Document:

Merger Deed, dated November 20, 2003

 Exhibit 4.1 
  

MERGER DEED 
  
 DISCLAIMER 
  
 The Merger Deed is an English translation of the Indonesian version executed by the Merging Companies. No responsibility is accepted by Indosat or its advisors as to the accuracy of the translation. Indosat and its advisors accept no
liability in relation to the translation of the Merger Deed. 
  

 MERGER DEED 
  
 Number: 57 
  
 -On this day, Thursday, dated the twentieth day of November two thousand three (20-11-2003). 
  
 -Appear before me, Mrs. POERBANINGSIH ADI WARSITO, Sarjana Hukum, Notary in Jakarta, in the presence of witnesses who are known to me,
Notary and whose names will be mentioned at the end of this deed. 
  

	I.	 	-Mister Widya Purnama, born in Pare-pare, on twenty sixth July one thousand nine hundred fifty four (26-7-1954). President Director of the company to be mentioned
hereunder, Indonesian citizen, residing in Jakarta Pusat, Cempaka Baru VI number: 45, Rukun Tetangga 010, Rukun Warga 007, Cempaka Baru Village, Kemayoran Sub-district, holder of Identification Card number: 09.5001.260754.0004;

  
 -according to his statement in this matter
acting: 
  

	 	(i)	 	-in his above mentioned capacity and as such representing the Board of Directors of and therefore acting for and on behalf of as well as legally representing PT. Indonesian
Satellite Corporation Tbk, domiciled in Jakarta of which the amendment to the entire articles of association and its further amendments have been announced in State Gazette of the Republic of Indonesia; 

  
 -dated twentieth March one thousand ninety eight (20-3-1998) number 23,
Supplement number 1662; 
  
 -dated sixth August one thousand nine
hundred and ninety nine (6-8-1999) number 63, Supplement number 214; and 
  
 -dated sixteenth November two thousand one (16-11-2001) number 92, Supplement number 7262; 
  
 -as lastly amended by the following Deeds: 
  
 -dated twenty seventh December two thousand two (27-12-2002) number 42, the report of which Deed has been received and recorded by the Ministry of Justice
and Human Rights of the Republic of Indonesia by virtue of his letter dated sixteenth January two thousand three (16-1-2003) number C-00859 HT.01.04.TH.2003; 
  

-dated eighth January two thousand three (8-1-2003) number: 6, which has been approved by the Minister of Justice and Human Rights of the Republic of
Indonesia by virtue of decision letter dated twenty second March two thousand three (22-3-2003) number C-06145 HT.01.04.TH.2003; 
  

 2 

 -both made before Mrs. RINI YULIANTI, Sarjana Hukum, Candidate Notary at that time substitute to me,
Notary; 
  
 -dated sixteenth July two thousand three (16-7-2003)
number: 34, made before me Notary, the notification of which Deed has been received and recorded with the Ministry of Justice and Human Rights of the Republic of Indonesia by virtue of letter dated fifth August two thousand three (5-8-2003) number:
C-UM.02.01.12632; 
  

	 	(ii)	 	as the merger executor based on the authority given by the Extraordinary General Meeting of Shareholders as evidenced by the deed dated eleventh November two thousand three
(11-11-2003) number: 26 made before Mrs. MARIA THERESIA SUPRAPTI, Sarjana Hukum, at that time substitute to me Notary; 

  
 -(hereinafter referred to as “Indosat” or the “Surviving Company”). 
  

	II.	 	-Mister Johnny Swandi Sjam, born in Jakarta, on fifteenth August one thousand nine hundred sixty (15-8-1960), President Direktur of the company to be mentioned hereunder,
Indonesian citizen, residing in East Jakarta, Pulo Asem Street I, number: 10, Rukun Tetangga 003, Rukun Warga 001, Jati Village, Pulo Gadung Subdistrict, holder of Identification Card number: 09.5402.150860.0425; 

  
 -according to his statement in this matter acting: 
  

	 	(i)	 	-in his above mentioned capacity and as such representing the Board of Directors of and therefore acting for and on behalf of as well as legally representing PT. Satelit Palapa
Indonesia, domiciled in Jakarta of which the amendment to the entire articles of association are as et forth in: 

  
 -Deed dated seventeenth September two thousand two (17-9-2002) number: 45, made before IMAS FATIMAH, Sarjana Hukum, Notary in Jakarta, which Deed has been
approved by the Minister of Justice and Human Rights of the Republic of Indonesia by virtue of decision letter dated eighteenth October two thousand two (18-10-2003) number: C-20254 HT.01.04.TH.2002; 
  
 -as lastly amended by the following Deeds: 
  
 -dated second August two thousand three (2-8-2003) number: 8, made before
LILY HARJATI SOEDEWO, Sarjana Hukum, Notary in Jakarta, the notification of which Deed has been received and recorded by the Ministry of Justice and Human Rights of the Republic of Indonesia by virtue of letter dated twentieth October two thousand
two (20-10-2003) number: C-UM.02.01.15811; and 
  
 -dated twenty
second October two thousand three (22-10-2003) number: 52, made before Mrs. RINI YULIANTI, Sarjana Hukum, Candidate Notary, at that time substitute to me, Notary, which Deed has been approved by the Minister of Justice and human Rights of the
Republic of 

  

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Indonesia by virtue of decision letter dated twenty third October two thousand three (23-10-2003) number: C-25360 HT.01.04. TH.2003; 
  

	 	(ii)	 	as the merger executor based on the authority given by the Resolution of Shareholders as evidenced by the Deed dated eleventh November two thousand three (11-11-2003) number: 28
made before Mrs. MARIA THERESIA SUPRAPTI, Sarjana Hukum, at that time substitute to me Notary; 

  
 -(hereinafter referred to as “Satelindo”). 
  

	III.	 	-Mister Engineer Yudi Rulanto Subyakto, born in Madiun, on twenty third November one thousand nine hundred fifty seven (23-11-1957), President Director of the company
to be mentioned hereunder, Indonesian citizen, residing in East Jakarta, Cipinang Indah Street I E-2, Rukun Tetangga 007, Rukun Warga 016, Cipinang Muara Village, Jatinegara Subdistrict, holder of Identification Card number: 09.5404.231157.0330;

  
 -according to his statement in this matter
acting: 
  

	 	(i)	 	-in his abovemenionted capacity and as such representing the Board of Directors of and therefore acting for and on behalf of as well as legally representing PT. INDOSAT MULTI MEDIA
MOBILE, domiciled in Jakarta of which the articles of association and its amendments have been announced in State Gazette of the Republic of Indonesia; 

  
 -dated thirteenth November two thousand one (13-11-2001) number 91, Supplement number 7151; 
  
 -dated eleventh June two thousand two (11-6-2001) number 47, Supplement
number 5707; 
  
 as lastly amended by the following Deeds:

  
 -dated twelfth August two thousand three (12-8-2003) number:
6 made before me, Notary, the notification of which Deed has been received and recorded by the Ministry of Justice and Human Rights of the Republic of Indonesia by virtue of letter dated nineteenth September two thousand three (19-9-2003) number:
C-UM.02.01.14629; and 
  
 -dated fifteenth September two thousand
three (15-9-2003) number: 60 made before RINI YULIANTI, Sarjana Hukum, Candidate Notary at that time substitute to me Notary, the notification of which Deed has been received and recorded by the Ministry of Justice and Human Rights of the Republic
of Indonesia by virtue of letter dated eight October two thousand three (8-10-2003) number: C-UM.02.01.15319; 
  

	 	(ii)	 	 as the merger executor based on the authority given by the Resolution of Shareholder as evidenced by the Deed dated eleventh November two thousand three
(11-11-2003) number: 29 made before Mrs. MARIA 

  

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THERESIA SUPRAPTI, Sarjana Hukum at that time substitute to me, Notary; 

  
 -(hereinafter referred to as “IM3”). 
  

