Document:

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                                                                    EXHIBIT 10.2

                                  SKILLSOFT PLC
                             2002 SHARE OPTION PLAN

                          (Amended September 28, 2006)

     1. Purposes of the Plan. The purposes of this 2002 Share Option Plan are:

          -    to attract and retain the best available personnel for positions
               of substantial responsibility,

          -    to provide additional incentive to Employees, Inside Directors
               and Consultants, and

          -    to promote the success of the Company's business.

     Options granted under the Plan may be Incentive Share Options or
Nonstatutory Share Options, as determined by the Administrator at the time of
grant.

     2. Definitions. As used herein, the following definitions shall apply:

          (a) "Administrator" means the Board or any of its Committees as shall
be administering the Plan, in accordance with Section 4 of the Plan.

          (b) "Applicable Laws" means the requirements relating to the
administration of stock option plans under U.S. state corporate laws, U.S.
federal and state securities laws, the Code, any stock exchange or quotation
system on which the Ordinary Shares are listed or quoted and the applicable laws
of any foreign country or jurisdiction where Options are, or will be, granted
under the Plan and the laws of Ireland.

          (c) "Board " means the Board of Directors of the Company.

          (d) "Change in Control" means the occurrence of any of the following
events:

               (i) Any "person" (as such term is used in Sections 13(d) and
14(d) of the Exchange Act) becomes the "beneficial owner" (as defined in Rule
13d-3 of the Exchange Act), directly or indirectly, of securities of the Company
representing fifty percent (50%) or more of the total voting power represented
by the Company's then outstanding voting securities; or

               (ii) The consummation of the sale or disposition by the Company
of all or substantially all of the Company's assets;

               (iii) A change in the composition of the Board occurring within a
two-year period, as a result of which fewer than a majority of the directors are
Incumbent Directors. "Incumbent Directors" means directors who either (A) are
Directors as of the effective date of the Plan, or (B) are elected, or nominated
for election, to the Board with the affirmative votes of at least a majority of
the Incumbent Directors at the time of such election or nomination (but will

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not include an individual whose election or nomination is in connection with an
actual or threatened proxy contest relating to the election of directors to the
Company);or

               (iv) The consummation of a merger or consolidation of the Company
with any other corporation, other than a merger or consolidation which would
result in the voting securities of the Company outstanding immediately prior
thereto continuing to represent (either by remaining outstanding or by being
converted into voting securities of the surviving entity or its parent) at least
fifty percent (50%) of the total voting power represented by the voting
securities of the Company or such surviving entity or its parent outstanding
immediately after such merger or consolidation.

          (e) "Code" means the Internal Revenue Code of 1986, as amended.

          (f) "Committee" means a committee of Directors appointed by the Board
in accordance with Section 4 of the Plan.

          (g) "Company" means SkillSoft Public Limited Company, a public limited
company organized under the laws of Ireland.

          (h) "Consultant" means any natural person, including an advisor,
engaged by the company or a Parent or Subsidiary to render services to such
entity.

          (i) "Director" means a member of the Board.

          (j) "Disability" means total and permanent disability as defined in
Section 22(e)(3) of the Code.

          (k) "Employee" means any person, including Officers and Directors,
employed by the Company or any Parent or Subsidiary of the Company. A Service
Provider shall not cease to be an Employee in the case of (i) any leave of
absence approved by the Company or (ii) transfers between locations of the
Company or between the Company, its Parent, any Subsidiary, or any successor.
For purposes of Incentive Share Options, no such leave may exceed ninety days,
unless reemployment upon expiration of such leave is guaranteed by statute or
contract. If reemployment upon expiration of a leave of absence approved by the
Company is not so guaranteed, then three (3) months following the 91st day of
such leave any Incentive Share Option held by the Optionee shall cease to be
treated as an Incentive Share Option and shall be treated for tax purposes as a
Nonstatutory Share Option. Neither service as a Director nor payment of a
director's fee by the Company shall be sufficient to constitute "employment" by
the Company.

          (l) "Exchange Act" means the Securities Exchange Act of 1934, as
amended.

          (m) "Fair Market Value" means, as of any date, the value of Ordinary
Shares determined as follows:

               (i) If the Ordinary Shares are listed on any established stock
exchange or a national market system, including without limitation the Nasdaq
National Market or The Nasdaq SmallCap Market of The Nasdaq Stock Market, its
Fair Market Value shall be the

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closing sales price for such Ordinary Shares (or the closing bid, if no sales
were reported) as quoted on such exchange or system on the date of determination
(or on the most recent market trading day if neither the closing sales price nor
the closing bid for the Ordinary Shares is quoted for the day of determination),
as reported in The Wall Street Journal or such other source as the Administrator
deems reliable;

               (ii) If the Ordinary Shares are regularly quoted by a recognized
securities dealer but selling prices are not reported, the Fair Market Value of
a Share shall be the mean between the high bid and low asked prices for Ordinary
Shares on the day of determination (or on the most recent market trading day if
the bid and asked prices for the Ordinary Shares are not quoted for the day of
determination), as reported in The Wall Street Journal or such other source as
the Administrator deems reliable; or

               (iii) In the absence of an established market for Ordinary
Shares, the Fair Market Value shall be determined in good faith by the
Administrator.

          (n) "Incentive Share Option" means an Option intended to qualify as an
incentive stock option within the meaning of Section 422 of the Code and the
regulations promulgated thereunder.

          (o) "Inside Director" means a Director who is an Employee.

          (p) "Nonstatutory Share Option" means an Option not intended to
qualify as an Incentive Share Option.

          (q) "Notice of Grant" means a written or electronic notice evidencing
certain terms and conditions of an individual Option. The Notice of Grant is
part of the Option Agreement.

          (r) "Officer" means a person who is an officer of the Company within
the meaning of Section 16 of the Exchange Act and the rules and regulations
promulgated thereunder.

          (s) "Option" means an option for Ordinary Shares granted pursuant to
the Plan.

          (t) "Option Agreement" means an agreement between the Company and an
Optionee evidencing the terms and conditions of an individual Option grant. The
Option Agreement is subject to the terms and conditions of the Plan.

