Document:

Unassociated Document

    Exhibit
      10.1

    

    

    AWARD
      CERTIFICATE

    

    STOCK
      APPRECIATION RIGHT

    

    

    THIS
      CERTIFICATE, dated as of the [____] day of [_______], evidences the grant of
      the
      Award set forth below by Loews Corporation, a Delaware corporation (the
“Company”) to [First Name] [Last Name] (the “Participant”).

    

    1.    
      Grant
      of Award.

    

    Subject
      to the provisions of this Certificate and the Loews Corporation 2000 Stock
      Option Plan, as amended (the “Plan”), the Company hereby grants to the
      Participant as of [__________] (the “Grant Date”) «Amount»
      Stock
      Appreciation Rights having an Exercise Price of $[_____] per Stock Appreciation
      Right (such grant being herein called the “Award”). Each Stock Appreciation
      Right represents the right to receive an amount, payable in shares of Stock
      as
      provided in Paragraph 3 below, equal in value to the excess, if any, on the
      date
      of exercise of the Fair
      Market ValueFair
      Market Value of a share of Stock over the Exercise Price of the Stock
      Appreciation Right. The Stock Appreciation Rights granted hereby are
      Free-Standing Stock Appreciation Rights and are not granted in conjunction
      with
      an Option. Unless earlier terminated pursuant to the terms of this Certificate,
      the Award shall expire on the tenth anniversary of the date hereofhereof.
      Capitalized terms not defined herein shall have the meanings set forth in the
      Plan.

    

    2.    
      Exercisability
      of the Award.

    

    The
      Award
      shall become vested and exercisable as of the Grant Date. 

    

    3.    
      Method
      of Exercise of the Award.

    

    (a)  
      An
      Award
      may be exercised at any time after the Award with respect to those Stock
      Appreciation Rights has vested and before the expiration of the Award Term.
      To
      exercise an Award, the Participant shall give written notice to the Company
      stating the number of shares with respect to which the Award is being
      exercised.

    

    (b)  
      Upon
      the
      exercise of a Stock Appreciation Right, the Participant shall be entitled to
      receive an amount equal to the product of (i) the excess of the Fair Market
      Value of one share of Stock on the date of exercise over the Exercise Price
      of
      the applicable Stock Appreciation Right, multiplied by (ii) the number of shares
      of Stock in respect of which the Stock Appreciation Right has been exercised.
      Except as otherwise determined by the Committee on not less than thirty (30)
      days’ prior written notice to the Participant, the payment shall be made in
      shares of Stock based upon the Fair Market Value on the date of exercise.
      Fractional shares shall be settled by payment in cash based upon the Fair Market
      Value on such date.

    

    4.    
      Award
      Term.

    

    Except
      as
      otherwise determined by the Committee after the date of this Certificate, the
      Award Term shall end on the earliest of (1) the date on which the Award

    
      
        
        

      

      
         

        
          

        

      

      
        
        

      

    

    has
      been
      exercised in full, and (2) the date on which the Participant experiences a
      Termination for Cause; provided, that in no event may the Award Term extend
      beyond ten years from the Grant Date. Upon the occurrence of a Termination
      of
      Participant for any reason, the Award Term shall thereupon end with respect
      to
      any portion of the Award that is unvested as of the date of such Termination
      and
      such unvested portion shall be forfeited immediately. 

    

    5.    
      Nontransferability
      of the Award.

    

    The
      Award
      is not transferable except (i) as designated by the Participant by will or
      by
      the laws of descent and distribution or (ii) as otherwise expressly permitted
      by
      the Committee including, if so permitted, pursuant to a transfer to such
      Participant’s immediate family, whether directly or indirectly or by means of a
      trust or partnership or otherwise. If any rights exercisable by the Participant
      or benefits deliverable to the Participant under this Certificate have not
      been
      exercised or delivered, at the time of the Participant’s death, such rights
      shall be exercisable by the Designated Beneficiary, and such benefits shall
      be
      delivered to the Designated Beneficiary, in accordance with the provisions
      of
      this Certificate and the Plan. 