	IV.	 	-Mister Indar Atmanto, born in Jakarta, on sixteenth November one thousand nine hundred sixty two (16-11-1962), Director of the company to be mentioned hereunder,
Indonesian citizen, residing in East Jakarta, Tebet Timur IVG/10, Rukun Tetangga 009, Rukun Warga 008, Tebet Timur Village, Tebet Subdistrict, holder of Identification Card number:09.5301.161162.0322; 

  
 -according to his statement in this matter acting: 
  

	 	(i)	 	-in his abovementioned capacity and as such representing the Board of Directors of and therefore acting for and on behalf of as well as legally representing PT. Bimagraha
Telekomindo, domiciled in Jakarta of which the amendment to the entire articles of association and its further amendments have been announced in -State Gazette of the Republic of Indonesia; 

  
 -dated sixth July one thousand nine hundred and ninety nine number 54,
Supplement number 4008; 
  
 -dated third March two thousand two
(3-3-2002) number 18, Supplement number 1156; 
  
 -dated third
March two thousand two (3-3-2002) number: 18, Supplement number 1156; 
  
 -dated seventh March two thousand and three (7-3-2003) number 19, Supplement number 187; 
  
 -as lastly amended by Deed dated fourth September tow thousand four (4-9-2002) number: 2 made before JULIUS PURNAWAN, Sarjana Hukum, Magister Sains,
Notary in Jakarta, the report of which Deed has been received and recorded by the Department of Justice and Human Rights by virtue of its letter dated fifteenth October two thousand two (15-10-2002) number: C-19903.HT.01.04.TH 2002 and the
notification of which has been received and recorded by the Department of Justice and Human Rights by virtue of its letter dated thirtieth October two thousand two (30-10-2002) number: C-UM.01.01.3206; 
  

	 	(ii)	 	as the merger executor based on the authority given under the Resolution of Shareholder dated eleventh November two thousand three (11-11-2003) number: 30 made before Mrs. MARIA
THERRESIA SUPRAPTI, Sarjana Hukum, at that time substitute to me, Notary; 

  
 -(hereinafter referred to as “Bimagraha” and jointly with Satelindo and IM3 referred to as the “Merged Companies”). 
  

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 -Indosat, Satelindo, IM3 and Bimagraha hereinafter jointly referred to as the “Merging Companies”.

  
 -The appearers acting in their above mentioned capacities, consider:

  

	A.	 	-Whereas the General Meeting of Shareholders or Resolution of Shareholders of each Merging Companies all of which were convened on eleventh November two thousand three
(11-11-2003) have resolved to conduct a merger by way as mentioned in Article 102 of Law number 1 year 1995 (one thousand nine hundred ninety five), regarding Limited Liability Companies in which the Surviving Company, by comprehensive assignment of
rights, acquires the entire assets and obligations of the Merged Companies (hereinafter referred to as “Merger”). 

  

	B.	 	-Whereas prior to the Merger, 1 (one) Seri A share and 1,035,499,999 (one billion thirty five million four hundred ninety nine thousand nine hundred ninety nine) Seri B
shares, each with nominal value of Rp.500,- (five hundred Rupiah) or all amounting to Rp.517,750,000,000,- (five hundred seventeen billion seven hundred fifty million Rupiah) in the capital of the Surviving Company have been issued and subscribed.

  

	C.	 	-Whereas prior to the Merger, the Surviving Company owns (i) directly 2,831,025,642 (two billion eight hundred thirty one million twenty five thousand six hundred forty two)
and indirectly 60,000,000 (sixty million) common shares, each with nominal value of Rp.1,000 (one thousand Rupiah) in the capital of Satelindo which constitutes 100% (one hundred percent) of all the issued and subscribed shares in the capital of
Satelindo (ii) 1,729,478,617 (one billion seven hundred twenty nine million four hundred seventy eight thousand six hundred seventeen) common shares, each with nominal value of Rp.1,000 (one thousand Rupiah) in the capital of IM3 which constitutes
100% (one hundred percent) of all the issued and subscribed shares in the capital of IM3 and (iii) 65,000 (sixty five thousand) common shares, each with nominal value of Rp.1,000,000 (one million Rupiah) in the capital of Bimagraha which constitutes
100% (one hundred percents) of all the issued and subscribed shares in the capital of Bimagraha. 

  

	D.	 	-Whereas in the Merger there is no capital increase in the Surviving Company so that accordingly after the Merger has taken into effect, the issued and subscribed capital of
the Surviving Company are the same as before the Merger being 1 (one) Seri A share and 1,035,499,999 (one billion thirty five million four hundred ninety nine thousand nine hundred ninety nine) Seri B shares with the same total amount of
Rp.517,750,000,000,- (five hundred seventeen billion seven hundred fifty million Rupiah). 

  

	E.	 	-Whereas after the Merger has taken into effect, the shares in the capital of the Merged Companies owned by the Surviving Company will be withdrawn and in accordance with the
provision of Article 107 paragraph 3 Law Number 1 Year 1995 (one thousand nine hundred ninety five), each Merged Companies is dissolved as a matter of law without prior liquidation. 

  

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	F.	 	-Whereas there is no right to a benefit or to a pledge attached to the shares in the capital of each Merged Companies except for the pledge over 5,128,206 (five million one
hundred twenty eight thousand two hundred six) shares owned by Indosat in the share capital of Satelindo. 

  

	G.	 	-Whereas the Board of Directors of the Surviving Company have prepared a Business Merger Plan Proposal (Usulan Rencana Penggabungan Usaha) and each Board of Directors
of the Merged Companies have prepared a Merger Plan Proposal (Usulan Rencana Penggabungan), as meant in Article 7 of Government Regulation Number: 27 of 1998 (one thousand nine hundred ninety eight) and Article 4.a of Regulation Number
IX.G.1 Decree of the Capital Market Supervisory Board Number Kep-52 Year 1997 (one thousand nine hundred ninety seven) (the Business Merger Plan Proposal and Merger Plan Proposal hereinafter collectively referred to as the “Merger Plan
Proposals”) which have been approved by all members of the Board of Commissioners of the relevant Merging Companies on twenty first July two thousand three (21-7-2003). 

  

	H.	 	-Whereas the Board of Directors of each Merging Companies have jointly prepared and executed a Merger Plan dated twenty fifth September two thousand three (25-9-2003) and
amendment/additional information to Merger Plan dated twenty fourth October two thousand three (24-10-2003) as meant in Article 102 of Law Number 1 Year 1995 (one thousand nine hundred ninety five) and Article 4.b. of Regulation Number IX.G.1 Decree
of the Capital Market Supervisory Board Number Kep-52 Year 1997 (one thousand nine hundred ninety seven). 

  

	I.	 	-Whereas the Merger Plan Proposals, balance sheet and profit-loss statement for the years ending thirty first December two thousand (31-12-2000), thirty first December two
thousand one (31-12-2001) and thirty first December two thousand two (31-12-2002), and interim balance sheet and profit-loss statement of each Merging Companies for the 5 (five)month period as per thirty first May two thousand three (30-5- 2003),
proforma balance sheet and profit-loss statement of the Surviving Company after the Merger as well as other information required by Government Regulation Number 27 Year 1998 (one thousand nine hundred ninety eight) and Decree of the Capital Market
Supervisory Board Number Kep-52 Year 1997 (one thousand nine hundred ninety seven) are parts of the Merger Plan jointly prepared by the Board of Directors of the Merging Companies. 

