Document:

Exhibit
10.8

 

AMENDED AND RESTATED
FRANKLIN HOLDINGS (BERMUDA), LTD.

 

EQUITY INCENTIVE
PLAN

 

Article I

Purpose

 

Franklin
Holdings (Bermuda), Ltd. has established this equity incentive plan to foster and promote its long-term financial success and
materially increase shareholder value by (a ) motivating superior performance, (b) encouraging and providing for
the acquisition of an ownership interest in the Company by Employees and Eligible Directors, and (c) enabling the Company
Group to attract and retain the services of an outstanding management team upon whose judgment, interest and special effort the
successful conduct of its and their operations is largely dependent. Capitalized terms have the meaning given in Article XIII
below.

 

Article II

Eligibility and
Participation

 

Participants
in the Plan shall be those Employees and Eligible Directors selected by the Board to participate in the Plan, as provided herein.

 

Article III

Powers of the Board

 

Section 3.1     Power
to Grant and Establish Terms of Awards.   The Board shall have the discretionary authority, subject to the terms
of the Plan, to determine the Employees and Eligible Directors to whom Awards shall be granted (which may include members of the
Board), and the terms and conditions of any and all Awards.

 

Section 3.2     Administration.   The Board shall be responsible for the administration of the Plan; provided that, for purposes of the
Plan and any Award Agreement, any Employee shall recuse him or herself from any decisions or determinations to be made or actions
to be taken by the Board under the terms of the Plan or any Award Agreement. The Board may prescribe, amend and rescind rules
and regulations relating to the administration of the Plan, provide for conditions and assurances it deems necessary or advisable
to protect the interests of the Company and make all other determinations necessary or advisable for the administration and interpretation
of the Plan. Any authority exercised by the Board under the Plan shall be exercised by the Board in its sole discretion. Determinations,
interpretations, or other actions made or taken by the Board under the Plan or under Awards granted under the Plan shall be final,
binding, and conclusive for all purposes and upon all persons.

 

    	 

    	 

    

 

Section 3.3     Delegation
by the Board.    All of the powers, duties, and responsibilities of the Board specified in this Plan may be
exercised and performed by the Board or any duly constituted committee thereof to the extent authorized by the Board to exercise
and perform such powers, duties and responsibilities, and any determination, interpretation, or other action taken by such committee
shall have the same effect hereunder as if made or taken by the Board.

 

Section 3.4     Participants
Based Outside the United States.    The Board, in order to conform with provisions of local laws and regulations
in foreign countries in which the Company Group operates, shall have sole discretion to (i) modify the terms and conditions
of Awards granted to Participants employed outside the United States, (ii) establish sub- plans with modified grant or
exercise procedures and such other modifications as may be necessary or advisable under the circumstances presented by local laws
and regulations, and (iii) take any action which it deems advisable to obtain, comply with or otherwise reflect any necessary
governmental regulatory procedures, exemptions or approvals with respect to the Plan or any sub-plan established hereunder.

 

Article IV

Shares Subject to
the Plan

 

Section 4.1     Number.
  The number of Shares that may be issued under the Plan or be subject to Awards may not exceed 80,630 Shares. The Shares
to be delivered under the Plan may consist, in whole or in part, of Shares held in treasury or authorized but unissued Shares
that are not reserved for any other purpose.

 

Section 4.2     Canceled,
Terminated or Forfeited Awards.   If any Award of Shares or portion thereof is for any reason forfeited, canceled
or otherwise terminated or is repurchased by the Company as provided in the Investor Shareholders Agreement, the Shares subject
to such Award or portion thereof shall again be available for grant under the Plan.

 

Section 4.3
     Adjustment in Capitalization.   The number, class, and kind of Shares available
for issuance under the Plan and the number, purchase price, or other terms of any outstanding Award shall be adjusted by the Board,
in such manner as the Board may deem to be equitable and appropriate to reflect any Share dividend, stock split or share combination
or any recapitalization, merger, consolidation, exchange of shares, liquidation or dissolution of the Company, or other similar
transaction affecting the Shares. To the extent deemed equitable and appropriate by the Board, in its good faith judgment, and
subject to any required action by shareholders, in any merger, consolidation, reorganization, liquidation, dissolution or other
similar transaction, any Award granted under the Plan shall pertain to the securities or other property to which a holder of the
number of Shares covered by the Award would have been entitled to receive in connection with such event. In addition, the Board
may, if deemed equitable and appropriate, make provision for cash payment to a Participant or a person who has an

 

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outstanding Option or other Award.
Unless the Board shall otherwise determine, following any such adjustment, the number of shares subject to any Option or other
Award shall always be a whole number.

 

Article V

Terms of Restricted
Stock

 

Section 5.1     Grant
of Restricted Stock.   The Board may grant or offer for sale Restricted Stock to Participants at such time or times
and on such terms as it shall determine. Each Share granted to or purchased by a Participant shall be evidenced by a Restricted
Stock Agreement that shall specify the number of shares of Restricted Stock that are being granted or sold to a Participant, the
vesting schedule of such Restricted Stock, the rights and responsibilities of a Participant with respect to such Restricted Stock,
and such other terms as the Board shall determine. Once granted, Restricted Stock shall be governed by the applicable Restricted
Stock Agreement with respect thereto, except as otherwise provided therein.

 

Section 5.2     Purchase
Price and Payment.   The purchase price for any Restricted Stock to be offered and sold pursuant to Section 5.1
above shall be the Fair Market Value on the Grant Date or such other price as the Board shall determine. The purchase price with
respect to any Restricted Stock offered and sold pursuant to Section 5.1 above shall be paid in cash or other readily available
funds simultaneously with the closing of the purchase of such Restricted Stock or in such other manner as the Board shall determine.
Restricted Stock granted under this Plan shall not require a purchase price.

 

Section 5.3     Vesting
of Restricted Stock.   Restricted Stock issued pursuant to Section 5.1 shall vest in accordance with the vesting
schedule, or upon the attainment of such performance criteria, as shall be specified by the Board on or before the Grant Date
and as specified in the Restricted Stock Agreement.

 

Section 5.4     Restricted
Stock Agreements, Etc.   Unless otherwise determined by the Board, no Restricted Stock shall be issued to a Participant
pursuant to an Award granted hereunder unless (i) the Participant shall enter into a Restricted Stock Agreement that shall
include, among other things, provisions providing that the Restricted Stock shall be subject to the terms and provisions of the
Investor Shareholders Agreement and such other terms and provisions as are determined by the Board; (ii) the Participant
shall be a party to the Investor Shareholders Agreement; (iii) the Participant shall have delivered a duly executed undated
instrument of transfer or assignment in blank, having attached thereto or to such Share certificate all requisite stock or other
applicable or documentary tax stamps, all in form and substance satisfactory to the Company, relating to the Shares covered by
such grant; and (iv) the Board shall require that the certificates evidencing such Shares be held by the Secretary of the
Company or another custodian selected by the Company until the Shares have vested.

  

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Section 5.5     Other
Rights and Obligations.   The Participant shall be entitled to the rights and subject to the obligations created
under this Plan, the Restricted Stock Agreement and the Investor Shareholders Agreement, each to the extent set forth herein or
therein.

 

Section 5.6     Board
Discretion.   Notwithstanding anything else contained in this Plan to the contrary, the Board may accelerate the
vesting of any Restricted Stock, all Restricted Stock or any class or series of Restricted Stock for any reason on such terms
and subject to such conditions, as the Board shall determine, at any time and from time to time.

