Document:

EXHIBIT 4.4

 Exhibit 4.4 
  

REGISTRATION RIGHTS 
 AGREEMENT

  
 This Registration Rights Agreement, effective for all
purposes as of December 17, 1997 (“Agreement”), by and between Federal Realty Investment Trust, a District of Columbia business trust (“Trust”), and N. Richard Kimmel, an individual resident of the state of Florida, and RKR
Limited Partnership, a Maryland limited partnership (each, an “Initial Holder” and collectively “Initial Holders”). 
  
 W I T N E S S E T H : 
  
 WHEREAS, pursuant to the terms of that certain Amended and Restated Agreement of Limited Partnership (“Partnership Agreement”) of Federal Realty
Partners L.P. (“Partnership”), dated as of March 2, 1998, by and between, among others, Federal Realty Partners, Inc., a Delaware corporation, the Trust and the Initial Holders, the Initial Holders are receiving simultaneously herewith
limited partnership units (“Units”) in the Partnership; 
  
 WHEREAS, the Units may, upon the terms and conditions set forth in the Partnership Agreement, be exchanged (the “Exchange”) for common shares of beneficial interest, no par or stated value, of the Trust (“REIT Shares”);
and 
  
 WHEREAS, in order to facilitate Transfers (as defined
herein) of the REIT Shares to be received by the Holders in the Exchange, the Initial Holders have requested the Trust provide to the Holders certain registration rights with respect to such REIT Shares, and the Trust has agreed to provide limited
registration rights on the terms and subject to the conditions set forth herein. 
  

 NOW, THEREFORE, in consideration of the foregoing and the mutual covenants and agreements set forth
herein and for other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties hereto, intending to be legally bound, agree as follows: 
  
 ARTICLE I 
  
 Definitions 
  
 1.1 Definitions. For purposes of this Agreement: 
  
 “Affiliate” of any specified Person means any other person that, directly or indirectly, is in control of, is controlled by, or is under common
control with such specified Person. For purposes of this definition, control of a Person means the power, direct or indirect, to direct or cause the direction of the management and policies of such Person whether by contract or otherwise; and the
terms “controlling” and “controlled” have meanings correlative to the foregoing. 
  
 “Agreement” means this Registration Rights Agreement, as the same may be amended or supplemented from time to time. 
  
 “Board” means the Board of Trustees of the Trust. 
  
 “Demand Right” means the single one-time right collectively granted
to the Holders to cause the Trust to register some or all of such Holders’ Registrable Securities, to be exercised in accordance with the terms of this Agreement. 
  
 “Exchange” means the exchange of Units for REIT Shares, subject to the terms and conditions set forth in the
Partnership Agreement. 
  
 “Exchange Act” means the
Securities Exchange Act of 1934, as amended. 
  
 “Holder” or “Holders” means N. Richard Kimmel, an individual resident of the state of Florida, RKR Limited Partnership, a Maryland limited partnership, and/or any Person who or that has received directly from the Initial
Holders pursuant to a Transfer any of such Initial Holder’s Units, provided that either (i) the General Partner (as defined in the Partnership Agreement) of the Partnership has consented to such Transfer or (ii) such Transfer meets the
requirements of Section 11.3.A(i) of the Partnership Agreement. 
  
 “Initial Holder” or “Initial Holders” means N. Richard Kimmel, an individual resident of the state of Florida and/or RKR Limited Partnership, a Maryland limited partnership. 
  
 “Partnership” means Federal Realty Partners L.P., a Delaware
limited partnership. 
  
 “Partnership Agreement” means
that certain Amended and Restated Agreement of Limited Partnership of Federal Realty Partners L.P., dated as of March 2, 1998, by and between, among others, Federal Realty Partners, Inc., the Trust and the Initial Holders. 
  
 “Person” shall mean an individual, partnership, corporation, trust
or unincorporated organization, or a government or agency or political subdivision thereof. 
  

 2 

 “Registrable Securities” shall mean (i) any REIT Shares that may be issued to the Holders in an
Exchange and (ii) any dividend or other distribution of REIT Shares with respect to, or in exchange for or in replacement of, such REIT Shares. 
  
 “Registration Statement” shall mean a registration statement filed or to be filed by the Trust under the Securities Act (other than on Form S-8)
that is available to register under the Securities Act the Transfer of any of the Registrable Securities by or for the account of any Holder, all amendments and supplements to such Registration Statement, including post-effective amendments, and all
exhibits to and all information incorporated by reference in such Registration Statement. Such term also includes any prospectus included in such Registration Statement, as amended or supplemented by any prospectus supplement and by all other
amendments and supplements to such prospectus, including post-effective amendments, and all information incorporated by reference in such prospectus. 
  
 “REIT Shares” means the common shares of beneficial interest, no par or stated value, of the Trust. 
  
 “Representative” means the Person designated by the Holders
pursuant to Section 2.2.1 herein to be the Holders’ representative with respect to exercising the Demand Right. 
  
 “SEC” means the Securities and Exchange Commission. 
  
 “Securities Act” means the Securities Act of 1933, as amended. 
  
 “Transfer, transferring or transferred” shall mean any sale or other disposition of any Registrable Securities
that would constitute a sale thereof under the Securities Act. 
  
 “Trust” means Federal Realty Investment Trust, a District of Columbia business trust. 
  
 “Units” means limited partnership units in the Partnership. 
  
 ARTICLE II 
  
 Registration Rights 
  
 2.1. Securities Subject to Registration Rights. The securities entitled to the benefits of this Agreement are the Registrable Securities but only,
with respect to any particular Registrable Security, so long as such Registrable Security continues to be held by a Holder; provided, however, that the term “Registrable Security” does not include REIT Shares (a) the Transfer
of which has been effectively registered under the Securities Act pursuant to this Agreement or otherwise, and (b) that may be Transferred pursuant to Rule 144 (or any successor provision) under the Securities Act. 
  
 2.2. Demand Registration. 
  
 2.2.1. Pursuant to this Section 2.2.1, the Holders are
hereby collectively granted a single one-time right (“Demand Right”) to cause the Trust to register some or all of such Holders’ 

  

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Registrable Securities; provided, however, that the Trust shall not be obligated to register such Registrable Securities if the number of
Registrable Securities with respect to which the Holders seek to exercise their Demand Right is not more than fifty percent (50%) of the total number of Registrable Securities with respect to which the Holders could have exercised their Demand
Right. Such Demand Right shall be exercised in accordance with the terms of this Agreement, and written notice of exercise of the Demand Right shall be provided to the Trust in accordance with Section 3.5 herein. For purposes of Section 2.2, the
Holders shall select one Person to be their representative (“Representative”) with respect to exercising the Demand Right and shall notify the Trust in writing designating the Representative and exercising the Demand Right. The Trust shall
be entitled to rely on the representations and communications of such Representative in determining whether the Demand Right has been exercised in accordance with the provisions herein and in preparing and filing the Registration Statement and with
respect to all other matters hereunder; provided, however, that the Trust shall continue to provide notice as required in this Article II to all of the Holders. The Demand Right must be exercised, if at all, simultaneously with the
exercise of the Holders’ right to cause a Redemption (as defined in Section 8.6.A of the Partnership Agreement) of all or a portion of such Holders’ Units and, subject only to Section 2.2.4, the exercise of such Demand Right shall be
irrevocable. 
  