  

	J.	 	-Whereas the Extraordinary General Meeting of Shareholders or the Resolution of Shareholders of each Merging Companies has approved the Merger and declared the resolution to
conduct the Merger of the Merging Companies, as stated in the Deeds dated eleventh November two thousand three (11-11-03) each with number 26, 28, 29 and 30, all made before Mrs. MARIA THERRESIA SUPRAPTI, Sarjana Hukum, at that time substitute to
me, Notary. 

  

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 -Accordingly, on the basis of everything described above, the appearers, each acting in the capacity mentioned
above explain that by reference to the Merger Plan the Surviving Company and the Merged Companies have agreed and consent to and hereby conclude the merger agreement with the following terms and conditions: 
  
 Article 1 
 Interpretation of Agreement 
  

	1.1.	 	-Definition 

  
 -In this Deed, these following terms shall have the meanings as follows: 
  

	 	a.	 	-“Merger Deed” or “Deed” means the merger agreement as set out in this Deed together will all annexes, additions and/or amendments;

  

	 	b.	 	-“Bapepam” means the Capital Market Supervisory Board; 

  

	 	c.	 	-“BKPM” means the Foreign Investment Coordinating Board; 

  

	 	d.	 	-“Stock Exchange” means both the Jakarta Stock Exchange and/or the Surabaya Stock Exchange which have the function as described in Law number 8 Year 1995 (one
thousand nine hundred ninety five) and/or New York Stock Exchange, United States of America; 

  

	 	e.	 	-“Business Day” means the day on which banking institutions are open for business and settlement of payments one to another as well as the day on which the Stock
Exchange carry out transactions and provide securities transactions facilities; 

  

	 	f.	 	-“Assigned Assets and Obligations”, in relation to the Merged Companies, means all wealth/assets and debts/obligations which on the Effective Date Of Merger are
owned or are the responsibilities and burdens of the Merged Companies, which based on the Merger will be assigned by law to the Surviving Company; 

  

	 	g.	 	-“Resolution of Shareholders of Satelindo” is the Resolution of Shareholders as set out in deed dated eleventh November two thousand three
(11-11-2003) number 28 made before MARIA THERESIA SUPRAPTI, Sarjana Hukum, at that time substitute to me, Notary; 

  

	 	h.	 	- “Resolution of Shareholder of IM3” is the Resolution of Shareholder as set out in deed dated eleventh November two thousand three (11-11-2003) number 29
made before MARIA THERESIA SUPRAPTI, Sarjana Hukum, at that time substitute to me, Notary; 

  

	 	i.	 	-“Resolution of Shareholder of Bimagraha” is the Resolution of Shareholder as set out in deed dated eleventh November two thousand three (11-11-2003) number 30 made
before MARIA THERESIA SUPRAPTI, Sarjana Hukum, at that time substitute to me, Notary; 

  

	 	j.	 	-“Minister of Justice and Human Rights” means the Minister of Justice and Human Rights of the Republic of Indonesia or the official authorized to represent the
relevant Minister; 

  

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	 	k.	 	-“Minister of Communications” means the Minister of Communications of the Republic of Indonesia or the official authorized to represent the relevant
Minister; 

  

	 	l.	 	-“Merger” means merging between the Merged Companies with the Surviving Company by way of maintaining the Surviving Company as the Surviving Company and the
Assigned Assets and Obligations from the Merged Companies assigned by law to the Surviving Company and the Merged Companies are dissolved without conducting prior liquidation process; 

  

	 	m.	 	-“Statement of Effectiveness” means the statement from Bapepam that the Merger Registration Statement submitted by the Surviving Company is effective;

  

	 	n.	 	-“BKPM Approval” means the BKPM approval to the merger application submitted by the Merging Companies in accordance with BKPM decree number 1338/III/PMA/2003
dated seventeenth November two thousand three (17-12-2003); 

  

	 	o.	 	-“Minister of Communication Approval” means the letter number PT 00315/20 Phb-2003 dated twenty nine August two thousand three (29-8-2003) whereunder Indosat has
obtained approval from the Minister of Communication to continue all telecommunication licenses and frequency bandwidths allocated to PT. Satelit Palapa Indonesia and PT. Indosat Multi Media Mobile following the effectiveness of the Merger;

  

	 	p.	 	-“Surviving Company” means Indosat which as of the Effective Date of Merger accepts the entire Assigned Assets and Obligations from all Merged Companies;

  

	 	q.	 	-“RUPSLB Indosat” is the Extraordinary General Meeting of Shareholders of PT. Indonesian Satellite Corporation Tbk. as set out in deed dated eleventh November two
thousand three (11-11-2203) number 25, made before Mrs. MARIA THERESIA SUPRAPTI, Sarjana Hukum, at that time substitute to me, Notary; 

  

	 	r.	 	-“ Merger Plan” shall have the meaning as defined in premise H of this Merger Deed as attached and constitutes an integral part to this Merger Deed;

  

	 	s.	 	-“SEC” means the United States Securities and Exchange Commission; 

  

	 	t.	 	-“Effective Date of Merger” means the date on which the Merger as meant in this Merger Deed commences effective, such date is the same with the date of the
execution of this Merger Deed. 

  

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	1.2.	 	-Annexes 

  
 -Every schedule mentioned in this Merger Deed is an integral part of and the content must be considered word by word written in this Merger Deed.

  
 Article 2 
 Merger Agreement 
  

	2.1.	 	-The Surviving Company and the Merged Companies hereby agree to conduct Merger (“Merger Agreement”) which will legally take into effect on the Effective Date of
Merger, with terms and conditions set out in the Merger Plan and this Merger Deed and with due observance to the provisions of the prevailing laws and regulations of the Republic of Indonesia. 

  

	2.2.	 	-In relation to the Merger stipulated in paragraph 2.1 Article 2, on and as of the Effective Date Of Merger: 

  

	 	2.2.1.	 	-all Assigned Assets and Obligations owned by the Merged Companies on the Effective Date Of Merger will be assigned by law to and become the right/ownership as well as obligation of
and will be performed by and on the liability of the Surviving Company; 

  

	 	2.2.2.	 	-the Merged Companies will be dissolved by law without prior liquidation action; 

  

	 	2.2.3.	 	-Indosat as the Surviving Company will maintain its existence as a limited liability company and continuing using the name of PT. Indonesian Satellite Corporation Tbk.

  

	2.3.	 	-As the result of the Merger between the Surviving Company and the Merged Companies as described in this Merger Deed, then as of the Effective Date of Merger:

  

	 	2.3.1.	 	-all activities, business operations, assets and liabilities of the Merging Companies both in the principal office as well as branch offices located anywhere as long as they are
still maintained or not yet closed; as the result of the Merger, are assigned by law to and will be operated/carried out by and on the interest, losses and responsibilities of the Surviving Company; 

  

	 	2.3.2.	 	-all rights, authorities and obligations of the Merging Companies under any permit, approval, agreement, action or occurrence which have already been existed, made, conducted or
occurred on or before the Effective Date of Merger, including (but not limited to) all and every legal relationship between the Merging Companies and third parties are assigned by law to and will be performed or carried out by and on the profits or
losses as well as responsibilities of the Surviving Company; 

  

	 	2.3.3.	 	 -permanent employees of the Merging Companies who approve the Merger shall continue employment relationship with the Surviving Company. Permanent employees of the
Merging Companies who do not 

  

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approve the Merger has been given the opportunity to resign. Such resigning employees shall be given compensation in accordance with the provision of Article
163(1) juncto Article 156 of Law No. 13 Year 2003 on Manpower. 