 

Article VI

Terms of Options

 

Section 6.1     Grant
of Options.   The Board may grant Options to Participants at such time or times as it shall determine. Options granted
pursuant to the Plan will not be “incentive stock options” as defined in the Code unless otherwise determined by the
Board. Each Option granted to a Participant shall be evidenced by an Option Agreement that shall specify the number of Shares
that may be purchased pursuant to such Option, the exercise price at which a Share may be purchased pursuant to such Option, the
duration of such Option (not to exceed the tenth anniversary of the Grant Date), and such other terms as the Board shall determine.

 

Section 6.2     Exercise
Price.   The exercise price per Share to be purchased upon exercise of an Option shall not be less than the Fair
Market Value on the Grant Date.

 

Section 6.3     Vesting
and Exercise of Options.   Options shall become vested or exercisable in accordance with the vesting schedule or
upon the attainment of such performance criteria as shall be specified by the Board on or before the Grant Date. The Board may
accelerate the vesting or exercisability of any Option, all Options, or any class of Options at any time and from time to time.

 

Section 6.4     Payment.
  The Board shall establish procedures governing the exercise of Options, which procedures shall generally require that
prior written notice of exercise be given and that the exercise price (together with any required withholding taxes or other similar
taxes, charges, or fees) be paid in full in (i) U.S. dollars in cash or other readily available funds or, to the extent
permitted by the Board, cash equivalents satisfactory to the Company, (ii) with the consent of the Board, the tender of
Shares which such Participant has owned for at least six months and one day (or for such longer or shorter period as the Board
may determine necessary to comply with applicable accounting standards and to avoid liability award accounting), (iii)
with the consent of the Board, through the surrender of Shares issuable to the Participant upon the exercise of the Option, (iv)
following a Public Offering, through an established broker-assisted exercise program, or (v) any other method approved
by the Board, in its sole discretion.

  

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In connection with any Option
exercise, the Company may require the Participant to furnish or execute such other documents as it shall reasonably deem necessary
to (a) evidence such exercise; (b) determine whether registration is then required under the U.S. federal securities
laws or similar non-U.S. laws (including, but not limited to, Bermuda securities laws); or (c) comply with or satisfy the
requirements of the U.S. federal securities laws, applicable state or non-U.S. securities laws or any other law (including but
not limited to Bermuda securities laws). As a condition to the exercise of any Option before a Public Offering, a Participant
shall enter into a Subscription Agreement and, if not already a party thereto, the Investor Shareholders Agreement.

 

Article VII

Stock Appreciation
Rights

 

Section 7.1     Grant
of Stock Appreciation Rights.   The Board may grant Stock Appreciation Rights to Participants at such time or times
as it shall determine. Each Stock Appreciation Right granted to a Participant shall be evidenced by a SAR Agreement that shall
specify the number of Stock Appreciation Rights, the settlement price of such Stock Appreciation Rights, the vesting of such Stock
Appreciation Rights, and such other terms as the Board shall determine.

 

Section 7.2     Vesting
and Exercise of Stock Appreciation Rights.   Stock Appreciation Rights shall vest in accordance with the vesting
schedule or upon the attainment of such performance criteria as shall be specified by the Board on or before the Grant Date. The
Board may accelerate the vesting or exercisability of any Stock Appreciation Rights, all Stock Appreciation Rights or any class
of Stock Appreciation Rights at any time and from time to time.

 

Section
7.3     Settlement.   Subject to Article XI below, upon exercise of a Stock Appreciation
Right, the Participant shall be entitled to receive payment of Shares or, at the discretion of the Board, cash having a Fair Market
Value equal to such cash amount, determined by multiplying,

 

(a)     any
increase in the Fair Market Value of one Share on the exercise date over the price fixed by the Board on the Grant Date, which
may not be less than the Fair Market Value of a Share on the Grant Date, by

 

(b)     the
number of Shares with respect to which the Stock Appreciation Right is exercised;

 

provided that, on the Grant Date, the Board may establish, in its sole discretion, a maximum amount per share that will be payable
upon exercise of a Stock Appreciation Right.

  

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In connection
with the exercise and settlement of any Stock Appreciation Rights, the Company may require the Participant to furnish or execute
such other documents as it shall reasonably deem necessary to (a) evidence such exercise; (b) determine whether
registration is then required under the U.S. federal securities laws or similar non- U.S. laws (including, but not limited to,
Bermuda securities laws); or (c) comply with or satisfy the requirements of the U.S. federal securities laws, applicable
state or non-U.S. securities laws or any other law (including, but not limited to Bermuda securities laws). As a condition to
the settlement of any Stock Appreciation Right before a Public Offering, a Participant shall enter into a Subscription Agreement
and, if not already a party thereto, the Investor Shareholders Agreement.

 

Article VIII

Deferred Stock
Units

 

Section 8.1     Grant
of Deferred Stock Units.   The Board may grant Deferred Stock Units to Participants at such time or times as it
shall determine. Each Deferred Stock Unit granted to a Participant shall be evidenced by a Deferred Stock Unit Agreement that
shall specify the number of Deferred Stock Units, the vesting of such Deferred Stock Units and such other terms as the Board shall
determine.

 

Section
8.2     Vesting of Deferred Stock Units.   Deferred Stock Units shall vest in accordance
with the vesting schedule or upon the attainment of such performance criteria as shall be specified by the Board on or before
the Grant Date. The Board may accelerate the vesting or exercisability of any Deferred Stock Units, all Deferred Stock Units,
or any class of Deferred Stock Units at any time and from time to time.

 

Section 8.3     Settlement.
  Subject to this Article VIII and Article XI below, upon the date specified in the Award Agreement evidencing the Deferred
Stock Units for each such Deferred Stock Unit the Participant shall receive, in the Board’s discretion, (i) a cash
payment equal to the Fair Market Value of one Share as of such payment date, (ii) one Share, or (iii) any combination
of cash and Shares. In connection with the settlement of any Deferred Stock Units, the Company may require the Participant to
furnish or execute such other documents as it shall reasonably deem necessary to (a) evidence such settlement; (b)
determine whether registration is then required under the U.S. federal securities laws or similar non-U.S. laws (including, but
not limited to Bermuda securities laws); or (c) comply with or satisfy the requirements of the U.S. federal securities
laws, applicable state or non-U.S. securities laws, or any other law (including but not limited to, Bermuda securities laws).
As a condition to the settlement of any Stock Appreciation Right before a Public Offering, a Participant shall enter into a Subscription
Agreement and, if not already a party thereto, the Investor Shareholders Agreement.

  

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Article IX

Dividends, etc.

 

Section 9.1     Dividends.
  The Participant shall be entitled to receive all dividends or other distributions at the same time (and within the
same calendar year) such dividends or distributions are paid with respect to those vested Shares, and, if provided in the Award
Agreement, unvested Shares, of which the Participant is the record owner on the record date for such dividend or other distribution;
provided that any property (other than cash) distributed with respect to a Share (the “Associated Share”) acquired
hereunder, including without limitation a distribution of Shares by reason of a stock dividend, stock split or otherwise, or a
distribution of other securities with respect to an Associated Share, shall be subject to the restrictions of this Plan in the
same manner and for so long as the Associated Share remains subject to such restrictions, and shall be promptly forfeited if and
when the Associated Share is so forfeited.

 

Section 9.2     Dividend
Equivalents.   Dividend Equivalents may be granted in tandem with other Awards, in addition to other Awards, or
freestanding and unrelated to other Awards. The grant date of any Dividend Equivalents under the Plan will be the date on which
the Dividend Equivalent is awarded by the Board, or such other date as the Board shall determine in its sole discretion. Dividend
Equivalents shall be evidenced in writing, whether as part of the Award Agreement governing the terms of the Award, if any, to
which such Dividend Equivalent relates, or pursuant to a separate Award Agreement with respect to freestanding Dividend Equivalents,
in each case, containing such provisions not inconsistent with the Plan as the Board shall determine, including customary representations,
warranties and covenants with respect to securities law matters.