    

    6.    
      Taxes
      and Withholdings.

    

    No
      later
      than the date of exercise of the Award granted hereunder, the Participant shall
      pay to the Company or make arrangements satisfactory to the Committee regarding
      payment of any federal, state or local taxes of any kind required by law to
      be
      withheld upon the exercise of such Award and the Company shall, to the extent
      permitted or required by law, have the right to deduct from any payment of
      any
      kind otherwise due to the Participant, federal, state and local taxes of any
      kind required by law to be withheld upon the exercise of the Award granted
      hereunder, as provided in Section 4.4 of the Plan. In this regard the
      Participant may elect to pay any tax withholding upon the exercise of an Award
      by irrevocably authorizing a third party to sell shares of Stock (or a
      sufficient portion of the shares) acquired upon exercise of the Award and remit
      to the Company a sufficient portion of the sale proceeds to pay such tax
      withholding.

    

    7.    
      Notices.

    

    All
      notices and other communications under this Certificate shall be in writing
      and
      shall be given by hand delivery to the other party or overnight courier, or
      by
      postage paid first class mail, addressed as follows:

    

    If
      to the
      Participant: 

    

    [First
      Name] [Last Name]

    [Address]

    [City]
      [State] [Postal Code]

    

    If
      to the
      Company:

    

    Loews
      Corporation

    
      
        
        

      

      
        2

        
          

        

      

      
        
        

      

    

    667
      Madison Avenue

    New
      York,
      NY 10021-8087

    Attention:
      Corporate Secretary

    Facsimile:
      (212) 521-2997

    

    or
      to
      such other address as any party shall have furnished to the other in writing
      in
      accordance with this Paragraph 7. Notice and communications shall be effective
      when actually received by the addressee, if given by hand delivery, when
      deposited with a courier service, if given by overnight courier, or two (2)
      business days following mailing, if delivered by first class mail. 

    

    8.    
      Effect
      of Certificate.

    

    Except
      as
      otherwise provided hereunder, this Certificate shall be binding upon and shall
      inure to the benefit of any successor or successors of the Company, and to
      any
      transferee or successor of the Participant pursuant to Paragraph 5.

    

    9.    
      Conflicts
      and Interpretation.

    

    The
      Award
      is subject to the provisions of the Plan, which are hereby incorporated by
      reference. In the event of any conflict between this Certificate and the Plan,
      the Plan shall control. In the event of any ambiguity in this Certificate,
      any
      term which is not defined in this Certificate, or any matters as to which this
      Certificate is silent, the Plan shall govern including, without limitation,
      the
      provisions thereof pursuant to which the Committee has the power, among others,
      to (i) interpret the Plan, (ii) prescribe, amend and rescind rules and
      regulations relating to the Plan and (iii) make all other determinations deemed
      necessary or advisable for the administration of the Plan.

    

    10.    Headings.

    

    The
      headings of paragraphs herein are included solely for convenience of reference
      and shall not affect the meaning or interpretation of any of the provisions
      of
      this Certificate.

    

    11.   
      Amendment.

    

    This
      Certificate may not be modified, amended or waived except by an instrument
      in
      writing signed by the Company. The waiver by either party of compliance with
      any
      provision of this Certificate shall not operate or be construed as a waiver
      of
      any other provision of this Certificate, or of any subsequent breach by such
      party of a provision of this Certificate.

    

    IN
      WITNESS WHEREOF, as of the date first above written, the Company has caused
      this
      Certificate to be executed on its behalf by a duly authorized
      officer.

