Document:

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                                                                    EXHIBIT 10.2

                               UTI WORLDWIDE INC.
                             2000 STOCK OPTION PLAN

         1. PURPOSE. The Plan is intended to provide incentive to employees,
directors, advisors and consultants of the Corporation to encourage proprietary
interest in the Corporation, to encourage such employees to remain in the employ
of the Corporation or such directors, advisors and consultants to remain in the
service of the Corporation, and to attract new employees, directors, advisors
and consultants with outstanding qualifications.

         2. DEFINITIONS. Unless otherwise defined herein or the context
otherwise requires, the capitalized terms used herein shall have the following
meanings:

            (a) "Administrator" shall mean the Board or the Plan Committee of
the Board, whichever shall be administering the Plan from time to time in the
discretion of the Board, as described in Section 4 of the Plan.

            (b) "Board" shall mean the Board of Directors of the Corporation.

            (c) "Change of Control" shall be deemed to have occurred if:

                (i) the Shareholders of the Corporation approve a definitive
         agreement to sell, transfer, or otherwise dispose of all or
         substantially all of the Corporation's assets and properties;

                (ii) any "person" (as such term is used in Section 13(d) and
         14(d) of the Exchange Act), other than the Corporation or any "person"
         who as of the date this Plan is adopted by the Board, is a director or
         officer of the Corporation (including any trust of such director or
         officer), is or becomes the "beneficial owner" (as defined in Rule
         13d-3 under the Exchange Act), directly or indirectly, of securities of
         the Corporation representing fifty percent (50%) or more of the
         combined voting power of the Corporation's then outstanding securities;
         provided, however, that the following shall not constitute a "Change of
         Control" of the Corporation:

                     (a) any acquisition directly from the Corporation
         (excluding any acquisition resulting from the exercise of a conversion
         or exchange privilege in respect of outstanding convertible or
         exchangeable securities);

                     (b) any acquisition by an employee benefit plan (or related
         trust) sponsored or maintained by the Corporation or any corporation
         controlled by the Corporation;

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                     (c) upon the death of any person who as of the date of this
         Agreement is a director or officer of the Corporation, the transfer (x)
         by testamentary disposition or the laws of intestate succession to the
         estate or the legal beneficiaries or heirs of such person, or (y) by
         the provisions of any living trust to the named current income
         beneficiaries thereof of the securities of the Corporation beneficially
         owned by such director or officer of the Corporation; or

             (iii) during any period of two consecutive years during the term of
         this Plan, individuals who at the beginning of such period constitute
         the Board cease for any reason to constitute at least a majority
         thereof, unless the election of each director who was not a director at
         the beginning of such period has been approved in advance by directors
         representing at least two-thirds of the directors then in office who
         were directors at the beginning of the period; or

             (iv) the Shareholders of the Corporation approve the dissolution of
         the Corporation or a definitive agreement to merge or consolidate the
         Corporation with or into another entity in which the Corporation is not
         the continuing or surviving corporation or pursuant to which any shares
         of the Corporation's stock would be converted into cash, securities or
         other property of another entity, other than a merger of the
         Corporation in which holders of the Shares immediately prior to the
         merger own, either directly or indirectly, fifty percent (50%) or more
         of the equity interests or combined voting power of the surviving
         corporation or entity immediately following such merger.

            (d) "Code" shall mean the United States Internal Revenue Code of
1986, as amended.

            (e) "Commission" shall mean the United States Securities and
Exchange Commission.

            (f) "Corporation" shall mean UTi Worldwide Inc., a British Virgin
Islands International Business Company.

            (g) "Disability" shall mean a medically determinable physical or
mental impairment which has made an individual incapable of engaging in any
substantial gainful activity. A condition shall be considered a Disability only
if (i) it can be expected to result in death or has lasted or it can be expected
to last for a continuous period of not less than twelve (12) months, and (ii)
the Administrator, based upon medical evidence, has expressly determined that
Disability exists.

            (h) "Employee" shall mean an individual who is employed (within the
meaning of Section 3401 of the Code and the regulations thereunder) by the
Corporation.

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            (i) "Exchange Act" shall mean the United States Securities Exchange
Act of 1934, as amended.

            (j) "Exercise Price" shall mean the price per Share determined by
the Administrator, at which an Option may be exercised.

            (k) "Fair Market Value" shall mean the value of one (1) Share,
determined as follows:

                 (i) If the Shares are (A) listed on the New York Stock Exchange
         or the American Stock Exchange (collectively, the "Exchange"), the
         closing price as reported for composite transactions on the date of
         valuation, or, if no sale occurred on that date, then the mean between
         the closing bid and asked prices on such Exchange on such date, or (B)
         traded on the National Market System (the "NMS") of The Nasdaq Stock
         Market, Inc. ("NASDAQ"), the last sale price on the date of valuation,
         or if no sale occurred on that date, the last sale price on the
         business day immediately prior to the date of valuation, or, if no sale
         occurred on such date, then the mean between the highest bid and lowest
         asked prices as of the close of business on the business day
         immediately prior to the date of valuation, as reported on Nasdaq;

                 (ii) If the Shares are not traded on the Exchange or the NMS
         but are otherwise traded over-the-counter in the United States, the
         mean between the highest bid and lowest asked prices quoted on Nasdaq
         as of the close of business on the date of valuation, or, if on such
         day such Shares are not quoted in NASDAQ, the mean between the
         representative bid and asked prices on such date in the United States
         over-the-counter market as reported by the OTC Bulletin Board or the
         National Quotation Bureau, Inc., or any similar successor organization;
         or

                 (iii) If neither clause (i) nor (ii) above applies, the Fair
         Market Value shall be determined by the Administrator in good faith.
         Such determination shall be conclusive and binding on all persons.

            (l) "Grant Date" shall mean the date on which the granting of an
Option is authorized by the Administrator or such other date as prescribed by
the Administrator.

            (m) "Incentive Stock Option" shall mean an option described in
Section 422 of the Code.

            (n) "Nonstatutory Stock Option" shall mean an option that does not
meet the requirements of Section 422(b) of the Code or is not intended to be an
Incentive Stock Option.

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            (o) "Option" shall mean any stock option granted pursuant to the
Plan.

            (p) "Option Agreement" shall mean a written stock option agreement
evidencing the grant of an Option.

            (q) "Option Limit" shall have the meaning assigned to it in
Section 6.

            (r) "Optionee" shall mean a Participant who has received an Option.

            (s) "Participant" shall have the meaning assigned to it in
Section 5(a) hereof.

            (t) "Plan" shall mean this UTi Worldwide Inc. 2000 Stock Option
Plan, as it may be amended from time to time.

            (u) "Plan Committee" shall mean a committee of two or more directors
appointed by the Board to administer the Plan.

            (v) "Purchase Price" shall mean the Exercise Price multiplied by the
number of Shares with respect to which an Option is exercised.

            (w) "Retirement" shall mean the voluntary termination of employment
by an employee after qualifying for early or normal retirement under any pension
plan or profit sharing or benefit plan of the Corporation or its Subsidiaries.
If an employee is not covered by any such plan, "Retirement" shall mean
voluntary termination of employment after the employee has attained age
sixty-five (65) and after the employee has attained the tenth (10th) anniversary
of his or her last preceding date of hire, or as otherwise determined in the
Administrator's sole discretion.

            (x) "Section 16 Participant" shall mean a Participant who is (or, in
the opinion of the Administrator, may be) generally subject to the Section 16
Requirements with respect to purchases and sales of Shares or other equity
securities of the Corporation.

            (y) "Section 16 Requirements" shall mean the those obligations and
requirements imposed on officers and directors by Sections 16(a) and 16(b) of
the Exchange Act and the rules of the Commission promulgated thereunder.

            (z) "Securities Act" shall mean the United States Securities Act of
1933, as amended.

            (aa) "Subsidiary" shall mean any subsidiary corporation as defined
in Section 425(f) of the Code.

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            (bb) "Share" shall mean one voting ordinary share, no par value, of
the Corporation, adjusted in accordance with Section 10 of the Plan (if
applicable).

            (cc) "Shareholders" shall mean holders of Shares.

            (dd) "Transfer Agent" shall mean a third-party organization retained
by the Corporation to maintain the stock transfer records of the Corporation.

         3. EFFECTIVE DATE. The Plan was adopted by the Board effective April
15, 2000. Options granted prior to obtaining Shareholder approval in accordance
with Section 15 of the Plan shall be granted subject to such shareholder
approval and must be rescinded if such approval is not obtained in accordance
with such section.