 

Article X

Termination of Service

 

Section 10.1   Death
or Disability.   Unless otherwise determined by the Board at the time of grant and provided for in a Participant’s
Award Agreement, upon any Participant’s death or Disability, all unvested Awards will vest or be forfeited as provided in
the Award Agreement and all vested Options and Stock Appreciation Rights shall remain outstanding until the twelve-month anniversary
of the date of death or Disability or the Award’s normal expiration date, whichever is earlier, after which any unexercised
Options and Stock Appreciation Rights shall immediately terminate.

 

Section 10.2   Termination
for Cause.   Unless otherwise determined by the Board at or after the grant date and set forth in the Award Agreement
covering such Award, if a Participant’s employment or service is terminated by the Company for Cause, all Options and Stock
Appreciation Rights, whether vested or unvested, and all other Awards that are unvested, unsettled, or unexercisable shall be
immediately forfeited and canceled effective as of the date of the Participant’s Termination of Service.

  

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Section 10.3    Termination
for Any Other Reason.   Unless otherwise determined by the Board and set forth in the Award Agreement, if a Participant’s
employment with the Company Group is terminated for any reason other than death, Disability, or Cause, all unvested Awards shall
vest or be forfeited as provided in the Award Agreement and all vested Options and Stock Appreciation Rights shall remain outstanding
until the 90th day after the Participant’s Termination of Service or the Award’s normal expiration date,
whichever is earlier, after which any unexercised Options and Stock Appreciation Rights shall immediately terminate.

 

Article XI

Change in Control

 

Section 11.1   Accelerated Vesting and Payment.   Except as otherwise provided in this Article XI and unless otherwise provided
in the Award Agreement, upon a Change in Control, (a) each unvested Award shall vest in full in connection with such Change
in Control and (b) the holder of any vested Award (including any Award that vests in connection with such Change in Control)
shall be entitled to receive, in complete satisfaction of such Award, a payment in an amount or with a value equal to the number
of Shares covered by such vested Award times the excess, if any, of the Change in Control Price over any applicable exercise price
or reference price for such Award.

 

Section 11.2
  Alternative Award.   No cancellation, acceleration or other payment shall occur with respect
to any Award or class or type of Award if the Board reasonably determines in good faith, prior to the occurrence of a Change in
Control, that such Award shall be honored or assumed, or new rights substituted therefor following the Change in Control (such
honored, assumed or substituted award, an “Alternative Award”), provided that any Alternative Award must:

 

(a)     give
the Participant who held such Award rights and entitlements substantially equivalent to or better than the rights and terms applicable
under such Award, including, but not limited to, an identical or better exercise and vesting schedule, and identical or better
timing and methods of payment; and

 

(b)     be
exempt from or comply with Section 409A of the Code and not cause the Award or any Alternative Award to become immediately taxable
or subject to any additional tax or interest pursuant to Section 409A of the Code.

 

Article XII

Amendment, Modification,
and Termination of the Plan

 

The Board
may terminate or suspend the Plan at any time, and may amend or modify the Plan from time to time. Unless otherwise provided in
an Award Agreement, no amendment, modification, termination, or suspension of the Plan shall in any manner

  

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adversely affect any Award theretofore
granted under the Plan without the consent of the Participant holding such Award or the consent of a majority of Participants
holding similar Awards (such majority to be determined based on the number of Shares covered by such Awards). Shareholder approval
of any such amendment, modification, termination, or suspension shall be obtained to the extent mandated by applicable law, or
if otherwise deemed appropriate by the Board.

 

Article XIII

Definitions

 

Section 13.1   Definitions.
  Whenever used herein, the following terms shall have the respective meanings set forth below:

 

“Affiliate”
means, with respect to any Person, (i) any Person directly or indirectly Controlling, Controlled by, or under common Control
with such Person; (ii) any Person directly or indirectly owning or Controlling ten percent or more of any class of outstanding
voting securities of such Person; or (iii) any officer, director, general partner, or trustee of any such Person described
in clause (i) or (ii).

 

“Award”
means a grant of Restricted Stock, Options, Stock Appreciation Rights, Deferred Stock Units, Dividend Equivalents, other share
awards, or an offer and sale of the same, in each case pursuant to the terms of the Plan.

 

“Award
Agreement” means a Restricted Stock Agreement, Option Agreement, SAR Agreement, Deferred Stock Unit Agreement, or other
agreement pursuant to which an Award is granted.

 

“Board” means the Board of Directors of the Company, excluding any member of the Board who is an Employee.

 

“Bye-Laws”
means the Amended and Restated Bye-Laws of Franklin Holdings (Bermuda), Ltd., which may be amended from time to time.

 

“Cause”
means (i) any act of fraud or embezzlement in respect of the Company Group’s respective funds, properties or assets;
(ii ) conviction of the Participant of a felony under the laws of Bermuda or of the United States or any state thereof;
(iii) willful misconduct or gross negligence by the participant in connection with the performance of his or her duties
to the Company Group; (iv) intentional dishonesty by the Participant in the performance of his or her duties to the Company
Group; (v) engagement by the Participant in the use of illegal substances or alcohol, which use has impaired the Participant’s
ability, as determined by the Board of Directors of the Company, on an ongoing basis, to perform his or her duties to the Company
Group; or (vi) breach by the Participant

  

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of any terms and conditions set
forth in any Award Agreement, Subscription Agreement, the Investor Shareholders Agreement or any employment agreement or any non-competition,
non-solicitation and/or non-disclosure agreement executed by the Participant, provided that if a Participant is a party
to an employment agreement with the Company that defines the term “Cause” then, with respect to any Award made to
such Participant, “Cause” shall have the meaning set forth in such agreement.

 

“Change
in Control” means the first to occur of the following events after the Grant Date:

 

(a)     The
acquisition, directly or indirectly, by any person, entity or “group” (as defined in Section 13(d) of the Securities
Exchange Act of 1934, as amended) (other than the Company, any Subsidiary, any D. E. Shaw Investor or any affiliate thereof, an
employee benefit plan maintained by the Company Group, or a Person that, prior to such transaction, directly or indirectly controls,
is controlled by, or is under common control with, the Company) of 50 percent or more of the total combined voting power of the
Company Group’s then outstanding voting securities;

 

(b)     the
merger, consolidation, recapitalization, stock purchase or other similar transaction involving the Company, as a result of which
persons who were shareholders of the Company Group immediately prior to such transaction and the Investors do not, immediately
thereafter, own, directly or indirectly, more than 50 percent of the combined voting power entitled to vote generally in the election
of directors of the Company (or any merged, consolidated, or surviving company);

 

(c)     the
liquidation or dissolution of the Company other than a liquidation or dissolution of the Company into a Subsidiary or for the
purposes of effecting a corporate restructuring or reorganization as a result of which persons who were shareholders of the Company
Group immediately prior to such liquidation or dissolution and the Investors continue to own immediately thereafter, directly
or indirectly, more than 50 percent of the combined voting power entitled to vote generally in the election of directors of the
entity that owns, directly or indirectly, substantially all of the assets of the Company Group following such transaction; or

 

(d)     the
sale, transfer or other disposition of all or substantially all of the assets of the Company Group to one or more persons or entities
that are not, immediately prior to such sale, transfer or other disposition of all or substantially all of the assets, affiliates
of the Company, or any employee benefit plan of the Company Group (other than by way of a transaction that would not be deemed
a Change in Control pursuant to clauses (a) or (b) above);

  

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in each case,
provided that, with respect to any Award subject to Section 409A of the Code, such event constitutes a “change in
control” within the meaning of Section 409A of the Code.