 2.2.2. Upon receipt of such
notice, the Trust shall file, as soon as practicable but not later than seventy-five (75) days after receipt of such notice, and subject to Section 2.2.1 hereof, a Registration Statement under the Securities Act for an offering to be made on a
continuous basis pursuant to Rule 415 under the Securities Act. The Trust agrees to use its reasonable best efforts to cause such Registration Statement to be declared effective under the Securities Act within ninety (90) days after the date of
filing such Registration Statement. The Trust further agrees to use its reasonable best efforts to keep such Registration Statement continuously effective for a period of forty-five (45) days following the date on which such Registration Statement
is declared effective. 
  
 2.2.3. If the Holders
intend to distribute the Registrable Securities covered by the request by means of an underwritten offering, they shall so advise the Trust as a part of their request made pursuant to Section 2.2.1. In addition, the Holders shall select the
investment banker or investment bankers and manager or managers in any such underwritten offering; provided, however, that such investment bankers and managers and the proposed underwriter arrangements must be reasonably satisfactory
to the Trust. The Holders shall enter into an underwriting agreement in customary form with the Trust and with the underwriter or underwriters. The Holders may not participate in any underwritten registration under this Section 2.2.3 unless they (i)
agree to sell their securities on the basis provided in any underwriting arrangements approved by the Trust and (ii) complete and execute all questionnaires, powers of attorney, indemnities, lock-up letters, underwriting agreements and other
documents and requests for information required under the terms of such underwriting arrangements. 
  
 2.2.4. If any of the Registrable Securities registered pursuant to any Registration Statement are to be sold in an underwritten primary
offering by the Trust, and no Suspension Event (as defined in Section 2.5.2) shall have occurred with respect to such offering, and the managing underwriter or underwriters deliver an opinion to the Trust and the Holders that the total number of
REIT Shares that the Holders and any other Person intend to include in such offering exceeds the 

  

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number of REIT Shares that can be sold in such offering, there shall be included in such underwritten offering the number of REIT Shares of the Holders or
such other Person or Persons that in the opinion of such underwriters can be sold in such offering, with such REIT Shares being allocated pro rata among the holders of REIT Shares to be sold on the basis of the number of REIT Shares to be
registered; provided, however, that such pro rata allocation shall not affect the number of shares being offered by the Trust in any such offering. If any of the Registrable Securities registered pursuant to any Registration Statement
are to be sold in an underwritten offering in which the Trust is not offering any REIT Shares, and the managing underwriter or underwriters deliver an opinion to the Trust and the Holders that the total number of REIT Shares that the Holders and any
other Person intend to include in such offering exceeds the number of REIT Shares that can be sold in such offering, there shall be included in such underwritten offering the number of REIT Shares that in the opinion of such underwriters can be
sold, with such REIT Shares being allocated pro rata among the holders of REIT Shares to be sold on the basis of the number of REIT Shares to be registered. In the event that the number of Registrable Securities registered pursuant to any
Registration Statement is limited in the manner provided in this Section 2.2.4, and the result of such limitation is that less than thirty-five percent (35%) of the total number of Registrable Securities with respect to which the Holders could have
exercised their Demand Right is included in such Registration Statement, the Holders shall have the one-time right, but not the obligation, to revoke the exercise of the Demand Right. Upon such revocation, the Holders shall be entitled to exercise
the Demand Right for a period of six (6) months following the end of the sixty-day period referred to in Section 2.5.3. 
  
 2.2.5. The Trust shall promptly notify in writing each Holder of the filing and effectiveness of the Registration Statement and shall
furnish, without charge, to each Holder a copy of the Registration Statement (including any amendments, supplements and exhibits thereto) and the prospectus included in the Registration Statement (including each preliminary prospectus) in conformity
with the requirements of the Securities Act, and such other documents as such Holder may reasonably request in order to facilitate the public sale or other Transfer of Registrable Securities owned by the Holders. 
  
 2.2.6. The Trust shall use its reasonable best efforts to
prepare and file with the SEC such amendments and supplements to the Registration Statement and the prospectus used in connection therewith as may be necessary to keep the Registration Statement effective and to comply with the provisions of the
Securities Act with respect to the Transfer of the Registrable Securities for as long as the Trust keeps the Registration Statement effective in accordance with Section 2.2.2. 
  
 2.2.7. The Trust shall promptly notify the Holders of the existence of any fact of which the Trust becomes
aware that results in the Registration Statement, the prospectus related thereto or any document incorporated therein by reference, containing an untrue statement of a material fact or omitting to state a material fact required to be stated therein
or necessary to make any statement therein not misleading. In such event, the Trust shall promptly prepare and furnish to each Holder a reasonable number of copies of a prospectus supplement or amendment so that, as thereafter delivered to the
purchasers of such Registrable Securities, such prospectus shall not include an untrue statement of a material fact or omit to state a material fact required to be stated 

  

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therein or necessary to make the statements therein in the light of the circumstances under which they were made not misleading. 
  
 2.3. State Securities Laws. Subject to the conditions set forth in
this Agreement, the Trust shall, in connection with filing of the Registration Statement, use its reasonable best efforts to register or qualify the Registrable Securities covered by the Registration Statement under such other securities or
“blue sky” laws of such jurisdictions as a Holder shall reasonably request, and do any and all other acts and things that may be reasonably necessary or advisable to enable each Holder to consummate the Transfer of the Registrable
Securities in such jurisdictions, except that in no event shall the Trust be required to qualify to do business as a foreign corporation in any jurisdiction where it would not, but for the requirements of this Section 2.3, be required to be so
qualified, to subject itself to taxation in any such jurisdiction or to consent to general service of process in any such jurisdiction. 
  
 2.4. Registration Expenses. All expenses incurred in connection with a registration, filing or qualification pursuant to Section 2.2 hereof,
including, without limitation, registration, filing and qualification fees, printers’ and accounting fees, and the fees and disbursements of counsel for the Trust, shall be borne and paid by the Trust, other than fees and disbursements of the
Holders’ counsel and all underwriting discounts and selling commissions attributable to sales of Registrable Securities, which shall be borne and paid by the Holders. 
  