         4. ADMINISTRATION.

            (a) Administrator. Subject to subsection (c) below, the Plan shall
be administered, in the discretion of the Board from time to time, by the Board
or by a Plan Committee which shall be appointed by the Board. The Board may from
time to time remove members from, or add members to, the Plan Committee.
Vacancies on the Plan Committee, however caused, shall be filled by the Board.
The Board shall appoint one of the members of the Plan Committee as Chairman.
The Administrator shall hold meetings at such times and places as it may
determine. Acts of a majority of the members of the Administrator at which a
quorum is present, or acts reduced to or approved in writing by the unanimous
consent of the members of the Administrator, shall be the valid acts of the
Administrator.

            (b) Powers of Administrator. The Administrator shall from time to
time at its discretion select the Optionees who are to be granted Options,
determine the number of Shares to be subject to Options to be granted to each
Optionee and designate such Options as Incentive Stock Options or Nonstatutory
Stock Options. The Administrator shall have full power and authority to operate,
manage and administer the Plan and interpret and construe the Plan and the terms
of all Option Agreements. The interpretation and construction by the
Administrator of any provision of the Plan or of any Option or Option Agreement
shall be final. No member of the Administrator shall be liable for any action or
determination made in good faith with respect to the Plan or any Option.

            (c) Disinterested Administration. If the Shares are registered under
the Exchange Act and Section 16 Participants are to receive grants of Options
hereunder, such grants shall be approved by the Board or by a Plan Committee, or
a subcommittee of the Plan Committee or other committee of the Board, consisting
solely of two or more directors, each of whom shall be a "non-employee director"
within the meaning of Rule 16b-3(b)(3) of the Exchange Act and an "outside
director" within the meaning of Section 162(m) of the Code.

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         5. PARTICIPATION.

            (a) Eligibility. The Optionee shall be such persons (collectively,
"Participants"; individually a "Participant") as the Administrator may select
from among the following classes of persons, subject to the terms and conditions
of Section 5(b) below:

                 (i) Employees (who may be officers, whether or not they are
         directors) of the Corporation or of a Subsidiary and non-employees to
         whom an offer of employment has been extended; and

                 (ii) directors, advisors and consultants of the Corporation or
         a Subsidiary.

         Notwithstanding provisions of the first paragraph of this Section 5(a),
the Administrator may at any time or from time to time designate one or more
directors as being ineligible for selection as Participants in the Plan for any
period or periods of time. The Administrator may, in its sole discretion and
upon such terms as it deems appropriate, require as a condition of the grant of
an Option to a Participant that the Participant surrender for cancellation some
or all of the Options which have been previously granted to such person under
this Plan or otherwise. An Option, the grant of which is conditioned upon such
surrender, may have an option price lower (or higher) than the exercise price of
such surrendered Option, may cover the same (or a lesser or greater) number of
shares as such surrendered Option, may contain such other terms as the
Administrator deems appropriate, and shall be exercisable in accordance with its
terms, without regard to the number of shares, price, exercise period or any
other term or condition of such surrendered Option.

            (b) Ten-Percent Shareholders. A Participant who, at the time of
grant, owns more than ten percent (10%) of the total combined voting power of
all classes of outstanding stock of the Corporation or its parent shall not be
eligible to receive an Option unless (i) the Exercise Price of the Shares
subject to such Option is at least one hundred ten percent (110%) of the Fair
Market Value of such Shares on the Grant Date.

            (c) Stock Ownership. For purposes of Section 5(b) above, in
determining stock ownership, a Participant shall be considered as owning the
stock owned, directly or indirectly, by or for his or her brothers and sisters,
spouse, ancestors and lineal descendants. Stock owned, directly or indirectly,
by or for a corporation, partnership, estate or trust shall be considered as
being owned proportionately by or for its shareholders, partners or
beneficiaries. Stock with respect to which such Participant holds an Option
shall not be counted.

            (d) Outstanding Stock. For purposes of Section 5(b) above,
"outstanding stock" shall include all stock actually issued and outstanding
immediately

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after the grant of the Option to the Optionee. "Outstanding stock" shall not
include Shares authorized for issue under outstanding Options held by the
Optionee or by any other person.

         6. STOCK. The stock subject to Options granted under the Plan shall be
from the Corporation's authorized but unissued or reacquired Shares. The
aggregate number of Shares which may be issued upon exercise of Options under
the Plan at any time shall not exceed 18,000,000 Shares (the "Option Limit"),
subject to adjustment as provided for in this Plan, provided, however, that at
no time shall the total number of shares issuable upon exercise of all
outstanding options granted under this Plan and the total number of shares
provided for under any stock bonus or similar plan of the Corporation exceed 30%
of the then outstanding shares of the Corporation. Notwithstanding the
foregoing, upon the full or partial payment of any Purchase Price by the
transfer to the Corporation of Shares or upon satisfaction of tax withholding
provisions in connection with any such exercise or any other payment made or
benefit realized under this Plan by the transfer or relinquishment of Shares,
there shall be deemed to have been issued or transferred under this Plan only
the net number of Shares actually issued or transferred by the Corporation. In
the event any outstanding Option granted under this Plan for any reason expires
or is canceled or terminated, the Shares allocable to the unexercised portion of
such Option shall again be available to be granted as Options under this Plan.
Notwithstanding the previous sentence, to the extent required by Section 162(m)
of the Code, Shares subject to Options which are canceled continue to be counted
against the Option Limit and if, after an Option grant, the price of Shares
subject to such Option is reduced, the transaction is treated as a cancellation
of the Option and a grant of a new Option and both the Option deemed to be
canceled and the Option deemed to be granted are counted against the Option
Limit. The limitations established by this Section 6 shall be subject to
adjustment in the manner provided in Section 10 hereof upon the occurrence of an
event specified in Section 10.

         7. TERMS AND CONDITIONS OF OPTIONS.

            (a) Stock Option Agreements. Each Option shall be evidenced by an
Option Agreement in such other form as the Administrator shall from time to time
determine. Such Option Agreements need not be identical.

            (b) Nature of Option. Each Option shall state whether it is an
Incentive Stock Option or a Nonstatutory Stock Option.

            (c) Optionee's Undertaking. Each Optionee shall agree to remain in
the employ or service of the Corporation and to render services for a period as
shall be determined by the Administrator, from the Grant Date of the Option or
such other date agreed to by the Optionee and the Corporation, but such
agreement shall not impose upon the Corporation any obligation to retain the
Optionee in their employ or service for any period.

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            (d) Number of Shares. Each Option shall state the number of Shares
to which it pertains and shall provide for the adjustment thereof in accordance
with the provisions of Section 10 hereof.

            (e) Exercise Price; Exercise of Options. Each Option shall state the
Exercise Price. To the extent required by law or regulation, the Exercise Price
in the case of an Option granted to an Optionee described in Section 5(b)
hereof, shall not be less than one hundred ten percent (110%) of the Fair Market
Value on the Grant Date. The Exercise Price in the case of any Nonstatutory
Stock Option, shall not be less than eighty-five percent (85%) of the Fair
Market Value on the Grant Date. The Exercise Price in the case of any Incentive
Stock Option granted to persons other than to an Optionee described in Section
5(b) hereof, shall not be less than the Fair Market Value on the Grant Date. At
the sole discretion of the Administrator, any Option granted under this Plan to
any Participant may be exercisable in whole or in part immediately upon the
grant thereof, or only after the occurrence of a specified event and/or only in
installments, which installments may be equal or otherwise, and which
installments may vary as to the number thereof as well as to whether any
unexercised installments are cumulative through the life of a particular Option;
provided that, in any event, to the extent required by law or regulation such
Option shall be exercisable at a minimum rate of at least twenty percent (20%)
per year over the period five years from the Grant Date for the Option in
question; however, in the case of an Option granted to a Participant who is a
director, consultant, advisor or officer of the Corporation, the Administrator
may provide that the Option may become fully exercisable, subject to reasonable
conditions such as continued employment or service to the Corporation, at any
time or during any period established by the Administrator.

            (f) Medium and Time of Payment; Notice. The Purchase Price shall be
payable in full in United States dollars upon the exercise of the Option;
provided, however, that if the applicable Option Agreement so provides, or the
Administrator in its sole discretion otherwise approves thereof, the Purchase
Price may (to the extent permitted by applicable law) be paid by the surrender
of Shares in good form for transfer, owned by the person exercising the Option
and having a Fair Market Value on the date of exercise equal to the Purchase
Price.

         In the event the Corporation determines that it is required to withhold
state, United States Federal or foreign income tax as a result of the exercise
of an Option, as a condition to the exercise thereof, an Optionee must make
arrangements satisfactory to the Corporation to enable it to satisfy such
withholding requirements before the Optionee shall be permitted to exercise the
Option. Payment of such withholding requirements may be made, in the discretion
of the Administrator, (i) in cash, (ii) by delivery of Shares registered in the
name of the Optionee and held for a period of six (6) months or more by the
Optionee or (iii) any combination of (i) and (ii) above.

