Document:

DATED                                 2003

          (1)       HUDSON GLOBAL RESOURCES LIMITED

          (2)       HALIFAX CORPORATE TRUSTEES LIMITED

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                              TRUST DEED AND RULES

                                       of

                THE HUDSON GLOBAL RESOURCES SHARE INCENTIVE PLAN

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                Adopted by the Board of Directors of the Company
                                on 28 April 2003
                       and approved by the Inland Revenue
              under the Income Tax (Earnings and Pensions) Act 2003
                 on                       under reference A1767

                         HEWITT BACON & WOODROW LIMITED
                            Actuaries and Consultants

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                           TRUST DEED AND RULES OF THE
                  HUDSON GLOBAL RESOURCES SHARE INCENTIVE PLAN

1    DEFINITIONS...............................................................6

2    TRUSTS OF THE PLAN........................................................6

3    DIVIDENDS AND OTHER DISTRIBUTIONS........................................11

4    GROUP COMPANIES..........................................................11

5    ACQUISITION OF SHARES....................................................12

6    ISSUE OF SHARES..........................................................12

7    RETENTION OF SHARES......................................................13

8    VOTING RIGHTS............................................................14

9    NOTICES AND CIRCULARS....................................................14

10   RIGHTS ISSUES............................................................15

11   CAPITALISATION ISSUES....................................................16

12   RECONSTRUCTIONS AND TAKE-OVERS...........................................16

13   ENTITLEMENTS.............................................................16

14   INFORMATION AND ACCOUNTING FOR INCOME TAX................................17

15   TRUSTEES' POWERS OF DELEGATION...........................................18

16   ADMINISTRATION...........................................................19

17   PROVISIONS RELATING TO THE TRUSTEES......................................19

18   APPOINTMENT REMOVAL AND RETIREMENT OF TRUSTEES...........................21

19   RESIDENCE AND NUMBER OF TRUSTEES.........................................21

20   ALTERATIONS..............................................................22

21   TERMINATION..............................................................22

22   GENERAL..................................................................22

SCHEDULE ONE

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1    DEFINITIONS..............................................................25

PART ONE - FREE SHARES

2    APPROPRIATION OF FREE SHARES.............................................39

3    TRANSFER OF FREE SHARES..................................................42

4    CESSATION OF EMPLOYMENT AND WITHDRAWAL OF FREE SHARES FROM THE PLAN......43

PART TWO - PARTNERSHIP SHARES

5    INVITATIONS TO ACQUIRE PARTNERSHIP SHARES................................47

6    ACQUISITION OF PARTNERSHIP SHARES........................................50

7    TRANSFER OF PARTNERSHIP SHARES...........................................52

8    CESSATION OF EMPLOYMENT..................................................53

PART THREE - MATCHING SHARES

9    APPROPRIATION OF MATCHING SHARES.........................................54

10   TRANSFER OF MATCHING SHARES..............................................56

11   CESSATION OF EMPLOYMENT AND WITHDRAWAL OF MATCHING SHARES FROM THE PLAN..57

PART FOUR - DIVIDEND SHARES

12   REINVESTMENT OF DIVIDENDS................................................61

13   TRANSFER OF DIVIDEND SHARES..............................................62

14   CESSATION OF EMPLOYMENT..................................................62

PART FIVE - GENERAL

15   ACQUISITION OF SHARES FOR APPROPRIATION..................................64

16   LIMITATIONS..............................................................65

17   ISSUE OF SHARES AND DIVIDENDS............................................67

18   DISPOSALS AND PAYMENT....................................................67

19   STAMP DUTY...............................................................68

20   DISPUTES.................................................................68

21   RIGHTS ON TERMINATION OF EMPLOYMENT......................................68

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22   DUTY TO ACCOUNT FOR PAYE ETC.............................................69

23   ALTERATIONS..............................................................70

24   GENERAL..................................................................71

25   GOVERNING LAW............................................................72

SCHEDULE TWO..................................................................68

SCHEDULE THREE................................................................72

SCHEDULE FOUR.................................................................76

SCHEDULE FIVE.................................................................81

SCHEDULE SIX..................................................................82

SCHEDULE SEVEN................................................................84

SCHEDULE EIGHT................................................................85

SCHEDULE NINE.................................................................87

SCHEDULE TEN..................................................................88

THIS DEED is made the   day of           2003
BETWEEN:

(1)  HUDSON GLOBAL RESOURCES LIMITED whose registered office is at Chancery
     House, 53-64 Chancery Lane, London WC2A 1QS (hereinafter called "the
     Company")