 2.5. Suspension of Registration; Limitations on Registration Rights; Restriction on Sale. 
  
 2.5.1 The Trust shall promptly notify the Holders of the
issuance by the SEC of any stop order or other action suspending or postponing the effectiveness of the Registration Statement with respect to the qualification of any Registrable Securities for sale by the Holders or the initiation of any
proceedings for such purpose. The Trust shall use its reasonable best efforts to obtain the withdrawal of any order suspending or postponing the effectiveness of the Registration Statement. 
  
 2.5.2 Notwithstanding anything to the contrary contained in
this Agreement, the Trust’s obligation under this Agreement to cause a Registration Statement and any filings with any state securities commission to become or remain effective shall be suspended in the event and during such period as a
Suspension Event (as defined below) exists, but such suspension shall continue only for so long as such Suspension Event or its effect is continuing, but in no event for more than three (3) consecutive months. The Trust shall give written notice to
the Holders of the occurrence of any Suspension Event and, to the extent deemed practical and advisable by the Trust, its circumstances and nature. “Suspension Event” shall include, but shall not be limited to, the following events: (i) an
underwritten primary offering by the Trust if the Trust is advised by the underwriters that the Transfer of Registrable Securities under the Registration Statement would impair the pricing or commercial practicality of the primary offering, (ii)
pending negotiations relating to, or consummation of, a transaction or the occurrence of an event that would require additional disclosure of material information by the Trust in a Registration Statement or other filing, as to which the Trust has a
bone fide business purpose for preserving confidentiality or 

  

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which renders the Trust unable to comply with SEC requirements, or (iii) such other unforeseen circumstances that would make it impractical or inadvisable to
cause the Registration Statement or such other filings to become or remain effective. 
  
 2.5.3 Each Holder agrees that, if requested by the Trust in the case of a Trust-initiated non-underwritten offering, or if requested by
the managing or lead underwriter in a Trust-initiated underwritten offering, not to effect any public sale or distribution of any of the securities of the Trust, including a Transfer pursuant to Rule 144 under the Securities Act (or any successor
provision), during the fifteen-day period prior to and during the sixty-day period beginning on, the date of effectiveness of the registration statement relating to such Trust-initiated offering. 
  
 2.5.4 Nothing in this Agreement shall be deemed to create an
independent obligation on the part of the Holders to sell any Registrable Securities pursuant to any effective Registration Statement. 
  
 2.6 Indemnification and Contribution. 
  
 2.6.1 In connection with any Registration Statement filed pursuant to Section 2.2 hereof, the Trust shall indemnify and hold harmless the
Holders, each underwriter who may purchase from the Holders or sell any Registrable Securities for the Holders and each Person who controls such underwriter, within the meaning of the Securities Act, and each of their respective directors, officers,
employees, trustees and agents, from and against any and all losses, claims, damages, liabilities and expenses caused by any untrue statement or alleged untrue statement of a material fact contained in such Registration Statement or any related
state securities or blue sky applications or other instruments or caused by any omission or alleged omission to state in such Registration Statement or any related state securities or blue sky applications or other instruments any material fact
required to be stated or necessary to make the statements which are made not misleading, except insofar as such losses, claims, damages, liabilities or expenses are caused by any such untrue statement or by any such omission that was furnished in
writing to the Trust by the Holders, underwriter or controlling person expressly for use in such Registration Statement or any related state securities or blue sky applications or other instruments and was used in accordance with such writing.

  
 2.6.2. Each Holder agrees, severally and not
jointly, to indemnify and hold harmless the Trust, its directors, each officer signing such Registration Statement, each other person whose securities are included in such Registration Statement, each underwriter who may purchase from or sell any
securities for the Trust or any other Person pursuant to such Registration Statement and each Person, if any, who controls the Trust, any such other Person or any such underwriter, within the meaning of the Securities Act, and each of their
respective directors, officers, employees, trustees and agents, from and against any and all losses, claims, damages, liabilities and expenses, caused by any untrue statement of a material fact furnished in writing to the Trust by the Holders
expressly for use in such Registration Statement or any related state securities or blue sky applications or other instruments and used in accordance with such writing and from any omission therefrom of a material fact needed to be furnished or
necessary to make the information furnished not misleading; provided, however, that, no such Holder shall be liable for any claims hereunder in 

  

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excess of the amount of proceeds received by such Holder from the sale of Registrable Securities pursuant to the Registration Statement. 
  
 2.6.3. Each indemnified party shall give prompt notice to
each indemnifying party of any action commenced against the indemnified party in respect of which indemnity may be sought hereunder, enclosing a copy of all papers served on such indemnified party, but failure to so notify an indemnifying party
shall not relieve it of any liability which it may have to the indemnified party under this Agreement if such failure does not materially prejudice the indemnifying party in the defense of any such action, and shall not relieve such indemnifying
party from any liability which it may have other than on account of this indemnity agreement. An indemnifying party may participate at its own expense in the defense of any such action. If an indemnifying party so elects within a reasonable time
after receipt of such notice, such indemnifying party, separately or jointly with any other indemnifying party, may assume the defense of such action with counsel chosen by it and approved by the indemnified party or parties defendant in such
action, provided that if any such indemnified party reasonably determines that there may be legal defenses available to such indemnified party which are different from or in addition to those available to such indemnifying party or that
representation of such indemnifying party and any indemnified party by the same counsel would present a conflict of interest, then such indemnifying party or parties shall not be entitled to assume such defense. If an indemnifying party is not
entitled to assume the defense of such action as a result of the proviso to the preceding sentence, counsel for such indemnifying party shall be entitled to conduct the defense of such indemnifying party and counsel for such indemnified party or
parties shall be entitled to conduct the defense of such indemnified party or parties. If an indemnifying party assumes the defense of an action in accordance with and as permitted by the provisions of this paragraph, such indemnifying party shall
not be liable for any fees and expenses of counsel for the indemnified parties incurred thereafter in connection with such action. In no event shall the indemnifying party or parties be liable for the fees and expenses of more than one counsel (in
addition to any one local counsel) separate from the indemnifying parties’ own counsel for all indemnified parties in connection with any one action or separate but similar or related actions in the same jurisdiction arising out of the same
general allegations or circumstances. 
  