    

    
      	 	
              LOEWS
                CORPORATION

            
	 	 	 
	 	 	 
	 	
              By:

            	 
	 	 	
              Gary
                W. Garson,

            
	 	 	
              Senior
                Vice President

            

    

    

    

    

    

    

    
      
        
        

      

      
        3exv4w3

 

EXHIBIT 4.3

ASSOCIATE STOCK OPTION PLAN 2005

1.0 INTRODUCTION:

1.1 Sify has formulated a series of Associate Stock Option Plans (ASOP) to incentivise and reward
associates for contributing to the growth of Sify.

1.2 ASOP 2005 is the latest in the series of these ASOPs. The members of the Company approved the
allocation of a further 1,900,000 shares on 25 October 2005 for issue as stock options to
associates.

2.0 SCHEME OVERVIEW:

2.1 Under ASOP 2005, Sify’s Associates (full time or part time employees of the Company its
subsidiaries and non-promoter directors) would be granted options for a fee which would give them
the right to buy Sify’s ADRs (listed in the Nasdaq National Market in USA) or Sify’s equity shares
as indicated in the letter of grant to them at an exercise price. The difference between the market
price of these ADRs or Equity shares and the exercise price would be the gain to the Associate. The
options are exercisable after a vesting date but before the expiry date. Vesting is slated to
happen over a three-year period. Expiry occurs at the end of the fortieth month from the date of
grant or one month after the associate ceases to be in the employment of Sify or its subsidiaries,
whichever is earlier.

2.2 As the market price of Sify’s ADRs (or Equity shares) goes up, the benefit to the Associate
goes up. The Associate is incentivised to:

2.2.1 Stay with Sify until vesting and after vesting until the
option value grows to an attractive level

2.2.2 Work (with a high degree of goal congruence) in the interest
of Sify shareholder in building a sustainable value and growth
momentum into Sify’s ADRs and equity shares.

3.0 ADMINISTRATION:

3.1 Shareholders of Sify have approved the allocation of 1,900,000 shares to be made available for
ASOP schemes on 25 October 2005. Shareholders have also empowered the Board of Directors to
formulate ASOP schemes from time to time to grant stock options and when exercised issue
ADRs/Equity shares. Shareholders have also recognized that these stock options would apply to
Principal Officers including the Chief Executive Officer, the Chief Operating Officer and the Chief
Financial Officer and Directors.

3.2 The Board of Directors (Sify Board) have constituted the Compensation Committee (currently made
up of three directors nominated by Sify Board) to formulate ASOP schemes, formulate policies for
administration of the schemes, and actually administer the scheme by granting options, recognize
exercises, issue ADRs and shares on exercise, collect exercise price and where necessary facilitate
sale.

3.3 The Compensation committee of the Board of Directors (Compensation Committee) administers the
ASOP schemes of Sify. ASOP 2005 will also be administered by the Compensation Committee.

 

 

3.4 In all issues to be decided by the Company relating to ASOP, the decision by the Compensation
Committee represents decision by the Company and is final.

4.0 ADRS/SHARES:

4.1 ASOP 2005 aims to grant options to buy either of the following to Associates:

4.1.1 American Depository Shares/Receipts of Sify (listed in
the Nasdaq National Market of USA under the ticker
“SIFY”) or

4.1.2 Equity shares of Sify (currently not yet listed anywhere
in India)

4.2 The Option letter (granting the option) would explicitly state what is being granted. In the
absence of such a clarification, ADRs shall be issued on exercise.

4.3 Compensation Committee has the power to grant options for a quantity of ADRs/Shares not
exceeding the unused quantity available in the pool for granting of options (as approved by and
added to by members of Sify in a general meeting).

4.4 In the event of a stock split or a ratio change (between ADRs and equity shares), the quantity
of stock options and the exercise price shall be adjusted for the effect of the stock split or the
ratio change so that the Associate gets the same proportion of shareholding percentage for the same
price per percentage as the Associate would have prior to the stock split or ratio change.

