Document:

EX-10.28

 Exhibit 10.28 

DIGICEL GROUP LIMITED 
 2011
EXECUTIVE SHARE OPTION PLAN 
 RULES 

  
 1 

 TABLE OF CONTENTS 

 

							
	1.	  	 DEFINITIONS AND INTERPRETATION
	  	 	3	  
			
	2.	  	 ADMINISTRATION
	  	 	7	  
			
	3.	  	 GRANT OF OPTIONS
	  	 	7	  
			
	4.	  	 TERMS AND CONDITIONS OF OPTIONS
	  	 	8	  
			
	5.	  	 SHARE LIMITS
	  	 	9	  
			
	6.	  	 MANAGEMENT AGREEMENT
	  	 	9	  
			
	7.	  	 EXERCISE OF OPTIONS
	  	 	10	  
			
	8.	  	 CHANGE OF CONTROL
	  	 	11	  
			
	9.	  	 RECONSTRUCTION AND WINDING-UP
	  	 	12	  
			
	10.	  	 VARIATION OF CAPITAL
	  	 	12	  
			
	11.	  	 REORGANISATION
	  	 	13	  
			
	12.	  	 IPO LOCK-UP/ RESTRICTIONS ON SALE OF SHARES
	  	 	14	  
			
	13.	  	 CASH-OUT OF OPTIONS/RE-SALE OF SHARES/PARTICIPANT’S TERMINATION DATE
	  	 	14	  
			
	14.	  	 CASH-OUT OF OPTIONS/RE-SALE OF SHARES/VESTING COMMENCEMENT DATE
	  	 	16	  
			
	15.	  	 CANCELLATION/GRANT OF NEW OPTIONS
	  	 	18	  
			
	16.	  	 CONFIDENTIALITY
	  	 	18	  
			
	17.	  	 AMENDMENT
	  	 	19	  
			
	18.	  	 NO COMPENSATION FOR LOSS OF OPTIONS
	  	 	19	  
			
	19.	  	 TERMINATION OF PLAN
	  	 	19	  
			
	20.	  	 MISCELLANEOUS
	  	 	19	  
		
	APPENDIX 1	  	 	21	  
		
	APPENDIX 2	  	 	24	  

  
 2 

 DIGICEL GROUP LIMITED 

2011 EXECUTIVE SHARE OPTION PLAN 

RULES 
 Introduction 

This 2011 Executive Share Option Plan (the “Plan”) is intended to promote the interests of Digicel Group Limited (the “Company”) by
providing eligible persons in the Company’s service with an opportunity to acquire a proprietary interest or otherwise increase their proprietary interest in the Company as an incentive for them to remain in the service of the Company. 

These Rules (as amended from time to time) shall apply (unless otherwise expressly stated) to all options granted by the Company to its Service Providers (as
hereinafter defined) to subscribe for shares of the Company. Each Service Provider who accepts or exercises an option is deemed to have accepted these Rules as fundamental terms of the arrangement between such individual and the Company. The grant
of options under the Plan shall be entirely at the discretion of the Company and is not a standard employee benefit. 
  

	1.	Definitions and Interpretation 

  

	 	(a)	In these Rules, unless the context otherwise requires, the following words and expressions shall have the following meanings: 

  

	 	(i)	“Affiliate” shall mean any corporation, limited liability company, limited partnership, or partnership 40% or more of the equity securities, measured either by vote or value, of which is owned by the Company
or by a Subsidiary of the Company. 

  

	 	(ii)	“Board”, the Board of Directors of the Company. 

  

	 	(iii)	“Company”, Digicel Group Limited, a Bermuda corporation. 

  

	 	(iv)	“Change of Control” shall mean the occurrence of any of the following events: 

  

	 	A.	any person or group (as such terms are used in Sections 13(d) and 14(d) of the Exchange Act), other than a shareholder as of the date thereof, is or becomes the beneficial owner (as defined in Rules 13d-3 and 13d-5
under the Exchange Act, except that a person will be deemed to have beneficial ownership of all securities that such person has the right to acquire, whether such right is exercisable immediately or only after the passage of time), directly or
indirectly, of more than 50% of the voting power of the Company s outstanding voting stock; or 

  

	 	B.	 (i) if the Company consummates any transaction (including, without limitation, any merger, consolidation, amalgamation or other

  
 3 

	 	
combination) pursuant to which the Company’s outstanding voting stock is converted into or exchanged for cash, securities or other property, or (ii) the Company conveys, transfers,
leases or otherwise disposes of, or any resolution with respect to a demerger or division is passed by the Board or Shareholders pursuant to which the Company would dispose of, all or substantially all of the Company’s assets, in each case to
any person other than in a transaction: 

  

	 	(x)	where the Company’s outstanding voting stock is not converted or exchanged at all (except to the extent necessary to reflect a change in the jurisdiction of the Company’s incorporation) or is converted into or
exchanged for voting stock of the surviving or transferee corporation; and 

  

	 	(y)	no person or group (as such terms are used in Sections 13(d) and 14(d) of the Exchange Act) is the beneficial owner (as defined in clause A. above) directly or indirectly, of more than 50% of the total outstanding
voting stock of the surviving or transferee corporation; or 

  

	 	C.	during any consecutive two-year period individuals who at the beginning of such period constituted the Company’s board of directors (together with any new members whose election to such board, or whose nomination
for election by the Company’s shareholders, was approved by a vote of at least a majority of the members of the Company’s board of directors then still in office who were either members at the beginning of such period or whose election or
nomination for election was previously so approved) cease for any reason to constitute a majority of the members of the Company’s board of directors then in office; or 

 

	 	D.	the Company is liquidated or dissolved or adopts a plan of liquidation or dissolution. 

  

	 	(v)	“Effective Date”, 16 February, 2011. 

  

	 	(vi)	“Exchange Act”, US Securities Exchange Act of 1934, as amended, or any successor statute, and the rules and regulations promulgated by the US Securities and Exchange Commission thereunder. 

 

	 	(vii)	“Exercise Notice”, in relation to an Option, a Notice of Exercise of such Option served in accordance with Rule 7. 

  

	 	(viii)	“Exercise Price”, in relation to an Option, the price payable per Option Share upon exercise of such Option, as determined by the Plan Administrator on the Grant Date in accordance with Rule 4(b).

  

	 	(ix)	“Exercise Schedule”, in relation to an Option, the schedule in accordance with which the Option shall become exercisable for the Option Shares, as determined by the Plan Administrator on the Grant Date in
accordance with Rule 4(d) and set forth in the Grant Notice. 

  
 4 

	 	(x)	“Expiration Date”, in relation to an Option, the date on which such option expires, being the last day of the term of the Option as determined by the Plan Administrator pursuant to Rule 4(c) and as set forth
in the Grant Notice. 

  

	 	(xi)	“Grant Date”, in relation to an Option, the date on which the Plan Administrator approves the grant of the Option. 

  

	 	(xii)	“Grant Notice”, in relation to an Option, the Notice of Grant of Share Option evidencing the grant of such Option, as described in Rule 4(e). 

 

	 	(xiii)	“IPO Date”, the effective date of a listing or quotation of some or all of the Shares on a Securities Exchange. 