  
 Article 3 
 Actions Prior to Date of Merger 
  

	3.1.	 	-Agreement with Creditors 

  
 -In accordance with the relevant agreement with the creditors, the Merger has been approved by and/or notified to the creditors of each Merging Companies
and the Merger Plan has been delivered to the creditors of each Merging Companies in accordance with the provision of Article 33 of Government Regulation Number 27 Year 1998 (one thousand nine hundred ninety eight) i.e. no later than 30 (thirty)
days prior to the summon of the General Meeting of Shareholders and no creditor has any objection to the Merger Plan. 
  

	3.2.	 	-Employees 

  
 -In accordance with the provision of Article 12 of Government Regulation Number 27 Year 1998 (one thousand nine hundred ninety eight), the Board of
Directors of each Merging Companies have notified in writing the summary of the Merger Plan to their employees. 
  

	3.3.	 	-Announcement 

  
 -In accordance with the provision of Article 12 of Government Regulation Number 27 Year 1998 (one thousand nine hundred ninety eight), the Board of
Directors of each Merging Company have jointly announced the summary of the Merger Plan and the amendment/additional information to Merger Plan in 2 (two) national daily newspapers in the Indonesian language and 1 (one) national daily newspaper in
the English language with a broad circulation in Indonesia on seventh October two thousand three (7-10-2003) and on fifth November two thousand three (5-11-2003), in accordance with the provision of Article 12 of Government Regulation Number 27 Year
1998 (one thousand nine hundred and ninety eight). 
  

	3.4.	 	-Notification to SEC 

  
 -The Surviving Company has notified the Merger Plan to the SEC on twelfth November two thousand three (12-11-2003) and the amendment/additional
information to Merger Plan to the SEC on eighteenth November tow thousand three (18-11-2003). 
  

	3.5.	 	-Statement of Completeness of Documents or Statement of Effectiveness 

  

-The Surviving Company has obtained the Statement of Effectiveness from Bapepam. 
  

	3.6.	 	-Minister of Communications Approval 

  
 -The Surviving Company has obtained the Minister of Communications Approval. 
  

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	3.7.	 	-BKPM Approval 

  
 -The Surviving Company has obtained the BKPM Approval. 
  

	3.8.	 	-Approvals of Shareholders 

  
 -The Shareholders of each of the Merging Companies have approved the Merger Plan and approved the resolution to conduct the Merger of the Merging
Companies, as provided in the deeds dated eleventh November two thousand three (11-11-2003) each with number 26, 28, 29 and 30, all made before Mrs. MARIA THERESIA SUPRAPTI, Sarjana Hukum, at that time substitute to me, Notary. 
  
 Article 4 
 Capitalization of the Surviving Company 
  
 -In relation to and considering that in the execution of the Merger between the Surviving Company and the Merged Companies, there will be no issuance of new shares, the capitalization structure of Indosat before and
after the Effective Date of Merger is the same and remains as follows: 
  

					
	 -Authorized Capital
	  	:	  	Rp. 2,000,000,000,000,-
	 	  	 	  	-(two trillion Rupiah).
			
	 -Issued and Paid-up Capital
	  	:	  	Rp 517,750,000,000,-
	 	  	 	  	-(five hundred seventeen billion seven hundred fifty million Rupiah)

  
 Article 5

 Directors and Commissioners of the Surviving Company 
  
 -The entire members of the Board of Directors and Board of Commissioners of the Surviving Company as determined in the Annual General
Meeting of Shareholders of Indosat held on twenty eight June two thousand three (28-6-2003) as set forth in Deed No. 34 dated sixteenth July two thousand three (16-7-2003) drawn up before Poerbaningsih Adi Warsito, S.H., Notary in Jakarta, who are
incumbent on the Effective Date of Merger will continue to hold their offices with the following composition, subject to changes as may be resolved by a general meeting of shareholders: 
  

					
	 -Board of Commissioners
	  	 	  	 
	 -President Commissioner
	  	:	  	Peter Seah Lim Kuat
	 -Commissioner
	  	:	  	Lee Theng Kiat
	 -Commissioner
	  	:	  	Sio Tat Hiang
	 -Commissioner
	  	:	  	Sum Soon Lim
	 -Commissioner
	  	:	  	Roes Aryawijaya
	 -Commissioner
	  	:	  	Umar Rusdi
	 -Independent Commissioner
	  	:	  	Achmad Rivai
	 -Independent Commissioner
	  	:	  	Soebagijo Soemodihardjo
	 -Independent Commissioner
	  	:	  	Lim Ah Doo
			
	 -Directors
	  	 	  	 
	 -President Director
	  	:	  	Widya Purnama
	 -Vice President Director
	  	:	  	Ng Eng Ho
	 -Director
	  	:	  	Wahyu Wijayadi
	 -Director
	  	:	  	Wityasmoro Sih Handayanto
	 -Director
	  	:	  	Hasnul Suhaimi
	 -Director
	  	:	  	Sutrisman
	 -Director
	  	:	  	Nicholas Tan Kok Peng

  

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 Article 6 
 The Effectiveness of Merger 
  
 -In
accordance with paragraph 3 Article 14 of Government Regulation Number 27 year 1998 (one thousand nine hundred ninety eight), considering that this Merger is conducted without any amendments to the articles of association of the Surviving Company in
relation to the Merger, then this Merger shall take into effect as of the date of signing of this Merger Deed (“Effective Date of Merger”) 
  
 -By the effectiveness of Merger, each Merged Companies is dissolved since that time and the shares in the capital of each Merged Companies must be withdrawn. 

 
 -On and as of the Effective Date of Merger, the stipulation in paragraph 2.2 of Article 2
of this Merger Deed will take into effect as a matter of law without any necessary actions, both by the Surviving Company as well as the Merged Companies. 
  
 Article 7 
 Realization of Merger

  

	7.1.	 	-Immediately after this Merger Deed is executed, the Surviving Company will perform these following actions: 

  
 -No later than 1 (one) Working Day after the execution of this Merger Deed,
send a written notification regarding the effectiveness of Merger as constituted in this Merger Deed to: 
  

	 	a.	 	-every former member of Board of Directors and Board of Commissioners of the Merged Companies; 

  

	 	b.	 	-Bapepam; 

  

	 	c.	 	-Stock Exchange; 

  

	 	d.	 	-every other party deemed necessary by the Surviving Company; 

  
 -Specifically to the former members of Board of Directors and Board of Commissioners the notification shall be accompanied by an explanation that as of
the Effective Date of Merger, the Merged Companies shall be dissolved, therefore each of the former members of Board of Directors and Board of Commissioners of the Merged Companies no longer holds its previous office. 
  

	7.2.	 	-No later than 14 (fourteen) days as of the Effective Date of Merger, notify the Minister of Justice and Human Rights regarding the execution of this Merger Deed and the
effectiveness of Merger as contained in this Merger Deed. 

  

	7.3.	 	 -No later than 30 (thirty) days as of the Date of Merger, announce the effectiveness of Merger as contained in this Merger Deed in 2 (two) daily 

  

 13 

	 	 
national newspapers in the Indonesian language and 1 (one) daily national newspaper in the English language having broad circulation.

  

	7.4.	 	-Promptly after the effectiveness of the Merger has been notified to the Bapepam, and the Stock Exchange in Indonesia, it shall be disclosed to the SEC. 