          (u) "Option Exchange Program" means a program whereby outstanding
Options are surrendered in exchange for Options with a lower exercise price.

          (v) "Optioned Share" means one of the Ordinary Shares subject to an
Option.

          (w) "Optionee" means the holder of an outstanding Option granted under
the Plan.

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          (x) "Ordinary Shares" means the Ordinary Shares and/or related
American Depository Shares of the Company.

          (y) "Parent" means a "parent corporation," whether now or hereafter
existing, as defined in Section 424(e) of the Code.

          (z) "Plan" means this 2002 Share Option Plan.

          (aa) "Rule 16b-3" means Rule 16b-3 of the Exchange Act or any
successor to Rule 16b-3, as in effect when discretion is being exercised with
respect to the Plan.

          (bb) "Section 16(b)" means Section 16(b) of the Exchange Act.

          (cc) "Service Provider" means an Employee, Inside Director or
Consultant.

          (dd) "Share" means a share of the Ordinary Shares, as adjusted in
accordance with Section 13 of the Plan.

          (ee) "Subsidiary" means a "subsidiary corporation", whether now or
hereafter existing, as defined in Section 424(f) of the Code.

     3. Ordinary Shares Subject to the Plan. Subject to the provisions of
Section 12 of the Plan, the maximum aggregate number of Ordinary Shares that may
be optioned and sold under the Plan is 8,850,000 Ordinary Shares. The Ordinary
Shares shall be authorized, but unissued Ordinary Shares.

     If an Option expires or becomes unexercisable without having been exercised
in full, or is surrendered pursuant to an Option Exchange Program, the
unpurchased Ordinary Shares which were subject thereto shall become available
for future grant or sale under the Plan (unless the Plan has terminated);
provided, however, that Ordinary Shares that have actually been issued under the
Plan, upon exercise of an Option, shall not be returned to the Plan and shall
not become available for future distribution under the Plan.

     4. Administration of the Plan.

          (a) Procedure.

               (i) Multiple Administrative Bodies. Different Committees with
respect to different groups of Service Providers may administer the Plan.

               (ii) Section 162(m). To the extent that the Administrator
determines it to be desirable to qualify Options granted hereunder as
"performance-based compensation" within the meaning of Section 162(m) of the
Code, the Plan shall be administered by a Committee of two or more "outside
directors" within the meaning of Section 162(m) of the Code.

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               (iii) Rule 16b-3. To the extent desirable to qualify transactions
hereunder as exempt under Rule 16b-3, the transactions contemplated hereunder
shall be structured to satisfy the requirements for exemption under Rule 16b-3.

               (iv) Other Administration. Other than as provided above, the Plan
shall be administered by (A) the Board or (B) a Committee, which committee shall
be constituted to satisfy Applicable Laws.

          (b) Powers of the Administrator. Subject to the provisions of the
Plan, and in the case of a Committee, subject to the specific duties delegated
by the Board to such Committee, the Administrator shall have the authority, in
its discretion:

               (i) to determine the Fair Market Value;

               (ii) to select the Service Providers to whom Options may be
granted hereunder;

               (iii) to determine the number of Ordinary Shares to be covered by
each Option granted hereunder;

               (iv) to approve forms of agreement for use under the Plan;

               (v) to determine the terms and conditions, not inconsistent with
the terms of the Plan, of any Option granted hereunder. Such terms and
conditions include, but are not limited to, the exercise price, the time or
times when Options may be exercised (which may be based on performance
criteria), any vesting acceleration or waiver of forfeiture restrictions, and
any restriction or limitation regarding any Option or the Ordinary Shares
relating thereto, based in each case on such factors as the Administrator, in
its sole discretion, shall determine;

               (vi) to reduce the exercise price of any Option to the then
current Fair Market Value if the Fair Market Value of the Ordinary Shares
covered by such Option shall have declined since the date the Option was
granted;

               (vii) to institute an Option Exchange Program;

               (viii) to construe and interpret the terms of the Plan and awards
granted pursuant to the Plan;

               (ix) to prescribe, amend and rescind rules and regulations
relating to the Plan, including rules and regulations relating to sub-plans
established for the purpose of satisfying applicable foreign laws;

               (x) to modify or amend each Option (subject to Section 14(c) of
the Plan), including the discretionary authority to extend the post-termination
exercisability period of Options longer than is otherwise provided for in the
Plan;

               (xi) to authorize any person to execute on behalf of the Company
any instrument required to effect the grant of an Option previously granted by
the Administrator;

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               (xii) to make all other determinations deemed necessary or
advisable for administering the Plan.

          (c) Effect of Administrator's Decision. The Administrator's decisions,
determinations and interpretations shall be final and binding on all Optionees
and any other holders of Options.

     5. Eligibility. Nonstatutory Share Options may be granted to Service
Providers. Incentive Share Options may be granted only to Employees.

     6. Limitations.

          (a) Each Option shall be designated in the Option Agreement as either
an Incentive Share Option or a Nonstatutory Share Option. However,
notwithstanding such designation, to the extent that the aggregate Fair Market
Value of the Ordinary Shares with respect to which Incentive Share Options are
exercisable for the first time by the Optionee during any calendar year (under
all plans of the Company and any Parent or Subsidiary) exceeds $100,000, such
Options shall be treated as Nonstatutory Share Options. For purposes of this
Section 6(a), Incentive Share Options shall be taken into account in the order
in which they were granted. The Fair Market Value of the Ordinary Shares shall
be determined as of the time the Option with respect to such Ordinary Shares is
granted.

          (b) Neither the Plan nor any Option shall confer upon an Optionee any
right with respect to continuing the Optionee's relationship as a Service
Provider with the Company, nor shall they interfere in any way with the
Optionee's right or the Company's right to terminate such relationship at any
time, with or without cause.

          (c) The following limitations shall apply to grants of Options:

               (i) No Service Provider shall be granted, in any fiscal year of
the Company, Options to purchase more than 1,500,000 Ordinary Shares.