 2.6.4.
In order to provide for just and equitable contribution in circumstances in which the indemnity provision agreement provided for in Section 2.6 is for any reason held to be unavailable to the indemnified parties although applicable in accordance
with its terms, the Trust and the Holders shall contribute to the aggregate losses, claims, damages, liabilities and expenses of the nature contemplated by said indemnity agreement incurred by the Trust, and the Holders, as incurred; provided that
no Person guilty of fraudulent misrepresentation (within the meaning of Section 11(f) of the Securities Act) shall be entitled to contribution from any Person that was not guilty of such fraudulent misrepresentation. As between the Trust and the
Holders, such parties shall contribute to such aggregate losses, claims, damages, liabilities and expenses of the nature contemplated by such indemnity agreement in such proportion as shall be appropriate to reflect the relative fault of the Trust,
on the one hand, and of the Holders, on the other, with respect to the statements or omissions which resulted in such loss, claim, damage, liability or expense, or action in respect thereof, as well as any other relevant equitable considerations.
The relative fault of the Trust, on the one hand, and of the Holders, on the other, shall be determined by reference to, among 

  

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other things, whether the untrue or alleged untrue statement of a material fact or the omission or alleged omission to state a material fact relates to
information supplied by the Trust, on the one hand, or by or on behalf of the Holders, on the other, and the parties’ relative intent, knowledge, access to information and opportunity to correct or prevent such statement or omission. The Trust
and the Holders of the Registrable Securities agree that it would not be just and equitable if contribution pursuant to Section 2.6 were to be determined by pro rata allocation or by any other method of allocation that does not take into account the
relevant equitable considerations. For purposes of Section 2.6, each director, officer, employee, trustee, agent and Person, if any, who controls the Holder within the meaning of Section 15 of the Securities Act or Section 20 of the Exchange Act
shall have the same rights to contribution as the Holder, and each director, officer, employee, trustee and agent of the Trust, and each Person, if any, who controls the Trust within the meaning of the Securities Act shall have the same rights to
contribution as the Trust. No party shall be liable for contribution with respect to any action, suit, proceeding or claim settled without its written consent. 
  

ARTICLE III  
  
 Miscellaneous 
  
 3.1. Successors and Assigns; No Third Party Benefit. This Agreement shall be binding upon and inure to the benefit of the parties and their
respective permitted successors and assigns. Nothing in this Agreement, express or implied, is intended to confer upon any party other than the parties hereto and their respective permitted successors and assigns any rights or remedies under or by
reason of this Agreement, except as expressly provided in this Agreement. 
  
 3.2. Governing Law. This Agreement shall be governed by, and construed and enforced in accordance with, the substantive laws of the District of Columbia, without giving effect to the principles of conflicts of
law thereof. 
  
 3.3. Counterparts. This Agreement may be
executed by the parties hereto in separate counterparts, each of which when so executed and delivered shall be deemed an original, but all such counterparts shall together constitute one and the same instrument. Each counterpart may consist of a
number of copies hereof each signed by less than all, but together signed by all, the parties hereto. 
  
 3.4. Titles and Subtitles. The titles and subtitles used in this Agreement are inserted for convenience only and are not to be considered in
construing or interpreting this Agreement. 
  
 3.5. Notices.
All notices and other communications provided for or permitted hereunder shall be made in writing by hand-delivery, first-class mail, telex, telecopier, or air courier guaranteeing overnight delivery: 
  
 If to the Trust: 
  
 Federal Realty Investment Trust 
 1626 East Jefferson Street 
  

 9 

 Rockville, Maryland 20852 
 Attn: Legal Department 
 Telephone: (301) 998-8100 
 Facsimile: (301) 998-3703 
  
 with a copy to: 
  
 Thomas F. Cooney, III, Esq. 
 Kirkpatrick
& Lockhart LLP 
 1800 Massachusetts Avenue, N.W. 
 Washington, D.C. 20036 
 Telephone: (202) 778-9076 
 Facsimile: (202) 778-9100 
  
 If to the Holders: 
  
 N. Richard Kimmel 
 21297 Bellechase Court

 Boca Raton, Florida 33433 
  
 with a copy to: 
  
 Todd H. Reuben, Esq. 
 Tucker, Flyer &
Lewis 
 1615 L Street, N.W. 
 Suite 400 
 Washington, D.C. 20036-5812 
 Telephone: (202) 429-3283 
 Facsimile: (202) 429-3231 
  
 3.6. Amendments and Waivers. The provisions of this Agreement,
including the provisions of this sentence, may not be amended, qualified, modified or supplemented, and waivers or consents to departures from the provisions hereof may not be given, unless the written consent of each party hereto is obtained.

  
 3.7. Severability. In the event that any one or more of
the provisions contained herein, or the application thereof in any circumstances, is held invalid, illegal or unenforceable in any respect for any reason, the validity, legality and enforceability of any such provision in every other respect and of
the remaining provisions hereof shall not be in any way impaired or affected thereby, it being intended that all of the rights and privileges of the parties shall be enforceable to the fullest extent permitted by law. 
  
 3.8. Entire Agreement. This Agreement is intended by the parties as a
final expression of their agreement and is intended to be a complete and exclusive statement of the agreement and understanding of the parties hereto in respect of the subject matter herein contained. 
  

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 There are no restrictions, promises, warranties or undertakings, other than those set forth or referred to herein, with
respect to the registration rights granted by the Trust in connection with Registrable Securities that may be received by the Holders in the event of an Exchange. This Agreement supersedes all prior agreements and understandings between the parties
with respect to such subject matter. 
  
 IN WITNESS WHEREOF, this
Agreement has been duly executed by the parties hereto all as of the day and year first above written. 
  

			
	FEDERAL REALTY INVESTMENT TRUST
		
	By:	 	 /s/ Haward Biel

	 Name:
	 	 Haward Beil

	 Title:
	 	Senior Vice President & Managing Director of Development

  

	
	N. RICHARD KIMMEL
	
	 /s/ N. Richard Kimmel

  

			
	RKR LIMITED PARTNERSHIP
		
	By:	 	 /s/ N. Richard Kimmel

	 Name:
	 	 N. Richard Kimmel

	 Title:
	 	General Partner

  

 11AMENDED AND RESTATED 2000-2002 SHARE INCENTIVE PLAN, AS AMENDED

 Exhibit 10.1 
  
 VistaPrint Limited 
  
 Amended & Restated 
 2000-2002 SHARE
INCENTIVE PLAN 
  
 As Amended through May 17, 2005 
  
 WHEREAS, VistaPrint Corporation, formerly VistaPrint.com Incorporated, a
Delaware corporation (“VistaPrint Delaware”) adopted the 2000-2002 Stock Incentive Plan (the “Original Plan”) pursuant to resolutions approved by VistaPrint Delaware’s Board of Directors at a meeting held on September 25,
2000 and by Written Consent of Stockholders dated October 2, 2000; 
  
 WHEREAS, on April 29, 2002, VistaPrint Delaware merged and amalgamated with the VistaPrint Limited, a Bermuda corporation (“VistaPrint Bermuda” or the “Company”), in accordance with the Merger and Amalgamation Agreement
by and between the Company and VistaPrint Delaware dated April 29, 2002 (the “Merger”), pursuant to which the Company was the surviving entity; and 
  
 WHEREAS, under the Original Plan, the Merger constitutes a Reorganization Event, as such term is defined in the Original Plan, and as a result all
outstanding options shall be assumed by the Company. 
  