  
 Article 8 
 Representation and Warranty of Surviving Company 
  
 -In relation to the making of this Merger Deed, the Surviving Company represents and warrants to the Merged Companies as follows: 
  

	8.1.	 	-on the date of this Merger Deed, information regarding deed of establishment, articles of association, share capital structure, shareholders, members of Board of Commissioners and
Board of Directors of the Surviving Company as described in this Merger Deed and the Merger Plan are accurate and in accordance with the actual facts; 

  

	8.2.	 	-all and every actions required by the articles of association of the Surviving Company as well as the prevailing laws and regulations to make, sign, and implement this Merger Deed
have been and will be fulfilled or performed; 

  

	8.3.	 	-this Merger Deed is legal, valid and binding to the Surviving Company and constitutes valid legal obligations to the Surviving Company in accordance with the terms and conditions
in this Merger Deed; 

  

	8.4.	 	-to perform and execute the Merger with the Merged Companies, the Surviving Company needs no permit or approval from any authorized institution located anywhere, except to obtain
(i) Statement of Effectiveness from Bapepam, (ii) the Minister of Communications Approval and (iii) BKPM Approval, which permits have been obtained; 

  

	8.5.	 	-the Surviving Company is a limited liability company which has been legally established and all resolutions legally resolved in the General Meeting of Shareholders of the Surviving
Company are valid and binding to the Surviving Company and every shareholder. 

  
 Article 9 
 Representation and Warranty of the Merged Companies 
  
 -In relation to the making of this Merger Deed, each Merged Companies for itself represents
and warrants to the Surviving Company as follows: 
  

	9.1.	 	-on the date of this Merger Deed, information regarding deed of establishment, articles of association, share capital structure, shareholders, members of Board of Commissioners and
Board of Directors of the Merged Companies as described in this Merger Deed are accurate and in accordance with the actual facts; 

  

 14 

	9.2.	 	-all and every actions required by the articles of association of each Merged Company and prevailing laws and regulations to make, sign, and implement this Merger Deed have been
fulfilled and performed; 

  

	9.3.	 	-this Merger Deed is legal, valid and binding to the Merged Companies and constitutes valid legal obligations to each Merged Companies, in accordance with the terms and conditions
in this Merger Deed; 

  

	9.4.	 	-to perform and execute the Merger with the Surviving Company, the Merged Companies need no permit or approval from any authorized institution located anywhere, except to obtain the
BKPM Approval, which permit has been obtained; 

  

	9.5.	 	-each General Meeting of Shareholders of the Merged Companies is legal and all resolutions adopted in the General Meeting of Shareholders of the Merged Companies shall be valid and
binding to each Merged Companies as well as every shareholders of the Merged Companies. 

  
 Article 10 
 Miscellaneous Provisions 
  

	10.1.	 	-Official Language of Agreement 

  
 -This Merger Deed is made in the Indonesian Language and every interpretation to this Merger Deed may only be conducted to the agreement which is made in
the Indonesian Language. 
  

	10.2.	 	-Sole Agreement 

  
 -This Merger Deed and the Merger Plan constitutes an integral unit and sole arrangement with respect to the Merger between the Surviving Company and the
Merged Companies which are valid for and binding to the parties in this Merger Deed. 
  

	10.3.	 	-Severability 

  
 -If a term or condition in this Merger Deed, based on the provisions of the prevailing laws or a court order, is declared invalid, illegal or not
feasible, under no condition will the matter affect or reduce the validity, legality and implementation of other terms and conditions in this Merger Deed, the other terms and conditions will remain legally valid and binding to the parties under this
Merger Deed. 
  

	10.4.	 	-Delay to Perform Right 

  
 -Every delay or negligence of one of the parties to or in performing one or a part of its rights and authorities stated in this Merger Deed, shall not be
deemed or is not a waiver from such rights and authorities, or other rights and authorities stated in this Merger Deed. 
  

	10.5.	 	-Confidentiality 

  
 -In order to execute this Merger Deed, each Merging Companies explicitly covenants and binds itself to each other not to conduct these following actions:

  

	 	10.5.1. 	 	-convey or notify to other party, unless as required by the provisions of prevailing regulations or to experts or professionals who provides and gives its services to and for the
interests of the Surviving Company or the Merged Companies in order to make or execute this Merger Deed or agreement or document made based on this Merger Deed; or 

  

 15 

	 	10.5.2.	 	 -misuse or use for other interests other than for and in the framework of Merger as described in this Merger Deed; 

  
 -all information, materials, documents and or explanations whether obtained
verbally as well as in writing, regarding everything related to each organizational structure or condition (including business or financial condition), which are obtained by the Surviving Company or the Merged Companies, both directly as well as
indirectly from other party in the Merger or from the expertise or professionals whose services utilized by the Surviving Company or the Merged Companies in order to make or execute the Merger Deed or from any party. 
  
 -Excluded from the above mentioned provision are materials, information or
documents regarding a party in this Merger Deed which have been or become known by the general public or community: 
  

	 	a.	 	-out of the fault or capacity of each party in this Merger Deed; or 

  

	 	b.	 	-jointly announced by the Merging Companies; or 

  

	 	c.	 	-as the result from or in relation to the implementation of the prevailing laws and regulations. 

  
 -In relation to the above mentioned matter, the Merging Companies will not duplicate or disseminate by any ways, the
materials or documents or information mentioned above to unentitlted or unauthorized third party without joint written permit from all parties in this Merger Deed. 
  

	10.6.	 	-Power to Notify and Register the Assignment of Right 

  
 -With the effectiveness of the Merger, the Surviving Company is fully empowered and authorized to: 
  

	 	a.	 	-carry out and perform any form of action or conduct to notify to, or obtain acknowledgment from any party which may be determined by the Surviving Company regarding the assignment
of right by law of the Assigned Assets and Obligations from the Merged Companies to the Surviving Company based on the Merger as contained in this Merger Deed. 

  

	 	b.	 	-represent and act for and on behalf of the Merged Companies anywhere and before anyone, or any authorized official, entity and institution, in fulfilling, signing and submitting as
well as transferring all and every deeds, agreements or documents in any forms to and in order to register the assignment of rights over the assets in any forms owned or registered under the name of the Merged Companies of the Assigned Assets and
Obligations to become under the name of the Surviving Company. 

  

 16 

	 	c.	 	-carry out and perform all and every actions which are obliged or deemed necessary to be carried out by the Surviving Company (i) to and in order to conduct and perform the right,
authority and obligation of the Merged Companies in any form and under any name which can or must be conducted by the Merged Companies in or based on any agreement or occurrence, or (ii) in general to and in order to carry out and execute the Merger
agreed in this Merger Deed. 

  
 -To the above
mentioned matter, the Surviving Company to appear before any institution, official, entity, individual or party anywhere, make, sign and hand over any forms of deeds, documents, forms or letters, negotiate, make and sign agreement on or related to
everything described in the above points (a), (b) and/or (c), provide information, in brief carry out and perform any action and conduct which are obliged or deemed necessary to be conducted to and in order to carry out and perform the action and
conduct which are granted the power to be carried out and performed in accordance with the provision of this paragraph 10.6 of Article 10, with no exception. 
  

	10.8.	 	-Costs and Expenses of Merger 

  
 -All and every cost, expense, wages, tax and tax levied which are obliged and needed to be paid to and in connection with the Merger described in this
Merger Deed, among others (but not limited to): 
  

	 	(a)	 	-cost and fee of the professionals who provide their services in connection with the Merger, including fees for legal counsel and financial consultant; 

  

	 	(b)	 	-fee and honorarium of Notary, to prepare and make this Merger Deed, other related deeds, minutes of meeting, letter or document regarding or related to Merger;

  

	 	(c)	 	-cost and fee for advertising and printing; and 

  

	 	(d)	 	-cost and fee for registration which must be carried out. 

  
 -all of them shall be the responsibilities and burdens of the Surviving Company. 
  