               (ii) In connection with his or her initial service, a Service
Provider may be granted Options to purchase up to an additional 500,000 Ordinary
Shares, which shall not count against the limit set forth in subsection (i)
above.

               (iii) The foregoing limitations shall be adjusted proportionately
in connection with any change in the Company's capitalization as described in
Section 12.

               (iv) If an Option is cancelled in the same fiscal year of the
Company in which it was granted (other than in connection with a transaction
described in Section 12), the cancelled Option will be counted against the
limits set forth in subsections (i) and (ii) above. For this purpose, if the
exercise price of an Option is reduced, the transaction will be treated as a
cancellation of the Option and the grant of a new Option.

     7. Term of Plan. Subject to Section 18 of the Plan, the Plan shall become
effective upon its adoption by the Board. It shall continue in effect for a term
of ten (10) years unless terminated earlier under Section 14 of the Plan.

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     8. Term of Option. The term of each Option shall be stated in the Option
Agreement. In the case of an Incentive Share Option, the term shall be up to ten
(10) years from the date of grant or such shorter term as may be provided in the
Option Agreement. Moreover, in the case of an Incentive Share Option granted to
an Optionee who, at the time the Incentive Share Option is granted, owns
Ordinary Shares representing more than ten percent (10%) of the total combined
voting power of all classes of Ordinary Shares of the Company or any Parent or
Subsidiary, the term of the Incentive Share Option shall be five (5) years from
the date of grant or such shorter term as may be provided in the Option
Agreement.

     9. Option Exercise Price and Consideration.

          (a) Exercise Price. The per share exercise price for the Ordinary
Shares to be issued pursuant to exercise of an Option shall be determined by the
Administrator, subject to the following:

               (i) In the case of an Incentive Share Option (A) granted to an
Employee who, at the time the Incentive Share Option is granted, owns Ordinary
Shares representing more than ten percent (10%) of the voting power of all
classes of Ordinary Shares of the Company or any Parent or Subsidiary, the per
Share exercise price shall be no less than 110% of the Fair Market Value per
Share on the date of grant, (B) granted to any Employee other than an Employee
described in paragraph (A) immediately above, the per Share exercise price shall
be no less than 100% of the Fair Market Value per Share on the date of grant.

               (ii) In the case of a Nonstatutory Share Option, the per Share
exercise price shall be determined by the Administrator, subject to compliance
with Applicable Laws. In the case of a Nonstatutory Share Option intended to
qualify as "performance-based compensation" within the meaning of Section 162(m)
of the Code, the per Share exercise price shall be no less than 100% of the Fair
Market Value per Share on the date of grant.

               (iii) Notwithstanding the foregoing, Options may be granted with
a per Share exercise price of less than 100% of the Fair Market Value per Share
on the date of grant pursuant to a merger or other corporate transaction,
subject to compliance with Applicable Laws.

          (b) Waiting Period and Exercise Dates. At the time an Option is
granted, the Administrator shall fix the period within which the Option may be
exercised and shall determine any conditions that must be satisfied before the
Option may be exercised.

          (c) Form of Consideration. The Administrator shall determine the
acceptable form of consideration for exercising an Option, including the method
of payment, subject to compliance with Applicable Laws. In the case of an
Incentive Share Option, the Administrator shall determine the acceptable form of
consideration at the time of grant. Such consideration may consist entirely of:

               (i) cash;

               (ii) check;

               (iii) promissory note;

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               (iv) consideration received by the Company under a cashless
exercise program implemented by the Company in connection with the Plan;

               (v) a reduction in the amount of any Company liability to the
Optionee, including any liability attributable to the Optionee's participation
in any Company-sponsored deferred compensation program or arrangement;

               (vi) any combination of the foregoing methods of payment; or

               (vii) such other consideration and method of payment for the
issuance of Ordinary Shares to the extent permitted by Applicable Laws.

     10. Exercise of Option.

          (a) Procedure for Exercise; Rights as a Shareholder. Any Option
granted hereunder shall be exercisable according to the terms of the Plan and at
such times and under such conditions as determined by the Administrator and set
forth in the Option Agreement. Unless the Administrator provides otherwise,
vesting of Options granted hereunder shall be suspended during any unpaid leave
of absence. An Option may not be exercised for a fraction of a Share.

     An Option shall be deemed exercised when the Company receives: (i) written
or electronic notice of exercise (in accordance with the Option Agreement) from
the person entitled to exercise the Option, and (ii) full payment for the
Ordinary Shares with respect to which the Option is exercised. Full payment may
consist of any consideration and method of payment authorized by the
Administrator and permitted by the Option Agreement and the Plan. Shares issued
upon exercise of an Option shall be issued in the name of (i) the Optionee, or
if requested by the Optionee, in the name of the Optionee and his or her spouse,
or in the name of a third party as the Optionee's nominee to hold the shares
issued on exercise on Optionee's behalf and subject to the Optionee's
directions. Until the Ordinary Shares are issued (as evidenced by the
appropriate entry on the books of the Company or of a duly authorized transfer
agent of the Company), no right to vote or receive dividends or any other rights
as a Shareholder shall exist with respect to the Optioned Shares,
notwithstanding the exercise of the Option. The Company shall issue (or cause to
be issued) such Ordinary Shares promptly after the Option is exercised. No
adjustment will be made for a dividend or other right for which the record date
is prior to the date the Shares are issued, except as provided in Section 12 of
the Plan.

     Exercising an Option in any manner shall decrease the number of Ordinary
Shares thereafter available, both for purposes of the Plan and for sale under
the Option, by the number of Ordinary Shares as to which the Option is
exercised.

          (b) Termination of Relationship as a Service Provider. If an Optionee
ceases to be a Service Provider, other than upon the Optionee's death or
Disability, the Optionee may exercise his or her Option within such period of
time as is specified in the Option Agreement to the extent that the Option is
vested on the date of termination (but in no event later than the expiration of
the term of such Option as set forth in the Option Agreement). In the absence of
a specified time in the Option Agreement, the Option shall remain exercisable
for three (3) months following the Optionee's termination. If, on the date of
termination, the Optionee is not vested

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as to his or her entire Option, the Shares covered by the unvested portion of
the Option shall revert to the Plan. If, after termination, the Optionee does
not exercise his or her Option within the time specified by the Administrator,
the Option shall terminate, and the Ordinary Shares covered by such Option shall
revert to the Plan.