 NOW,
THEREFORE, the Original Plan is hereby amended and restated as follows: 
  
 1.
Purpose 
  
 The purpose of this 2000-2002 Share Incentive Plan
(the “Plan”) of the Company, is to advance the interests of the Company’s shareholders by enhancing the Company’s, and its subsidiaries’, ability to attract, retain and motivate persons who make (or are expected to make)
important contributions to the Company and its subsidiaries by providing such persons with equity ownership opportunities and performance-based incentives and thereby better aligning the interests of such persons with those of the Company’s
shareholders. Except where the context otherwise requires, the term “Company” shall include any of the Company’s present or future parent or subsidiary corporations as defined in Sections 424(e) or (f) of the United States Internal
Revenue Code of 1986, as amended, and any regulations promulgated thereunder (the “Code”) and any other business venture (including, without limitation, joint venture or limited liability company) in which the Company has a significant
interest, as determined by the Board of Directors of the Company (the “Board”). 
  
 2. Eligibility 
  
 All of the
Company’s employees, officers, directors, consultants and advisors (and any individuals who have accepted an offer for employment are eligible to be granted options, restricted share awards, or other share-based awards (each, an
“Award”) under the Plan. Each person who has been granted an Award under the Plan shall be deemed a “Participant”. 
  
 3. Administration and Delegation 
  
 (a) Administration by Board of Directors. The Plan will be administered by the Board. The Board shall have authority to grant Awards and to adopt, amend
and repeal such administrative rules, guidelines and practices relating to the Plan as it shall deem advisable. The Board may correct any defect, supply any omission or reconcile any inconsistency in the Plan or any Award in the manner and to the

  

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extent it shall deem expedient to carry the Plan into effect and it shall be the sole and final judge of such expediency. All decisions by the Board shall be
made in the Board’s sole discretion and shall be final and binding on all persons having or claiming any interest in the Plan or in any Award. No director or person acting pursuant to the authority delegated by the Board shall be liable for any
action or determination relating to or under the Plan made in good faith. 
  
 (b) Appointment of Committees and Service Providers. To the extent permitted by applicable law, the Board may delegate any or all of its powers under the Plan to one or more committees or subcommittees of the Board (a
“Committee”) and/or to one or more subsidiaries of the Company (a “Service Provider”). All references in the Plan to the “Board” shall mean the Board, a Committee of the Board, or a Service Provider, to the extent that
the Board’s powers or authority under the Plan have been delegated to such Committee or Service Provider. 
  
 4. Shares Available for Awards. Subject to adjustment under Section 9, Awards may be made under the Plan for up to 9,000,000 common shares of the Company, $0.001 par value per share (the “Common Shares”). If
any Award expires or is terminated, surrendered or canceled without having been fully exercised or is forfeited in whole or in part (including as the result of Common Shares subject to such Award being repurchased by the Company at the original
issuance price pursuant to a contractual repurchase right) or results in any Common Shares not being issued, the unused Common Shares covered by such Award shall again be available for the grant of Awards under the Plan, subject, however, in the
case of Incentive Stock Options (as hereinafter defined), to any limitations under the Code. Common Shares issued under the Plan may consist in whole of in part of authorized but unissued shares or treasury shares. 
  
 5. Stock Options 
  
 (a) General. The Board may grant options to purchase Common Shares (each, an “Option”) and determine the number of
Common Shares to be covered by each Option, the exercise price of each Option and the conditions and limitations applicable to the exercise of each Option, including conditions relating to applicable Bermuda laws, applicable United States federal or
state securities laws, or other applicable laws worldwide, as it considers necessary or advisable. An Option which is not intended to be an Incentive Stock Option (as hereinafter defined) shall be designated a “Nonstatutory Stock Option”.

  
 (b) Incentive Stock Options. An Option that the Board intends
to be an “incentive stock option” as defined in Section 422 of the Code (an “Incentive Stock Option”) shall only be granted to employees of VistaPrint Bermuda or its parent or subsidiary corporations and shall be subject to and
shall be construed consistently with the requirements of Section 422 of the Code. The Company shall have no liability to a Participant, or any other party, if an Option (or any part thereof) which is intended to be an Incentive Stock Option is not
an Incentive Stock Option. 
  
 (c) Exercise Price. The Board shall
establish the exercise price at the time each Option is granted and specify it in the applicable option agreement. 
  
 (d) Duration of Options. Each Option shall be exercisable at such times and subject to such terms and conditions as the Board may specify in the
applicable option agreement. 
  
 (e) Exercise of Option. Options
may be exercised by delivery to the Company of a written notice of exercise signed by the proper person or by any other form of notice (including electronic notice) 

  

 2 

 
approved by the Board together with payment in full as specified in Section 5(f) for the number of shares for which the Option is exercised. 
  
 (f) Payment Upon Exercise. Common Shares purchased upon the exercise of an
Option granted under the Plan shall be paid for as follows: 
  
 (1) in cash or by check, payable to the order of the Company; 
  
 (2) except as the Board may, in its sole discretion, otherwise provide in an option agreement, by (i) delivery of an irrevocable and
unconditional undertaking by a creditworthy broker to deliver promptly to the Company sufficient funds to pay the exercise price and any required tax withholding or (ii) delivery by the Participant to the Company of a copy of irrevocable and
unconditional instructions to a creditworthy broker to deliver promptly to the Company cash or a check sufficient to pay the exercise price and any required tax withholding; 
  
 (3) when the Common Shares are registered under the United States Securities Exchange Act of 1934 (the
“Exchange Act”), by delivery of Common Shares owned by the Participant, or by attestation to the ownership of a sufficient number of Common Shares, valued at their fair market value as determined by (or in a manner approved by) the Board
in good faith (“Fair Market Value”), provided (i) such methods of payment are then permitted under applicable law and (ii) such Common Shares, if acquired directly from the Company, were owned by the Participant at least six months prior
to such delivery; 
  
 (4) to the extent permitted
by the Board, in its sole discretion by (i) delivery of a promissory note of the Participant to the Company on terms determined by the Board, or (ii) payment of such other lawful consideration as the Board may determine; or 
  
 (5) by any combination of the above permitted forms of
payment. 
  
 (g) Substitute Options. In connection with a merger
or consolidation of an entity with the Company or the acquisition by the Company of property or securities of an entity, the Board may grant Options in substitution for any options or other securities or equity-based awards granted by such entity or
an affiliate thereof. Substitute Options may be granted on such terms as the Board deems appropriate in the circumstances, notwithstanding any limitations on Options contained in the other sections of this Section 5 or in Section 2. 
  