5.0 ELIGIBILITY TO PARTICIPATE:

5.1 Options could be granted under ASOP 2005 only to Associates. Associates are defined to include
only the full time or part time employees of Sify and its subsidiaries. Associates include
Principal officers and directors of Sify and its subsidiaries. However, an employee who is a
promoter or belongs to the promoter group or a director who either by himself or through his
relative or through any body corporate directly or indirectly holds more than 10% of the
outstanding equity of Sify shall not be eligible. Subsidiaries, for these purposes, includes
companies in which Sify has more than 50% of issued shares or more than 50% voting rights in the
Board governing such companies.

5.2 The Compensation Committee shall select from among the Associates a list of associates for
grant of stock options. The Compensation Committee shall decide on the selection criteria which
shall include among other things the performance track record, performance potential of the
Associates. The Compensation committee is empowered to include Associates on any other criteria and
is also empowered to not include any Associate without stating any reason. The decision by the
Compensation Committee on the choice of Associates who shall be granted stock options is final.

6.0 GRANT OF OPTIONS:

6.1 The Compensation Committee shall decide on whether the grant is for ADRs or equity shares, the
option quantity (number of ADRs or equity shares to be granted), the exercise price payable (as per
Government of India guidelines for ADR linked stock options), the vesting schedule and other terms
and conditions of the grant.

 

 

6.2 The Compensation Committee shall issue to the selected Associates Option letters granting
options to Associates giving them the right to buy ADRs (or if so specified, equity shares)
specifying the quantity of stock options issued and the exercise price, the vesting schedule and
other terms and conditions. A copy of the ASOP 2005 scheme shall be attached to the Option letter.
The Option letter should bear the sequential number of the Option letter, the name of the Associate
and the reference of the Compensation committee meeting by which the option is being granted. The
Compensation Committee should collect an Option fee of Re.1 per ADR (or share), which shall be
adjusted against the exercise price payable or refunded to Associates if the option is not
exercised and the option expires.

7.0 EXERCISE PRICE:

7.1 Exercise price refers to the price at which the Associate could buy the ADR (or equity share).
The currency by which exercise price is payable is normally Rupees unless otherwise so specified in
the Option letter. Exercise price is payable to the Company by a cheque made payable to Sify
Limited.

7.2 The Compensation Committee shall fix the exercise price for ADR options at a discount of not
more than 10% to the prevailing market price on the date of grant and for the Equity share option
on the basis of a valuation to be done by an independent professional at the time of grant.

8.0 VESTING SCHEDULE:

8.1 The stock options granted shall be exercised (converted into an ADR or equity share) only after
the options vest.

8.2 The options granted shall vest as below: One sixth of the option quantity:
At the end of one year from the date of grant Five sixth of the option quantity: At the end of each
quarter during the second and third year from the date of the grant in eight equal installments.

8.3 In any case the grants shall vest fully on the occurrence of permanent total disability or the
death of the Associate.

8.4 In the event of a rights issue or a bonus issue of the ADRs or equity shares, the Associate
shall be given the choice to deem the stock options to have vested and exercise the options and
subscribe to the rights issue or get the bonus issue. If the Associate chooses to not deem the
stock option to have vested, the vesting schedule shall remain as per the terms of the grant.
However, the Associate would not be able to participate in the rights issue or be eligible for the
bonus issue of ADRs or Equity shares.

9.0 EXPIRY:

9.1 Stock options issued to Associates can be exercised only after they vest and should be
exercised before they expire.

9.2 Options issued under ASOP 2005 expire at the end of the fortieth month from the date of grant,
or one month after the Associate ceases to be in the employment of Sify or its subsidiaries,
whichever is earlier.

 

 

9.3 If the options vested earlier than envisaged due to death or permanent total disability of the
Associate, the options shall expire within one month after such a vesting. The Compensation
Committee is empowered to extend the expiry date by not more than three months in the case of death
or permanent total disability of the Associate.

9.4 Associates who do not wish to accept stock option grants shall notify Sify in writing. Any
option recommended by the Compensation Committee to them would not be issued to them.