          (c) Disability of Optionee. If an Optionee ceases to be a Service
Provider as a result of the Optionee's Disability, the Optionee may exercise his
or her Option within such period of time as is specified in the Option Agreement
to the extent the Option is vested on the date of termination (but in no event
later than the expiration of the term of such Option as set forth in the Option
Agreement). In the absence of a specified time in the Option Agreement, the
Option shall remain exercisable for twelve (12) months following the Optionee's
termination. If, on the date of termination, the Optionee is not vested as to
his or her entire Option, the Ordinary Shares covered by the unvested portion of
the Option shall revert to the Plan. If, after termination, the Optionee does
not exercise his or her Option within the time specified herein, the Option
shall terminate, and the Ordinary Shares covered by such Option shall revert to
the Plan.

          (d) Death of Optionee. If an Optionee dies while a Service Provider,
the Option may be exercised following the Optionee's death within such period of
time as is specified in the Option Agreement to the extent that the Option is
vested on the date of death (but in no event may the option be exercised later
than the expiration of the term of such Option as set forth in the Option
Agreement), by the Optionee's designated beneficiary, provided such beneficiary
has been designated prior to the Optionee's death in a form acceptable to the
Administrator. If no such beneficiary has been designated by the Optionee, then
such Option may be exercised by the personal representative of the Optionee's
estate or by the person(s) to whom the Option is transferred pursuant to the
Optionee's will or in accordance with the laws of descent and distribution. In
the absence of a specified time in the Option Agreement, the Option shall remain
exercisable for twelve (12) months following the Optionee's death. If, at the
time of death, the Optionee is not vested as to his or her entire Option, the
Ordinary Shares covered by the unvested portion of the Option shall immediately
revert to the Plan. If the Option is not so exercised within the time specified
herein, the Option shall terminate, and the Ordinary Shares covered by such
Option shall revert to the Plan.

     11. Transferability of Options. Unless determined otherwise by the
Administrator, an Option may not be sold, pledged, assigned, hypothecated,
transferred, or disposed of in any manner other than by will or by the laws of
descent or distribution and may be exercised, during the lifetime of the
Optionee, only by the Optionee. If the Administrator makes an Option
transferable, such Option shall contain such additional terms and conditions as
the Administrator deems appropriate.

     12. Adjustments Upon Changes in Capitalization, Merger or Change in
Control.

          (a) Changes in Capitalization. Subject to any required action by the
shareholders of the Company, the number of Ordinary Shares that have been
authorized for issuance under the Plan but as to which no Options have yet been
granted or which have been returned to the Plan upon cancellation or expiration
of an Option and the number of Ordinary Shares as well as the price per Ordinary
Shares covered by each such outstanding Option shall be

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proportionately adjusted for any increase or decrease in the number of issued
Ordinary Shares resulting from a share split, reverse share split, share
dividend, combination or reclassification of the Ordinary Shares, or any other
increase or decrease in the number of issued Ordinary Shares effected without
receipt of consideration by the Company; provided, however, that conversion of
any convertible securities of the Company shall not be deemed to have been
"effected without receipt of consideration." Such adjustment shall be made by
the Board, whose determination in that respect shall be final, binding and
conclusive. Except as expressly provided herein, no issuance by the Company of
shares of any class, or securities convertible into shares of any class, shall
affect, and no adjustment by reason thereof shall be made with respect to, the
number or price of Ordinary Shares subject to an Option.

          (b) Dissolution or Liquidation. In the event of the proposed
dissolution or liquidation of the Company, the Administrator shall notify each
Optionee as soon as practicable prior to the effective date of such proposed
transaction. The Administrator in its discretion may provide for an Optionee to
have the right to exercise his or her Option until ten (10) days prior to such
transaction as to all of the Optioned Shares covered thereby, including Ordinary
Shares as to which the Option would not otherwise be exercisable. To the extent
it has not been previously exercised, an Option will terminate immediately prior
to the consummation of such proposed action.

          (c) Merger or Change in Control. In the event of a merger of the
Company with or into another corporation, or a Change in Control, each
outstanding Option shall be assumed or an equivalent option or right substituted
by the successor corporation or a Parent or Subsidiary of the successor
corporation. In the event that the successor corporation refuses to assume or
substitute for the Option, the Optionee shall fully vest in and have the right
to exercise the Option as to all of the Optioned Shares, including Ordinary
Shares as to which it would not otherwise be vested or exercisable. If an Option
becomes fully vested and exercisable in lieu of assumption or substitution in
the event of a merger or sale of assets, the Administrator shall notify the
Optionee in writing or electronically that the Option shall be fully vested and
exercisable for a period of fifteen (15) days from the date of such notice, and
the Option shall terminate upon the expiration of such period.

     For the purposes of this subsection (c), the Option shall be considered
assumed if, following the merger or Change in Control, the option or right
confers the right to purchase or receive, for each Share subject to the Option
immediately prior to the merger or Change in Control, the consideration (whether
Ordinary Shares, cash, or other securities or property) received in the merger
or Change in Control by holders of Ordinary Shares for each Share held on the
effective date of the transaction (and if holders were offered a choice of
consideration, the type of consideration chosen by the holders of a majority of
the outstanding Ordinary Shares); provided, however, that if such consideration
received in the merger or Change in Control is not solely common stock of the
successor corporation or its Parent, the Administrator may, with the consent of
the successor corporation, provide for the consideration to be received upon the
exercise of the Option, for each Share subject to the Option, to be solely
common stock of the successor corporation or its Parent equal in fair market
value to the per share consideration received by holders of Ordinary Shares in
the merger or Change in Control.

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     13. Date of Grant. The date of grant of an Option shall be, for all
purposes, the date on which the Administrator makes the determination granting
such Option, or such other later date as is determined by the Administrator.
Notice of the determination shall be provided to each Optionee within a
reasonable time after the date of such grant.