 

“Change
in Control Price” means the price per share of Common Stock offered in conjunction with any transaction resulting in
a Change in Control. If any part of the offered price is payable other than in cash, the Change in Control Price shall be determined
in good faith by the Board as constituted immediately prior to the Change in Control.

 

“Common
Stock” means the class B common stock, par value $0.01 per share, of the Company.

 

“Code” means the United States Internal Revenue Code of 1986, as amended, and any successor thereto.

 

“Company”
means Franklin Holdings (Bermuda), Ltd., an exempted Company registered under the laws of Bermuda, and any successor thereto.

 

“Company Group”
means the Company and its Subsidiaries.

 

“Control”
(including the terms “Controlling,” “Controlled by,” and “under common Control with”) means
the power to direct the affairs of a Person by reason of ownership of voting securities, by contract, or otherwise.

 

“D.
E. Shaw Investor” means any of the following: D. E. Shaw CF-SP Franklin, L.L.C., D. E. Shaw CH-SP Franklin, L.L.C.,
D. E. Shaw Oculus Portfolios, L.L.C., any of their respective Affiliates, and any Shaw-Related Person, in each case, that holds
an equity interest, directly or indirectly, in Franklin Holdings (Bermuda), Ltd..

 

“Deferred
Stock Unit” means a unit credited to a Participant’s account in the books of the Company under Article VIII above
that represents the right to receive Shares or cash equal to the Fair Market Value of one Share on settlement of the account.

 

“Deferred
Stock Unit Agreement” means an agreement between the Company and a Participant embodying the terms of any Deferred Stock
Units awarded under the Plan and in the form approved by the Board from time to time.

 

“Disability”
means, unless another definition is incorporated into the applicable Award Agreement, Disability as specified under the Company’s
long-term disability insurance policy and any other Termination of Service under such circumstances that the Board determines
to qualify as a Disability for purposes of this Plan to the extent such disability constitutes a disability within the meaning
of Section 409A of the Code, provided that if a Participant is a party to an

  

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employment agreement with the
Company that defines the term “Disability” then, with respect to any Award made to such Participant, “Disability”
shall have the meaning set forth in such agreement; provided, further, that, with respect to any award that is
subject to Section 409A of the Code, and notwithstanding anything to the contrary contained herein, Disability shall mean disability
within the meaning of Section 409A of the Code.

 

“Dividend
Equivalent” means the right, granted under Article VI above, to receive payments in cash or in Shares, based on dividends
with respect to Shares.

 

“Effective
Date” has the meaning given in Section 14.9 below.

 

“Eligible
Director” means a member of the Board other than an Employee.

 

“Employee”
means any executive, officer or other employee of the Company Group.

 

“Fair
Market Value” means, as of any date of determination prior to a Public Offering, the per share fair market value on
such date of a share of Common Stock as determined in good faith by the Board. In making a determination of Fair Market Value,
the Board shall give due consideration to such factors as it deems appropriate, including the earnings and other financial and
operating information of the Company in recent periods, the potential value of the Company as a whole, the future prospects of
the Company and the industries in which it competes, the history and management of the Company, the general condition of the securities
markets, the fair market value of securities of companies engaged in businesses similar to those of the Company, and any recent
valuation of the Common Stock or other securities of the Company or Parent that may have been performed by an independent valuation
firm (although nothing herein shall obligate the Board to obtain any such independent valuation). The determination of Fair Market
Value shall not take into account any restrictions on transfer of the Common Stock or take into account any control premium or
minority discount. Following a Public Offering, “Fair Market Value” shall mean a price that is based on the opening,
closing, actual, high, low, or average selling prices of a share of Common Stock reported on an established stock exchange (or
exchanges) on the applicable date, the preceding trading day, the next succeeding trading day, or an average of trading days,
as determined by the Board in its discretion. Unless the Board determines otherwise, if the Shares are traded over the counter
at the time a determination of its Fair Market Value is required to be made hereunder, its Fair Market Value shall be deemed to
be equal to the average between the reported high and low or closing bid and asked prices of a Share on the most recent date on
which Shares were publicly traded.

 

“Grant
Date” means, with respect to any Award, the date as of which such Award is granted pursuant to the Plan.

  

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“Investor”
means the Investors, as defined in the Investor Shareholders Agreement, but excluding any Additional Investors, and any of their
affiliates.

 

“Investor
Shareholders Agreement” means the shareholders agreement, entered into on December 11, 2007, by and among the Investors,
the Management Investors, and the Company (as amended or amended and restated from time to time).

 

“Management
Investors” means the Management Investors, as defined in the Investor Shareholders Agreement.

 

“Option”
means the right granted pursuant to Article VI above to purchase one Share.

 

“Option
Agreement” means an agreement between the Company and a Participant embodying the terms of any Options awarded under
the Plan and in the form approved by the Board from time to time.

 

“Participant”
means any Employee or Eligible Director who is granted an Award.

 

“Person”
means any individual, corporation, limited liability company, limited or general partnership, joint venture, association, joint-stock
company, trust, unincorporated organization, government or any agency or political subdivisions thereof, or any Group comprised
of two or more of the foregoing.

 

“Plan”
means this Amended and Restated Franklin Holdings (Bermuda), Ltd. Equity Incentive Plan, as may be amended from time to time.

 

“Public
Offering” means an offering of Common Stock pursuant to a registration statement filed in accordance with the Securities
Act of 1933, as amended from time to time, and the rules and regulations promulgated thereunder.

 

“Restricted
Stock” means restricted shares of Common Stock awarded pursuant to Article V above.

 

“Restricted
Stock Agreement” means an agreement between the Company and a Participant embodying the terms of any Restricted Stock
awarded under the Plan and in the form approved by the Board from time to time.

 

“SAR
Agreement” means an agreement between the Company and a Participant embodying the terms of any Stock Appreciation Right
awarded under the Plan and in the form approved by the Board from time to time.

 

“Section
409A of the Code” shall mean Section 409A of the Code and the regulations promulgated thereunder.

  

    	13

    	 

    

 

“Separation
from Service” means a Participant’s separation from service within the meaning of Section 409A of the Code.

 

“Shares”
means shares of Common Stock available under the Plan.

 

“Shaw-Related
Person” means any of D. E. Shaw & Co., L.L.C., D. E. Shaw & Co., L.P., David E. Shaw, any entity directly or
indirectly Affiliated with any of the foregoing, any investment vehicle managed by any of the foregoing, and any entity to which
any of the foregoing provides investment management services.

 

“Specified
Employee” means any employee designated as a “specified employee” under the Company’s specified employee
policy then in effect or, if no such policy is then in effect, specified employee shall have the meaning set forth in Section
409A of the Code.

 

“Stock
Appreciation Right” means the right to receive a payment from the Company in cash and/or Shares equal to the product
of (i) the excess, if any, of the Fair Market Value of one Share on the exercise date over a specified price fixed by
the Board on the grant date (which specified price shall be not less than the Fair Market Value of one Share on the grant date),
multiplied by (ii) a stated number of Shares.

 

“Subscription
Agreement” means a stock subscription agreement between the Company and a Participant embodying the terms of any acquisition
of Shares pursuant to the Plan (other than the purchase of Restricted Stock) and in the form approved by the Board from time to
time for such purpose.

 

“Subsidiary”
means each Person in which the Company owns or controls, directly or indirectly, capital stock or other equity interests representing
more than 50 percent of the outstanding capital stock or other equity interests.

 

“Termination
of Service” means with respect to an Eligible Director, the date upon which such Eligible Director ceases to be a member
of the Board and, with respect to an Employee, the date the Participant ceases to be an Employee; provided, however, that
for purposes of any Award that is subject to Section 409A of the Code, Termination of Service means the date of the Employee’s
separation from service as defined in Section 409A of the Code.