(2)  HALIFAX CORPORATE TRUSTEES LIMITED whose registered office is at Trinity
     Road, Halifax, West Yorkshire HX1 2RG ("the Trustees")

RECITALS:

(A)  The Company was incorporated on 31 May 1996 with limited liability under
     the Companies Act 1985 under registration number 3206355

(B)  The Company wishes to establish a share incentive plan to be approved in
     accordance with the provisions of the Schedule and constituting an
     employees' share scheme as defined in Section 743 of the Companies Act 1985
     (hereinafter called "the Plan") for the purposes of providing funds to the
     Trustees to enable Shares in the capital of the

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     Parent to be acquired by the Trustees and to be appropriated to employees
     of the Participating Companies (as hereinafter defined) and to enable the
     Trustees to acquire further Shares in the capital of the Parent on behalf
     of Participants using Partnership Share Money (as defined in Schedule One)
     and dividends in accordance with the rules of the Plan

(C)  The Board of Directors of the Company have by a resolution passed on 28
     April 2003 approved the establishment of the Plan.

(D)  The Trustees have agreed to be the first Trustees of the Plan

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THIS DEED PROVIDES as follows:

1    DEFINITIONS

     1.1  Unless the context otherwise requires words and expressions defined in
          Schedule One shall have the same meaning in the other parts of this
          Deed and references to "Clauses" shall mean clauses of this Deed and
          references to "Rules" in this Deed and in Schedule One shall mean the
          rules set out in Schedule One.

     1.2  References to the Plan shall mean the Plan constituted by this Deed
          and Schedule One.

     1.3  References to any statutory provision are to that provision as amended
          or re- enacted from time to time and unless the context otherwise
          requires words in the singular shall include the plural (and vice
          versa) and words importing the masculine shall include the feminine
          (and vice versa).

2    TRUSTS OF THE PLAN

     2.1  The Company hereby covenants with the Trustees to pay and to procure
          that each Participating Company pays to the Trustees in accordance
          with and subject to the provisions of the Plan the amounts due from it
          or them for the purposes of the subscription for or purchase of Shares
          by the Trustees to be appropriated under the Plan as Free Shares
          and/or Matching Shares to prospective Participants employed by it or
          them (as appropriate) together with any other amounts required to
          cover any costs charges and expenses incurred in such subscription or
          purchase and any other expenses and charges incurred by the Trustees
          in the establishment operation and determination of the Plan.

     2.2  The Company hereby covenants with the Trustees to pay and procure that
          each Participating Company pays to the Trustees as soon as practicable
          in accordance with and subject to the provisions of the Plan the
          amounts due from Participants
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          under deduction from salary for the purposes of the subscription for
          or purchase of Shares by the Trustees to be acquired under the Plan as
          Partnership Shares for Participants employed by it or them (as
          appropriate).

     2.3  The Trustees shall keep any Partnership Share Money in an account
          with:

          a)   a person falling within Section 840A(1)(b) of ICTA;

          b)   a building society; or

          c)   a firm falling within Section 840A(1)(c) of ICTA.

     2.4  The Company hereby covenants with the Trustees to pay and procure that
          each Participating Company pays to the Trustees in accordance with and
          subject to the provisions of the Plan any cash dividends in respect of
          Plan Shares held on behalf of Participants for the purposes of the
          subscription for or purchase of further Shares by the Trustees as
          Dividend Shares for Participants in accordance with Rule 12.1

     2.5  Subject as hereinafter provided the Trustees hereby covenant with the
          Company, each Participating Company and each Participant to apply the
          monies received pursuant to Clauses 2.1, 2.2 and 2.4 in the
          subscription for or purchase of Shares and to hold the same once
          appropriated and all other trust property deriving therefrom UPON
          TRUST for the Participants respectively entitled thereto subject to
          the Rules of the Plan and shall appropriate the Shares so acquired to
          the Participants in accordance with the Rules of the Plan.

     2.6  The Trustees shall be entitled to rely on information supplied by the
          Company in respect of the eligibility of any person to become or
          remain a Participant in the Plan.