     14. Amendment and Termination of the Plan.

          (a) Amendment and Termination. The Board may at any time amend, alter,
suspend or terminate the Plan.

          (b) Shareholder Approval. The Company shall obtain shareholder
approval of any Plan amendment to the extent necessary and desirable to comply
with Applicable Laws.

          (c) Effect of Amendment or Termination. No amendment, alteration,
suspension or termination of the Plan shall impair the rights of any Optionee,
unless mutually agreed otherwise between the Optionee and the Administrator,
which agreement must be in writing and signed by the Optionee and the Company.
Termination of the Plan shall not affect the Administrator's ability to exercise
the powers granted to it hereunder with respect to Options granted under the
Plan prior to the date of such termination.

     15. Conditions Upon Issuance of Shares.

          (a) Legal Compliance. Ordinary Shares shall not be issued pursuant to
the exercise of an Option unless the exercise of such Option and the issuance
and delivery of such Ordinary Shares shall comply with Applicable Laws and shall
be further subject to the approval of counsel for the Company with respect to
such compliance.

          (b) Investment Representations. As a condition to the exercise of an
Option, the Company may require the person exercising such Option to represent
and warrant at the time of any such exercise that the Ordinary Shares are being
purchased only for investment and without any present intention to sell or
distribute such Ordinary Shares if, in the opinion of counsel for the Company,
such a representation is required.

     16. Inability to Obtain Authority. The inability of the Company to obtain
authority from any regulatory body having jurisdiction, which authority is
deemed by the Company's counsel to be necessary to the lawful issuance and sale
of any Ordinary Shares hereunder, shall relieve the Company of any liability in
respect of the failure to issue or sell such Ordinary Shares as to which such
requisite authority shall not have been obtained.

     17. Reservation of Shares. The Company, during the term of this Plan, will
at all times reserve and keep available such number of Ordinary Shares as shall
be sufficient to satisfy the requirements of the Plan.

     18. Shareholder Approval. The Plan shall be subject to approval by the
shareholders of the Company within twelve (12) months after the date the Plan is
adopted. Such shareholder approval shall be obtained in the manner and to the
degree required under Applicable Laws.

                                       11<PAGE>

                                                                    EXHIBIT 10.3

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                                     WARNING

 Granting options to directors and officers under this plan may violate NASD or
  stock exchange rules if the plan does not meet the broad based plan exemption
                            from shareholder approval

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                                    SKILLSOFT

                          1996 SUPPLEMENTAL STOCK PLAN

                           (AS AMENDED SEPTEMBER 2006)

1.   Purposes of the Plan. The purposes of this Supplemental Stock Plan are to
     (i) attract and retain the best available personnel for positions of
     substantial responsibility, (ii) provide additional incentive to Employees,
     Directors and Consultants, and (iii) promote the success of the Company's
     business.

     Options granted under the Plan will be Nonstatutory Stock Options.

2.   Definitions. As used herein, the following definitions shall apply:

     (a)  "Administrator" means the Board or any of its Committees as shall be
          administering the Plan, in accordance with Section 4 of the Plan.

     (b)  "Applicable Laws" means the requirements relating to the
          administration of stock option plans under US state corporate laws, US
          federal and state securities laws, the Code, any stock exchange or
          quotation system on which the Ordinary Shares are listed or quoted and
          the applicable laws of any foreign country or jurisdiction where
          Options are, or will be, granted under the Plan.

     (c)  "Board" means the Board of Directors of the Company.

     (d)  "Code" means the Internal Revenue Code of 1986, as amended.

     (e)  "Committee" means a committee of Directors appointed by the Board in
          accordance with Section 4 of the Plan.

     (f)  "Ordinary Shares" means the Ordinary Shares and/or related American
          Depositary Shares of the Company.

     (g)  "Company" means SkillSoft, a limited liability company organized under
          the laws of the Republic of Ireland.

     (h)  "Consultant" means any person, including an advisor, engaged by the
          Company or a Parent or Subsidiary to render services to such entity.

     (i)  "Director" means a member of the Board.

     (j)  "Disability" means total and permanent disability as defined in
          Section 22(e)(3) of the Code.

     (k)  "Employee" means any person, including Officers, employed by the
          Company or any Parent or Subsidiary of the Company. A Service Provider
          shall not cease to be an Employee in the case of (i) any leave of
          absence approved by the Company or (ii) transfers between locations of
          the Company or between the Company, its Parent, any Subsidiary, or any
          successor. Neither service as a Director nor payment of a director's
          fee by the Company shall be sufficient to constitute "employment" by
          the Company.

<PAGE>

     (l)  "Exchange Act" means the Securities Exchange Act of 1934, as amended.

     (m)  "Fair Market Value" means, as of any date, the value of Ordinary
          Shares determined as follows:

               (i) If the Ordinary Shares are listed on any established stock
          exchange or a national market system, including without limitation the
          Nasdaq National Market or The Nasdaq SmallCap Market of The Nasdaq
          Stock Market, its Fair Market Value shall be the closing sales price
          for such stock (or the closing bid, if no sales were reported) as
          quoted on such exchange or system on the day of determination (or on
          the most recent market trading day if neither the closing sales price
          nor the closing bid for the Ordinary Shares is quoted for the day of
          determination), as reported in The Wall Street Journal or such other
          source as the Administrator deems reliable;

               (ii) If the Ordinary Shares are regularly quoted by a recognized
          securities dealer but selling prices are not reported, the Fair Market
          Value of an Ordinary Share shall be the mean between the high bid and
          low asked prices for the Ordinary Shares on the day of determination
          (or on the most recent market trading day if the bid and asked prices
          for the Ordinary Shares are not quoted for the day of determination),
          as reported in The Wall Street Journal or such other source as the
          Administrator deems reliable;

               (iii) In the absence of an established market for the Ordinary
          Shares, the Fair Market Value shall be determined in good faith by the
          Administrator.

     (n)  "Notice of Grant" means a written or electronic notice evidencing
          certain terms and conditions of an individual Option grant. The Notice
          of Grant is part of the Option Agreement.