9.5 Associates who do not wish to continue participating in the ASOP scheme after the grant is
received shall notify the company in writing. The options granted would forfeit after the letter is
received by Sify. Sify would repay the option fee of Re.1 per ADR if such a fee was collected
earlier.

10.0 EXERCISE OF STOCK OPTION AND ISSUE OF ADRS/EQUITY SHARES:

10.1 Associates can exercise stock options any time. However Associates can sell the ADRs or shares
so issued under the option only during the period when insider trading is permitted under the
“Insider trading policy” of Sify.

10.2 The Insider trading policy of Sify shall be as determined by the Board of Directors of Sify
from time to time and as administered by the Chief Financial Officer of Sify from time to time.
Unless there are specific price sensitive information within the Company, insider trading is
typically permitted during the period commencing from “two days after the press release announcing
quarterly results” and ending with “the fifteenth day of the third month of each quarter”.

10.3 If the Associate is not permitted by law to hold the stock (ADR or equity share) and is
expected to sell it within reasonable time, then exercise of the option itself will be permitted
only during the period when insider trading is permitted.

10.4 Associates wishing to exercise their options should tender to Sify a copy of the option letter
and a cheque made payable to Sify Limited for the exercise price indicating the brokerage account
to which ADRs or shares should be credited.

10.5 Associates are entitled to exercise part of the option quantity that has vested and carry
forward the remainder until the options expire and exercise such carried forward quantity any time
before expiry subject to the foregoing clauses on the time window when insider trading is
permitted.

10.6 The ADRs or equity shares issued to Associates after the exercise of the option shall be their
exclusive property free of all charges/liens. The ADRs or shares will not be subject to any lock in
unless such a lock in is applicable by law or is applicable to all shareholders of that kind. The
ADRs or equity shares so issued shall rank pari passu with existing ADRs or shareholders and shall
be entitled to pro rated dividend/benefits from the date of issue and shall enjoy rights/privileges
that other shareholders enjoy in terms of voting rights etc.

10.7 Sify shall facilitate the sale of the ADRs and shares issued to Associates. Conditions
relating to insider trading apply for the timing of sale by Associates. The ADRs issued by Sify on
exercise of option by Associates shall be registered and saleable in the Nasdaq market.

 

 

10.8 All taxes that apply to the exercise, sale or realization of proceeds from ADRs and equity
shares accrue to the Associate.

11.0 TRANSFER, MORTGAGE ETC

11.1 Options granted to Associates are not transferable. Options granted to
Associates transmit to legal heirs on the death of the Associate. All rights
and obligations of the Associate under the scheme shall accrue to the legal
heirs of the Associate in the event of death of the
Associate.

11.2 Stock options granted under the ASOP scheme cannot be pledged,
mortgaged, hypothecated or be subject in any way to a charge or a lien
giving right to any party other than the Associate.

12.0 OTHERS:

12.1 This scheme shall not form part of any contract of employment between SIFY
and the associate. The rights and obligations of any individual under the
contract of employment shall not be affected by his participation in this
scheme or any right which he may have to participate in it.

12.2 Nothing in this scheme shall afford any associate any additional right(s)
as to compensation or damages in consequence of the termination of such office
or employment for any reason.

12.3 This scheme shall not confer any associate any legal or equitable right
against Sify either directly or indirectly or give rise to any cause of action
in law or equity against Sify.

12.4 This scheme is subject to all applicable laws, rules, regulations,
guidelines and to such approvals from any governmental agencies as may be
required. In case of any contradiction between the provisions of this Scheme
and any provisions, rules, regulations, guidelines issued by any governmental
agencies, the provisions of law shall override the provisions of this scheme.

12.5 The associates who are granted warrants ADS / Equity under the scheme
shall comply with such requirements of law as may be necessary.

12.6 Sify does not guarantee any return on the equity investment made by
associates as part of the scheme. Any loss due to fluctuations in the market
price of the equity including the shortfall in the expectations or projections
and the risks associated with the investment are that of the associate alone.

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