 

“Transfer”
means, directly or indirectly, to sell, transfer, assign, pledge, encumber, hypothecate, or similarly dispose of, either voluntarily
or involuntarily, or to enter into any contract, option, or other arrangement or understanding with respect to the sale, transfer,
assignment, pledge, encumbrance, hypothecation, or similar disposition of, any Shares owned by a Participant or any interest (including
a beneficial interest) in any Shares owned by a Participant.

  

    	14

    	 

    

 

Section
13.2     Gender and Number.   Except when otherwise indicated by the context, words
in the masculine gender used in the Plan shall include the feminine gender, the singular shall include the plural, and the plural
shall include the singular.

 

Article XIV

Miscellaneous Provisions

 

Section 14.1
  Nontransferability of Awards.   Subject in all cases to the Investor Shareholders Agreement, except
as otherwise provided herein, or as the Board may permit on such terms as it shall determine or, following vesting, as provided
in the Investor Shareholders Agreement, the Participant shall not Transfer any Shares to any person other than the Company or
by will or by the laws of descent and distribution and provided that the deceased Participant’s beneficiary or the representative
of his or her estate acknowledges and agrees in writing, in a form reasonably acceptable to the Company, to be bound by the provisions
of the Plan, the Award Agreement, any Subscription Agreement and the Investor Shareholders Agreement as if such beneficiary or
estate were the Participant. All rights with respect to Awards granted to a Participant under the Plan shall be exercisable during
the Participant’s life-time by such Participant only (or, in the event of the Participant’s Disability, such Participant’s
guardian or legal representative). Following a Participant’s death, all rights with respect to Awards that were outstanding
at the time of such Participant’s death and have not terminated shall be exercised by his designated beneficiary or by his
estate in the absence of a designated beneficiary.

 

Section 14.2
  Beneficiary Designation.   Pursuant to such rules and procedures as the Board may from time to time
establish and to the extent permitted by applicable law, a Participant may name a beneficiary or beneficiaries (who may be named
contingently or successively) by whom any right under the Plan is to be exercised in case of such Participant’s death. Each
designation will revoke all prior designations by the same Participant, shall be in a form reasonably prescribed by the Board,
and will be effective only when filed by Participant in writing with the Board during his lifetime.

 

Section
14.3   Tax Withholding.   The Company or the Subsidiary employing a Participant shall have the power
to withhold, or to require such Participant to remit to the Company or such Subsidiary, an amount (in cash, from other compensation
payable to the Participant, or in Shares granted under the Plan) sufficient to satisfy all U.S. federal, state, local, and any
non-U.S. withholding tax or other governmental tax, charge or fee requirements in respect of any Award granted under the Plan;
provided, however, that in the event that the Company withholds Shares issued or issuable to the Participant to satisfy the withholding
taxes, the Company shall withhold a number of whole Shares having a Fair Market Value, determined as of the date of exercise,
not in excess of the minimum tax required to be withheld by law (or such lower amount as may be necessary to avoid liability award
accounting). Notwithstanding the foregoing, if Participant

  

    	15

    	 

    

 

tenders previously-owned Shares
to the Company to satisfy any applicable withholding taxes, such Shares must have been held by the Participant for at least six
months prior to their tender (or for such longer or shorter period as the Board may determine necessary to comply with applicable
accounting standards and to avoid liability award accounting) or have been purchased on the open market. The Participant shall
be responsible for all withholding taxes and other tax consequences of any Award granted under this Plan.

 

Section
14.4 No Guarantee of Employment or Participation.   Nothing in the Plan or in any agreement granted hereunder
shall interfere with or limit in any way the right of the Company Group to terminate any Participant’s employment or retention
at any time, or confer upon any Participant any right to continue in the employ or retention of the Company Group. No Employee
shall have a right to be selected as a Participant or, having been so selected, to receive any Awards.

 

Section 14.5
 No Limitation on Compensation; No Impact on Benefits.   Nothing in the Plan shall be construed to limit
the right of the Company Group to establish other plans or to pay compensation to its Employees or Eligible Directors, in cash
or property, in a manner that is not expressly authorized under the Plan. Except as may otherwise be specifically and unequivocally
stated under any employee benefit plan, policy or program, no amount payable in respect of any Award shall be treated as compensation
for purposes of calculating a Participant’s rights under any such plan, policy, or program. The selection of an Employee
as a Participant shall neither entitle such Employee to, nor disqualify such Employee from, participation in any other award or
incentive plan.

 

Section 14.6
 No Rights Damages.   Nothing in the Plan or in any Award Agreement shall impose upon the Company Group
or the Board any liability in connection with the provision, loss or payment of benefits or rights under this Plan, the exercise
of discretion under the Plan or the failure or refusal of any person to exercise discretion under the Plan, in each case, in accordance
with the terms and provisions of the Plan and any applicable Award Agreement.

 

Section 14.7
 Requirements of Law.   The granting of Awards and the issuance of Shares pursuant to the Plan shall be
subject to all applicable laws, rules and regulations, and to such approvals by any governmental agencies or national securities
exchanges as may be required. No Awards shall be granted under the Plan, and no Shares shall be issued under the Plan, if such
grant or issuance would result in a violation of applicable law, including U.S. federal securities laws and any applicable state
or non-U.S. securities laws.

 

Section 14.8
 Unfunded Plan; Plan Not Subject to ERISA.   The plan is an unfunded plan and Participants shall have the
status of unsecured creditors of the Company. The Plan is not intended to be subject to the Employee Retirement Income and Security
Act of 1974, as amended.

  

    	16

    	 

    

 

Section 14.9
  Freedom of Action.   Nothing in the Plan or any Award Agreement shall be construed as limiting or
preventing the Company or any member of the Company Group from taking any action that it deems appropriate or in its best interest
(as determined in its sole and absolute discretion) and no Participant (or person claiming by or through a Participant) shall
have any right relating to the diminishment in the value of any Award as a result of any such action. The foregoing shall not
constitute a waiver by a Participant, in Participant’s capacity as a shareholder of the Company, of any breach of fiduciary
duty, or a waiver by Participant of the terms and provisions of the Plan or any Award Agreement.

 

Section 14.10  Term
of Plan.   The Plan shall be effective as of December 11, 2007 (the “Effective Date”) and shall
continue in effect, unless sooner terminated pursuant to Article XII above, until the tenth anniversary of such date. The provisions
of the Plan shall continue thereafter to govern all outstanding Awards.

 

Section 14.11
 Governing Law.   The Plan and each Award Agreement shall be governed by the laws of the State of New York,
excluding any conflicts or choice of law rule or principle that might otherwise refer construction or interpretation of this Plan
to the substantive law of another jurisdiction. Unless otherwise provided in the Award Agreement, recipients of an Award under
this Plan are deemed to submit to the exclusive jurisdiction and venue of the federal or state courts of New York, in each case
located in the Borough of Manhattan in New York City, to resolve any and all issues that may arise out of or relate to this Plan
or any related Award Agreement. The Company and each recipient of an Award under this Plan acknowledges and agrees that any controversy
which may arise out of or relate to this Plan or any related Award Agreement is likely to involve complicated and difficult issues,
and therefore the Company and each such recipient irrevocably and unconditionally waives any right such person may have to a trial
by jury in respect of any litigation directly or indirectly arising out of or relating to this Plan or any related Award Agreement.