  

	 	(xiv)	“Management Agreement”, an agreement to be entered into in accordance with Rule 6 between the Optionholder and a management company designated by the Plan Administrator governing the registered ownership,
management, voting, sale and exercise of all rights in relation to the Shares purchased upon exercise of such Option, which agreement shall be in the form approved by the Plan Administrator on or prior to the Adoption Date or in such other form as
may be approved by the Plan Administrator and notified to the Optionholder prior to the exercise of the Option. 

  

	 	(xv)	“Manager”, the management company designated by the Plan Administrator to hold shares on behalf of a Participant pursuant to the Management Agreement. 

 

	 	(xvi)	“Market Price”, the market price per Share on any date as determined in accordance with the following provisions:- 

  

	 	A.	if the Shares are traded on one or more Securities Exchanges on such date, the Market Price shall be equal to the closing price per Share reported for such date by the composite-transactions report for the Securities
Exchange determined by the Plan Administrator to be the primary market for the Shares or, if no closing price per Share is reported for such date, then the Market Price shall be the closing price for the last preceding date for which such report
exists; or 

  

	 	B.	 if the Shares are not traded on a Securities Exchange on such date, the Market Price per Share shall be based upon a valuation of the Company
determined as of the date of the last quarter prior to the date the Plan Administrator exercises its right hereunder. The valuation of the Company shall be prepared by a third party appointed by the Plan Administrator. The Plan Administrator, in its
sole discretion, shall have the right to amend the Market Price that is derived from such valuation in the event that in the opinion of the 

  
 5 

	 	
Plan Administrator there has been a material change to the valuation of the Company since the date of the last quarterly valuation , taking into account such factors as it deems appropriate;

 provided, however, that for all purposes under Rule 13 and Rule 14, Market Price shall be determined in accordance with the
provisions of such rule. 
  

	 	(xvii)	“Normal Retirement Age”, sixty (60) years of age. 

  

	 	(xviii)	“Option”, an option granted under the Plan. 

  

	 	(xix)	“Optionholder”, an individual who holds an Option. 

  

	 	(xx)	“Option Share”, a Share subject to an Option. 

  

	 	(xxi)	“Participant”, a person who is for the time being an Optionholder or the holder of Shares purchased pursuant to the exercise of an Option or the legal personal representative of any such person.

  

	 	(xxii)	“Plan”, the Company’s 2011 Executive Share Option Plan, as implemented by these Rules. 

  

	 	(xxiii)	“Plan Administrator”, the Board or a duly constituted committee thereof appointed to administer the Plan in accordance with Rule 2. 

 

	 	(xxiv)	“Qualifying Company”, the Company and every other body corporate which is for the time being a Subsidiary or an Affiliate of the Company. 

 

	 	(xxv)	“Rules”, these Rules, as amended from time to time pursuant to Rule 17. 

  

	 	(xxvi)	“Securities Exchange”, any recognised stock exchange or public securities market including, but not limited to, the Irish Stock Exchange Limited, the London Stock Exchange Limited, the New York Stock Exchange,
the NASDAQ Stock Market and EASDAQ. 

  

	 	(xxvii)	“Service Contract”, in relation to a Participant, the terms and conditions of his employment, consultancy or other service arrangement and all related obligations (whether verbal, in writing and/or implied by
law) with any Qualifying Company as in effect at the relevant time including any confidentiality agreement and other agreement or obligation (whether verbal, in writing and/or implied by law) in effect between such company and such Participant.

  

	 	(xxviii)	“Service Provider”, an individual who provides services to one or more Qualifying Companies as an employee (including an executive director), including such an employee temporarily absent from his employment
for some purpose approved by the Company, or as a consultant, secondee or non-executive director. 

  
 6 

	 	(xxix)	“Share”, a common share in the capital of the Company. 

  

	 	(xxx)	“Shareholder”, a person who holds Shares. 

  

	 	(xxxi)	“Subsidiary”, any company (other than the Company) in an unbroken chain of companies beginning with the Company, provided each company (other than the last company) in the unbroken chain owns, at the time of
the determination, shares possessing fifty percent (50%) or more of the total combined voting power of all classes of shares in one of the other companies in such chain. 

 

	 	(xxxii)	“Termination Date”, in relation to a Participant, the date on which he ceases to be a Service Provider. 

  

	 	(xxxiii)	“Vesting Commencement Date” means the date commencing one year from the Grant Date or such other date as the Plan Administrator in its sole discretion shall determine. 

 

	 	(b)	Any reference in these Rules to any enactment includes a reference to that enactment as from time to time modified, extended or re-enacted. 

 

	 	(c)	The headings in these Rules are inserted for ease of reference only and shall not be taken into account in construing these Rules. 

  

	 	(d)	Words denoting the masculine gender shall include the feminine and neuter genders and words denoting the singular shall include the plural and vice versa. 

 

	2.	Administration 

 The Plan shall be administered by the Board or by a duly constituted
committee of the Board to which the Board delegates some or all of its authority hereunder upon such terms and conditions as the Board in its absolute discretion shall determine. The Board or the committee appointed to serve as administrator of the
Plan, acting within its authority, shall be hereafter referred to as the “Plan Administrator”. 
  

	3.	Grant of Options 

  

	 	(a)	The Plan shall become effective on the Effective Date and the Plan Administrator may grant Options under the Plan at any time during the ten (10)-year period commencing on the Effective Date. 

 

	 	(b)	No person shall be entitled as of right to receive an Option under the Plan and the Plan Administrator may from time to time, subject to these Rules but otherwise in its absolute discretion, select the Service Providers
to whom Options shall be granted hereunder and shall by appropriate resolution approve the grant of an Option to each such Service Provider. 

  
 7 

	4.	Terms and Conditions of Options 

  

	 	(a)	With respect to each Option granted hereunder, the Plan Administrator shall at the time of grant determine the number of Option Shares subject to such Option, the Exercise Price payable per Option Share and the Exercise
Schedule applicable to such Option. 

  

	 	(b)	The Exercise Price payable per Option Share subject to an Option shall be determined by the Plan Administrator in its sole discretion and shall be equal to the Market Price per Share on the Grant Date unless otherwise
determined by the Plan Administrator. 

  

	 	(c)	Each Option granted hereunder shall have a maximum term of seven (7) years measured from the Grant Date of such Option, subject to earlier termination in accordance with Rules 9, 10, 13, 14 and 15.

  

	 	(d)	The Plan Administrator shall in its sole discretion determine the Exercise Schedule which shall apply to each Option granted hereunder. Such Exercise Schedule may provide that the Option shall become exercisable with
respect to the Option Shares in a series of cumulative instalments over a period of time beginning on the Grant Date or on such other date as the Plan Administrator shall determine (but in no event earlier than the date on which the Optionholder
commenced service as a Service Provider), or exercisability may be conditional upon the attainment by the Optionholder or the Company or any group or division of the Company of performance objectives determined by the Plan Administrator on the Grant
Date. 