 (h) Sale or Transfer of Common Shares. In the discretion of the Board, the
Participant’s Award agreement may include terms and conditions regarding any sale, transfer or other disposition by the Participant of the Common Shares received upon the exercise of an Option granted under the Plan, including any right of the
Company to purchase all or a portion of such Common Shares. 
  
 6. Restricted
Shares 
  
 (a) Grants. The Board may grant Awards entitling
recipients to acquire Common Shares, subject to the right of the Company to repurchase all or part of such shares at their issue price or other stated or formula price (or to require forfeiture of such shares if issued at no cost) from the recipient
in the event that conditions specified by the Board in the applicable Award are not satisfied prior to the end of the applicable restriction period or periods established by the Board for such Award (each, a “Restricted Share Award”).

  

 3 

 (b) Terms and Conditions. The Board shall determine the terms and conditions of any such Restricted Share
Award, including the conditions for repurchase (or forfeiture) and the issue price, if any, and conditions relating to applicable Bermuda laws, applicable United States federal or state securities laws, or applicable laws of other jurisdictions
where a Restricted Share Award is granted, as it considers necessary or advisable. 
  
 (c) Share Certificates. Any Common Share certificates issued in respect of a Restricted Share Award shall be registered in the name of the Participant and, unless otherwise determined by the Board, deposited by the
Participant, together with a share power endorsed in blank, with the Company (or its designee). As a registered holder of the Common Shares granted pursuant to the Restricted Share Award, the Participant receiving such Award shall be entitled to all
the rights, privileges and benefits with respect to such Common Shares. At the expiration of the applicable restriction periods, the Company (or such designee) shall deliver the certificates no longer subject to such restrictions to the Participant
or if the Participant has died, to the beneficiary designated, in a manner determined by the Board, by a Participant to receive amounts due or exercise rights of the Participant in the event of the Participant’s death (the “Designated
Beneficiary”). In the absence of an effective designation by a Participant, Designated Beneficiary shall mean the Participant’s estate. 
  
 (d) Sale or Transfer of Common Shares. In the discretion of the Board, the Participant’s Restricted Award agreement may include terms and conditions
regarding the sale, transfer or other disposition by the Participant of the Common Shares received pursuant to a Restricted Share Award, including the right by the Company to purchase all or a portion of such Common Shares. 
  
 7. Other Share-Based Awards 
  
 The Board shall have the right to grant other Awards based upon the Common Shares having such terms and conditions as the
Board may determine, including the grant of shares based upon certain conditions, the grant of securities convertible into Common Shares and the grant of stock appreciation rights. 
  
 8. Adjustments for Changes in Common Shares and Certain Other Events 
  
 (a) Changes in Capitalization. In the event of any share split, reverse share split, share dividend, recapitalization,
combination of shares, reclassification of shares, spin-off or other similar change in capitalization or event, or any distribution to holders of Common Shares other than a normal cash dividend, (i) the number and class of securities available under
this Plan, (ii) the number and class of securities and exercise price per share subject to each outstanding Option, (iii) the repurchase price per share subject to each outstanding Restricted Share Award, and (iv) the terms of each other outstanding
Award shall be appropriately adjusted by the Company (or substituted Awards may be made, if applicable) to the extent the Board shall determine, in good faith, that such an adjustment (or substitution) is necessary and appropriate. If this Section
8(a) applies and Section 8(c) also applies to any event, Section 8(c) shall be applicable to such event, and this Section 8(a) shall not be applicable. 
  
 (b) Liquidation or Dissolution. In the event of a proposed liquidation or dissolution of the Company, the Board shall upon written notice to the
Participants provide that all then unexercised Options will (i) become exercisable in full as of a specified time at least 10 business days prior to the effective date of such liquidation or dissolution and (ii) terminate effective upon such
liquidation or dissolution, except to the extent exercised before such effective date. The Board may specify the effect of 

  

 4 

 
a liquidation or dissolution on any Restricted Share Award or other Award granted under the Plan at the time of the grant of such Award. 
  
 (c) Reorganization and Change in Control Events. 
  

	 	(1)	Definitions 

  

	 	(a)	A “Reorganization Event” shall mean: 

  

	 	(i)	any merger or consolidation of the Company with or into another entity as a result of which the Common Shares are converted into or exchanged for the right to receive cash,
securities or other property; or 

  

	 	(ii)	any exchange of shares of the Company for cash, securities or other property pursuant to a share exchange transaction. 

  

	 	(b)	A “Change in Control Event” shall mean: 

  

	 	(i)	the acquisition by an individual, entity or group (within the meaning of Section 13(d)(3) or 14(d)(2) of the Exchange Act) (a “Person”) of beneficial ownership of any
capital shares or equity of the Company if, after such acquisition, such Person beneficially owns (within the meaning of Rule 13d-3 promulgated under the Exchange Act) 50% or more of either (x) the then-outstanding Common Shares (the
“Outstanding Company Common Shares”) or (y) the combined voting power of the then-outstanding securities of the Company entitled to vote generally in the election of directors (the “Outstanding Company Voting Securities”);
provided, however, that for purposes of this subsection (i), the following acquisitions shall not constitute a Change in Control Event: (A) any acquisition directly from the Company (excluding an acquisition pursuant to the exercise, conversion or
exchange of any security exercisable for, convertible into or exchangeable for Common Shares or voting securities of the Company, unless the Person exercising, converting or exchanging such security acquired such security directly from the Company
or an underwriter or agent of the Company), (B) any acquisition by any employee benefit plan (or related trust) sponsored or maintained by the Company or any corporation controlled by the Company, or (C) any acquisition by any corporation pursuant
to a Business Combination (as defined below) which complies with clauses (x) and (y) of subsection (ii) of this definition; or 

  

	 	(ii)	 the consummation of a merger, consolidation, reorganization, recapitalization or share exchange involving the Company or a sale or other disposition of all or
substantially all of the assets of the Company (a “Business Combination”), unless, immediately following such Business Combination, each of the following two 

  

 5 

	 	 
conditions is satisfied: (x) all or substantially all of the individuals and entities who were the beneficial owners of the Outstanding Company Common Shares
and Outstanding Company Voting Securities immediately prior to such Business Combination beneficially own, directly or indirectly, more than 50% of the then-outstanding shares of common stock and the combined voting power of the then-outstanding
securities entitled to vote generally in the election of directors, respectively, of the resulting or acquiring corporation in such Business Combination (which shall include, without limitation, a corporation which as a result of such transaction
owns the Company or substantially all of the Company’s assets either directly or through one or more subsidiaries) (such resulting or acquiring corporation is referred to herein as the “Acquiring Corporation”) in substantially the
same proportions as their ownership of the Outstanding Company Common Shares and Outstanding Company Voting Securities, respectively, immediately prior to such Business Combination and (y) no Person (excluding the Acquiring Corporation or any
employee benefit plan (or related trust) maintained or sponsored by the Company or by the Acquiring Corporation) beneficially owns, directly or indirectly, 30% or more of the then-outstanding shares of common stock of the Acquiring Corporation, or
of the combined voting power of the then-outstanding securities of such corporation entitled to vote generally in the election of directors (except to the extent that such ownership existed prior to the Business Combination).