 -Finally, the appearers state that the financial details of each Merged Companies as of the signing of this Merger Deed will be accounted in
the financial statement of the Surviving Company. 
  
 -For this Merger Deed and
all consequences which may arise as well as the implementation, the parties elect as general and permanent legal domicile the Registrar of the South Jakarta District Court in Jakarta. 
  

 17 

 -From all mentioned above: 
  
 THIS DEED 
  
 -Is made as minutes and read out and signed in Jakarta on the day and date mentioned at the beginning of this deed in the presence of Mrs. MARIA THERESIA SUPRAPTI, Sarjana Hukum and Mr. SUWIMARDA PRASOJO, Sarjana
Hukum, both Notary Assistants, residing in Jakarta as witnesses. 
  
 -Immediately,
after this deed has been read out by me, Notary to the appearers and witnesses, this deed was immediately signed by the appearers, the witnesses and me, Notary. 
  

-Signed without any changes. 
  
 -The original of this deed has been signed accordingly. 
  
 Issued as an authentic copy 
  

 181996 EMPLOYEE STOCK PURCHASE PLAN, AS AMENDED

 EXHIBIT 4.4 
  

TERADYNE, INC. 
  
 1996 EMPLOYEE STOCK PURCHASE PLAN 
  
 (as amended as of May 27, 2004) 
  
 Article 1 - Purpose. 
  
 This 1996 Employee Stock Purchase Plan (the “Plan”) is intended to encourage stock ownership by all eligible employees of Teradyne, Inc. (the
“Company”), a Massachusetts corporation, and its participating subsidiaries (as defined in Article 17) so that they may share in the growth of the Company by acquiring or increasing their proprietary interest in the Company. The Plan is
designed to encourage eligible employees to remain in the employ of the Company and its participating subsidiaries. The Plan is intended to constitute an “employee stock purchase plan” within the meaning of Section 423(b) of the Internal
Revenue Code of 1986, as amended (the “Code”). 
  
 Article 2 -
Administration of the Plan. 
  
 The Plan may be
administered by a committee appointed by the Board of Directors of the Company (the “Committee”). The Committee shall consist of not less than two members of the Company’s Board of Directors. The Board of Directors may from time to
time remove members from, or add members to, the Committee. Vacancies on the Committee, howsoever caused, shall be filled by the Board of Directors. The Committee may select one of its members as Chairman, and shall hold meetings at such times and
places as it may determine. Acts by a majority of the Committee, or acts reduced to or approved in writing by a majority of the members of the Committee, shall be the valid acts of the Committee. 
  
 The interpretation and construction by the Committee of any provisions of the
Plan or of any option granted under it shall be final, unless otherwise determined by the Board of Directors. The Committee may from time to time adopt such rules and regulations for carrying out the Plan as it may deem best, provided that any such
rules and regulations shall be applied on a uniform basis to all employees under the Plan. No member of the Board of Directors or the Committee shall be liable for any action or determination made in good faith with respect to the Plan or any option
granted under it. 
  
 In the event the Board of Directors fails to
appoint or refrains from appointing a Committee, the Board of Directors shall have all power and authority to administer the Plan. In such event, the word “Committee” wherever used herein shall be deemed to mean the Board of Directors.

  
 Article 3 - Eligible Employees. 
  
 No option may be granted to any person serving as a member of the Committee
at the time of grant. Subject to the foregoing limitation, all employees of the Company or any of its participating subsidiaries on United States payroll who are employees of the Company or any of its participating subsidiaries (i) on or before the
first day of any Payment Period (as defined in Article 5) or (ii) for employees first employed after the first day of a particular Payment Period, on or before the first day of the next succeeding July in any such Payment Period, and whose customary
employment is not less than twenty hours per week and more than five months in any calendar year shall be eligible to receive options under the Plan to purchase common stock of the Company, par value $.125 per share (“Common Stock”). An
employee eligible under this Plan solely by virtue of clause (ii) of the preceding sentence shall be referred to herein as a “July Employee.” All eligible employees shall have the same rights and privileges hereunder. Persons who elect to
enter the Plan in accordance with Article 7 and who are eligible employees on the first business day of any Payment Period (as defined in Article 5) (or on the first business day of July with respect to July Employees) shall receive their options as
of such day. Persons who elect to enter the Plan in accordance with Article 7 and who become eligible employees after any date on which 

  

 
options are granted under the Plan shall be granted options on the first business day of the next succeeding Payment Period or the first business day of July
(whichever is applicable) on which options are granted to eligible employees under the Plan. In no event, however, may an employee be granted an option if such employee, immediately after the option was granted, would be treated as owning stock
possessing five percent or more of the total combined voting power or value of all classes of stock of the Company or of any parent corporation or subsidiary corporation, as the terms “parent corporation” and “subsidiary
corporation” are defined in Section 424(e) and (f) of the Code. For purposes of determining stock ownership under this paragraph, the rules of Section 424(d) of the Code shall apply, and stock which the employee may purchase under outstanding
options shall be treated as stock owned by the employee. 
  
 Article 4 -
Stock Subject to the Plan. 
  
 The stock subject to the
options under the Plan shall be authorized but unissued Common Stock, or shares of Common Stock reacquired by the Company, including shares purchased in the open market. The aggregate number of shares which may be issued pursuant to the Plan is
15,400,000, subject to adjustment as provided in Article 12. If any option granted under the Plan shall expire or terminate for any reason without having been exercised in full or shall cease for any reason to be exercisable in whole or in part, the
unpurchased shares subject thereto shall again be available under the Plan. 
  
 Article 5 - Payment Period and Stock Options. 
  
 For the duration of the Plan, the Payment Period shall be defined as the twelve-month period commencing on the first day of January and ending annually on the last day of December of each calendar year. Notwithstanding the foregoing, the
first Payment Period during which payroll deductions will be accumulated under the Plan shall commence on July 1, 1996 and shall end on December 31, 1996. 
  
 On the first business day of each Payment Period (or on the first business day of July of such Payment Period in the case of a July Employee), the Company
will grant to each eligible employee who is then a participant in the Plan an option to purchase on the last day of such Payment Period, at the Option Price hereinafter provided for, a maximum of 6,000 shares, on condition that such employee remains
eligible to participate in the Plan throughout the remainder of such Payment Period. The participant shall be entitled to exercise the option so granted only to the extent of the participant’s accumulated payroll deductions on the last day of
such Payment Period. If the participant’s accumulated payroll deductions on the last day of the Payment Period would enable the participant to purchase more than 6,000 shares except for the 6,000 share limitation, the excess of the amount of
the accumulated payroll deductions over the aggregate purchase price of the 6,000 shares shall be promptly refunded to the participant by the Company, without interest. The Option Price per share for each Payment Period shall be the lesser of (i)
85% of the fair market value of the Common Stock on the first business day of the Payment Period (or, in the case of a July Employee, on the first business day of July of such Payment Period) and (ii) 85% of the fair market value of the Common Stock
on the last business day of the Payment Period, in either event rounded up to the nearest cent. The foregoing limitation on the number of shares subject to option and the Option Price shall be subject to adjustment as provided in Article 12.

  
 For purposes of the Plan, the term “fair market
value” on any date means (i) the average (on that date) of the high and low prices of the Common Stock on the principal national securities exchange on which the Common Stock is traded, if the Common Stock is then traded on a national
securities exchange; or (ii) the last reported sale price (on that date) of the Common Stock on The Nasdaq Stock Market, if the Common Stock is not then traded on a national securities exchange; or (iii) the average of the closing bid and asked
prices last quoted (on that date) by an established quotation service for over-the-counter securities, if the Common Stock is not reported on The Nasdaq Stock Market; or (iv) if the Common Stock is not publicly traded, the fair market value of the
Common Stock as determined by the Committee after taking into consideration all factors which it deems appropriate, including, without limitation, recent sale and offer prices of the Common Stock in private transactions negotiated at arm’s
length. 
  