 The number of Option Shares with respect to which an Option may be exercised shall be cumulative, such that once the
Option shall become exercisable with respect to Option Shares, it shall remain exercisable with respect to such Option Shares until the exercise or expiration, lapse, cancellation or other termination of the Option with respect to such Option Shares
in accordance with these Rules. 
 The Plan Administrator shall have the authority, exercisable in its sole discretion at any time an Option
remains outstanding, to accelerate in whole or in part the Exercise Schedule applicable to such Option. 
  

	 	(e)	As soon as reasonably practicable after the Grant Date of an Option, the Plan Administrator shall issue to the Optionholder a Notice of Grant of Share Option (a “Grant Notice”) with respect to the Option which
shall specify: 

  

	 	(i)	the Grant Date of the Option; 

  

	 	(ii)	the number of Option Shares subject to the Option; 

  

	 	(iii)	the Exercise Price payable per Option Share; 

  

	 	(iv)	the Exercise Schedule (if any) applicable to the Option; 

  
 8 

	 	(v)	the Expiration Date of the Option; and 

  

	 	(vi)	subject as aforesaid, shall be in the form set out in Appendix 1 to these Rules or such other form as the Plan Administrator shall from time to time prescribe. 

 

	 	(f)	Save as otherwise provided hereunder, an Option granted under the Plan shall be personal to the Optionholder and shall be non-assignable and shall automatically lapse and cease to be exercisable if it is purported to be
transferred, assigned, mortgaged, charged or otherwise disposed of by the Optionholder, provided, however, that: 

  

	 	(i)	in the event an Optionholder dies while holding an outstanding Option granted hereunder, such Option may be exercised by the legal personal representative of such Optionholder subject to these Rules; or

  

	 	(ii)	following a written request from the Optionholder seeking the consent of the Plan Administrator to the transfer, assignment or otherwise disposal of such Option, the Plan Administrator shall have the authority,
exercisable in its sole discretion at any time an Option remains outstanding, and after due consideration of such written request to permit the Option granted under the Plan to be transferred, assigned or otherwise disposed of by the Optionholder.

  

	5.	Share Limits 

 The maximum aggregate number of Shares in respect of which Options may be
granted under the Plan shall not exceed 5,744,681 Shares. This aggregate limit shall include options issued under any other option plans operated by the Company. Shares issued pursuant to the exercise of Options granted hereunder shall reduce on a
share-for-share basis the maximum aggregate number of Shares available for issuance hereunder. To the extent Options granted hereunder are cancelled or lapse, expire or otherwise terminate prior to exercise, the Shares subject to such Options shall
become available for issuance pursuant to future Option grants under the Plan. 
  

	6.	Management Agreement 

 It shall be a condition of both the grant and the exercise of an
Option that the Participant shall upon exercise thereof at any time prior to a Change of Control or IPO enter into a Management Agreement in respect of all Shares acquired by him thereunder and shall remain party thereto, observing and performing
all of the provisions thereof, throughout the period of the Participant’s ownership of such Shares, or (if earlier) until such Management Agreement shall terminate, on which date or dates all applicable restrictions on the sale of the Shares
subject to such Option shall lapse subject to Rule 12. 

  
 9 

	7.	Exercise of Options 

  

	 	(a)	An Option may be exercised at any time for some or all of the Option Shares which are exercisable as of such time in accordance with the Exercise Schedule applicable to such Option and the provisions of these Rules.

  

	 	(b)	The exercise of an Option shall be effected by a notice in writing by the Optionholder to the Company (an “Exercise Notice”) which shall: 

 

	 	(i)	specify the number of Option Shares in respect of which the Option is being exercised; 

  

	 	(ii)	be accompanied by payment to the Company in cash or by cheque of an amount equal to the product of the number of Option Shares for which the Option is being exercised and the Exercise Price payable per Option Share, or
pursuant to Section 7(e) below; 

  

	 	(iii)	if required pursuant to Rule 6, be accompanied by a Management Agreement in the form applicable to such Option, duly executed by the Optionholder; and 

 

	 	(iv)	subject as aforesaid, be in the form set out in Appendix 2 to these Rules or such other form as the Plan Administrator may from time to time prescribe. 

 

	 	(c)	Within thirty (30) days after an Exercise Notice has taken effect, the Plan Administrator on behalf of the Company shall allot to the Participant the number of Shares in respect of which the Exercise Notice has
taken effect. 

  

	 	(d)	As soon as reasonably practicable after allotting Shares, the Plan Administrator on behalf of the Company shall issue to the Participant (or to the Manager on his behalf) a share certificate in respect of the Shares so
allotted. 

  

	 	(e)	In addition to the exercise procedure set forth in Rule 7(b), if an Option is exercised after the IPO date, such Option may be exercised, to the extent permitted by the Plan Administrator and the Securities Exchange on
which the Shares are quoted or listed, through a special sale and remittance or same-day sale procedure pursuant to which the Optionholder shall provide irrevocable written instructions to a Company-designated brokerage firm to effect the immediate
sale of the purchased Shares and remit to the Company, out of the sale proceeds available on the settlement date, sufficient funds to cover the aggregate Exercise Price payable for the purchased Shares, and shall concurrently provide irrevocable
written instructions to the Company to transfer the Shares directly to the brokerage firm to complete the sale transaction. 

  

	 	(f)	 The Plan Administrator, on behalf of the Company, shall not be under any obligation to allot or issue Shares to or on behalf of a Participant under or
in connection with this Plan unless and until the Plan Administrator is satisfied in its absolute discretion that such Participant has made payment to the Company of such sum as is, in the discretion of the Plan Administrator, sufficient to settle
any liability for any income tax and/or social insurance contributions and/or 

  
 10 

	 	
similar imposts which are or would be recoverable from such Participant as a result of the exercise of an Option and in respect of which the Company or any Qualifying Company is liable to account
(in any jurisdiction). 

  

	 	(g)	All Shares allotted under Options shall rank pari passu in all respects with the Shares for the time being in issue save as regards any rights attaching to such Shares by reference to a record date prior to the date of
such allotment. 

  

	 	(h)	The Company shall apply to such Securities Exchanges upon which Shares are listed from time to time for the listing of the Shares issuable under the Plan. 

 

	8.	Change of Control 

  

	 	(a)	In the event of a Change of Control, the Plan Administrator, in its sole discretion, (i) may cause any outstanding Option to be (x) continued by the Company, (y) assumed, or substituted with a
substantially equivalent award, by the successor company (or its parent or any of its subsidiaries), or (z) cancelled in consideration of a cash payment or alternative Option, if applicable, made to the holder of such cancelled Option equal in
value to the Market Price of such cancelled Option less any exercise price (provided that the Plan Administrator may determine that only holders of vested Options shall receive any such cash payment or alternative Option); or (ii) may
take any other action or actions with respect to the outstanding Options that it deems appropriate. Any Option (or any portion thereof) not continued or assumed by the Company or the successor company (or its parent or any of its subsidiaries), as
applicable, pursuant to the foregoing shall become fully vested and exercisable. If an Option becomes fully vested and exercisable in lieu of continuation, assumption or substitution, the Plan Administrator shall notify the Participant in writing or
electronically that the Option shall be fully exercisable for a period of no less than fifteen (15) days from the date of such notice, and the Option shall terminate upon the expiration of such period. 