     2.7  The Trustees shall on at least two occasions in a Year of Assessment
          notify each Participant of the following:

          2.7.1     where Shares are purchased or subscribed for in accordance
                    with Clauses 2.1 and 2.4:

               -    the number and description of Shares appropriated;

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               -    the Market Value of those Shares on the Appropriation Day;

               -    the Holding Period in respect of those Shares; and

               -    in relation to Clause 2.4, the amount carried forward under
                    the provisions of paragraph 68 of the Schedule; and

          2.7.2     where Shares are purchased or subscribed for in accordance
                    with Clause 2.2:

               -    the number and description of Shares so acquired;

               -    the amount of the contributions made by the Participant in
                    acquiring the Shares and the basis on which the number of
                    Shares was determined;

               -    the Market Value of the Shares on the Acquisition Date

               except where the Directors have decided that an Accumulation
               Period shall apply, such notice need be given on only one
               occasion in a Year of Assessment following the appropriation of
               Shares.

     2.8  If prior to the appropriation of any Shares under the Plan the
          Trustees become entitled in respect of those Shares to any rights to
          be allotted or to subscribe for further securities (other than an
          issue of bonus shares of the same class as Shares then held by the
          Trustees pending any such appropriation which bonus shares shall be
          retained by the Trustees and shall form part of the Shares to be
          appropriated among the Participants on the relevant Appropriation Day)
          the Trustees may exercise those rights or sell those rights for the
          best consideration in money reasonably obtainable at the time.

     2.9  The Trustees shall hold:

          2.9.1     the net proceeds of any sale made pursuant to Clause 2.13;

          2.9.2     any income therefrom; and

          2.9.3     any Capital Receipt of less than(pound)3 otherwise
                    distributable to a particular Participant;

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          UPON TRUST to apply the same in or towards any reasonable expenses of
          administering and determining the Plan (including any provision for
          taxation for which the Trustees are liable) and the Trustees shall
          notify the Company on request of the amounts so held by them and the
          Trustees shall not be under any duty to invest any monies of which
          they stand possessed under this Clause.

     2.10 The Trustees may, with the agreement of the Participant, carry forward
          any surplus Partnership Share Money remaining after the acquisition of
          Shares pursuant to Clause 2.2 for the Participant but in any other
          case must pay the surplus Partnership Share Money to the Participant.
          However, where a Participant withdraws from a Partnership Share
          Agreement, any Partnership Share Money held on his behalf shall be
          paid over to him in accordance with Rule 7.

     2.11 The Trustees shall, to the extent that cash dividends have been
          retained for the acquisition of Dividend Shares but are not reinvested
          pursuant to Clause 2.4, because:

          2.11.1    the amount of the cash dividend to which the Participant is
                    entitled is not sufficient to acquire a Share; or

          2.11.2    there is an amount remaining after acquiring one or more
                    Dividend Shares on the Participant's behalf

          retain with the agreement of the Participant any amount not reinvested
          and carry this forward to be added to the amount of the next cash
          dividend to be reinvested.

          However, notwithstanding Clauses 2.11.1 and 2.11.2, any amount
          retained under this Clause 2.11 shall be paid over to the Participant
          as soon as practicable:

          2.11.3    if or to the extent that it has not been reinvested by the
                    third anniversary of the date on which the dividend was
                    paid; or

          2.11.4    the date on which the Participant ceases to be in Relevant
                    Employment or terminates his participation in the Plan or if
                    the Plan is terminated in accordance with Rule 24.1.

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                 For the purposes of this Clause 2.11 an amount carried forward
                 derived from an earlier cash dividend is treated as reinvested
                 before an amount from a later cash dividend.

     2.12 Every Free Share Agreement and Partnership Share Agreement shall
          provide that if the Participant;

               a)   ceases to hold Relevant Employment (otherwise than in any of
                    the circumstances mentioned in Rules 4.1, or 11.1);

               b)   withdraws the Free or Matching Shares from the Plan; or

               c)   in the case of Matching Shares, withdraws the corresponding
                    Partnership Shares from the Plan;

               at any time within a period not exceeding three years beginning
               with an Appropriation Date, he shall thereupon forfeit his
               beneficial interest in:

               a)   such Free or Matching Shares, as the case may be,
                    appropriated to him on that Appropriation Date; and

               b)   all other shares or other securities acquired by such
                    Participant for no consideration by virtue or in consequence
                    of his holding of such Free and Matching Shares.

     2.13 Upon the termination of the Plan for whatever reason the Trustees
          shall sell all unappropriated Shares and thereupon account (so far as
          practicable) to the Company and to any Participating Companies for any
          monies held by them so far as practicable in the same proportions as
          they were provided or as may otherwise be appropriate and shall pay
          any cash balances held under Clauses 2.10 and 2.11 to which a
          Participant may be entitled to him as soon as practicable and in any
          event within 60 days of termination of the Plan (subject to Clause
          14).