     (o)  "Officer" means a person who is an officer of the Company within the
          meaning of Section 16 of the Exchange Act and the rules and
          regulations promulgated thereunder.

     (p)  "Option" means a nonstatutory stock option granted pursuant to the
          Plan, that is not intended to qualify as an incentive stock option
          within the meaning of Section 422 of the Code and the regulations
          promulgated thereunder.

     (q)  "Option Agreement" means an agreement between the Company and an
          Optionee evidencing the terms and conditions of an individual Option
          grant. The Option Agreement is subject to the terms and conditions of
          the Plan.

     (r)  "Option Exchange Program" means a program whereby outstanding options
          are surrendered in exchange for options with a lower exercise price.

     (s)  "Optioned Stock" means the Ordinary Shares subject to an Option.

     (t)  "Optionee" means the holder of an outstanding Option granted under the
          Plan.

     (u)  "Parent" means a "parent corporation," whether now or hereafter
          existing, as defined in Section 424(e) of the Code.

     (v)  "Plan" means this 1996 Supplemental Stock Plan.

     (w)  "Service Provider" means an Employee including an Officer, Consultant
          or Director.

     (x)  "Share" means a share of the Ordinary Shares, as adjusted in
          accordance with Section 12 of the Plan.

     (y)  "Subsidiary" means a "subsidiary corporation", whether now or
          hereafter existing, as defined in Section 424(f) of the Code.

                                        2

<PAGE>

3.   Shares Subject to the Plan. Subject to the provisions of Section 12 of the
     Plan, the maximum aggregate number of Ordinary Shares which may be optioned
     and sold under the Plan is 8,701,554 Ordinary Shares (which will be
     represented by 8,701,554 American Depositary Shares). The Shares may be
     authorized, but unissued, or reacquired Ordinary Shares.

     If an Option expires or becomes unexercisable without having been exercised
     in full, or is surrendered pursuant to an Option Exchange Program, the
     unpurchased Shares which were subject thereto shall become available for
     future grant or sale under the Plan (unless the Plan has terminated).

4.   Administration of the Plan.

     (a)  The Plan shall be administered by (A) the Board or (B) a Committee,
          which committee shall be constituted to satisfy Applicable Laws.

     (b)  Powers of the Administrator. Subject to the provisions of the Plan,
          and in the case of a Committee, subject to the specific duties
          delegated by the Board to such Committee, the Administrator shall have
          the authority, in its discretion:

          (i)  to determine the Fair Market Value of the Ordinary Shares;

          (ii) to select the Service Providers to whom Options may be granted
               hereunder;

          (iii) to determine whether and to what extent Options are granted
               hereunder;

          (iv) to determine the number of shares of Ordinary Shares to be
               covered by each Option granted hereunder;

          (v)  to approve forms of agreement for use under the Plan;

          (vi) to determine the terms and conditions, not inconsistent with the
               terms of the Plan, of any award granted hereunder. Such terms and
               conditions include, but are not limited to, the exercise price,
               the time or times when Options may be exercised (which may be
               based on performance criteria), any vesting acceleration or
               waiver of forfeiture restrictions, and any restriction or
               limitation regarding any Option or the shares of Ordinary Shares
               relating thereto, based in each case on such factors as the
               Administrator, in its sole discretion, shall determine;

          (vii) to reduce the exercise price of any Option to the then current
               Fair Market Value if the Fair Market Value of the Ordinary Shares
               covered by such Option shall have declined since the date the
               Option was granted;

          (viii) to institute an Option Exchange Program;

          (ix) to construe and interpret the terms of the Plan and awards
               granted pursuant to the Plan;

          (x)  to prescribe, amend and rescind rules and regulations relating to
               the Plan, including rules and regulations relating to sub-plans
               established for the purpose of qualifying for preferred tax
               treatment under foreign tax laws;

          (xi) to modify or amend each Option (subject to Section 14(b) of the
               Plan), including the discretionary authority to extend the
               post-termination exercisability period of Options longer than is
               otherwise provided for in the Plan;

          (xii) to authorize any person to execute on behalf of the Company any
               instrument required to effect the grant of an Option or
               previously granted by the Administrator;

          (xiii) to determine the terms and restrictions applicable to Options;

                                        3

<PAGE>

          (xiv) to allow Optionees to satisfy withholding tax obligations by
               electing to have the Company withhold from the Shares to be
               issued upon exercise of an Option or Stock Purchase Right that
               number of Shares having a Fair Market Value equal to the amount
               required to be withheld. The Fair Market Value of the Shares to
               be withheld shall be determined on the date that the amount of
               tax to be withheld is to be determined. All elections by an
               Optionee to have Shares withheld for this purpose shall be made
               in such form and under such conditions as the Administrator may
               deem necessary or advisable; and

          (xv) to make all other determinations deemed necessary or advisable
               for administering the Plan.

     (c)  Effect of Administrator's Decision. The Administrator's decisions,
          determinations and interpretations shall be final and binding on all
          Optionees and any other holders of Options.

5.   Eligibility. Options may be granted to Service Providers; provided,
     however, that notwithstanding anything to the contrary contained in the
     Plan, Options may not be granted to Officers and Directors.

6.   Limitation. Neither the Plan nor any Option shall confer upon an Optionee
     any right with respect to continuing the Optionee's relationship as a
     Service Provider with the Company, nor shall they interfere in any way with
     the Optionee's right or the Company's right to terminate such relationship
     at any time, with or without cause.

7.   Term of Plan. The Plan shall become effective upon its adoption by the
     Board. It shall continue in effect for ten (10) years, unless sooner
     terminated under Section 14 of the Plan.

8.   Term of Option. The term of each Option shall be stated in the Option
     Agreement.

9.   Option Exercise Price and Consideration.

     (a)  Exercise Price. The per share exercise price for the Shares to be
          issued pursuant to exercise of an Option shall be determined by the
          Administrator.

     (b)  Waiting Period and Exercise Dates. At the time an Option is granted,
          the Administrator shall fix the period within which the Option may be
          exercised and shall determine any conditions which must be satisfied
          before the Option may be exercised.