 

	 	(b)	To the extent an Optionholder fails to exercise an Option requested to be exercised by him by the Plan Administrator pursuant to Rule 8(a) above, such Option shall be deemed to lapse automatically upon the expiration of
the period specified in the notice served by the Company and the Optionholder shall have no further rights with respect to the Option or the Option Shares. 

  

	 	(c)	Each Option which is assumed in connection with a Change of Control pursuant to Rule 8(a)(i) above shall be appropriately adjusted in the discretion of the Plan Administrator, immediately after such Change of Control,
to apply to the number and class of shares which would have been issuable to the Optionholder in consummation of such Change of Control had the Option been exercised immediately prior to the effective date of the Change of Control. Appropriate
adjustments to reflect the Change of Control shall also be made to the Exercise Price payable per Option Share subject to each such Option. 

  

	 	(d)	The determination of option comparability under Rule 8(a)(ii) above shall be made by the Plan Administrator and its determination shall be final, binding and conclusive. 

  
 11 

	 	(e)	The outstanding Options hereunder shall in no way affect the right of the Company to adjust, reclassify, reorganise or otherwise change its capital or business structure or to merger, consolidate, dissolve, liquidate or
sell or transfer all or any part of its business or assets. 

  

	 	(f)	For the avoidance of doubt hereunder, in no event shall a Reorganisation, as defined in Rule 11(a), or an IPO constitute a Change of Control. 

 

	9.	Reconstruction and Winding-Up 

  

	 	(a)	In the event of: 

  

	 	(i)	any reorganisation of the capital of the Company or any reconstruction or amalgamation of the Company involving a material change in the nature of the Shares (and for the purposes of this sub-rule the determination by
the Plan Administrator of a material change in the nature of Shares in any particular case shall be final and conclusive and shall be communicated to each Optionholder in writing); or 

 

	 	(ii)	the Company passing a resolution for its winding-up or an order being made for the compulsory winding-up of the Company (the passing of which resolution or the making of which order shall be communicated by the Plan
Administrator to each Optionholder in writing); 

 an Optionholder may, on the date that such reconstruction or amalgamation
becomes unconditional or such winding-up takes effect or within such period before or after such date as the Plan Administrator may determine, exercise any Option with respect to the Option Shares subject to such Option which are exercisable in
accordance with the Exercise Schedule applicable to the Option as of the date the reconstruction or amalgamation becomes unconditional or the winding up takes effect and upon and subject to any conditions or limitations as the Plan Administrator may
in its discretion determine. The Plan Administrator may, in addition, in its sole discretion provide that the Exercise Schedule applicable to some or all of the outstanding Options hereunder held by current Service Providers shall accelerate in
whole or in part and such Options shall thereafter become exercisable with respect to the accelerated Option Shares in accordance with the terms and conditions specified by the Plan Administrator. 

 

	 	(b)	In the event of an Optionholder failing to exercise an Option pursuant to Rule 11(a) within the period specified by the Plan Administrator, such Option shall be deemed to lapse automatically and the Optionholder shall
have no further rights with respect to the Option or the Option Shares. 

  

	10.	Variation of Capital 

 In the event that the Plan Administrator shall determine that any
dividend or other distribution (whether in the form of cash, common stock, other securities, or other property), recapitalization, stock split, reverse stock split, reorganization, merger, 

  
 12 

 
consolidation, split-up, spin-off, combination, repurchase, redemption or exchange of common stock or other securities of the Company, issuance of warrants or other rights to purchase Shares or
other securities of the Company, or other similar corporate transaction or event affects the shares of common stock such that an adjustment is determined by the Plan Administrator to be appropriate in order to prevent dilution or enlargement of the
benefits or potential benefits intended to be made available under the Plan, then the Plan Administrator may, in such manner as it may deem equitable, adjust any or all of (i) the number and type of shares of common stock (or other securities
or property) which thereafter may be made the subject of Options, (ii) the number and type of shares of common stock (or other securities or property) subject to outstanding Options, and (iii) the grant, purchase, or exercise price with
respect to any Options or, if deemed appropriate, cancel any Option and/or make provision for a cash payment to the holder of an outstanding Option or effect any combination of the foregoing. 

 

	11.	Reorganisation 

  

	 	(a)	If the Company is the subject of a reorganisation whereby all or substantially all of the issued equity share capital of the Company is or is to be acquired by another company, with the result that the beneficial
ownership of such new company is substantially the same as that of the Company immediately prior to such reorganisation (the “Reorganisation”), the Plan Administrator may by resolution replace each Option outstanding under the Plan
immediately prior to the Reorganisation with an option to purchase shares of the new company (the “Replacement Option”). The Replacement Option may, at the discretion of the Plan Administrator, be for a number of shares of the new company
which is more or less than the number of Option Shares subject to the Option immediately prior to the Reorganisation and the exercise price payable per share which applies to the Replacement Option may be more or less than the Exercise Price per
Option Share which applied to the Option immediately prior to the Reorganisation provided however that: 

  

	 	(i)	the aggregate Market Price of the shares of the new company subject to the Replacement Option immediately after the Reorganisation shall be equal to the aggregate Market Price of the Option Shares subject to the Option
immediately prior to such Reorganisation; 

  

	 	(ii)	the aggregate exercise price payable with respect to the Replacement Option immediately after the Reorganisation shall be equal to the aggregate Exercise Price payable with respect to the Option immediately prior to the
Reorganisation; 

  

	 	(iii)	the Exercise Schedule for the Option shall remain unchanged and shall apply to the Replacement Option, with each instalment of Option Shares scheduled to become exercisable after the Reorganisation adjusted to reflect
the aggregate number of shares of the new company subject to such option after the Reorganisation; 

  

	 	(iv)	 the Replacement Option shall, for all other purposes of this Plan, be treated as having been acquired at the same time as the Option and the terms

  
 13 

	 	
“Grant Date” and “Expiration Date” shall be construed accordingly and all of the other provisions of these Rules, including the terms of the Grant Notice, shall continue to
apply in a like manner to the Replacement Option; 

  

	 	(v)	all references in these Rules to the term “Company” shall be deemed to refer to the new company and all references in these Rules to the term “Share” or “Shares” shall be deemed to refer to
a share or shares of the new company; and 

  

	 	(vi)	the shares of the new company subject to the Replacement Option shall have the same rights attaching thereto as the Shares of the Company which were subject to the Option immediately prior to the Reorganisation.

  

	 	(b)	Notwithstanding the provisions of Rule 11(a) above, any adjustment made to the number, denomination, nominal value of and/or Exercise Price per Option Share in connection with a Reorganisation shall be subject to
receipt of confirmation in writing from a firm of accountants or other independent experts that such variation is in their opinion fair and reasonable. 

  

	12.	IPO Lock-up/Restrictions on Sale of Shares 

  

	 	(a)	It shall be a fundamental condition of both the grant and the exercise of an Option that, in the event of an IPO, each Participant hereunder shall, promptly upon request by the Company, execute the form of market
stand-off or lock-up agreement, if any, requested by the Company’s underwriters in connection with such IPO. 