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         The Optionee shall exercise an Option by completing and delivering to
the Corporation, concurrently with the payment of the Purchase Price in the
manner described above, an exercise notice in such form as the Administrator
shall from time to time determine.

            (g) Term and Non-Transferability of Options. Each Option shall state
the time or times when all or part thereof becomes exercisable. No Option shall
be exercisable after the expiration of ten (10) years (or less, in the
discretion of the Administrator) from the Grant Date; except that no Incentive
Stock Option granted to an Optionee described in Section 5(b) hereof shall be
exercisable after the expiration of five (5) years from the Grant Date (or less,
in the discretion of the Administrator). During the lifetime of the Optionee,
the Option shall be exercisable only by the Optionee or the Optionee's guardian
or legal representative and shall not be assignable or transferable. The Option
shall not be transferable by the Optionee other than by will or the laws of
descent and distribution. Any other attempted alienation, assignment, pledge,
hypothecation, attachment, execution or similar process, whether voluntary or
involuntary, with respect to all or any part of any Option or right thereunder,
shall be null and void and, at the Corporation's option, shall cause all of the
Optionee's rights under the Option to terminate.

            (h) Cessation of Employment (Except by Death, Disability or
Retirement). If an Optionee's employment or service with the Corporation ceases
for any reason or no reason, whether voluntarily or involuntarily, with or
without cause, other than pursuant to death, Disability or Retirement, such
Optionee shall have the right, subject to the restrictions referred to in
Section 7(g) above, to exercise the Option at any time within ninety (90) days
after such cessation, but, except as otherwise provided in the applicable Option
Agreement, only to the extent that, at the date of such cessation, the
Optionee's right to exercise such Option had accrued pursuant to the terms of
the applicable Option Agreement and had not previously been exercised.

         For purposes of this Section 7(h), the employment relationship shall be
treated as continuing intact while the Optionee is on military leave, sick leave
or other bona fide leave of absence (to be determined in the sole discretion of
the Administrator). The foregoing notwithstanding, in the case of an Incentive
Stock Option, employment shall not be deemed to continue beyond the ninetieth
(90th) day after the Optionee ceased active employment, unless the Optionee's
reemployment rights are guaranteed by statute or by contract.

            (i) Death of Optionee. If an Optionee's employment or service with
the Corporation ceases by reason of the Optionee's death, or after ceasing to be
a Participant but during the period in which he or she could have exercised the
Option under this Section 7, and has not fully exercised the Option, then the
Option may be exercised in full, subject to the restrictions referred to in
Section 7(g) above, at any time within twelve (12) months after the Optionee's
death by the executor or administrator of

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his or her estate or by any person or persons who have acquired the Option
directly from the Optionee by bequest or inheritance, but, except as otherwise
provided in the applicable Option Agreement, only to the extent that, at the
date of death, the Optionee's right to exercise such Option had accrued and had
not been forfeited pursuant to the terms of the applicable Option Agreement and
had not previously been exercised.

            (j) Disability of Optionee. If an Optionee's employment or service
with the Corporation ceases by reason of the Optionee's Disability, such
Optionee shall have the right, subject to the restrictions referred to in
Section 7(g) above, to exercise the Option at any time within twelve (12) months
after such cessation by reason of Disability, but, except as provided in the
applicable Option Agreement, only to the extent that, at the date of such
cessation, the Optionee's right to exercise such Option had accrued pursuant to
the terms of the applicable Option Agreement and had not previously been
exercised.

            (k) Retirement of Optionee. If an Optionee's employment or service
with the Corporation ceases by reason of the Optionee's Retirement, such
Optionee shall have the right, subject to the restrictions referred to in
Section 7(g) above, to exercise the Option at any time within ninety (90) days
after the date of Retirement, but only to the extent that, at the date of such
cessation, the Optionee's right to exercise such Option had accrued pursuant to
the terms of the applicable Option Agreement and had not previously been
exercised.

            (l) Time of Cessation of Service. For purposes of this Plan, the
Optionee's employment or service shall be deemed to have ceased or be terminated
on the date when the Optionee's employment or service in fact ceased or Optionee
is in fact terminated.

            (m) Rights as a Shareholder. No one shall have rights as a
Shareholder with respect to any Shares covered by an Option until the date of
entry of their name in the Corporation's registry of members in accordance with
the Corporation's Memorandum and Articles of Association. No adjustment shall be
made for dividends (ordinary or extraordinary, whether in cash, securities or
other property), distributions or other rights for which the record date is
prior to the date such stock certificate is issued, except as expressly provided
in Section 10 hereof.

            (n) Modification, Extension and Renewal of Options. Within the
limitations of the Plan, the Administrator may modify an Option, extend or renew
outstanding Options or accept the cancellation of outstanding Options (to the
extent not previously exercised) for the granting of new Options in substitution
therefor. The foregoing notwithstanding, no modification of an Option shall,
without the consent of the Optionee, alter or impair any rights or obligations
under any Option previously granted. With the consent of the affected Optionee,
the Administrator may cancel any agreement evidencing Options. In the event of
such cancellation, the Administrator may authorize the granting of new Options,
which may or may not cover the same number of Shares that

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have been the subject of the prior award, at such Exercise Price and subject to
such terms, conditions and discretions as would have been applicable under this
Plan had the canceled Options not been granted.

            (o) Substitution of Options. Notwithstanding any inconsistent
provisions or limits under the Plan, in the event the Corporation acquires
(whether by purchase, merger or otherwise) all or substantially all of
outstanding capital stock or assets of another corporation or of any
reorganization or other transaction qualifying under Section 424 of the Code,
the Administrator may, in accordance with the provisions of that Section,
substitute Options under the Plan for options under the plan of the acquired
corporation; provided, however, that (i) the excess of the aggregate fair market
value of the shares subject to an option immediately after the substitution over
the aggregate option price of such shares is not more than the similar excess
immediately before such substitution and (ii) the new option does not give
persons additional benefits, including any extension of the exercise period.

            (p) Right of Set-Off. Optionee shall consent to a deduction from any
amounts the Corporation owes Optionee from time to time (including amounts owed
as wages or other compensation, fringe benefits or vacation pay, as well as any
other amounts owed to Optionee by the Corporation), to the extent of the amounts
Optionee owes the Corporation, including pursuant to subparagraph (p) above.
Whether or not the Corporation elects to make any set-off in whole or in part,
if the Corporation does not recover by means of set-off the full amount Optionee
owes to the Corporation, Optionee shall agree to pay immediately the unpaid
balance to the Corporation.

            (q) Other Provisions. An Option Agreement authorized under the Plan
may contain such terms and provisions not inconsistent with the terms of the
Plan (including, without limitation, restrictions upon the exercise of the
Option) as the Administrator shall deem advisable in its sole and absolute
discretion.

         8. LIMITATION ON ANNUAL AWARDS.

            (a) Limitation on Incentive Stock Options. To the extent that the
aggregate Fair Market Value (determined as of the Grant Date) of the Shares with
respect to which Incentive Stock Options are exercisable for the first time by
any Optionee during any calendar year under the Plan and all other plans
maintained by the Corporation or its parent, exceeds $100,000, such excess
Options shall be treated as Nonstatutory Stock Options. For the purposes of this
Section 8, Incentive Stock Options shall be taken into account in the order in
which they were granted.

            (b) Limitation on Total Options Granted. As long as the Plan is in
effect, at no time will Options granted to any Participant pursuant to the Plan
exceed 9,000,000 Shares, subject to adjustment as provided for in Section 10.

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         9. TERM OF PLAN. Options may be granted pursuant to the Plan until the
expiration of the Plan ten (10) years after the effective date referred to in
Section 3.

         10. EFFECT OF CERTAIN EVENTS.

            (a) Adjustments Upon Changes in Stock. The Administrator shall make
or provide for such adjustments in the Option Limit, the Exercise Price and in
the number or kind of shares or other securities (including shares or other
securities of another issuer) covered by this Plan and outstanding Options as
the Administrator in its sole discretion, exercised in good faith, shall
determine is equitably required to prevent dilution or enlargement of rights of
optionees that would otherwise result from (a) any stock dividend, stock split,
combination of shares, issuance of rights or warrants to purchase stock,
spin-off, recapitalization or other changes in the capital structure of the
Corporation, (b) any merger, consolidation, reorganization or partial or
complete liquidations, or (c) any other corporate transaction or event having an
effect similar to any of the foregoing. The Administrator also shall make or
provide for such adjustment in the number or kind of shares of the Corporation's
capital stock or other securities (or in shares or other securities of another
issuer) which may be acquired pursuant to Options granted under the Plan and the
number of such securities to be awarded to each Optionee as the Administrator in
its sole discretion, shall determine is appropriate to reflect any transaction
or event described in the preceding sentence. In the event of any such
transaction or event, the Administrator may provide in substitution for any or
all outstanding Options under the Plan such alternative consideration (including
securities of any surviving entity) as it may in good faith determine to be
equitable under the circumstances and may require in connection therewith the
surrender of all Options so replaced. In any case, such substitution of
securities shall not require the consent of any person who is granted Options
pursuant to the Plan. The determination of the Administrator as to what
adjustments shall be made, and the extent thereof, shall be final, binding and
conclusive.