     (c)  Form of Consideration. The Administrator shall determine the
          acceptable form of consideration for exercising an Option, including
          the method of payment. Such consideration may consist entirely of:

          (i)  cash;

          (ii) check;

          (iii) promissory note;

          (iv) other Shares which (A) in the case of Shares acquired upon
               exercise of an option, have been owned by the Optionee for more
               than six months on the date of surrender, and (B) have a Fair
               Market Value on the date of surrender equal to the aggregate
               exercise price of the Shares as to which said Option shall be
               exercised;

          (v)  consideration received by the Company under a cashless exercise
               program implemented by the Company in connection with the Plan;

                                        4

<PAGE>

          (vi) a reduction in the amount of any Company liability to the
               Optionee, including any liability attributable to the Optionee's
               participation in any Company-sponsored deferred compensation
               program or arrangement;

          (vii) such other consideration and method of payment for the issuance
               of Shares to the extent permitted by Applicable Laws; or

          (viii) any combination of the foregoing methods of payment.

10.  Exercise of Option.

     a.   Procedure for Exercise; Rights as a Shareholder. Any Option granted
          hereunder shall be exercisable according to the terms of the Plan and
          at such times and under such conditions as determined by the
          Administrator and set forth in the Option Agreement. An Option may not
          be exercised for a fraction of a Share.

          An Option shall be deemed exercised when the Company receives: (i)
written or electronic notice of exercise (in accordance with the Option
Agreement) from the person entitled to exercise the Option, and (ii) full
payment for the Shares with respect to which the Option is exercised. Full
payment may consist of any consideration and method of payment authorized by the
Administrator and permitted by the Option Agreement and the Plan. Shares issued
upon exercise of an Option shall be issued in the name of (i) the Optionee or,
if requested by the Optionee, in the name of the Optionee and his or her spouse,
or (ii) AIB Custodial Nominees Limited A/C BONY as Optionee's nominee to hold
the shares issued on exercise on Optionee's behalf and subject to Purchaser's
directions. (If selected, the share certificate shall be mailed at Optionee's
risk to AIB Custodial Nominees Limited, P.O. Box 518, IFSC Dublin 1, Ireland).
Until the Shares are issued (as evidenced by the appropriate entry on the books
of the Company or of a duly authorized transfer agent of the Company), no right
to vote or receive dividends or any other rights as a shareholder shall exist
with respect to the Optioned Stock, notwithstanding the exercise of the Option.
The Company shall issue (or cause to be issued) such Shares promptly after the
Option is exercised. No adjustment will be made for a dividend or other right
for which the record date is prior to the date the Shares are issued, except as
provided in Section 13 of the Plan.

          Exercising an Option in any manner shall decrease the number of Shares
thereafter available, both for purposes of the Plan and for sale under the
Option, by the number of Shares as to which the Option is exercised.

     (b)  Termination of Relationship as a Service Provider. If an Optionee
          ceases to be a Service Provider, other than upon the Optionee's death
          or Disability, the Optionee may exercise his or her Option, but only
          within such period of time as is specified in the Option Agreement,
          and only to the extent that the Option is vested on the date of
          termination (but in no event later than the expiration of the term of
          such Option as set forth in the Option Agreement). In the absence of a
          specified time in the Option Agreement, the Option shall remain
          exercisable for three (1) month following the Optionee's termination.
          If, on the date of termination, the Optionee is not vested as to his
          or her entire Option, the Shares covered by the unvested portion of
          the Option shall revert to the Plan. If, after termination, the
          Optionee does not exercise his or her Option within the time specified
          by the Administrator, the Option shall terminate, and the Shares
          covered by such Option shall revert to the Plan.

     (c)  Disability of Optionee. If an Optionee ceases to be a Service Provider
          as a result of the Optionee's Disability, the Optionee may exercise
          his or her Option within such period of time as is specified in the
          Option Agreement, to the extent the Option is vested on the date of
          termination (but in no event later than the expiration of the term of
          such Option as

                                        5

<PAGE>

          set forth in the Option Agreement). In the absence of a specified time
          in the Option Agreement, the Option shall remain exercisable for
          twelve (12) months following the Optionee's termination. If, on the
          date of termination, the Optionee is not vested as to his or her
          entire Option, the Shares covered by the unvested portion of the
          Option shall revert to the Plan. If, after termination, the Optionee
          does not exercise his or her Option within the time specified herein,
          the Option shall terminate, and the Shares covered by such Option
          shall revert to the Plan.

     (d)  Death of Optionee. If an Optionee dies while a Service Provider, the
          Option may be exercised within such period of time as is specified in
          the Option Agreement (but in no event later than the expiration of the
          term of such Option as set forth in the Notice of Grant), by the
          Optionee's estate or by a person who acquires the right to exercise
          the Option by bequest or inheritance, but only to the extent that the
          Option is vested on the date of death. In the absence of a specified
          time in the Option Agreement, the Option shall remain exercisable for
          twelve (12) months following the Optionee's termination. If, at the
          time of death, the Optionee is not vested as to his or her entire
          Option, the Shares covered by the unvested portion of the Option shall
          immediately revert to the Plan. The Option may be exercised by the
          executor or administrator of the Optionee's estate or, if none, by the
          person(s) entitled to exercise the Option under the Optionee's will or
          the laws of descent or distribution. If the Option is not so exercised
          within the time specified herein, the Option shall terminate, and the
          Shares covered by such Option shall revert to the Plan.

     (e)  Buyout Provisions. The Administrator may at any time offer to buy out
          for a payment in cash or Shares, an Option previously granted based on
          such terms and conditions as the Administrator shall establish and
          communicate to the Optionee at the time that such offer is made.

11.  Non-Transferability of Options. Unless determined otherwise by the
     Administrator, an Option may not be sold, pledged, assigned, hypothecated,
     transferred, or disposed of in any manner other than by will or by the laws
     of descent or distribution and may be exercised, during the lifetime of the
     Optionee, only by the Optionee. If the Administrator makes an Option
     transferable, such Option shall contain such additional terms and
     conditions as the Administrator deems appropriate.