  

	 	(b)	It shall be a fundamental condition of both the grant and the exercise of the Option that the Participant shall agree that the Shares purchased upon exercise of such Option may, in the event of an IPO, be subject to
such restrictions on the sale of such Shares as the Plan Administrator shall impose and notify to the Participant in writing from time to time (in addition to any restrictions imposed pursuant to the market stand-off or lock-up agreement
referred to in Rule 12(a) above), which restrictions may continue after the Participant ceases to serve as a Service Provider, provided, however, that in no event shall any such restriction continue for a period in excess of the two-year period
after the date the Option vested with respect to the relevant Shares and provided also that such restrictions shall automatically lapse in the event the Participant ceases to be a Service Provider by reason of death, permanent incapacity (as
determined by the Plan Administrator after obtaining such independent medical advice as it deems necessary), retirement at or after the Participant’s normal retirement age or redundancy. 

 

	13.	Cash-Out of Options/Re-sale of Shares/Participant’s Termination Date 

  

	 	(a)	The Plan Administrator shall have the right, exercisable in its sole discretion at such time or times as it shall determine within the period beginning on the Participant’s Termination Date and ending on the seven
(7)-year anniversary of the Grant Date of an Option, to: 

  

	 	(i)	cancel such Option, in whole or in part, in consideration for a cash payment per cancelled Option Share equal to the excess of the Market Price per Share over the Exercise Price payable per Option Share; or

  

	 	(ii)	to the extent the Participant has previously exercised the Option and is the holder of Shares as a result of such exercise (including Shares issued by way of a rights or bonus issue, in lieu of dividends, or otherwise
howsoever), require that such Participant shall offer for sale and, if such offer is accepted, sell any or all such Shares at the Market Price per Share to such person or persons as the Plan Administrator shall direct, which persons may include but
shall not be limited to the Company, the Manager and other Service Providers or shareholders of the Company. 

  
 14 

 For purposes of this Rule 13, the Market Price per Share shall be based upon a valuation of the
Company determined as of the date of the last quarter prior to the date the Plan Administrator exercises its right hereunder. The valuation of the Company shall be prepared by a third party appointed by the Plan Administrator. The Plan
Administrator, in its sole discretion, shall have the right to amend the Market Price per Share derived from such valuation in the event that in the opinion of the Plan Administrator there has been a material change to the valuation of the Company
since the date of the last quarterly valuation. 
 Notwithstanding the foregoing provisions of this Rule 13(a), in the event the
Participant’s status as Service Provider is terminated by the Company or the Qualifying Company employing him for cause, as determined in accordance with the laws governing the Service Provider’s Service Contract, then the price payable
per Share upon exercise by the Company of its rights pursuant to Rule 13(a)(ii) shall be the Exercise Price paid per Share. In addition, if the Service Provider is in material breach of any post-termination restriction contained in such contract,
then the Plan Administrator shall have the authority, exercisable in its sole discretion, to set off against the amount otherwise due to the Participant as a result of the exercise by the Plan Administrator of its right under this Rule 13 any amount
awarded the Company by a court or tribunal as compensation for such breach or to withhold any payment otherwise due to the Participant under this Rule 13 pending determination of any legal proceedings instituted by the Company in connection with
such breach. 
  

	 	(b)	In order to exercise its rights pursuant to Rule 13(a)(ii), the Plan Administrator shall serve notice in writing on the Participant (the “Re-sale Notice”) which shall specify the number of Shares required to
be offered for sale, the person or persons to whom such offer is to be made, the price payable per Share and the date on which the sale of the Shares shall be completed, such date to be no later than sixty (60) days following the effective date
of the Re-sale Notice, and any other terms and conditions which shall apply to the sale of the Shares which may include, but shall not be limited to, a requirement that the purchaser of the Shares shall agree to enter into a Management Agreement
with respect to the Shares. 

  
 15 

	 	(c)	Upon acceptance by the purchaser of the offer by the Participant to sell the Shares subject to the Re-Sale Notice, the Participant shall be bound to transfer the Shares in accordance with this Rule 13 and shall
surrender (or instruct the Manager to surrender) the Share Certificates in respect thereof to the purchaser at such time and place as the Plan Administrator shall direct and if the Participant (or the Manager acting on behalf of the Participant)
shall fail to do so, then for the purposes of this Rule, the Participant shall be deemed to have appointed the Chairman of the Board or some other person appointed by the Plan Administrator for the purpose, attorney of the Participant with full
power to execute, complete and deliver in the name and on behalf of the Participant, the transfer of the Shares as aforesaid. The purchaser on payment of the purchase price to the Company in respect of each of the Shares transferred to him shall be
deemed to have obtained a good discharge for such payment and on execution and delivery of the said transfers duly stamped, such purchaser shall be entitled to insist upon his name being entered in the Company’s Register of Members as the
holder by transfer of the Shares transferred to him. Payment of any amount due to a Participant in connection with the sale of Shares pursuant to this Rule 13 shall be made to such Participant (or to the Manager on the Participant’s behalf)
within fifteen (15) business days following the transfer of the Shares to the purchaser. 

  

	 	(d)	Upon the sale of a Participant’s Shares in accordance with the provisions of this Rule 13, the Participant and the Manager shall be indemnified by the purchaser thereof against all outstanding liabilities (if any)
in respect of the balance of the issue price of such Shares. 

  

	 	(e)	The Plan Administrator shall have absolute discretion to waive any or all of the provisions of this Rule 13 upon such terms and conditions as it deems fit. 

 

	 	(f)	The provisions of this Rule 13 shall be in addition to, and without prejudice to, any provisions for the time being incorporated in the Bye-Laws of the Company concerning the offer-round or pre-emption of Shares
(whether voluntary or mandatory). 

  

	 	(g)	All payments made by the Company to a Participant pursuant to this Rule 13 shall be subject to deduction by the Company or the Qualifying Company employing the Participant of such income tax, social insurance
contributions and/or similar imposts which are required to be deducted by such company in connection with such payment. 

  

	 	(h)	The right of the Plan Administrator to require a Participant to offer Shares for sale pursuant to this Rule 13 shall automatically lapse on the earlier to occur of a Change of Control or an IPO. 

 

	14.	Cash-Out of Options/Re-sale of Shares/Vesting Commencement Date 

  

	 	(a)	The Plan Administrator shall have the right, exercisable in its sole discretion at such time or times as it shall determine at any time subsequent to the Vesting Commencement Date, to: 

 

	 	(i)	cancel such Option, in whole or in part, in consideration for a cash payment representing the Market Price, as at the date of payment, for such Option Share payable (x) on the Vesting Commencement Date as regards
50% of such Option Shares and (y) on the first anniversary of the Vesting Commencement Date in respect of the remaining 50% of the Option Shares that have been vested; or 

 

	 	(ii)	to the extent the Participant has previously exercised the Option and is the holder of Shares as a result of such exercise (including Shares issued by way of a rights or bonus issue, in lieu of dividends, or otherwise
howsoever), require that such Participant shall offer for sale and, if such offer is accepted, sell any or all such Shares at the Market Price per Share with payments in accordance with this Rule 14(a)(i) to such person or persons as the Plan
Administrator shall direct, which persons may include but shall not be limited to the Company, the Manager and other Service Providers or shareholders of the Company. 

