving an Award, and to take such other action as the Committee
      may deem necessary or advisable under applicable laws to enable the Company
      and
      Eligible Persons to satisfy obligations for the payment of withholding taxes
      and
      other tax obligations relating to any Award. This authority shall include
      authority to withhold or receive Shares or other property and to make cash
      payments in respect thereof in satisfaction of an Eligible Person’s tax
      obligations; provided,
      however,
      that
      the amount of tax withholding to be satisfied by withholding Shares shall be
      limited to the minimum amount of taxes, including employment taxes, required
      to
      be withheld under applicable Federal, state, foreign and local law.

     

    (d)  Changes
      to the Plan and Awards.
      The
      Board may amend, alter, suspend, discontinue, or terminate the Plan or the
      Committee’s authority to grant Awards under the Plan without the consent of
      shareholders of the Company or Participants, except that any such amendment
      or
      alteration shall be subject to the approval of the Company’s shareholders to the
      extent such shareholder approval is required under (i) the rules of any stock
      exchange or automated quotation system on which the Shares may then be listed
      or
      quoted, (ii) the Act or (iii) as it applies to ISOs, to the extent such
      shareholder approval is required under Section 422 of the Code; provided,
      however, that, without the consent of an affected Participant, no amendment,
      alteration, suspension, discontinuation, or termination of the Plan may
      materially and adversely affect the rights of such Participant under any Award
      theretofore granted to him or her. The Committee may waive any conditions or
      rights under, amend any terms of, or amend, alter, suspend, discontinue or
      terminate, any Award theretofore granted, prospectively or retrospectively;
      provided,
      however,
      that,
      without the consent of a Participant, or as provided in Subsection (m) below,
      no
      amendment, alteration, suspension, discontinuation or termination of any Award
      may materially and adversely affect the rights of such Participant under any
      Award theretofore granted to him or her.

     

    (e)  No
      Rights to Awards; No Shareholder Rights.
      No
      Eligible Person or employee shall have any claim to be granted any Award under
      the Plan, and there is no obligation for uniformity of treatment of Eligible
      Persons and employees. No Award shall confer on any Eligible Person any of
      the
      rights of a shareholder of the Company unless and until 

     

    
      
        
        

      

      
        16

        
          

        

      

      
        
        

      

    

     

    Shares
      are duly issued or transferred to the Eligible Person in accordance with the
      terms of the Award.

     

    (f)  Unfunded
      Status of Awards.
      The
      Plan is intended to constitute an “unfunded” plan for incentive compensation.
      With respect to any payments not yet made to a Participant pursuant to an Award,
      nothing contained in the Plan or any Award shall give any such Participant
      any
      rights that are greater than those of a general creditor of the Company;
provided,
      however,
      that
      the Committee may authorize the creation of trusts or make other arrangements
      to
      meet the Company’s obligations under the Plan to deliver cash, Shares, other
      Awards, or other property pursuant to any Award, which trusts or other
      arrangements shall be consistent with the “unfunded” status of the Plan unless
      the Committee otherwise determines with the consent of each affected
      Participant.

     

    (g)  Nonexclusivity
      of the Plan.
      Neither
      the adoption of the Plan by the Board nor its submission to the shareholders
      of
      the Company for approval shall be construed as creating any limitations on
      the
      power of the Board to adopt such other incentive arrangements as it may deem
      desirable, including, without limitation, the granting of options and other
      awards otherwise than under the Plan, and such arrangements may be either
      applicable generally or only in specific cases.

     

    (h)  Not
      Compensation for Benefit Plans.
      No
      Award payable under this Plan shall be deemed salary or compensation for the
      purpose of computing benefits under any benefit plan or other arrangement of
      the
      Company for the benefit of its employees, consultants or directors unless the
      Company shall determine otherwise.

     

    (i)  No
      Fractional Shares.
      No
      fractional Shares shall be issued or delivered pursuant to the Plan or any
      Award. The Committee shall determine whether cash, other Awards, or other
      property shall be issued or paid in lieu of such fractional Shares or whether
      such fractional Shares or any rights thereto shall be forfeited or otherwise
      eliminated.

     

    (j)  Employees
      Subject to Taxation Outside the United States.
      With
      respect to Participants who are subject to taxation in countries other than
      the
      United States, the Committee may make Awards on such terms and conditions as
      the
      Committee deems appropriate to comply with the laws of the applicable countries,
      and the Committee may create such procedures, addenda and subplans and make
      such
      modifications as may be necessary or advisable to comply with such
      laws.

     

    (k)  Governing
      Law.
      The
      validity, construction, and effect of the Plan, any rules and regulations
      relating to the Plan, and any Award Agreement shall be determined in accordance
      with the laws of Ireland, without giving effect to principles of conflict of
      laws thereof.

     

    (l)  Effective
      Date; Plan Termination.
      The
      Plan shall become effective as of 

     

    May
      25,
      2006 (the “Effective Date”), subject to approval by the shareholders of the
      Company. The Plan shall terminate as to future awards on the date which is
      ten
      (10) years after the Effective Date.

     

    
      
        
        

      

      
        17

        
          

        

      

      
        
        

      

    

     

    (m)  Section
      409A.
      It is
      intended that the Plan and Awards issued thereunder will comply with Section
      409A of the Code (and any regulations and guidelines issued thereunder) to
      the
      extent the Awards are subject thereto, and the Plan and such Awards shall be
      interpreted on a basis consistent with such intent. The Plan and any Award
      Agreements issued thereunder may be amended in any respect deemed by the Board
      or the Committee to be necessary in order to preserve compliance with Section
      409A of the Code.

     

    (n)  Titles
      and Headings.
      The
      titles and headings of the sections in the Plan are for convenience of reference
      only. In the event of any conflict, the text of the Plan, rather than such
      titles or headings, shall control.

     

     

     

     

     

     

     

    18

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