            (b) Change of Control. In addition to the rights set forth in
Section 10(a) above, in the event of a Change of Control, the Administrator may
in its sole discretion, without obtaining Shareholder approval or the consent of
any person granted Options under the Plan, take one or more of the following
actions:

                 (i) Accelerate the exercise dates of any outstanding Option, or
         make the Option fully vested and exercisable;

                 (ii) Pay cash to any or all owners of Options in exchange for
         the cancellation of their outstanding Options; or

                 (iii) Make any other adjustments or amendments to the Plan and
         outstanding Options and substitute new Options for outstanding Options.

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            (c) Adjustment Determination. To the extent that the foregoing
adjustments relate to securities of the Corporation, such adjustments shall be
made by the Administrator, whose determination shall be conclusive and binding
on all persons.

            (d) Limitation on Rights. Except as expressly provided in this
Section 10, the Optionee shall have no rights by reason of any subdivision or
consolidation of shares of stock of any class, the payment of any stock dividend
or any other increase or decrease in the number of shares of stock of any class
or by reason of any dissolution, liquidation, merger or consolidation or spinoff
of assets or stock of another corporation, and any issue by the Corporation of
shares of stock of any class, or securities convertible into shares of stock of
any class, shall not affect, and no adjustment by reason thereof shall be made
with respect to, the number or Exercise Price of Shares subject to an Option.
The grant of an Option pursuant to the Plan shall not affect in any way the
right or power of the Corporation to make adjustments, reclassifications,
reorganizations or changes of its capital or business structure, to merge or
consolidate or to dissolve, liquidate, sell or transfer all or any part of its
business or assets.

         11. SECURITIES LAW REQUIREMENTS.

            (a) Legality of Issuance. No Shares shall be issued upon the
exercise of any Option unless and until the Corporation has determined that:

                 (i) it and the Optionee have taken all actions required to
         register the offer and sale of the Shares under all applicable
         securities laws, including the Securities Act, or to perfect an
         exemption from the registration requirements thereof;

                 (ii) any applicable listing requirement of any stock exchange
         on which the Shares are listed has been satisfied; and

                 (iii) any other applicable provision of law has been satisfied.

            (b) Restrictions on Transfer; Representations of Optionee; Legends.
Regardless of whether the offering and sale of Shares under the Plan has been
registered under the Securities Act or has been registered or qualified under
the securities laws of any country, the Corporation may impose restrictions upon
the grant of Options and the sale, pledge or other transfer of Shares (including
the placement of appropriate legends on stock certificates) if, in the judgment
of the Corporation and its counsel, such restrictions are necessary or desirable
in order to achieve compliance with the provisions of the Securities Act, the
securities laws of any country or any other law. In the event that the sale of
Shares under the Plan is not registered under the Securities Act or the
securities law of any other country, but exemptions are available which require
that the Optionee make various representations and warranties, the Corporation
may require such representations and warranties from the Optionees as are deemed
necessary or appropriate

                                      -13-

<PAGE>   14

by the Corporation and its counsel as a condition precedent to granting any
Options or issuing any Shares. To the extent that restrictive legends or other
notations are required with regard to any Shares, the Corporation shall be
entitled to put such legends or notations as appropriate in its registery of
members and, to the extent that the certificates are issued representing such
Shares, the Corporation shall be entitled to place such restrictive legends and
notations as are deemed necessary or appropriate by the Corporation and its
counsel in order to comply with any applicable law. In the event the sale of the
Shares is not registered under the Securities Act, to the extent the Corporation
and its counsel deem it advisable, the Shares shall bear the following
restrictive legend:

            "THE SALE OF THE SECURITIES REPRESENTED HEREBY HAS NOT BEEN
            REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE "ACT").
            ANY TRANSFER OR PLEDGE OF SUCH SECURITIES WILL BE INVALID UNLESS A
            REGISTRATION STATEMENT UNDER THE ACT IS IN EFFECT AS TO SUCH
            TRANSFER OR IN THE OPINION OF COUNSEL FOR THE ISSUER SUCH
            REGISTRATION IS UNNECESSARY IN ORDER FOR SUCH TRANSFER OR PLEDGE TO
            COMPLY WITH THE ACT."

         Any determination by the Corporation and its counsel in connection with
any of the matters set forth in this Section 11 shall be conclusive and binding
on all persons.

            (c) Registration or Qualification of Securities. The Corporation
may, but shall not be obligated to, register or qualify the sale of Shares under
the Securities Act, the securities laws of any country or any other applicable
law. The Corporation shall not be obligated to take any affirmative action in
order to cause the sale of Shares under the Plan to comply with any law.

            (d) Exchange of Certificates. If, in the opinion of the Corporation
and its counsel, any legend placed on a stock certificate representing Shares
sold under the Plan is no longer required, the holder of such certificate shall
be entitled to exchange such certificate for a certificate representing the same
number of Shares but without such legend.

                                      -14-

<PAGE>   15

         12. AMENDMENT OF THE PLAN. The Board may from time to time, with
respect to any Shares at the time not subject to Options, suspend or discontinue
the Plan or revise or amend it in any respect whatsoever except that, without
the approval of the Corporation's Shareholders, no such revision or amendment
shall:

            (a) Be made if Shareholder approval is required by applicable law,
regulation or the requirements of The Nasdaq Stock Market or any exchange or
interdealer network where the Shares are trading;

            (b) Increase the number of Shares which may be issued under the
Plan; or

            (c) Amend this Section 12 to defeat its purpose.

         Without limiting the generality of the foregoing, the Administrator may
amend this Plan to eliminate provisions which are no longer necessary as a
result of changes in tax or securities laws or regulations, or in the
interpretation thereof.

         13. FINANCIAL STATEMENTS. Each Optionee shall receive financial
statements of the Corporation not less than annually.

         14. APPLICATION OF FUNDS. The proceeds received by the Corporation from
the sale of Shares pursuant to the exercise of an Option will be used for
general corporate purposes.

         15. APPROVAL OF SHAREHOLDERS. The Plan must be approved by the
affirmative vote of the holders of a majority of the Corporation's outstanding
shares of voting capital stock on or before the date twelve (12) months from the
date the Plan was adopted by the Board.

         16 GOVERNING LAW. This Plan, and the Option Agreements, shall be
governed by and enforced and construed in accordance with the internal
substantive laws (and not the laws of conflicts of laws) of the British Virgin
Islands.

                                      -15-
<PAGE>   16

[SIGNATURE PAGE CONTINUES]

         To record the adoption of the Plan by the Board as of March 7, 2000,
and the affirmation of the Plan by the Remuneration Committee of the Board as of
April 15, 2000, the Board has caused its authorized officer to sign the Plan and
affix the corporate seal hereto.

                                             UTi WORLDWIDE INC.

                                             By: /s/ Roger I. MacFarlane
                                                 -------------------------------
                                             Name:   Roger I. MacFarlane
                                             Title:  Chief Executive Officer
                                                     and Director

                                      -16-<PAGE>   1
                                                                    EXHIBIT 10.3

                               UTI WORLDWIDE INC.

                        2000 EMPLOYEE SHARE PURCHASE PLAN

<PAGE>   2

                               UTI WORLDWIDE INC.

                        2000 EMPLOYEE SHARE PURCHASE PLAN

            The following constitute the provisions of the 2000 Employee Share
Purchase Plan of UTI Worldwide Inc., as approved by its Board of Directors on
September 14, 2000 (the "Effective Date"), but subject to shareholder approval
in accordance with Section 27 hereof.

        1. PURPOSE. The purpose of the Plan is to provide employees of the
Company and its Designated Subsidiaries with an opportunity to purchase Ordinary
Shares of the Company through accumulated payroll deductions. It is the
intention of the Company to have the Plan qualify as an "employee stock purchase
plan" under Section 423 of the Internal Revenue Code of 1986, as amended, - with
regard to those employees subject to the Code - although the Company is making
no commitment nor representation to maintain such qualification. The provisions
of the Plan, shall be construed accordingly so as to extend and limit
participation in a manner consistent with the requirements of that Section of
the Code, unless the Company specifically determines to the contrary.

        2. DEFINITIONS.

            (a) "BOARD" shall mean the Board of Directors of the Company.

            (b) "CODE" shall mean the Internal Revenue Code of 1986, of the
United States of America, as amended.

            (c) "COMMITTEE" shall mean the committee appointed by the Board in
accordance with Section 13(a) of the Plan.