  

	 	(c)	“Good Reason” shall mean any significant diminution in the Participant’s title, authority, or responsibilities from and after such Reorganization Event or Change in
Control Event, as the case may be, or any reduction in the annual cash compensation payable to the Participant from and after such Reorganization Event or Change in Control Event, as the case may be, or the relocation of the place of business at
which the Participant is principally located to a location that is greater than 50 miles from the current site. 

  

	 	(d)	“Cause” shall mean any (i) willful failure by the Participant, which failure is not cured within 30 days of written notice to the Participant from the Company, to perform
his or her material responsibilities to the Company or (ii) willful misconduct by the Participant which affects the business reputation of the Company. The Participant shall be considered to have been discharged for “Cause” if the Company
determines, within 30 days after the Participant’s resignation, that discharge for Cause was warranted. 

  

	 	(2)	Effect on Options 

  

	 	(a)	 Reorganization Event. Upon the occurrence of a Reorganization Event (regardless of whether such event also constitutes a Change in Control 

  

 6 

	 	 
Event), or the execution by the Company of any agreement with respect to a Reorganization Event (regardless of whether such event will result in a Change in
Control Event), the Board shall provide that all outstanding Options shall be assumed, or equivalent options shall be substituted, by the acquiring or succeeding corporation (or an affiliate thereof); provided that if such Reorganization Event also
constitutes a Change in Control Event, except to the extent specifically provided to the contrary in the instrument evidencing any Option or any other agreement between a Participant and the Company, one-half of the number of shares subject to the
Option which were not already vested shall become exercisable if, on or prior to the first anniversary of the date of the consummation of the Reorganization Event, the Participant’s employment with the Company or the acquiring or succeeding
corporation is terminated for Good Reason by the Participant or is terminated without Cause by the Company or the acquiring or succeeding corporation. For purposes hereof, an Option shall be considered to be assumed if, following consummation of the
Reorganization Event, the Option confers the right to purchase, for each Common Share subject to the Option immediately prior to the consummation of the Reorganization Event, the consideration (whether cash, securities or other property) received as
a result of the Reorganization Event by holders of each Common Share held immediately prior to the consummation of the Reorganization Event (and if holders were offered a choice of consideration, the type of consideration chosen by the holders of a
majority of the outstanding Common Shares); provided, however, that if the consideration received as a result of the Reorganization Event is not solely common stock of the acquiring or succeeding corporation (or an affiliate thereof), the Company
may, with the consent of the acquiring or succeeding corporation, provide for the consideration to be received upon the exercise of Options to consist solely of common stock of the acquiring or succeeding corporation (or an affiliate thereof)
equivalent in fair market value to the per share consideration received by holders of outstanding Common Shares as a result of the Reorganization Event. 

  
 Notwithstanding the foregoing, if the acquiring or succeeding corporation (or an affiliate thereof) does
not agree to assume, or substitute for, such Options, then the Board shall, upon written notice to the Participants, provide that all then unexercised Options will become exercisable in full as of a specified time prior to the Reorganization Event
and will terminate immediately prior to the consummation of such Reorganization Event, except to the extent exercised by the Participants before the consummation of such Reorganization Event; provided, however, that in the event of a Reorganization
Event under the terms of which holders of Common Shares will receive upon consummation thereof a cash payment for each share of Common Share surrendered pursuant to such Reorganization Event (the “Acquisition Price”), then the Board may
instead provide that all outstanding Options shall terminate upon consummation of such Reorganization Event and that each Participant shall receive, in exchange therefor, a cash payment equal to the amount (if any) by which (A) the Acquisition Price
multiplied by the 

  

 7 

 
number of Common Shares subject to such outstanding Options (whether or not then exercisable), exceeds (B) the aggregate exercise price of such Options. To
the extent all or any portion of an Option becomes exercisable solely as a result of the first sentence of this paragraph, upon exercise of such Option the Participant shall receive shares subject to a right of repurchase by the Company or its
successor at the Option exercise price. Such repurchase right (1) shall lapse at the same rate as the Option would have become exercisable under its terms and (2) shall not apply to any shares subject to the Option that were exercisable under its
terms without regard to the first sentence of this paragraph. 
  

	 	(b)	Change in Control Event that is not a Reorganization Event. Upon the occurrence of a Change in Control Event that does not also constitute a Reorganization Event, except to the
extent specifically provided to the contrary in the instrument evidencing any Option or any other agreement between a Participant and the Company, one-half of the number of shares subject to the Option which were not already vested shall become
exercisable if, on or prior to the first anniversary of the date of the consummation of the Change in Control Event, the Participant’s employment with the Company or the acquiring or succeeding corporation is terminated for Good Reason by the
Participant or is terminated without Cause by the Company or the acquiring or succeeding corporation. 

  

	 	(c)	If any Option provides that it may be exercised for Common Shares which remain subject to a repurchase right in favor of the Company, upon the occurrence of a Reorganization Event,
any restricted shares received upon exercise of such Option shall be treated in accordance with Section 8(c)(3) as if they were a Restricted Share Award. 

  

	 	(3)	Effect on Restricted Share Awards 

  

	 	(a)	Reorganization Event that is not a Change in Control Event. Upon the occurrence of a Reorganization Event that is not a Change in Control Event, the repurchase and other rights of
the Company under each outstanding Restricted Share Award shall inure to the benefit of the Company’s successor and shall apply to the cash, securities or other property which Common Shares were converted into or exchanged for pursuant to such
Reorganization Event in the same manner and to the same extent as they applied to the Common Shares subject to such Restricted Share Award. 

  

	 	(b)	 Change in Control Event. Upon the occurrence of a Change in Control Event (regardless of whether such event also constitutes a Reorganization Event), except to the
extent specifically provided to the contrary in the instrument evidencing any Restricted Share Award or any other agreement between a Participant and the Company, one-half of the number of shares subject to conditions or restrictions shall become
free from all conditions or restrictions if, on or prior to the first anniversary of the date of the consummation of the Change in Control Event, the 

  

 8 

	 	 
Participant’s employment with the Company or the acquiring or succeeding corporation is terminated for Good Reason by the Participant or is terminated
without Cause by the Company or the acquiring or succeeding corporation. 