  
 16 

 For purposes of this Rule 14, the Market Price per Share shall be based upon a valuation of the
Company determined as of the date of the last quarter prior to the date the Plan Administrator exercises its right hereunder. The valuation of the Company shall be prepared by a third party appointed by the Plan Administrator. The Plan
Administrator, in its sole discretion, shall have the right to amend the Market Price per Share derived from such valuation in the event that in the opinion of the Plan Administrator there has been a material change to the valuation of the Company
since the date of the last quarterly valuation. 
  

	 	(b)	In order to exercise its rights pursuant to Rule 14(a)(ii), the Plan Administrator shall serve notice in writing on the Participant (the “Re-sale Notice”) which shall specify the number of Shares required to
be offered for sale, the person or persons to whom such offer is to be made, the price payable per Share and the dates on which the sales of the Shares shall be completed, such date to be no later than sixty (60) days following the effective
date of the Re-sale Notice, and any other terms and conditions which shall apply to the sale of the Shares which may include, but shall not be limited to, a requirement that the purchaser of the Shares shall agree to enter into a Management
Agreement with respect to the Shares. 

  

	 	(c)	 Upon acceptance by the purchaser of the offer by the Participant to sell the Shares subject to the Re-Sale Notice, the Participant shall be bound to
transfer the Shares in accordance with this Rule 14 and shall surrender (or instruct the Manager to surrender) the Share Certificates in respect thereof to the purchaser at such time and place as the Plan Administrator shall direct and if the
Participant (or the Manager acting on behalf of the Participant) shall fail to do so, then for the purposes of this Rule, the Participant shall be deemed to have appointed the Chairman of the Board or some other person appointed by the Plan
Administrator for the purpose, attorney of the Participant with full power to execute, complete and deliver in the name and on behalf of the Participant, the transfer of the Shares as aforesaid. The purchaser on payment of the purchase price to the
Company in respect of each of the Shares transferred to 

  
 17 

	 	
him shall be deemed to have obtained a good discharge for such payment and on execution and delivery of the said transfers duly stamped, such purchaser shall be entitled to insist upon his name
being entered in the Company’s Register of Members as the holder by transfer of the Shares transferred to him. Payment of any amount due to a Participant in connection with the sale of Shares pursuant to this Rule 14 shall be made to such
Participant (or to the Manager on the Participant’s behalf) within fifteen (15) business days following the transfer of the Shares to the purchaser. 

  

	 	(d)	Upon the sale of a Participant’s Shares in accordance with the provisions of this Rule 14, the Participant and the Manager shall be indemnified by the purchaser thereof against all outstanding liabilities (if any)
in respect of the balance of the issue price of such Shares. 

  

	 	(e)	The Plan Administrator shall have absolute discretion to waive any or all of the provisions of this Rule 14 upon such terms and conditions as it deems fit. 

 

	 	(f)	The provisions of this Rule 14 shall be in addition to, and without prejudice to, any provisions for the time being incorporated in the Bye-Laws of the Company concerning the offer-round or pre-emption of Shares
(whether voluntary or mandatory). 

  

	 	(g)	All payments made by the Company to a Participant pursuant to this Rule 14 shall be subject to deduction by the Company or the Qualifying Company employing the Participant of such income tax, social insurance
contributions and/or similar imposts which are required to be deducted by such company in connection with such payment. 

  

	 	(h)	The right of the Plan Administrator to require a Participant to offer Shares for sale pursuant to this Rule 14 shall automatically lapse on the earlier to occur of a Change of Control or an IPO. 

 

	15.	Cancellation/Grant of New Options 

 The Plan Administrator shall have the authority to
effect, at any time and from time to time, with the consent of the affected Optionholders, (i) the cancellation of any or all unexercised Options under the Plan and the grant in substitution therefore of new Options under the Plan covering the
same or different numbers of Shares and having an Exercise Price per Option Share which may be lower or higher than the Exercise Price per Option Share of the cancelled Options or (ii) the amendment of the terms of any and all unexercised
Options under the Plan to provide an Exercise Price per Option Share which is higher or lower than the then-current Exercise Price per Option Share of such outstanding Options, provided, in each case, that the Exercise Price per Share shall in all
events comply with the provisions of Rule 4(b). 
  

	16.	Confidentiality 

 The existence of the 2011 Executive Option Plan is confidential. The
names and identity of Participants are also to remain confidential and no Participant is allowed to disclose or discuss his/her participation in the Plan, nor the Plan itself to anyone apart 

  
 18 

 
from his/her spouse/partner (in which case the Participant is liable for compliance by the spouse/partner of this Rule 16), the Group CEO, the Group CFO, the Group HR Director or the Plan
Administrator. 
  

	17.	Amendment 

  

	 	(a)	The Board shall have complete and exclusive power and authority to vary, amend or revoke any of these Rules subject to the following sentence provided always that no such alteration, amendment or revocation shall
increase the amount payable by any Optionholder or otherwise impose more onerous obligations on any Optionholder in respect of the exercise of an Option which has already been granted. In addition, certain amendments may require shareholder approval
pursuant to applicable law and regulations or agreements entered into between shareholders of the Company. 

  

	 	(b)	As soon as is reasonably practicable after any variation, amendment or revocation under Rule 17(a) above takes effect, the Plan Administrator shall give notice in writing thereof to all Participants affected by such
variation, amendment or revocation. 

  

	18.	No Compensation for Loss of Options 

  

	 	(a)	Neither this Plan nor any Option granted hereunder shall form part of the terms and conditions of any Service Contract between a Participant and any Qualifying Company and consequently, rights and obligations of a
Participant under the terms and conditions of his office with or employment by any Qualifying Company shall not be affected by his receipt of an Option under the Plan. Accordingly, the Participant shall have no right to any compensation arising for
the loss of his entitlement (for any reason whatsoever) with respect to his Option or Option Shares as a result of the termination of his status as a Service Provider (for any reason whatsoever) whether such compensation is claimed by way of damages
for unfair or wrongful dismissal or other breach of contract or by way of compensation for loss of office or otherwise howsoever. 

  

	 	(b)	The benefits to a Participant under this Plan shall not form any part of his remuneration from any Qualifying Company or be included in his remuneration for pension scheme or other employee benefit-related purposes.

  

	19.	Termination of Plan 

 The Plan shall terminate upon the close of business on the day next
preceding the tenth anniversary of the Effective Date. Options which remain unexercised as of such date shall continue to have force and effect in accordance with the provisions of the Grant Notices evidencing such Options and the provisions of
these Rules. 
  

	20.	Miscellaneous 

  

	 	(a)	The Company shall at all times keep available such number of authorised but unissued Shares as shall be necessary to satisfy the exercise of Options outstanding under the Plan. 

  
 19 

	 	(b)	The Plan Administrator may from time to time make and vary such rules and regulations not inconsistent herewith and establish such procedures for administration and implementation of the Options and these Rules as it
thinks fit, and in the event of any dispute or disagreement as to the interpretation of these Rules, or of any such rule, regulation or procedure, or as to any question or right arising from or related to Options and/or these Rules, the decision of
the Plan Administrator shall be final and binding upon all persons concerned therein. 