            (d) "ORDINARY SHARES" shall mean the Ordinary Shares of the Company,
or any stock into which such Ordinary Shares may be converted.

            (e) "COMPANY" shall mean UTI Worldwide Inc.

            (f) "COMPENSATION" shall mean an Employee's base pay exclusive of
variable compensation, subject to the Company's discretion to permit inclusion
of any form or forms of variable compensation on a uniform, nondiscriminatory,
and prospective basis.

            (g) "DESIGNATED SUBSIDIARIES" shall mean any Subsidiary which has
been designated by the Board or the Committee from time to time in its sole
discretion as eligible to have its Employees participate in the Plan.

            (h) "EFFECTIVE DATE" means the Plan's effective date as specified in
the opening sentence of this document.

            (i) "EMPLOYEE" shall mean any individual (1) whom the Company
classifies as a regular or part-time employee of the Company or a Designated
Subsidiary for purposes of it payroll records (regardless of whether that
classification is accurate as a matter of common law or for any other matter),
and (2) whose customary employment with the Company

<PAGE>   3

or any Designated Subsidiary is at least twenty hours per week and more than
five months in any calendar year. For purposes of the Plan, the employment
relationship shall be treated as continuing intact while the individual is on
sick leave or other leave of absence approved by the Company. Where the period
of leave exceeds 90 days and the individual's right to reemployment is not
guaranteed either by statute or by contract, the employment relationship will be
deemed to have terminated on the 91st day of such leave.

            (j) "EXCHANGE ACT" means the Securities Exchange Act of 1934, as
amended.

            (k) "ENROLLMENT DATE" means the first day of each Offering Period.

            (l) "EXERCISE DATE" means the last day of each Offering Period.

            (m) "FAIR MARKET VALUE" shall mean the value of one share of
Ordinary Shares, determined as follows:

               (1) If the Ordinary Shares are traded on a nationally recognized
               exchange or the Nasdaq, the closing reported price as reported
               for composite transactions on the date of valuation or, if no
               sales occurred on that date, then at the end of the next trading
               day;

               (2) If the Ordinary Shares are traded over-the-counter or with no
               closing price, the average of the highest bid and lowest asked
               prices quoted in the Nasdaq system as of the close of business on
               the date of valuation, or, if on such day such security is not
               quoted in the Nasdaq system, the average of the representative
               bid and asked prices on such date in the domestic
               over-the-counter market as reported by the National Quotation
               Bureau, Inc., or any similar successor organization; and

               (3) If neither (1) nor (2) applies, the fair market value as
               determined by the Board in good faith. Such determination shall
               be conclusive and binding on all persons.

            (n) "OFFERING PERIOD" shall mean a period extending from the first
Trading Day to the last Trading Day of each fiscal or calendar quarter as
initially determined by the Company in its discretion, subject to the Company's
discretion to change the duration of Offering Periods on a prospective basis.

            (o) "PLAN" shall mean this UTI Worldwide, Inc. 2000 Employee Share
Purchase Plan.

            (p) "PURCHASE PRICE" shall mean an amount equal to 85% of the Fair
Market Value of a share of Ordinary Shares on the Enrollment Date or on the
Exercise Date, whichever is lower; subject to the Committee's discretion to
change this percentage on a prospective basis for future Offering Periods.

                                      -2-
<PAGE>   4

            (q) "RESERVES" shall mean the number of shares of Ordinary Shares
covered by each option under the Plan which has not yet been exercised and the
number of shares of Ordinary Shares which have been authorized for issuance
under the Plan but not yet placed under option.

            (r) "RULE 16b-3" shall have the meaning set forth in Section 13(c)
of the Plan.

            (s) "SUBSIDIARY" shall mean a corporation, domestic or foreign, of
which not less than 50% of the voting shares are held by the Company or a
Subsidiary, whether or not such corporation now exists or is hereafter organized
or acquired by the Company or a Subsidiary.

            (t) "TRADING DAY" shall mean a day on which national stock exchanges
and the Nasdaq are open for trading.

        3. ELIGIBILITY.

            (a) General Rule. Any Employee who shall be employed by the Company
or a Designated Subsidiary for at least one year on a given Enrollment Date
shall be eligible to participate in the Plan; subject to the Committee's
discretion to condition participation in the Plan on such additional
requirements as the Committee may determine.

            (b) Restrictions. No Employee shall be granted an option under the
Plan (i) to the extent that, immediately after the grant, the Employee (or any
other person whose stock would be attributed to the Employee pursuant to Section
424(d) of the Code) would own capital stock of the Company and/or hold
outstanding options to purchase such stock possessing five percent (5%) or more
of the total combined voting power or value of all classes of the capital stock
of the Company or of any Subsidiary, or (ii) to the extent such option permits
the Employee's rights to purchase stock under all employee stock purchase plans
of the Company and its subsidiaries to accrue at a rate which exceeds $25,000
worth of Ordinary Shares (determined at the Fair Market Value of the shares at
the time such option is granted) for each calendar year in which such option is
outstanding at any time. The foregoing sentence shall be interpreted so as to
comply with Code section 423(b)(8).

        4. OFFERING PERIODS.

            The Plan shall be implemented by consecutive Offering Periods with a
new Offering Period commencing on the first Trading Day on or after the first
day of the calendar or fiscal quarter selected by the Company, or on such other
date as the Company shall determine, and continuing quarterly thereafter until
terminated in accordance with Section 19 hereof. The Company shall have the
power to change the duration of Offering Periods (including the commencement
dates thereof) with respect to future Offering Periods without shareholder
approval and without regard to the Company's past practices or the expectations
of participants.

                                      -3-
<PAGE>   5

        5. PARTICIPATION.

            (a) Enrollment. An eligible Employee may become a participant in the
Plan (i) by completing a subscription agreement authorizing payroll deductions
in the form of Exhibit A to this Plan and (ii) by filing it with the Company's
payroll office, (or by following an electronic or other enrollment process
prescribed by the Company) prior to the applicable Enrollment Date.

            (b) Duration. For each Offering Period, payroll deductions for a
participant shall commence on the Enrollment Date and shall end on the Exercise
Date, unless sooner terminated by the participant as provided in Section 10
hereof; subject to the Company's discretion to make uniform and
nondiscriminatory adjustments to payroll periods that overlap Offering Periods.

            (c) Uniform Employee Rights. All Employees who participate in the
Plan shall have the same rights and privileges under the Plan except for
differences which may be mandated by local law and which are consistent with
Code section 423(b)(5); provided, however, that Employees participating in a
sub-plan adopted pursuant to Section 23 which is not designed to qualify under
Code Section 423 need not have the same rights and privileges as other Employees
participating in the Plan. The Company may impose restrictions on eligibility
and participation of Employees who are officers and directors to facilitate
compliance with federal or state securities laws or foreign laws.

        6. GRANT OF OPTION.

            On the Enrollment Date of each Offering Period, each eligible
Employee shall be granted an option to purchase on the Exercise Date of the
Offering Period (at the applicable Purchase Price) up to a number of shares of
Ordinary Shares determined by dividing the Employee's payroll deductions
accumulated prior to such Exercise Date and retained in the Employee's account
as of the Exercise Date by the applicable Purchase Price; provided that in no
event shall an Employee be permitted to purchase during each Offering Period
more than a number of Ordinary Shares determined by applying the limitations set
forth in Sections 3(b) and 12 hereof. Exercise of the option shall occur as
provided in Section 8 hereof, unless the Employee has withdrawn pursuant to
Section 10 hereof. In all cases, the option shall expire at the end of the day
on the Exercise Date.

        7. PAYROLL DEDUCTIONS.

            (a) General Rule. At the time an Employee files his or her
subscription agreement, he or she shall elect to have payroll deductions made on
each payday during the Offering Period in an amount not exceeding ten percent
(10%) of the Compensation which he or she receives on each payday during the
Offering Period, and the aggregate of such payroll deductions during the
Offering Period shall not exceed ten percent (10%) of the participant's
Compensation during said Offering Period.

            (b) Implementation. All payroll deductions made for a participant
shall be credited to his or her account under the Plan and will be withheld in
whole percentages of Compensation only. A participant may not make any
additional payments into such account,

                                      -4-
<PAGE>   6

unless the Committee provides for a separate election (of a different
percentage) for a specified item or items of Compensation. A separate
bookkeeping account for each participant shall be maintained by the Company
under the Plan and the amount of each participant's payroll deductions shall be
credited to such account. A participant may not make any additional payments
into such account. Unless otherwise specified by the Committee, payroll
deductions made with respect to employees paid in currencies other than U.S.
dollars shall be accumulated in local (non-U.S.) currency and converted to U.S.
dollars as of the Exercise Date. All payroll deductions may be held by the
Company and commingled with its other corporate funds.