 

Section 14.12
  409A Compliance.   The Plan is intended to be administered in a manner consistent with the requirements,
where applicable, of Section 409A of the Code and, notwithstanding anything to the contrary contained in the Plan, the Board may
amend the Plan, any Award and any Award Agreement to the extent it deems necessary or appropriate to comply with Section 409A
of the Code. Where reasonably possible and practicable, the Plan shall be administered and interpreted in a manner to avoid the
imposition on Participants of immediate tax recognition and additional taxes pursuant to Section 409A of the Code. Notwithstanding
the foregoing, none of the Company or the Board shall have any liability to any person in the event Section 409A of the Code applies
to any payments hereunder in a manner that results in adverse tax consequences for the Participant or any of his beneficiaries
or transferees. Notwithstanding anything else contained in this Plan or any Award Agreement or Subscription Agreement to the contrary,
if Participant is a Specified Employee any payment required to be made to Participant hereunder upon or following his Termination
of Service shall be delayed until after the six month anniversary of Participant’s Separation from Service to the extent

  

    	17

    	 

    

 

necessary to comply with, and
avoid imposition on Participant of any tax penalty imposed under, Section 409A of the Code. Should payments be delayed in accordance
with the preceding sentence, the accumulated payment that would have been made but for the period of the delay shall be paid in
a single lump sum during the ten day period following the six month anniversary of the Separation from Service.

  

    	18Exhibit 10.9

 

Stock Option Agreement

 

This Stock Option Agreement (the “Agreement”),
dated as of ________ (the “Grant Date”), between Franklin Holdings (Bermuda), Ltd. (the “Company”)
and the Participant whose name appears on the signature page hereof (“Participant”). Capitalized terms used
in this Agreement and not defined herein shall have the meaning ascribed to such terms in the Amended and Restated Franklin Holdings
(Bermuda), Ltd. Equity Incentive Plan, as may be amended from time to time (the “Plan”).

 

The Company and the Participant hereby agree
as follows:

 

Section
1.        Grant of Options.

 

(a)          Confirmation
of Grant.   The Company hereby evidences and confirms, effective as of the date hereof, its grant to the Participant of options
to purchase the number of shares of the Company’s Class B Common Stock (the “Common Stock”) specified
on the signature page hereof (the “Options”). The Options are not intended to be incentive stock options under
the Code. This Agreement is entered into pursuant to, and the terms of the Options are subject to, the terms of the Plan. If there
is any inconsistency between this Agreement and the terms of the Plan, the terms of the Plan shall govern.

 

(b)          Option
Price.   Each share covered by an Option shall have the respective Option Price specified on the signature page hereof, which
is not less than the Fair Market Value per share of the Common Stock on the Grant Date, as determined in good faith by the Board.

 

Section
2.        Vesting and Exercisability.

 

(a)          Vesting.
  Except as otherwise provided in Section 7, the Options shall vest on ____________, subject to the continuous employment of the
Participant with the Company Group through the applicable vesting date.

 

(b)          Discretionary
Acceleration.   The Board, in its sole discretion, may accelerate the vesting or exercisability of all or a portion of the Options,
at any time and from time to time.

 

(c)          Exercise.  
Once vested in accordance with the provisions of this Agreement, the Options may be exercised at any time and from time to time
prior to the date such Options terminate pursuant to Section 3. Options may only be exercised with respect to whole shares and
must be exercised in accordance with Section 4. 

 

    	 

    	 

    

 

Section
3.        Termination of Options.

 

(a)          Normal
Termination Date.   Unless earlier terminated pursuant to Section 3(b) or Section 7, the Options shall terminate on
the seventh anniversary of the Grant Date (the “Normal Termination Date”), if not exercised prior to such
date.

 

(b)          Early
Termination.   If the Participant’s employment with the Company terminates for any reason, any Options held by the Participant
that have not vested before the effective date of such termination of employment shall terminate immediately upon such termination
of employment and, if the Participant’s employment is terminated for Cause, all Options (whether or not then vested or exercisable)
shall automatically terminate immediately upon such termination. All vested Options held by the Participant following the effective
date of a termination of employment shall remain exercisable until the first to occur of (i) the ninety-day anniversary
(or the six month anniversary if the Participant’s employment is terminated by reason of death or Disability) of the effective
date of the Participant’s termination of employment (determined without regard to any deemed or express statutory or contractual
notice period), (ii) the Normal Termination Date, or (iii) the cancellation of the Options pursuant to Section 7,
and if not exercised within such period the Options shall automatically terminate upon the expiration of such period. 

 

Section
4.        Manner of Exercise.

 

(a)          General.
  Subject to such reasonable administrative regulations as the Board may adopt from time to time, the Participant may exercise vested
Options by giving at least 15 business days’ prior written notice to the Chief Financial Officer of the Company specifying
the proposed date on which the Participant desires to exercise a vested Option (the “Exercise Date”), the number
of whole shares with respect to which the Options are being exercised (the “Exercise Shares”) and the
aggregate Option Price for such Exercise Shares (the “Exercise Price”); provided that following a Public
Offering, notice may be given within such lesser period as the Board may permit. On or before any Exercise Date that occurs prior
to a Public Offering, the Company and the Participant shall enter into a Subscription Agreement in substantially the form attached
to this Agreement as Annex A, and, if not already a party thereto, the Investor Shareholders Agreement, which contain certain repurchase
rights on termination of employment, tag and drag along rights, and transfer and other restrictions on the Exercise Shares. Unless
otherwise determined by the Board, and subject to such other terms, representations, and warranties as may be provided for in,
and the execution and delivery by the Participant of, the Subscription Agreement and/or the Investor Shareholder Agreement (i)
on or before the Exercise Date the Participant shall deliver to the Company (A) full payment for the Exercise Shares (1)
in U.S.

 

    	2

    	 

    

 

dollars in cash or other readily available funds or, to the extent permitted by the Board, cash equivalents satisfactory
to the Company, in an amount equal to the Exercise Price, (2) with the consent of the Board, the delivery of Shares the
Participant has owned for at least six months and one day (or for such longer or shorter period as the Board may determine necessary
to comply with applicable accounting standards and to avoid liability award accounting) with a Fair Market Value on the date of
delivery equal to the Exercise Price, (3) with the consent of the Board, through the surrender of Exercise Shares then issuable
upon the exercise of the Option with a Fair Market Value on the date of exercise equal to the Exercise Price or (4) any other method
permitted by the Board in its sole discretion plus (B) any required withholding taxes or other similar taxes, charges
or fees and (ii) the Company shall register the issuance of the Exercise Shares on its records. The Company may require
the Participant, as a condition to exercise, to furnish or execute such other documents as the Company shall reasonably deem necessary
(i) to evidence such exercise, (ii) to determine whether registration is then required under the Securities
Act or other applicable law, or (iii) to comply with or satisfy the requirements of the Securities Act, Bermuda securities
law, or any other applicable state or non-U.S. securities or other laws. 

 

(b)          Restrictions
on Exercise.   Notwithstanding any other provision of this Agreement, the Options may not be exercised in whole or in part, and
no certificates representing Exercise Shares shall be delivered, (i) (A) unless all requisite approvals and
consents of any governmental authority of any kind shall have been secured, (B) unless the purchase of the Exercise
Shares shall be exempt from registration under applicable U.S. federal and state securities laws, Bermuda securities law or the
laws of any other jurisdiction, or the Exercise Shares shall have been registered under such laws, and (C) unless all
applicable U.S. federal, state and local and non-U.S. tax withholding requirements shall have been satisfied, or (ii) if
such exercise would result in a violation of the terms or provisions of or a default or an event of default under, any guarantee,
financing or security agreement entered into by any member of the Company Group from time to time. The Company shall use its commercially
reasonable efforts to obtain any consents or approvals referred to in clause (i) (A) of the preceding sentence, but shall otherwise
have no obligations to take any steps to prevent or remove any impediment to exercise described in such sentence. 