 For purposes of the Plan, the term “business
day” means a day on which there is trading on The Nasdaq Stock Market or the aforementioned national securities exchange, whichever is applicable pursuant 

  

 
to the preceding paragraph; and if neither is applicable, a day that is not a Saturday, Sunday or legal holiday in Massachusetts. 
  
 Notwithstanding any other provision herein, no employee shall be granted an
option which permits the employee’s right to purchase stock under the Plan, and under all other Section 423(b) employee stock purchase plans of the Company and any parent or subsidiary corporations, to accrue at a rate which exceeds $25,000 of
fair market value of such stock (determined on the date or dates that options on such stock were granted) for each calendar year in which such option is outstanding at any time. The purpose of the limitation in the preceding sentence is to comply
with Section 423(b)(8) of the Code. If the participant’s accumulated payroll deductions on the last day of the Payment Period would otherwise enable the participant to purchase Common Stock in excess of the Section 423(b)(8) $25,000 limitation
described in this paragraph, the excess of the amount of the accumulated payroll deductions over the aggregate purchase price of the shares actually purchased shall be promptly refunded to the participant by the Company, without interest.

  
 Article 6 - Exercise of Option. 
  
 Each eligible employee who continues to be a participant in the Plan on the
last day of a Payment Period shall be deemed to have exercised his or her option on such date and shall be deemed to have purchased from the Company such number of full shares of Common Stock reserved for the purpose of the Plan as the
participant’s accumulated payroll deductions on such date will pay for at the Option Price, subject to the 6,000 share limit of the option and the Section 423(b)(8) $25,000 limitation described in Article 5. If the individual is not a
participant on the last day of a Payment Period, then he or she shall not be entitled to exercise his or her option. Only full shares of Common Stock may be purchased under the Plan. Unused payroll deductions remaining in a participant’s
account at the end of a Payment Period solely by reason of the inability to purchase a fractional share (and for no other reason) shall be refunded. 
  
 Article 7 - Authorization for Entering the Plan. 
  
 An employee may elect to enter the Plan by filling out, signing and delivering to the Company an authorization: 
  
 A. Stating the percentage to be deducted from the
employee’s pay; 
  
 B. Authorizing the
purchase of stock for the employee in each Payment Period in accordance with the terms of the Plan; and 
  
 C. Specifying the exact name or names in which stock purchased for the employee is to be issued as provided under Article 11 hereof.

  
 Such authorization must be received by the Company on or
before the first day of the next succeeding Payment Period or on or prior to the first day of July of such Payment Period in the case of a July Employee. 
  
 Unless a participant files a new authorization or withdraws from the Plan, the deductions and purchases under the authorization the participant has on
file under the Plan will continue from one Payment Period to succeeding Payment Periods as long as the Plan remains in effect. 
  
 The Company will accumulate and hold for each participant’s account the amounts deducted from his or her pay. No interest will be paid on these
amounts. 
  
 Article 8 - Maximum Amount of Payroll Deductions.

  
 An employee may authorize payroll deductions in an amount
(expressed as a whole percentage) not less than two percent (2%) but not more than ten percent (10%) of the employee’s cash compensation. 
  

 Article 9 - Change in Payroll Deductions. 
  
 Deductions may not be increased during a Payment Period. Deductions may be decreased during a Payment Period, provided that
an employee may not decrease his deduction more often than twice during any Payment Period (and with respect to July Employees once during any Payment Period). 
  

Article 10 - Withdrawal from the Plan. 
  
 A participant may withdraw from the Plan (in whole but not in part) at any time prior to the last day of a Payment Period by delivering a withdrawal
notice to the Company. 
  
 To re-enter the Plan, an employee who
has previously withdrawn must file a new authorization on or before the first day of the next Payment Period in which he or she wishes to participate. The employee’s re-entry into the Plan becomes effective at the beginning of such Payment
Period, provided that he or she is an eligible employee on the first business day of the Payment Period. 
  
 Article 11 - Issuance of Stock. 
  
 Certificates for stock issued to participants shall be delivered as soon as practicable after each Payment Period by the Company’s transfer agent. 
  
 Stock purchased under the Plan shall be issued only in the name of the participant, or if the participant’s
authorization so specifies, in the name of the participant and another person of legal age as joint tenants with rights of survivorship. 
  
 Article 12 - Adjustments. 
  
 Upon the happening of any of the following described events, a participant’s rights under options granted under the Plan shall be adjusted as
hereinafter provided: 
  
 A. In the event that
the shares of Common Stock shall be subdivided or combined into a greater or smaller number of shares or if, upon a reorganization, split-up, liquidation, recapitalization or the like of the Company, the shares of Common Stock shall be exchanged for
other securities of the Company, each participant shall be entitled, subject to the conditions herein stated, to purchase such number of shares of Common Stock or amount of other securities of the Company as were exchangeable for the number of
shares of Common Stock that such participant would have been entitled to purchase except for such action, and appropriate adjustments shall be made in the purchase price per share to reflect such subdivision, combination or exchange; and 

 
 B. In the event the Company shall issue any of its shares
as a stock dividend upon or with respect to the shares of stock of the class which shall at the time be subject to options hereunder, each participant upon exercising such an option shall be entitled to receive (for the purchase price paid upon such
exercise) the shares as to which the participant is exercising his or her option and, in addition thereto (at no additional cost), such number of shares of the class or classes in which such stock dividend or dividends were declared or paid, and
such amount of cash in lieu of fractional shares, as is equal to the number of shares thereof and the amount of cash in lieu of fractional shares, respectively, which the participant would have received if the participant had been the holder of the
shares as to which the participant is exercising his or her option at all times between the date of the granting of such option and the date of its exercise. 
  
 Upon the happening of any of the foregoing events, the class and aggregate number of shares set forth in Article 4 hereof which are subject to options
which have been or may be granted under the Plan and the limitations set forth in the second paragraph of Article 5 shall also be appropriately adjusted to reflect the events specified in paragraphs A and B above. Notwithstanding the foregoing, any
adjustments made pursuant to paragraphs A or B shall be made only after the Committee, based on advice of counsel for the Company, determines whether such adjustments would constitute a “modification” (as that term is 

  

 
defined in Section 424 of the Code). If the Committee determines that such adjustments would constitute a modification, it may refrain from making such
adjustments. 
  
 If the Company is to be consolidated with or
acquired by another entity in a merger, a sale of all or substantially all of the Company’s assets or otherwise (an “Acquisition”), the Committee or the board of directors of any entity assuming the obligations of the Company
hereunder (the “Successor Board”) shall, with respect to options then outstanding under the Plan, either (i) make appropriate provision for the continuation of such options by arranging for the substitution on an equitable basis for the
shares then subject to such options either (a) the consideration payable with respect to the outstanding shares of the Common Stock in connection with the Acquisition, (b) shares of stock of the successor corporation, or a parent or subsidiary of
such corporation, or (c) such other securities as the Successor Board deems appropriate, the fair market value of which shall not exceed the fair market value of the shares of Common Stock subject to such options immediately preceding the
Acquisition; or (ii) terminate each participant’s options in exchange for a cash payment equal to the excess of the fair market value on the date of the Acquisition of the number of shares of Common Stock that the participant’s accumulated
payroll deductions as of the date of the Acquisition could purchase, at an option price determined with reference only to the first business day of the applicable Payment Period (or the first business day of July of such Payment Period in the case
of a July Employee) and subject to the 6,000 share limit, Code Section 423(b)(8) and fractional-share limitations on the amount of stock a participant would be entitled to purchase over the aggregate option price to such participant thereof.