            (c) Changes. A participant may discontinue his or her participation
in the Plan as provided in Section 10 hereof, or may increase or decrease the
rate of his or her payroll deductions during the Offering Period by completing
or filing with the Company a new subscription agreement or by following
electronic or other procedures prescribed by the committee. The Committee may in
its discretion limit the number of participation rate changes during any
Offering Period. The change in rate shall be effective with the first full
payroll period following five business days after the Company's receipt of the
new subscription agreement unless the Company elects to process a given change
in participation more quickly. A participant's subscription agreement shall
remain in effect for successive Offering Periods at the originally elected rate
(or any lower maximum rate then in effect), unless terminated as provided in
Section 10 hereof.

            (d) Restrictions. To the extent necessary to comply with Section
423(b)(8) of the Code and Section 3(b) hereof, the Company may decrease a
participant's payroll deductions to 0% at such time during any Offering Period
which is scheduled to end during the current calendar year (the "Current
Offering Period") that the aggregate of all payroll deductions which were
previously used to purchase stock under the Plan in a prior Offering Period
which ended during that calendar year plus all payroll deductions accumulated
with respect to the Current Offering Period equal $25,000. Payroll deductions
shall recommence at the rate provided in such participant's subscription
agreement at the beginning of the first Offering Period which is scheduled to
end in the following calendar year, unless earlier terminated by the participant
as provided in Section 10 hereof.

        8. EXERCISE OF OPTION.

            (a) Automatic Exercise. Unless a participant withdraws from the Plan
as provided in Section 10 hereof, his or her option for the purchase of shares
will be exercised automatically on the Exercise Date, and the maximum number of
full shares subject to option shall be purchased for such participant at the
applicable Purchase Price with the accumulated payroll deductions in his or her
account, subject to Sections 3(b) and 12 hereof. No fractional shares will be
purchased, and any payroll deductions accumulated in a participant's account
which are not sufficient to purchase a full share shall be retained in the
participant's account for the subsequent Offering Period, subject to earlier
withdrawal by the participant as provided in Section 10 hereof. Any other monies
left over in a participant's account after the Exercise Date shall be returned
to the participant. During a participant's lifetime, a participant's option to
purchase shares hereunder is exercisable only by him or her.

                                      -5-
<PAGE>   7

            (b) Withholding. At the time the option is exercised, in whole or in
part, or at the time some or all of the Company's Ordinary Shares issued under
the Plan are disposed of, the participant must make adequate provision for the
Company's United States' Federal or foreign income tax or other tax withholding
obligations, if any, which arise upon the exercise of the option or the
disposition of the Ordinary Shares. At any time, the Company may, but will not
be obligated to, withhold from the participant's compensation the amount
necessary for the Company to meet applicable withholding obligations, including
any withholding required to make available to the Company any tax deductions or
benefits attributable to the sale or early disposition of Ordinary Shares by the
participant.

        9. DELIVERY.

            As promptly as practicable after each Exercise Date on which a
purchase of shares occurs, the Company shall deliver (by electronic or other
means) to the participant a record of the Ordinary Shares purchased, except as
specified below. The Company may permit or require that Ordinary Shares be
deposited directly with a broker designated by the Company or to a designated
agent of the Company, and the Committee may utilize electronic or automated
methods of share transfer. The Company may require that Ordinary Shares be
retained with such broker or agent for a designated period of time (and may
restrict dispositions during that period) and/or may establish other procedures
to permit tracking of disqualifying dispositions of such shares or to restrict
transfer of such shares. The Company may require that shares purchased under the
Plan shall automatically participate in a dividend reinvestment plan or program
maintained by the Company. No participant shall have any voting, dividend, or
other shareholder rights with respect to shares subject to any option granted
under the Plan until the date of entry of their name in the Company's registry
of members in accordance with the Company's Memorandum and Articles of
Association.

        10. WITHDRAWAL; TERMINATION OF EMPLOYMENT.

            (a) General Rule. At any time prior to the Exercise Date for an
Offering Period, a participant may withdraw all but not less than all of the
payroll deductions credited to his or her account by giving written notice to
the Company in the form of Exhibit B to this Plan (or by following any
electronic or other procedures that the Committee prescribes). All of the
participant's payroll deductions credited to his or her account during such
Offering Period will be paid to such participant promptly after receipt of
notice of withdrawal, and such participant's option for the Offering Period will
be automatically terminated, and no further payroll deductions for the purchase
of shares will be made during such Offering Period. If a participant withdraws
during any Offering Period, payroll deductions will not resume at the beginning
of the succeeding Offering Period unless the participant delivers to the Company
a new subscription agreement.

            (b) Loss of "Employee" Status. Upon a participant's ceasing to be an
Employee for any reason, including by virtue of having failed to remain an
Employee for at least twenty hours per week during an Offering Period in which
the Employee is a participant, the participant will be deemed to have elected to
withdraw from the Plan and the payroll deductions credited to such participant's
account during the then current Offering Period but not yet used to exercise the
option will be returned to such participant or, in the case of his or her death,
to the

                                      -6-
<PAGE>   8

person or persons entitled thereto under Section 14 hereof, and such
participant's option will be automatically terminated.

            (c) Future Participation. A participant's withdrawal from Plan
participation during an Offering Period will not have any effect upon his or her
eligibility to participate (i) in any similar plan which may hereafter be
adopted by the Company, or (ii) in succeeding Offering Periods which commence
after the termination of the Offering Period from which the participant
withdraws.

        11. INTEREST.

            No interest shall accrue on the payroll deductions of a participant
in the Plan, except where required by local law as determined by the Company.

        12. STOCK.

            (a) Maximum Number. The maximum number of shares of the Company's
Ordinary Shares which may be made available for sale under the Plan shall be
3,052,000(1) Ordinary Shares, subject to adjustment upon changes in
capitalization of the Company as provided in Section 18 hereof. If on a given
Exercise Date the number of Ordinary Shares with respect to which options are to
be exercised exceeds the number of Ordinary Shares then available under the
Plan, the Company shall make a pro rata allocation of the Ordinary Shares
remaining available for purchase in as uniform a manner as shall be practicable
and as it shall determine to be equitable.

            (b) Issuance and Registration. Ordinary Shares to be delivered to a
participant under the Plan will be registered in the name of the participant or
in the name of the participant and his or her spouse.

        13. ADMINISTRATION.

            (a) Administrative Body. The Plan shall be administered by the Board
or a committee of at least two members of the Board appointed by the Board (the
"Committee"). The Board or the Committee (acting by at least a majority of its
member) shall have full and exclusive discretionary authority to construe,
interpret and apply the terms of the Plan, to determine eligibility, to exercise
any discretion reserved to the Company pursuant to the Plan, and to adjudicate
all disputed claims arising under or related directly or indirectly to the Plan.
Every finding, decision and determination made by the Board or the Committee
shall, to the full extent permitted by law, be final and binding upon all
parties.

            (b) Delegation; Indemnification. The Board or the Committee may
delegate to one or more individuals the day-to-day administration of the Plan.

            (c) Rule 16b-3 Limitations. In the event that Rule 16b-3 promulgated
under the Exchange Act, or any successor provision ("Rule 16b-3"), provides
specific requirements for

--------
(1) After giving effect to the 1 for 7.63 combination of shares which is to take
effect shortly after this Plan is adopted, this number shall be automatically
reduced to 400,000.

                                      -7-
<PAGE>   9

the administrators of plans of this type, the Plan shall be administered only by
such a body and in such a manner as shall comply with the applicable
requirements thereof, unless the Board specifically determines to the contrary.

        14. DESIGNATION OF BENEFICIARY.

            (a) General Rule. A participant may file a written designation of a
beneficiary (or beneficiaries) who is to receive any Ordinary Shares and cash,
if any, from the participant's account under the Plan in the event of such
participant's death subsequent to an Exercise Date on which the option is
exercised but prior to delivery to such participant of such Ordinary Shares and
cash. In addition, a participant may file a written designation of a beneficiary
who is to receive any cash from the participant's account under the Plan in the
event of such participant's death prior to exercise of the option. If a
participant is married and the designated beneficiary is not the spouse, spousal
consent shall be required for such designation to be effective.

            (b) Changes. A participant may change his or her designation of
beneficiary at any time by written notice. In the event of the death of a
participant and in the absence of a beneficiary validly designated under the
Plan who is living at the time of the participant's death, the Company shall
deliver such Ordinary Shares and/or cash to the executor or administrator of the
estate of the participant. If no such executor or administrator has been
appointed (to the knowledge of the Company), the Company may in its discretion
deliver such Ordinary Shares and/or cash to the spouse or to any one or more
dependents or relatives of the participant, or if no spouse, dependent or
relative is known to the Company, then to such other person as the Company may
designate.