  

	 	(c)	Any notice or other communication under or in connection with an Option and/or these Rules may be given by personal delivery or by sending the same by prepaid post, in the case of a company to its registered office, and
in the case of an individual to his last known address, or, where he is a Service Provider, either to his last known address or to the address of the place of business at which he performs the whole or substantially the whole of the duties of his
office or employment, and where a notice or other communication is personally delivered, it shall be deemed to have been received at the time of delivery and where it posted to an address within the Caribbean, it shall be deemed to have been
received forty-eight (48) hours after it was put into the post properly addressed and stamped and where it is posted to an address outside the Caribbean, it shall be deemed to have been received on the fifth business day after the date it was
put into the post properly addressed and stamped. 

  

	 	(d)	The validity and interpretation of the Plan and these Rules shall be governed by and construed in accordance with the laws of Bermuda and the Courts of Bermuda shall have jurisdiction in any matter arising out of the
Plan. 

  
 20 

 APPENDIX 1 

Digicel Group Limited 
 Notice of
Grant of Share Option 
 2011 Executive Share Option Plan 

Notice is hereby given of the grant to the individual named below (the “Optionholder”), in consideration for the Optionholder’s agreement to
provide services to the Company or another Qualifying Company, of the following option (the “Option”) to purchase common shares of Digicel Group Limited (the “Company”) under the Company’s 2011 Executive Share Option Plan
(the “Plan”): 
  

			
	Name of Optionholder:	  	
		
	Address of Optionholder:	  	
		
	Grant Date of Option:	  	
		
	Number of Option Shares:	  	
		
	Exercise Price:	  	 US$[        ] per Option Share

		
	Vesting Commencement Date:	  	
		
	Exercise\Vesting Schedule:	  	The Option shall become exercisable for the Option Shares in a series of cumulative instalments over the Optionholder’s period of service as a Service Provider in accordance with the following schedule:-

  

			
	 Date
	  	Maximum Shares to Become
Exercisable
(% of Total Number of Option Shares)
		  	
		  	
		  	
		  	
		  	

  

			
	Expiration Date:	  	[date immediately preceding 7-year anniversary of Grant Date], subject to earlier termination in accordance with the Rules of the Plan.

 The Optionholder understands and agrees that the Option is granted subject to and in accordance with the Rules of the Plan and
the Optionholder hereby acknowledges receipt of a copy of such Rules and agrees to be bound by such Rules. 
 The Optionholder further understands and
agrees that each vesting event as outlined in the above schedule will be conditional on achievement of certain agreed performance criteria which will be communicated to the option holder in conjunction with this Grant of Option. 

  
 21 

 The Plan Administrator shall have the authority, exercisable in its absolute discretion to amend any of the
agreed criteria but not if such amendment results in a more onerous performance measure. This will normally only apply if there is an Act of God or if decisions are made by the Board which have an adverse effect on the achievement of any of the
agreed performance criteria in which instance the amendment will be limited to the direct impact of that specific matter. 
 Subject to Rule 4(f) of the
Plan, the Optionholder further acknowledges that the Option is personal to the Optionholder and may not be transferred, assigned, mortgaged, charged or otherwise disposed of by the Optionholder, that nothing in this Notice or in the Plan shall
confer upon the Optionholder any right to continue in the service or employment of the Company or any Qualifying Company for any period of specific duration and that this Option shall not form part of the terms and conditions of the
Optionholder’s Service Contract with the Company or any Qualifying Company employing him. Accordingly, the Optionholder acknowledges that he or she shall have no right to any compensation arising for the loss of his or her entitlement with
respect to the Option or the Option Shares as a result of the termination of the Optionholder’s status as a Service Provider (for any reason whatsoever). 

Except as the Plan Administrator may otherwise provide at the time the Option is granted or thereafter, or as required to comply with applicable law: 

 

	 	(a)	If the Participant’s employment or service with the Company and its affiliates is terminated by Participant or by the Company for any reason (other than death or disability or by the Company for cause), then
(i) to the extent not yet vested as of the Termination Date, an Option shall immediately be forfeited, and (ii) to the extent vested as of the Termination Date, an Option may be retained and, if applicable, exercised until the earlier of
(A) the date three (3) months (or such longer or shorter period, if any, specified in the applicable Service Agreement or Grant Notice) after the Termination Date or (B) the date such Option would have expired had it not been for the
termination of employment or service, after which time, in either case, such Option shall expire. 

  

	 	(b)	If the Participant’s employment or service with the Company and its Affiliates is terminated by Participant or if he/she has served notice of termination, or by the Company due to Participant’s death or
disability, then (i) to the extent not yet vested as of the Termination Date or at the date of serving of the notice of termination, an Option shall immediately be forfeited, and (ii) to the extent vested as of the Termination Date, an
Option may be retained and, if applicable, exercised until the earlier of (A) the date one (1) year (or such longer or shorter period, if any, specified in the applicable Service Agreement or Grant Notice) after such termination of
employment or service or (B) the date such Option would have expired had it not been for the termination of employment or service, after which time, in either case, such Option shall expire. 

 

	 	(c)	If the Participant’s employment or service with the Company and/or its Affiliates is terminated by the Participant or if he/she has served notice of termination, prior to any specified vesting period as defined in
the Schedule above, then the upside on the already vested options is restricted to 50% of any uplift between the Exercise Price and the Market Price. 

  
 22 

	 	(d)	If an Optionholder’s Service Provider status is terminated by the Company (or other Qualifying Company employing the Optionholder) for cause, as determined in accordance with the laws, de facto governing the
Service Provider’s Service Contract, then, as of the Optionholder’s Termination Date, each outstanding Option held by such individual shall automatically lapse and cease to be exercisable with respect to all of the Option Shares subject to
such Option. 

  

	 	(e)	If the Participant is in breach of the Confidentiality undertaking in Rule 16 the Plan Administrator is entitled to notify such Participant that each outstanding Option held by such individual will lapse and cease to be
exercisable with respect to all of the Option Shares subject to such Option. 

  

	 	(f)	In no event shall any additional Option Shares become exercisable after an Optionholder’s Termination Date. 

Each capitalised term in this Notice shall have the meaning assigned to such term in this Notice or the Plan. 

By executing the attached duplicate of this Notice, the Optionholder confirms his or her acceptance of the Option upon the terms and conditions described
herein. In the event the attached duplicate is not returned to the Company duly executed on or prior to [                    ], the Option shall be
deemed to have lapsed as of such date and shall have no force or effect thereafter. 
  

			
	By:	 	  

		
	Title:	 	  

 For and on behalf of Digicel Group Limited 

Acknowledged and Accepted: 
  

			
	By:	 	  

		 	Optionholder
		
	Date:	 	

  

			
	Note:	  	This Notice should be executed in duplicate by the Optionholder and the Company. One originally executed copy should be retained by each party.