  

	 	(4)	Effect on Other Awards 

  

	 	(a)	Reorganization Event that is not a Change in Control Event. The Board shall specify the effect of a Reorganization Event that is not a Change in Control Event on any other Award
granted under the Plan at the time of the grant of such Award. 

  

	 	(b)	Change in Control Event. Upon the occurrence of a Change in Control Event (regardless of whether such event also constitutes a Reorganization Event), except to the extent
specifically provided to the contrary in the instrument evidencing any Award or any other agreement between a Participant and the Company, one-half of the number of shares subject to each such Award shall become exercisable, realizable, vested or
free from conditions or restrictions if, on or prior to the first anniversary of the date of the consummation of the Change in Control Event, the Participant’s employment with the Company or the acquiring or succeeding corporation is terminated
for Good Reason by the Participant or is terminated without Cause by the Company or the acquiring or succeeding corporation. 

  
 9. General Provisions Applicable to Awards 
  
 (a) Transferability of Awards. Except as the Board may otherwise determine or provide in an Award, Awards shall not be sold, assigned, transferred,
pledged or otherwise encumbered by the person to whom they are granted, either voluntarily or by operation of law, except by will or the laws of descent and distribution, and, during the life of the Participant, shall be exercisable only by the
Participant. References to a Participant, to the extent relevant in the context, shall include references to authorized transferees. 
  
 (b) Documentation. Each Award shall be evidenced in such form (written, electronic or otherwise) as the Board shall determine. Each Award may contain
terms and conditions in addition to those set forth in the Plan. 
  
 (c) Board Discretion. Except as otherwise provided by the Plan, each Award may be made alone or in addition or in relation to any other Award. The terms of each Award need not be identical, and the Board need not treat Participants
uniformly. 
  
 (d) Termination of Status. The Board shall
determine and indicate in the Participant’s Award Agreement, the effect on an Award of the disability, death, retirement, authorized leave of absence or other change in the employment or other status of a Participant and the extent to which,
and the period during which, the Participant, the Participant’s legal representative, conservator, guardian or Designated Beneficiary may exercise rights under the Award. 
  
 (e) Withholding. Each Participant shall pay to the Company, or make provision satisfactory to the Board for payment of, any
taxes required by law to be withheld in connection with Awards to such 

  

 9 

 
Participant no later than the date of the event creating the tax liability. Except as the Board may otherwise provide in an Award, when the Common Shares are
registered under the Exchange Act, Participants may satisfy such tax obligations in whole or in part by delivery of Common Shares, including shares retained from the Award creating the tax obligation, valued at their Fair Market Value; provided,
however, that the total tax withholding where shares are being used to satisfy such tax obligations cannot exceed the Company’s minimum statutory withholding obligations (based on minimum statutory withholding rates for United States federal
and state tax purposes, including payroll taxes, that are applicable to such supplemental taxable income) or, the applicable statutory withholding rates as required under the laws of a jurisdiction other than the United States. The Company may, to
the extent permitted by law, deduct any such tax obligations from any payment of any kind otherwise due to a Participant. 
  
 (f) Amendment of Award. The Board may amend, modify or terminate any outstanding Award, including but not limited to, substituting therefor another Award
of the same or a different type, changing the date of exercise or realization, and converting an Incentive Stock Option to a Nonstatutory Stock Option, provided that the Participant’s consent to such action shall be required unless the Board
determines that the action, taking into account any related action, would not materially and adversely affect the Participant. 
  
 (g) Conditions on Delivery of Share. The Company will not be obligated to deliver any Common Shares pursuant to the Plan or to remove restrictions from
shares previously delivered under the Plan until (i) all conditions of the Award have been met or removed to the satisfaction of the Company, (ii) in the opinion of the Company’s counsel, all other legal matters in connection with the issuance
and delivery of such shares have been satisfied, including any applicable securities laws and any applicable stock exchange or stock market rules and regulations, and (iii) the Participant has executed and delivered to the Company such
representations or agreements as the Company may consider appropriate to satisfy the requirements of any applicable laws, rules or regulations. 
  
 (h) Acceleration. The Board may at any time provide that any Award shall become immediately exercisable in full or in part, free of some or all
restrictions or conditions, or otherwise realizable in full or in part, as the case may be. 
  
 10. Miscellaneous 
  
 (a) No Right
To Employment or Other Status. No person shall have any claim or right to be granted an Award, and the grant of an Award shall not be construed as giving a Participant the right to continued employment or any other relationship with the Company. The
Company expressly reserves the right at any time to dismiss or otherwise terminate its relationship with a Participant free from any liability or claim under the Plan, except as expressly provided in the applicable Award. 
  
 (b) No Rights As Shareholder. Subject to the provisions of the applicable
Award, no Participant or Designated Beneficiary shall have any rights as a shareholder with respect to any Common Shares to be distributed with respect to an Award until becoming the record holder of such shares. Notwithstanding the foregoing, in
the event the Company effects a split of the Common Shares by means of a share dividend and the exercise price of and the number of shares subject to such Option are adjusted as of the date of the distribution of the dividend (rather than as of the
record date for such dividend), then an optionee who exercises an Option between the record date and the distribution date for such share dividend shall be entitled to receive, on the distribution date, the share dividend with respect to the Common
Shares acquired upon such Option exercise, notwithstanding the fact that such shares were not outstanding as of the close of business on the record date for such share dividend. 
  

 10 

 (c) Effective Date and Term of Plan. The Plan shall become effective on the date on which it is adopted
by the Board. No Awards shall be granted under the Plan after the completion of ten years from the earlier of (i) the date on which the Plan was adopted by the Board or (ii) the date the Plan was approved by the Company’s shareholders, but
Awards previously granted may extend beyond that date. 
  
 (d)
Amendment of Plan. The Board may amend, suspend or terminate the Plan or any portion thereof at any time. 
  
 (e) Authorization of Sub-Plans. The Board may from time to time establish one or more sub-plans under the Plan for purposes of satisfying applicable blue
sky, securities, tax or other applicable laws of various jurisdictions. The Board shall establish such sub-plans by adopting supplements to this Plan containing (i) such limitations on the Board’s discretion under the Plan as the Board deems
necessary or desirable or (ii) such additional terms and conditions not otherwise inconsistent with the Plan as the Board shall deem necessary or desirable. All supplements adopted by the Board shall be deemed to be part of the Plan, but each
supplement shall apply only to Participants within the affected jurisdiction and the Company shall not be required to provide copies of any supplement to Participants in any jurisdiction which is not the subject of such supplement. 
  
 (f) Governing Law. The provisions of the Plan and all Awards made hereunder
shall be governed by and interpreted in accordance with the laws of Bermuda, without regard to any applicable conflicts of law. 
  

 11

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