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3    DIVIDENDS AND OTHER DISTRIBUTIONS

     As soon as practicable following their receipt of any dividends or other
     distributions in respect of Plan Shares the Trustees shall deal with them
     in accordance with the Rules of the Plan.

4    GROUP COMPANIES

     4.1  The Plan may with the consent of the Directors and after notification
          to the Inland Revenue be extended to any Subsidiary not a party to
          this Deed by the adherence of such Subsidiary to the provisions of the
          Plan by a deed supplemental hereto in the form of Schedule Eight
          amended as may be thought necessary by the Company and the Trustees
          and thereupon the provisions of the Plan and of this Deed shall apply
          to such Subsidiary as though it were a party to this Deed.

     4.2  The Plan shall cease to apply to any Participating Company other than
          the Company at any time when:

          4.2.1     such company ceases to be a Subsidiary; or

          4.2.2     a notice is served by the Company upon the Trustees that the
                    Plan shall cease to apply to such company provided that the
                    conditions specified in paragraphs 25-33 of the Schedule
                    continue to be satisfied.

     4.3  If and so long as the Plan applies to any Subsidiary such Subsidiary
          shall provide the Trustees with all information required from it for
          the purposes of the administration and determination of the Plan and
          shall do so in such form as the Trustees shall reasonably require and
          the Trustees shall in good faith rely on such information without
          further enquiry.

     4.4  If and so long as the Plan applies to any Subsidiary the powers and
          discretions exercisable by such Subsidiary in relation to the Plan
          shall be exercisable by resolution of its board of directors or a duly
          appointed committee of such board and a minute of any resolution of
          such board signed by the secretary or a director of such Subsidiary
          shall be sufficient authority for the Trustees to act.

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5    ACQUISITION OF SHARES

     5.1  Shares to be used pursuant to the Plan may be acquired by the Trustees
          by way of:

          5.1.1     subscription; or

          5.1.2     purchase (including from Participants and any other trust);
                    or

          5.1.3     a rights or capitalisation issue in respect of Shares which
                    have been acquired by the Trustees and have not been
                    appropriated under the Plan; or

          5.1.4     forfeiture under the provisions of Clause 2.12;

          and any Shares acquired in accordance with Clauses 5.1.1 and 5.1.2
          above may also be acquired for an amount which is below the market
          value as defined in Part VIII of the Taxation of Chargeable Gains Act
          1992.

     5.2  The Trustees shall have the power to borrow funds to acquire Shares
          for the purposes of the Plan so long as the Shares are readily
          convertible assets within the meaning of Section 696 of the Act.

     5.3  Any sums paid by a Participating Company to the Trustees pursuant to
          Clause 2.1 shall if not applied for the purposes of the Plan within
          nine months from the date of such payment be used to cover the
          Trustees' incidental costs and expenses or be repaid promptly to that
          company.

6    ISSUE OF SHARES

     6.1  All Shares subscribed for by the Trustees pursuant to the Plan shall
          as to voting, dividend, transfer and other rights (including those
          arising on a liquidation) rank pari passu with the Shares then in
          issue except that they will not rank for any dividend or other rights
          declared by reference to a record date preceding the date of such
          subscription.

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     6.2  If and so long as the Shares which are to be issued are of the same
          class as shares which are listed on NASDAQ the Company shall use its
          best endeavours to procure that as soon as practicable after the
          allotment of any Shares to the Trustees pursuant to the Plan
          application shall be made to NASDAQ for the Shares to be listed.

7    RETENTION OF SHARES

     7.1  The Trustees shall not dispose of any Plan Shares held on behalf of a
          Participant during the applicable Holding Period except:

          7.1.1     in accordance with a direction of such Participant (or his
                    personal representatives) in the event of a Reconstruction
                    or Take-over affecting such Shares;

          7.1.2     to raise funds to subscribe for rights issues (subject to
                    Clause 10);

          7.1.3     to dispose of Shares to meet PAYE obligations under
                    paragraph 79 of the Schedule.

     7.2  After the applicable Holding Period nothing shall prevent a
          Participant from instructing the Trustees to sell his beneficial
          interest in his Plan Shares, including a sale to the Trustees for the
          same consideration as would be required to be obtained on a sale of
          such Shares to a third party.

     7.3  Subject to Rule 22, when a Participant ceases to be in Relevant
          Employment the Trustees must within 30 days remove any Shares of his
          from the Trust by:

          7.3.1     transferring the Plan Shares to the Participant or to
                    another person at his direction; or

          7.3.2     disposing of the Plan Shares and accounting (or holding
                    themselves ready to account) for the proceeds to the
                    Participant or to another person at his direction.