  

			
	Attachments:	  	2011 Executive Share Option Plan Rules
		  	Form of Management Agreement

  
 23 

 APPENDIX 2 

Notice of Exercise 
 Digicel Group
Limited 
 2011 Executive Share Option Plan 
  

	1.	I hereby notify Digicel Group Limited (the “Company”) that I elect to purchase                 common shares of the Company at
the Option Exercise Price of US$        per share pursuant to the option granted to me on
                    to purchase up to             of the Company’s common shares
under the 2011 Executive Share Option Plan. 

  

	2.	I acknowledge and accept that the shares purchased by me pursuant to this Notice of Exercise are subject to restrictions as to their sale as provided in Rules 13, 14 and 15 of the Plan and to the Company’s Bye
Laws. 

  

	3.	I enclose a signed copy of the Management Agreement. 

  

	4.	I enclose the sum of US$        in payment of the option exercise price.1 

 

			
	Full Name(s):	 	  

		
	Address:	 	  

		
	Signature(s):	 	  

		
	Date:	 	  

  

	1 	Insert the Exercise Price of the shares in respect of which the Option is being exercised; this can be calculated by multiplying the Exercise Price per Option Share stated in the Notice of Grant of Share by the number
of shares inserted in paragraph 1 above for which the Option is being exercised. 

  
 24EX-10.29

 Exhibit 10.29 

APPENDIX 1 
 Digicel Group
Limited 
 Notice of Grant of Share Option 

2011 Executive Share Option Plan 
 Notice is
hereby given of the grant to the individual named below (the “Optionholder”), in consideration for the Optionholder’s agreement to provide services to the Company or another Qualifying Company, of the following option (the
“Option”) to purchase common shares of Digicel Group Limited (the “Company”) under the Company’s 2011 Executive Share Option Plan (the “Plan”): 

 

			
	Name of Optionholder:	  	
		
	Address of Optionholder:	  	
		
	Grant Date of Option:	  	
		
	Number of Option Shares:	  	
		
	Exercise Price:	  	 US$[        ] per Option Share

		
	Vesting Commencement Date:	  	
		
	Exercise\Vesting Schedule:	  	 The Option shall become exercisable for the Option Shares in a series of cumulative instalments over the Optionholder’s period of service as a
Service Provider in accordance with the following schedule:-

  

			
	 Date
	  	Maximum Shares to Become
Exercisable
(% of Total Number of Option Shares)
		  	
		  	
		  	
		  	
		  	

  

			
	Expiration Date:	  	[date immediately preceding 7-year anniversary of Grant Date], subject to earlier termination in accordance with the Rules of the Plan.

 The Optionholder understands and agrees that the Option is granted subject to and in accordance with the Rules of the Plan and
the Optionholder hereby acknowledges receipt of a copy of such Rules and agrees to be bound by such Rules. 

 The Optionholder further understands and agrees that each vesting event as outlined in the above schedule will be
conditional on achievement of certain agreed performance criteria which will be communicated to the option holder in conjunction with this Grant of Option. 

The Plan Administrator shall have the authority, exercisable in its absolute discretion to amend any of the agreed criteria but not if such amendment results
in a more onerous performance measure. This will normally only apply if there is an Act of God or if decisions are made by the Board which have an adverse effect on the achievement of any of the agreed performance criteria in which instance the
amendment will be limited to the direct impact of that specific matter. 
 Subject to Rule 4(f) of the Plan, the Optionholder further acknowledges that the
Option is personal to the Optionholder and may not be transferred, assigned, mortgaged, charged or otherwise disposed of by the Optionholder, that nothing in this Notice or in the Plan shall confer upon the Optionholder any right to continue in the
service or employment of the Company or any Qualifying Company for any period of specific duration and that this Option shall not form part of the terms and conditions of the Optionholder’s Service Contract with the Company or any Qualifying
Company employing him. Accordingly, the Optionholder acknowledges that he or she shall have no right to any compensation arising for the loss of his or her entitlement with respect to the Option or the Option Shares as a result of the termination of
the Optionholder’s status as a Service Provider (for any reason whatsoever). 
 Except as the Plan Administrator may otherwise provide at the time the
Option is granted or thereafter, or as required to comply with applicable law: 
  

	 	(a)	If the Participant’s employment or service with the Company and its affiliates is terminated by Participant or by the Company for any reason (other than death or disability or by the Company for cause), then
(i) to the extent not yet vested as of the Termination Date, an Option shall immediately be forfeited, and (ii) to the extent vested as of the Termination Date, an Option may be retained and, if applicable, exercised until the earlier of
(A) the date three (3) months (or such longer or shorter period, if any, specified in the applicable Service Agreement or Grant Notice) after the Termination Date or (B) the date such Option would have expired had it not been for the
termination of employment or service, after which time, in either case, such Option shall expire. 

  

	 	(b)	If the Participant’s employment or service with the Company and its Affiliates is terminated by Participant or if he/she has served notice of termination, or by the Company due to Participant’s death or
disability, then (i) to the extent not yet vested as of the Termination Date or at the date of serving of the notice of termination, an Option shall immediately be forfeited, and (ii) to the extent vested as of the Termination Date, an
Option may be retained and, if applicable, exercised until the earlier of (A) the date one (1) year (or such longer or shorter period, if any, specified in the applicable Service Agreement or Grant Notice) after such termination of
employment or service or (B) the date such Option would have expired had it not been for the termination of employment or service, after which time, in either case, such Option shall expire. 

 

	 	(c)	 If the Participant’s employment or service with the Company and/or its Affiliates is terminated by the Participant or if he/she has served notice
of termination, prior 

	 	
to any specified vesting period as defined in the Schedule above, then the upside on the already vested options is restricted to 50% of any uplift between the Exercise Price and the Market Price.

  

	 	(d)	If an Optionholder’s Service Provider status is terminated by the Company (or other Qualifying Company employing the Optionholder) for cause, as determined in accordance with the laws, de facto governing the
Service Provider’s Service Contract, then, as of the Optionholder’s Termination Date, each outstanding Option held by such individual shall automatically lapse and cease to be exercisable with respect to all of the Option Shares subject to
such Option. 

  

	 	(e)	If the Participant is in breach of the Confidentiality undertaking in Rule 16 the Plan Administrator is entitled to notify such Participant that each outstanding Option held by such individual will lapse and cease to be
exercisable with respect to all of the Option Shares subject to such Option. 

  

	 	(f)	In no event shall any additional Option Shares become exercisable after an Optionholder’s Termination Date. 

Each capitalised term in this Notice shall have the meaning assigned to such term in this Notice or the Plan. 

By executing the attached duplicate of this Notice, the Optionholder confirms his or her acceptance of the Option upon the terms and conditions described
herein. In the event the attached duplicate is not returned to the Company duly executed on or prior to [                    ], the Option shall be
deemed to have lapsed as of such date and shall have no force or effect thereafter. 
  

			
	By:	 	  

		
	Title:	 	  

 For and on behalf of Digicel Group Limited 

Acknowledged and Accepted: 
  

			
	By:	 	  

		 	Optionholder
		
	Date:	 	

  

	Note:	This Notice should be executed in duplicate by the Optionholder and the Company. One originally executed copy should be retained by each party. 

 

			
	Attachments:	  	 2011 Executive Share Option Plan Rules
 Form
of Management Agreement

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00247-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00247-of-00352.parquet"}]]