 

Section
5.        Participant’s Representations.   The Participant
hereby represents, warrants, covenants, and agrees as follows:

 

(a)          Investment
Intention.   The Options have been, and any Exercise Shares will be, acquired by the Participant solely for the Participant’s
own account for investment and not with a view to or for sale in connection with any distribution thereof. The Participant will
not, directly or indirectly, offer, transfer, sell, pledge, hypothecate or otherwise

 

    	3

    	 

    

 

dispose of all or any of the Options
or any of the Exercise Shares (or solicit any offers to buy, purchase or otherwise acquire or take a pledge of all or any of the
Options or any of the Exercise Shares), except in compliance with the Securities Act and the rules and regulations of the Securities
and Exchange Commission thereunder, and in compliance with applicable state and foreign securities or “blue sky” laws.

 

(b)          Covenants
under Subscription Agreement and Investor Shareholders Agreement.   The Participant understands, acknowledges and agrees that
none of the Exercise Shares may be transferred, sold, pledged, hypothecated or otherwise disposed of (other than by will or laws
of descent) unless the provisions of any related Subscription Agreement and the Investor Shareholders Agreement shall have been
complied with or have expired. The Participant further understands, acknowledges and agrees that the Exercise Shares are subject
to the right of the Company prior to a Public Offering to repurchase the Exercise Shares upon termination of the Participant’s
employment with the Company Group for any reason (whether before or after exercise of the Options) under the Subscription Agreement
and to certain obligations to transfer shares and other obligations under the Investor Shareholders Agreement.

 

(c)          Securities
Law Matters.   The Participant acknowledges that (i) the Exercise Shares have not been registered under the Securities
Act or qualified under any state or foreign securities or “blue sky” laws, (ii) it is not anticipated that there
will be any public market for the Exercise Shares, (iii) the Exercise Shares must be held indefinitely and the Participant
must continue to bear the economic risk of the investment in the Exercise Shares unless the Exercise Shares are subsequently registered
under the Securities Act and such state laws or an exemption from registration is available, (iv) Rule 144 promulgated under
the Securities Act (“Rule 144”) is not presently available with respect to the sales of the Exercise Shares
and the Company has made no covenant to make Rule 144 available, (v) when and if the Exercise Shares may be disposed of
without registration in reliance upon Rule 144, such disposition can be made only in accordance with the terms and conditions of
such Rule, (vi) the Company does not plan to file reports with the Commission or make public information concerning the
Company available unless required to do so by law, (vii) if the exemption afforded by Rule 144 is not available, sales of
the Exercise Shares may be difficult to effect because of the absence of public information concerning the Company, (viii)
a restrictive legend in the form heretofore set forth shall be placed on the certificates representing the Exercise Shares, and
(ix) a notation shall be made in the appropriate records of the Company indicating that the Exercise Shares are subject
to restrictions on transfer set forth in the Subscription Agreement and the Investor Shareholders Agreement and, if the Company
should in the future engage the services of a stock transfer agent, appropriate stop-transfer restrictions will be issued to such
transfer agent with respect to the Exercise Shares.

 

    	4

    	 

    

 

(d)          No
Transfers.   The Options may be exercised only by the Participant or by the Participant’s estate. The Options are not assignable
or transferable, in whole or in part, and they may not, directly or indirectly, be offered, transferred, sold, pledged, assigned,
alienated, hypothecated or otherwise disposed of or encumbered (including without limitation by gift, operation of law or otherwise)
other than (i) by will or by the laws of descent and distribution to the estate of the Participant upon the Participant’s
death or (ii) a transfer or assignment without value, with the prior express written consent of the Board, exercised in its sole
discretion, but only to the same extent the Exercise Shares may be transferred or assumed pursuant to the Investor Shareholders
Agreement, provided that in each case the deceased Participant’s beneficiary, the representative of the Participant’s
estate or any other person to whom the Participant is permitted to transfer or assign the Options shall acknowledge and agree in
writing, in a form reasonably acceptable to the Company, to be bound by the provisions of this Agreement and the Plan as if such
beneficiary, estate or person were the Participant (including, but not limited to, the provisions of Sections 2 and 3 hereof regarding
vesting, forfeiture and exercisability during and following Participant’s employment and the provisions of the Subscription
Agreement regarding the repurchase of Exercise Shares upon Participant’s termination of employment).

 

(e)          Ability
to Bear Risk.   The Participant will not exercise all or any of the Options unless (i) the financial situation of the
Participant is such that the Participant can afford to bear the economic risk of holding the Exercise Shares for an indefinite
period and (ii) the Participant can afford to suffer the complete loss of the Participant’s investment in the Exercise
Shares.

 

(f)          Employment
Status.   Participant is an Employee of the Company Group.

 

(g)          No
Other Awards.   The grant of Options hereunder represents the sole Award granted to the Participant under the Plan as of the
date hereof. 

 

(h)          Legends.
  Any certificate representing the Exercise Shares shall bear an appropriate legend, which will include, without limitation, the
following language in the case of any such certificates issued prior to a Public Offering:

 

“THE SECURITIES REPRESENTED
BY THIS CERTIFICATE HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “ACT”), AND ARE “RESTRICTED
SECURITIES” AS DEFINED IN RULE 144 PROMULGATED UNDER THE ACT. THE SECURITIES REPRESENTED BY THIS CERTIFICATE ARE SUBJECT
TO THE TRANSFER, REPURCHASE, AND OTHER 

 

    	5

    	 

    

 

PROVISIONS OF A SUBSCRIPTION AGREEMENT, AN INVESTOR SHAREHOLDERS AGREEMENT, AND THE FRANKLIN
HOLDINGS (BERMUDA), LTD. EQUITY INCENTIVE PLAN (THE “PLAN”) (COPIES OF WHICH ARE ON FILE WITH THE SECRETARY OF THE
COMPANY). NO TRANSFER, SALE, ASSIGNMENT, PLEDGE, HYPOTHECATION, OR OTHER DISPOSITION OF THE SECURITIES REPRESENTED BY THIS CERTIFICATE
MAY BE MADE EXCEPT IN ACCORDANCE WITH THE PROVISIONS OF SUCH SUBSCRIPTION AGREEMENT, INVESTOR SHAREHOLDERS AGREEMENT, AND PLAN
AND (A) PURSUANT TO A REGISTRATION STATEMENT EFFECTIVE UNDER THE SECURITIES ACT OF 1933, AS AMENDED, (B) IN COMPLIANCE WITH RULE
144 OR OTHER APPLICABLE NON-U.S. LAWS, OR (C) PURSUANT TO AN EXEMPTION FROM REGISTRATION THEREUNDER. THE HOLDER OF THIS CERTIFICATE,
BY ACCEPTANCE OF THIS CERTIFICATE, AGREES TO BE BOUND BY ALL OF THE PROVISIONS OF SUCH SUBSCRIPTION AGREEMENT, INVESTOR SHAREHOLDERS
AGREEMENT AND PLAN.”

 

Section
6.    Representations, Warranties and Agreements of the Company.
  The Company represents and warrants to Participant that (i) the Company has been duly organized and is an existing corporation
in good standing under the laws of the State of Bermuda, (ii) this Agreement has been duly authorized, executed and delivered
by the Company and constitutes a valid and legally binding obligation of the Company enforceable against the Company in accordance
with its terms, and (iii) the Exercise Shares, when issued, delivered and paid for upon exercise of the Options in accordance
with the terms hereof, will be duly and validly issued, fully paid and nonassessable. 