  
 The Committee or Successor Board shall determine the
adjustments to be made under this Article 12, and its determination shall be conclusive. 
  
 Article 13 - No Transfer or Assignment of Employee’s Rights. 
  
 An option granted under the Plan may not be transferred or assigned, otherwise than by will or by the laws of descent and distribution. Any option granted
under the Plan may be exercised, during the participant’s lifetime, only by the participant. 
  
 Article 14 - Termination of Employee’s Rights. 
  
 Whenever a participant ceases to be an eligible employee because of retirement, voluntary or involuntary termination, resignation, layoff, discharge,
death or for any other reason, his or her rights under the Plan shall immediately terminate, and the Company shall promptly refund, without interest, the entire balance of his or her payroll deduction account under the Plan; provided,
however, that if an employee is laid off during the last three months of any Payment Period, he shall nevertheless be deemed to be a participant in the Plan on the last day of the Payment Period. Notwithstanding the foregoing, eligible employment
shall be treated as continuing intact while a participant is on military leave, sick leave or other bona fide leave of absence, for up to 90 days, or, if such leave is longer than 90 days, for so long as the participant’s right to re-employment
is guaranteed either by statute or by written contract. Notwithstanding any other provision herein, if a participant’s employment is terminated by reason of retirement, and the date of such termination occurs after the date that is 3 months
prior to the last day of the Payment Period, such participant’s rights under the Plan are not immediately terminated, and if the participant has not withdrawn from the Plan, such participant’s options shall be deemed to have been exercised
on the last day of the Payment Period in accordance with the terms of the Plan. 
  
 Article 15 - Termination and Amendments to Plan. 
  
 The Plan may be terminated at any time by the Company’s Board of Directors but such termination shall not affect options then outstanding under the Plan. If at any time shares of stock reserved for the purpose of
the Plan remain available for purchase but not in sufficient number to satisfy all then unfilled purchase requirements, the available shares shall be apportioned among participants in proportion to the amount of payroll deductions accumulated on
behalf of each participant that would otherwise be used to purchase stock, and the Plan shall terminate. Upon such termination or any other termination of the Plan, all payroll deductions not used to purchase stock will be refunded, without
interest. 
  

 The Committee or the Board of Directors may from time to time adopt amendments to the Plan provided that,
without the approval of the shareholders of the Company, no amendment may (i) increase the number of shares that may be issued under the Plan; (ii) change the class of employees eligible to receive options under the Plan, if such action would be
treated as the adoption of a new plan for purposes of Code Section 423(b) and the regulations thereunder; or (iii) cause Rule 16b-3 under the Securities Exchange Act of 1934 to become inapplicable to the Plan. 
  
 Article 16 - Limits on Sale of Stock Purchased under the Plan. 
  
 The Plan is intended to provide shares of Common Stock for investment and
not for resale. The Company does not, however, intend to restrict or influence any employee in the conduct of his or her own affairs. An employee may, therefore, sell stock purchased under the Plan at any time the employee chooses, subject to
compliance with any applicable federal or state securities laws and subject to any restrictions imposed under Article 21 to ensure that tax withholding obligations are satisfied. THE EMPLOYEE ASSUMES THE RISK OF ANY MARKET FLUCTUATIONS IN THE
PRICE OF THE STOCK. 
  
 Article 17 - Participating Subsidiaries.

  
 The term “participating subsidiary” shall mean
any present or future subsidiary of the Company, as that term is defined in Section 424(f) of the Code, that is designated from time to time by the Board of Directors to participate in the Plan. The Board of Directors shall have the power to make
such designation before or after the Plan is approved by the shareholders. 
  
 Article 18 - Optionees Not Shareholders. 
  
 Neither the granting of an option to an employee nor the deductions from his or her pay shall constitute such employee a stockholder of the shares covered by an option until such shares have been actually purchased by the employee.

  
 Article 19 - Application of Funds. 
  
 The proceeds received by the Company from the sale of Common Stock pursuant
to options granted under the Plan will be used for general corporate purposes. 
  
 Article 20 - Notice to Company of Disqualifying Disposition. 
  
 By electing to participate in the Plan, each participant agrees to notify the Company in writing immediately after the participant transfers Common Stock acquired under the Plan, if such transfer occurs within two
years after the first business day of the Payment Period in which such Common Stock was acquired. Each participant further agrees to provide any information about such a transfer as may be requested by the Company or any subsidiary corporation in
order to assist it in complying with the tax laws. Such dispositions generally are treated as “disqualifying dispositions” under Sections 421 and 424 of the Code, which have certain tax consequences to participants and to the Company and
its participating subsidiaries. 
  
 Article 21 - Withholding of Additional
Income Taxes. 
  
 By electing to participate in the Plan,
each participant acknowledges that the Company and its participating subsidiaries are required to withhold taxes with respect to the amounts deducted from the participant’s compensation and accumulated for the benefit of the participant under
the Plan, and each participant agrees that the Company and its participating subsidiaries may deduct additional amounts from the participant’s compensation, when amounts are added to the participant’s account, used to purchase Common Stock
or refunded, in order to satisfy such withholding obligations. Each participant further acknowledges that when Common Stock is purchased under the Plan the Company and its participating 

  

 
subsidiaries may be required to withhold taxes with respect to all or a portion of the difference between the fair market value of the Common Stock purchased
and its purchase price, and each participant agrees that such taxes may be withheld from compensation otherwise payable to such participant. It is intended that tax withholding will be accomplished in such a manner that the full amount of payroll
deductions elected by the participant under Article 7 will be used to purchase Common Stock. However, if amounts sufficient to satisfy applicable tax withholding obligations have not been withheld from compensation otherwise payable to any
participant, then, notwithstanding any other provision of the Plan, the Company may withhold such taxes from the participant’s accumulated payroll deductions and apply the net amount to the purchase of Common Stock, unless the participant pays
to the Company, prior to the exercise date, an amount sufficient to satisfy such withholding obligations. Each participant further acknowledges that the Company and its participating subsidiaries may be required to withhold taxes in connection with
the disposition of stock acquired under the Plan and agrees that the Company or any participating subsidiary may take whatever action it considers appropriate to satisfy such withholding requirements, including deducting from compensation otherwise
payable to such participant an amount sufficient to satisfy such withholding requirements or conditioning any disposition of Common Stock by the participant upon the payment to the Company or such subsidiary of an amount sufficient to satisfy such
withholding requirements. 
  
 Article 22 - Governmental Regulations.

  
 The Company’s obligation to sell and deliver shares
of Common Stock under the Plan is subject to the approval of any governmental authority required in connection with the authorization, issuance or sale of such shares. 
  
 Government regulations may impose reporting or other obligations on the Company with respect to the Plan. For example, the
Company may be required to identify shares of Common Stock issued under the Plan on its stock ownership records and send tax information statements to employees and former employees who transfer title to such shares. 
  
 Article 23 - Governing Law. 
  
 The validity and construction of the Plan shall be governed by the laws of
Massachusetts, without giving effect to the principles of conflicts of law thereof. 
  
 Article 24 - Approval of Board of Directors and Stockholders of the Company. 
  
 The Plan was adopted by the Board of Directors on March 19, 1996 and on such date the Board of Directors resolved that the Plan was to be submitted to the
shareholders of the Company for approval at the next meeting of shareholders. If the Plan does not receive such approval, all payroll deductions shall be returned without interest and the Plan shall be terminated.

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