        15. TRANSFERABILITY.

            Neither payroll deductions credited to a participant's account nor
any rights with regard to the exercise of an option or to receive Ordinary
Shares under the Plan may be assigned, transferred, pledged, or otherwise
disposed of in any way (other than by will, the laws of descent and distribution
or as provided in Section 14 hereof) by the participant. Any such attempt at
assignment, transfer, pledge or other disposition shall be without effect,
except that the Company may treat such act as an election to withdraw funds from
an Offering Period in accordance with Section 10 hereof.

        16. USE OF FUNDS.

            All payroll deductions received or held by the Company under the
Plan may be used by the Company for any corporate purpose, and the Company shall
not be obligated to segregate such payroll deductions.

        17. REPORTS.

            Individual accounts will be maintained for each participant in the
Plan. Statements of account will be given to participating Employees at least
annually, which statements will set forth the amounts of payroll deductions, the
Purchase Price, the number of Ordinary Shares purchased and the remaining cash
balance, if any.

                                      -8-
<PAGE>   10

        18. ADJUSTMENTS UPON SPECIAL CORPORATE EVENTS.

            (a) Changes in Capitalization. Subject to any required action by the
shareholders of the Company, the Reserves as well as the price per share of
Ordinary Ordinary Shares covered by each option under the Plan which has not yet
been exercised shall be proportionately adjusted for any increase or decrease in
the number of issued Ordinary Shares of Ordinary Ordinary Shares resulting from
a stock split, reverse stock split, stock dividend, combination, or
reclassification of the Ordinary Ordinary Shares, or any other increase or
decrease in the number of outstanding Ordinary Shares of Ordinary Ordinary
Shares effected without receipt of consideration by the Company; provided,
however, that conversion of any convertible securities of the Company shall not
be deemed to have been "effected without receipt of consideration". Except as
expressly provided herein, no issuance by the Company of Ordinary Shares of
stock of any class, or securities convertible into Ordinary Shares of stock of
any class, shall affect, and no adjustment by reason thereof shall be made with
respect to, the number or price of Ordinary Shares of Ordinary Ordinary Shares
subject to an option.

            (b) Dissolution or Liquidation. In the event of the proposed
dissolution or liquidation of the Company, the Offering Period will terminate
immediately prior to the consummation of such proposed action, (unless otherwise
provided by the Board or the Committee) in which event all outstanding options
shall automatically terminate and the amounts of all payroll deductions will be
refunded without interest to the participants.

            (c) Merger or Asset Sale. In the event of a proposed sale of all or
substantially all of the assets of the Company, or the merger of the Company
with or into another corporation in which the Company is not the surviving
entity, each option under the Plan shall be assumed or an equivalent option
shall be substituted by the successor corporation or a parent or subsidiary of
the successor corporation, in each case with the assumed or new option
containing such terms and provisions as shall be required substantially to
preserve the rights and benefits of all options held by participating Employees
during the then current Offering Period. The Company may in its discretion and
in lieu of such assumption or substitution, determine either to shorten the
Offering Period then in progress by setting a new Exercise Date (the "New
Exercise Date") or to cancel each outstanding right to purchase and refund all
sums collected from participants during the Offering Period then in progress. If
the Company shortens the Offering Period then in progress, Company shall notify
each participant in writing, at least ten (10) business days prior to the New
Exercise Date, that the Exercise Date for his or her option has been changed to
the New Exercise Date and that his or her option will be exercised automatically
on the New Exercise Date, unless prior to such date he or she has withdrawn from
the Offering Period as provided in Section 10 hereof. For purposes of this
Section, an option granted or assumed by a successor corporation shall be deemed
to substantially preserve the rights and benefits of options held by
participants if, following the sale of assets or merger, the option confers the
right to purchase, for each share of option stock subject to the option
immediately prior to the sale of assets or merger, the consideration (whether
stock, cash or other securities or property) received in the sale of assets or
merger by holders of Ordinary Shares for each share of Ordinary Shares held on
the effective date of the transaction (and if such holders were offered a choice
of consideration, the type of consideration chosen by the holders of a majority
of the outstanding Ordinary Shares of Ordinary Shares); provided, however, that
if such consideration received in the sale of assets or merger was not solely
Ordinary Shares of the successor

                                      -9-
<PAGE>   11

corporation or its parent (as defined in Section 424(e) of the Code), the
Company may, with the consent of the successor corporation and the participant,
provide for the consideration to be received upon exercise of the option to be
solely Ordinary Shares of the successor corporation or its parent equal in fair
market value to the per share consideration received by holders of Ordinary
Shares and the sale of assets or merger.

            (d) Other Events. The Company may in its sole discretion also make
provision for adjusting the Reserves, as well as the number and price per share
of Ordinary Shares covered by each outstanding option, in the event the Company
effects one or more reorganizations, recapitalizations, rights offerings,
spin-offs, split-ups, or other increases or reductions of Ordinary Shares of its
outstanding Ordinary Shares, and in the event of the Company being consolidated
with or merged into any other corporation in a transaction not otherwise covered
in this Section.

            (e) Conclusiveness of Determinations. Any adjustments hereunder
shall be made by the Board or the Committee, whose determination in that respect
shall be final, binding and conclusive.

        19. AMENDMENT OR TERMINATION.

            (a) General Rule. The Board may at any time and for any reason
terminate or amend the Plan. Except as provided in Section 18 hereof, no such
termination may affect options previously granted, provided that an Offering
Period may be terminated by the Board of Directors on any Exercise Date if the
Board determines that the termination of the Plan is in the best interests of
the Company and its shareholders. Except as provided in Section 18 hereof, no
amendment may make any change in any option theretofore granted which adversely
affects the rights of any participant, unless the participant consents in
writing, to the change. To the extent necessary to comply with Rule 16b-3 or
Section 423 of the Code (or any successor rule or provision or any other
applicable law or regulation), the Company shall obtain shareholder approval of
any action hereunder in such a manner and to such a degree as required, unless
the Board specifically determines that continued compliance is not desired.

            (b) Unilateral Company Rights. Without shareholder consent and
without regard to whether any participant's rights may be considered to have
been "adversely affected," the Company shall be entitled to change the Offering
Periods (subject to the provisions of the second sentence of Section 4), limit
the frequency and/or number of changes in the amount withheld during an Offering
Period, establish the exchange ratio applicable to amounts withheld in a
currency other than U.S. dollars, permit payroll withholding in excess of the
amount designated by a participant in order to adjust for delays or mistakes in
the Company's processing of properly completed withholding elections, establish
reasonable waiting and adjustment periods and/or accounting and crediting
procedures to ensure that amounts applied toward the purchase of Ordinary Shares
for each participant properly correspond with amounts withheld from the
participant's Compensation, adjust operation of the Plan to conform with local
law, and establish such other limitations or procedures as the Board (or the
Committee) determines in its sole discretion advisable which are consistent with
the Plan.

                                      -10-
<PAGE>   12

        20. NOTICES.

            All notices or other communications by a participant to the Company
under or in connection with the Plan shall be deemed to have been duly given
when received in the form specified by the Company at the location, or by the
person, designated by the Company for the receipt thereof.

        21. CONDITIONS UPON ISSUANCE OF ORDINARY SHARES.

            (a) Securities Laws. Regardless of whether the offering and sale of
Ordinary Shares under the Plan has been registered under the Securities Act or
has been registered or qualified under the securities laws of any country, the
Corporation may impose restrictions upon the grant of Options and the sale,
pledge or other transfer of Ordinary Shares (including the placement of
appropriate legends on stock certificates) if, in the judgment of the
Corporation and its counsel, such restrictions are necessary or desirable in
order to achieve compliance with the provisions of the Securities Act, the
securities laws of any country or any other law. In the event that the sale of
Ordinary Shares under the Plan is not registered under the Securities Act or the
securities law of any other country, but exemptions are available which require
that the Optionee make various representations and warranties, the Corporation
may require such representations and warranties from the Optionees as are deemed
necessary or appropriate by the Corporation and its counsel as a condition
precedent to granting any Options or issuing any Ordinary Shares. To the extent
that restrictive legends or other notations are required with regard to any
Ordinary Shares, the Corporation shall be entitled to put such legends or
notations as appropriate in its registry of members and, to the extent that the
certificates are issued representing such Ordinary Shares, the Corporation shall
be entitled to place such restrictive legends and notations as are deemed
necessary or appropriate by the Corporation and its counsel in order to comply
with any applicable law. In the event the sale of the Ordinary Shares is not
registered under the Securities Act, to the extent the Corporation and its
counsel deem it advisable, the Ordinary Shares shall bear the following
restrictive legend:

               "THE SALE OF THE SECURITIES REPRESENTED HEREBY HAS NOT BEEN
               REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE
               "ACT"). ANY TRANSFER OR PLEDGE OF SUCH SECURITIES WILL BE INVALID
               UNLESS A REGISTRATION STATEMENT UNDER THE ACT IS IN EFFECT AS TO
               SUCH TRANSFER OR IN THE OPINION OF COUNSEL FOR THE ISSUER SUCH
               REGISTRATION IS UNNECESSARY IN ORDER FOR SUCH TRANSFER OR PLEDGE
               TO COMPLY WITH THE ACT."