12.  Adjustments Upon Changes in Capitalization, Dissolution, Merger or Asset
     Sale.

     (a)  Changes in Capitalization. Subject to any required action by the
          shareholders of the Company, the number of shares of Ordinary Shares
          covered by each outstanding Option, and the number of shares of
          Ordinary Shares which have been authorized for issuance under the Plan
          but as to which no Options have yet been granted or which have been
          returned to the Plan upon cancellation or expiration of an Option, as
          well as the price per share of Ordinary Shares covered by each such
          outstanding Option, shall be proportionately adjusted for any increase
          or decrease in the number of issued shares of Ordinary Shares
          resulting from a stock split, reverse stock split, stock dividend,
          combination or reclassification of the Ordinary Shares, or any other
          increase or decrease in the number of issued shares of Ordinary Shares
          effected without receipt of consideration by the Company; provided,
          however, that conversion of any convertible securities of the Company
          shall not be deemed to have been "effected without receipt of
          consideration." Such adjustment shall be made by the Board, whose
          determination in that respect shall be final, binding and conclusive.
          Except as expressly provided herein, no issuance by the Company of
          shares of stock of any class, or securities convertible into shares of
          stock of any class, shall affect, and no adjustment by reason thereof
          shall be

                                        6

<PAGE>

          made with respect to, the number or price of shares of Ordinary Shares
          subject to an Option.

     (b)  Dissolution or Liquidation. In the event of the proposed dissolution
          or liquidation of the Company, the Administrator shall notify each
          Optionee as soon as practicable prior to the effective date of such
          proposed transaction. The Administrator in its discretion may provide
          for an Optionee to have the right to exercise his or her Option until
          ten (10) days prior to such transaction as to all of the Optioned
          Stock covered thereby, including Shares as to which the Option would
          not otherwise be exercisable. In addition, the Administrator may
          provide that any Company repurchase option applicable to any Shares
          purchased upon exercise of an Option shall lapse as to all such
          Shares, provided the proposed dissolution or liquidation takes place
          at the time and in the manner contemplated. To the extent it has not
          been previously exercised, an Option will terminate immediately prior
          to the consummation of such proposed action.

     (c)  Merger or Asset Sale. In the event of a merger of the Company with or
          into another corporation, or the sale of substantially all of the
          assets of the Company, each outstanding Option shall be assumed or an
          equivalent option or right substituted by the successor corporation or
          a Parent or Subsidiary of the successor corporation. In the event that
          the successor corporation refuses to assume or substitute for the
          Option, the Optionee shall fully vest in and have the right to
          exercise the Option as to all of the Optioned Stock, including Shares
          as to which it would not otherwise be vested or exercisable. If an
          Option becomes fully vested and exercisable in lieu of assumption or
          substitution in the event of a merger or sale of assets, the
          Administrator shall notify the Optionee in writing or electronically
          that the Option shall be fully vested and exercisable for a period of
          fifteen (15) days from the date of such notice, and the Option shall
          terminate upon the expiration of such period. For the purposes of this
          paragraph, the Option shall be considered assumed if, following the
          merger or sale of assets, the option or right confers the right to
          purchase or receive, for each Share of Optioned Stock, immediately
          prior to the merger or sale of assets, the consideration (whether
          stock, cash, or other securities or property) received in the merger
          or sale of assets by holders of Ordinary Shares for each Share held on
          the effective date of the transaction (and if holders were offered a
          choice of consideration, the type of consideration chosen by the
          holders of a majority of the outstanding Shares); provided, however,
          that if such consideration received in the merger or sale of assets is
          not solely Ordinary Shares of the successor corporation or its Parent,
          the Administrator may, with the consent of the successor corporation,
          provide for the consideration to be received upon the exercise of the
          Option, for each Share of Optioned Stock to be solely Ordinary Shares
          of the successor corporation or its Parent equal in fair market value
          to the per share consideration received by holders of Ordinary Shares
          in the merger or sale of assets.

13.  Grant. The date of grant of an Option shall be, for all purposes, the date
     on which the Administrator makes the determination granting such Option, or
     such other later date as is determined by the Administrator. Notice of the
     determination shall be provided to each Optionee within a reasonable time
     after the date of such grant.

14.  Amendment and Termination of the Plan.

     (a)  Amendment and Termination. The Board may at any time amend, alter,
          suspend or terminate the Plan.

     (b)  Effect of Amendment or Termination. No amendment, alteration,
          suspension or termination of the Plan shall impair the rights of any
          Optionee, unless mutually agreed otherwise between the Optionee and
          the Administrator, which agreement must be in

                                        7

<PAGE>

          writing and signed by the Optionee and the Company. Termination of the
          Plan shall not affect the Administrator's ability to exercise the
          powers granted to it hereunder with respect to options granted under
          the Plan prior to the date of such termination.

15.  Conditions Upon Issuance of Shares.

     (a)  Legal Compliance. Shares shall not be issued pursuant to the exercise
          of an Option unless the exercise of such Option and the issuance and
          delivery of such Shares shall comply with Applicable Laws and shall be
          further subject to the approval of counsel for the Company with
          respect to such compliance.

     (b)  Investment Representations. As a condition to the exercise of an
          Option the Company may require the person exercising such Option to
          represent and warrant at the time of any such exercise that the Shares
          are being purchased only for investment and without any present
          intention to sell or distribute such Shares if, in the opinion of
          counsel for the Company, such a representation is required.

16.  Inability to Obtain Authority. The inability of the Company to obtain
     authority from any regulatory body having jurisdiction, which authority is
     deemed by the Company's counsel to be necessary to the lawful issuance and
     sale of any Shares hereunder, shall relieve the Company of any liability in
     respect of the failure to issue or sell such Shares as to which such
     requisite authority shall not have been obtained.

17.  Reservation of Shares. The Company, during the term of this Plan, will at
     all times reserve and keep available such number of Shares as shall be
     sufficient to satisfy the requirements of the Plan.

                                        8

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