 

Section
7.        Change in Control.   Upon a Change in Control all then
outstanding Options shall vest and be exercisable immediately prior to the Change in Control. In the event of a Change in Control,
each outstanding Option (regardless of whether such Options are at such time otherwise exercisable) may, in the Board’s sole
discretion, be canceled in exchange for payment of an amount equal to the excess, if any, of the Change in Control Price over the
Exercise Price.

 

Section
8.        Miscellaneous.

 

(a)          Administration.
  The Plan and this Agreement shall be administered by the Board, as provided in the Plan. All actions to be taken and decisions
and determinations to be made by the Company under this Agreement shall be effected only with the approval of the Board or its
designee. Any determination made by the Board under this Agreement, shall be final, binding, and conclusive for all purposes and
upon all persons. For purposes of the Plan and this Agreement, any Participant shall recuse him or herself from any decisions
or determinations to be made or actions to be taken by the Company and, if he or she is a member of the Board, the Board under
the terms of the Plan or this Agreement. By

 

    	6

    	 

    

 

accepting this Option, Participant and each person claiming under or through Participant
shall be conclusively deemed to have indicated their acceptance and ratification of, and consent to, any action taken under the
Plan by the Company or the Board.

 

(b)          Binding
Effect; Benefits; Assignability.   This Agreement shall be binding upon and inure to the benefit of the parties to this Agreement
and their respective successors, heirs, executors and assigns. Nothing in this Agreement, express or implied, is intended or shall
be construed to give any person other than the parties to this Agreement or their respective successors, heirs, executors or assigns
any legal or equitable right, remedy or claim under or in respect of any agreement or any provision contained herein. Neither this
Agreement nor any right, remedy, obligation or liability arising hereunder or by reason hereof shall be assignable by the Company
or Participant without the prior written consent of the other party. 

 

(c)          Amendment.  
Except as otherwise provided in the Plan, this Agreement may be amended, modified or supplemented only by a written instrument
executed by Participant and the Company. 

 

(d)          Entire
Agreement.   This Agreement, the Plan, the Investor Shareholders Agreement, and any employment agreement which Participant has
entered into with the Company constitute the entire agreement between Participant and the Company with respect to the subject matter
hereof, and supersede all undertakings and agreements, whether oral or in writing, previously entered into by the parties with
respect thereto.

 

(e)          Tax
Withholding.   Whenever any cash or other payment is to be made hereunder or with respect to the grant, vesting, or exercise
of the Options, the Company Group shall have the power to withhold, or to require such Participant to remit to the Company Group,
an amount (in cash, from other compensation payable to Participant, or in Shares) sufficient to satisfy all U.S. federal, state,
local and any non-U.S. withholding tax or other governmental tax, charge or fee that arises in connection with the grant, vesting,
or exercise of the Options; provided, however, that in the event that the Company withholds Shares issuable to the
Participant upon the exercise of the Option (or any portion thereof)) to satisfy the withholding taxes, the Company shall withhold
a number of whole Shares having a Fair Market Value, determined as of the date of exercise, not in excess of the minimum of tax
required to be withheld by law (or such lower amount as may be necessary to avoid liability award accounting). Notwithstanding
the foregoing, if Participant tenders previously-owned Shares to the Company to satisfy any applicable withholding taxes, such
Shares must have been held by the Participant for at least six months prior to their tender (or for such longer or shorter

 

    	7

    	 

    

 

period
as the Board may determine necessary to comply with applicable accounting standards and to avoid liability award accounting) or
have been purchased on the open market. The Participant shall be responsible for all withholding taxes and other tax consequences
of this Option.

 

(f)          No
Right to Continued Employment.   Nothing in the Plan or this Agreement shall interfere with or limit in any way the right of
the Company Group to terminate Participant’s employment at any time, or confer upon Participant any right to continue in
the employ of the Company Group. 

 

(g)          No
Rights as Stockholder; No Voting Rights.   The Participant shall have no rights as a stockholder of the Company with respect
to any shares covered by the Options until the exercise of the Options and delivery of the shares. No adjustment shall be made
for dividends or other rights for which the record date is prior to the delivery of the shares. Any shares delivered in respect
of the Options shall be subject to the Subscription Agreement and the Investor Shareholder Agreement and the Participant shall
have no voting rights with respect to such shares until such time as specified in the Subscription Agreement and the Investor Shareholder
Agreement.

 

(h)          Exclusion
from Pension Computations.   By acceptance of the grant of this Option, Participant hereby agrees that any income or gain realized
upon the receipt or exercise hereof, or upon the disposition of the Shares received upon its exercise, is special incentive compensation
and shall not be taken into account, to the extent permissible under applicable law, as “wages”, “salary”
or “compensation” in determining the amount of any payment under any pension, retirement, incentive, profit sharing,
bonus or deferred compensation plan of any member of the Company Group.

 

(i)          Notices,
etc.   Any notice which either party hereto may be required or permitted to give to the other shall be in writing, and may be
delivered personally, electronically or by mail, postage prepaid or overnight courier, addressed as follows: if to the Company,
at its office at Clarendon House, 2 Church Street, Hamilton HM 11 Bermuda or at such other
address as the Company by notice to the Participant may designate in writing from time to time; and if to the Participant, at the
address on record with the Company. Notices shall be effective upon delivery. Participant hereby consents to the delivery of information
regarding the Plan, the Options, the Exercise Shares and the Company (i) via the Company’s website or (ii) via electronic
delivery to the Participant’s business email address or, following a termination of the Participant’s employment, to
such other email address as the Participant shall designate in writing from time to time. Participant agrees to keep the Company
updated with the Participant’s address and email address.

 

    	8

    	 

    

 

(j)          Section
and Other Headings, etc.   The section and other headings contained in this Agreement are for reference purposes only and shall
not affect the meaning or interpretation of this Agreement.

 

(k)          Exculpation.
  This Option and all documents, agreements, understandings and arrangements relating hereto have been executed by a person in his
or her capacity as an officer of the Company, and not individually, and neither the directors, officers or shareholders of the
Company Group shall be bound or have any personal liability hereunder. Each party hereto shall look solely to the assets of the
Company for satisfaction of any liability of the Company in respect of the Option and all documents, agreements, understandings
and arrangements relating hereto and will not seek recourse or commence any action against any of the directors, officers, or shareholders
of the Company Group, or any of their personal assets for the performance or payment of any obligation hereunder or thereunder.
The foregoing shall also apply to any future documents, agreements, understandings, arrangements and transactions between the parties
hereto.

 

(l)          Counterparts.
  This Agreement may be executed in any number of counterparts, including by facsimile, each of which shall be an original, but all
of which together shall constitute one and the same instrument.

 

(m)          Applicable
Law.   This Agreement shall be governed by the laws of the State of New York, excluding any conflicts or choice of law rule or
principle that might otherwise refer construction or interpretation of this Agreement to the substantive law of another jurisdiction.
Participant is deemed to submit to the exclusive jurisdiction and venue of the federal or state courts of New York, in each case
located in the Borough of Manhattan in New York City, to resolve any and all issues that may arise out of or relate to this Agreement.
The Company and Participant acknowledge and agree that any controversy which may arise out of or relate to this Agreement is likely
to involve complicated and difficult issues, and therefore the Company and each such recipient irrevocably and unconditionally
waives any right such person may have to a trial by jury in respect of any litigation directly or indirectly arising out of or
relating to this Agreement.

 

—Signature page follows—

 

    	9

    	 

    

 

IN WITNESS WHEREOF, the Company and Participant
have executed this Agreement as of the date first above written.

 

	 	FRANKLIN HOLDINGS (BERMUDA), LTD. 
	 	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:
	 	 	 
	 	PARTICIPANT
	 	 	 
	 	By:	 
	 	 	Name: 

 

Options: _________

Option Price: $_____

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