            Any determination by the Corporation and its counsel in connection
with any of the matters set forth in this Section 21 shall be conclusive and
binding on all persons.

        22. ADDITIONAL RESTRICTIONS OF RULE 16b-3.

        The terms and conditions of options granted hereunder to, and the
purchase of Ordinary Shares by, persons subject to Section 16 of the Exchange
Act shall comply with the

                                      -11-
<PAGE>   13

applicable provisions of Rule 16b-3. This Plan shall be deemed to contain, and
such options shall contain, and Ordinary Shares issued upon exercise thereof
shall be subject to, such additional conditions and restrictions as may be
required by Rule 16b-3 from time to time to qualify for the maximum exemption
from Section 16 the Exchange Act with respect to Plan transactions.

        23. RULES FOR FOREIGN JURISDICTIONS AND NON-423 PLAN.

(a) Local Rules and Procedures. The Company may adopt rules or procedures
relating to the operation and administration of the Plan to accommodate the
specific requirements of local laws and procedures. Without limiting the
generality of the foregoing, the Company is specifically authorized to adopt
rules and procedures regarding handling of payroll deductions, payment of
interest, conversion of local currency, payroll tax, withholding procedures and
handling of stock certificates which vary with local requirements.

(b) Sub-Plans. The Company may also adopt sub-plans applicable to particular
Subsidiaries or locations, which sub-plans may be designed to be outside the
scope of Code section 423. The rules of such sub-plans may take precedence over
other provisions of this Plan, but unless otherwise superseded by the specific
terms of such sub-plan, the provisions of this Plan shall govern the operation
of such sub-plan.

        24. GOVERNMENTAL REGULATIONS.

        This Plan and the Company's obligation to sell and deliver Ordinary
Shares of its Ordinary Shares under the Plan shall be subject to the approval of
any governmental authority required in connection with the Plan or the
authorization, issuance, sale, or delivery of stock hereunder.

        25. NO ENLARGEMENT OF EMPLOYEE RIGHTS.

            Nothing contained in this Plan shall be deemed to give any Employee
the right to be retained in the employ of the Company or any Designated
Subsidiary or to interfere with the right of the Company or Designated
Subsidiary to discharge any Employee at any time.

        26. GOVERNING LAW.

            This Plan shall be governed by the law of the British Virgin
Islands.

        27. SHAREHOLDER APPROVAL AND TERM OF PLAN.

            The Plan took effect on the Effective Date, subject to its approval
by the affirmative vote of a majority of the votes cast by the shareholders of
the Company at a meeting duly held within twelve months of the Effective Date.
The Plan shall continue in effect for a term of ten years from the Effective
Date, unless sooner terminated under Section 19 hereof.

                                      -12-
<PAGE>   14

                                    EXHIBIT A

                               UTI WORLDWIDE INC.

                        2000 EMPLOYEE SHARE PURCHASE PLAN

                             SUBSCRIPTION AGREEMENT

____  Original Application                         Enrollment Date:  ___________
____  Change in Payroll Deduction Rate
____  Change of Beneficiary(ies)

1. _______ hereby elects to participate in the UTI Worldwide Inc. 2000 Employee
Share Purchase Plan (the "Employee Share Purchase Plan"), and subscribes to
purchase shares of the Company's Ordinary Shares in accordance with this
Subscription Agreement and the Employee Share Purchase Plan.

2. I hereby authorize payroll deductions from each paycheck in the amount of
_____% of my Compensation on each payday (not to exceed 10%) during the Offering
Period in accordance with the Employee Share Purchase Plan. (Please note that no
fractional percentages are permitted.)

3. I understand that said payroll deductions shall be accumulated for the
purchase of shares of Ordinary Shares at the applicable Purchase Price
determined in accordance with the Employee Share Purchase Plan. I understand
that if I do not withdraw from an Offering Period, any accumulated payroll
deductions will be used to automatically exercise my option.

4. I have received a copy of the complete "Employee Share Purchase Plan." I
understand that my participation in the Employee Share Purchase Plan is in all
respects subject to the terms of the Plan. I understand that the grant of the
option by the Company under this Subscription Agreement may be subject to
obtaining shareholder approval of the Employee Share Purchase Plan.

5. Ordinary Shares purchased for me under the Employee Share Purchase Plan
should be issued in the name(s) of (Employee or Employee and Spouse Only):

________________________________________________________________________________

6. I understand that if I dispose of any Ordinary Shares received by me pursuant
to the Plan within 2 years after the Enrollment Date (the first day of the
Offering Period during which I purchased such Ordinary Shares), I will be
treated for U.S. Federal income tax purposes as having received ordinary income
at the time of such disposition in an amount equal to the excess of the fair
market value of the Ordinary Shares at the time such Ordinary Shares were
purchased by me over the price which I paid for the Ordinary Shares. I HEREBY
AGREE TO NOTIFY THE COMPANY IN WRITING WITHIN 30 DAYS AFTER THE DATE OF ANY
DISPOSITION OF ORDINARY

                                      -1-
<PAGE>   15

SHARES AND I WILL MAKE ADEQUATE PROVISION FOR U.S. FEDERAL, STATE OR OTHER TAX
WITHHOLDING OBLIGATIONS, IF ANY, WHICH ARISE UPON THE DISPOSITION OF THE
ORDINARY SHARES. The Company may, but will not be obligated to, withhold from my
compensation the amount necessary to meet any applicable withholding obligation
including any withholding necessary to make available to the Company any tax
deductions or benefits attributable to sale or early disposition of Ordinary
Shares by me. If I dispose of such Ordinary Shares at any time after the
expiration of the 2-year holding period, I understand that I will be treated for
federal income tax purposes as having received income only at the time of such
disposition, and that such income will be taxed as ordinary income only to the
extent of an amount equal to the lesser of (1) the excess of the fair market
value of the Ordinary Shares at the time of such disposition over the purchase
price which I paid for the Ordinary Shares, or (2) 15% of the fair market value
of the Ordinary Shares on the first day of the Offering Period. The remainder of
the gain, if any, recognized on such disposition will be taxed as capital gain.

7. I hereby agree to be bound by the terms of the Employee Share Purchase Plan.
The effectiveness of this Subscription Agreement is dependent upon my
eligibility to participate in the Employee Share Purchase Plan.

8. In the event of my death, I hereby designate the following as my
beneficiary(ies) to receive all payments and Ordinary Shares due me under the
Employee Share Purchase Plan:

NAME:                               --------------------------------------------
                                    (First)           (Middle)            (Last)

---------------------               --------------------------------------------
Relationship
                                    --------------------------------------------
                                    (Address)

NAME:                               --------------------------------------------
                                    (First)           (Middle)            (Last)

---------------------               --------------------------------------------
Relationship
                                    --------------------------------------------
                                    (Address)

                                      -2-
<PAGE>   16

        I UNDERSTAND THAT THIS SUBSCRIPTION AGREEMENT SHALL REMAIN IN EFFECT
THROUGHOUT SUCCESSIVE OFFERING PERIODS UNLESS TERMINATED BY ME AND CONFIRM THAT
THE FOLLOWING INFORMATION IS TRUE AND CORRECT.

Employee's Social
Security Number:                            -----------------------------------

Employee's Address:                         -----------------------------------

                                            -----------------------------------

                                            -----------------------------------

Dated: ----------------                     -----------------------------------
                                            Signature of Employee

                                            -----------------------------------
                                            Spouse's Signature
                                            (If beneficiary other than spouse)

                                      -3-
<PAGE>   17

                                    EXHIBIT B

                          EMPLOYEE SHARE PURCHASE PLAN
                              NOTICE OF WITHDRAWAL

            The undersigned participant in the Offering Period of the UTI
Worldwide, Inc. 2000 Employee Share Purchase Plan which began on ___________,
20__ (the "Enrollment Date") hereby notifies the Company that he or she hereby
withdraws from the participation in the Employee Share Purchase Plan for the
Offering Period. He or she hereby directs the Company to pay to the undersigned
as promptly as practicable all the payroll deductions credited to his or her
account with respect to such Offering Period. The undersigned understands and
agrees that his or her option for such Offering Period will be automatically
terminated. The undersigned understands further that no further payroll
deductions will be made for the purchase of Ordinary Shares in the current
Offering-Period and the undersigned shall be eligible to participate in
succeeding Offering Periods only by delivering to the Company a new Subscription
Agreement.

                      Name and Address of Participant:
                      -------------------------------
                      -------------------------------
                      -------------------------------

                      Signature:
                      -------------------------------
                      Date:
                           --------------------------

                                      -4-

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