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          Where the Participant has died the references in Clauses 7.3.1 and
          7.3.2 to the Participant shall be read as references to his personal
          representatives.

8    VOTING RIGHTS

     8.1  In respect of any Plan Shares the Trustees shall upon any matter in
          relation to which at a general meeting of the Relevant Company or at
          any class meeting they are entitled to exercise any voting rights
          attaching thereto invite the relevant Participants to direct them as
          to such exercise. The Trustees shall not be entitled in respect of any
          Plan Shares to vote on a show of hands unless all directions received
          from the Participants concerned in respect of the particular
          resolution are identical and shall not in any circumstances be under
          an obligation to call for a poll. In the event of any poll the
          Trustees shall vote only in accordance with the directions of
          Participants who have given such directions. The Trustees shall not
          exercise any voting rights in respect of any unappropriated Shares
          acquired by them pursuant to the Plan.

     8.2  The Trustees shall not be bound to act upon any instructions given by
          a Participant in respect of Plan Shares unless such instructions are
          received by the Trustees in writing signed by the Participant.

9    NOTICES AND CIRCULARS

     9.1  Notices or documents which the Trustees are required or may desire to
          give to any Eligible Employee or Participant shall be delivered to him
          by hand or electronically or sent to him by first-class post pre-paid
          at his last known home or business address according to information
          provided by him to the relevant Participating Company. Notices sent by
          first class post shall be deemed to have been given on the day
          following the date of posting.

     9.2  The Parent shall send or make available to Participants copies of all
          circulars and documents sent by it to the holders of its Shares and if
          and for so long as the Parent

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          is not the Relevant Company shall use all reasonable endeavours to
          procure that all circulars and documents sent by the Relevant Company
          to its ordinary shareholders shall be sent or made available to
          Participants.

10   RIGHTS ISSUES

     10.1 Whenever any rights to acquire shares or other securities or other
          rights of any nature are granted by the Relevant Company in respect of
          Plan Shares each Participant shall be notified by the Trustees of the
          rights (determined in accordance with Clause 13) attaching to his Plan
          Shares and he may instruct the Trustees

          10.1.1    (subject to the provision by him of funds) to take up the
                    rights; or

          10.1.2    to sell the rights (in whole or in part); or

          10.1.3    to allow the rights to lapse.

     10.2 The Trustees shall act upon such instructions received by them not
          less than five Dealing Days before the expiry of the period allowed
          for the exercise of any such rights. If any Participant has not prior
          to five Dealing Days before the expiry of the period allowed for the
          exercise of any such rights given instructions to the Trustees with
          regard thereto and provided any funds necessary for the purpose the
          Trustees shall allow such rights to lapse. The Trustees shall deal
          with any payment received in consequence of allowing any rights to
          lapse in respect of any Plan Shares as a Capital Receipt (provided
          that any Capital Receipt of less than(pound)3 otherwise distributable
          to a particular Participant may be retained by the Trustees).

     10.3 Any Plan Shares (within the meaning of paragraph 88(2) of the
          Schedule) taken up by the Trustees on behalf of any Participant under
          this Clause shall, subject to Clause 13, form part of the
          Participant's Plan Shares and shall be deemed to have been acquired or
          appropriated at the same time as the Plan Shares to which they relate.

     10.4 Nothing in this Clause shall require the Trustees to act in any manner
          whereby they would be involved in any liability unless indemnified to
          their satisfaction by the

<PAGE>

          Participant in question against such liability. In the exercise of any
          discretion conferred upon them the Trustees shall not be liable for
          any loss to any Participant arising by reason of any matter or thing
          other than wilful fraud or wrongdoing or in the case of Trustees
          engaged in the business of providing a trustee service for a fee
          negligence on the part of the relevant trustee sought to be made
          liable.

11   CAPITALISATION ISSUES

     Where the Relevant Company allots any new shares (within the meaning of
     paragraph 87(7) of the Schedule) by way of capitalisation to the Trustees
     in respect of any Plan Shares held by them such new shares shall subject to
     and in accordance with Clause 13 form part of such Plan Shares and shall be
     deemed to have been acquired or appropriated at the same time as the Plan
     Shares in respect of which they are allotted.

12   RECONSTRUCTIONS AND TAKE-OVERS

     12.1 Participants shall be notified of any Reconstruction or Take-over and
          any Participant may give notice in writing to the Trustees instructing
          them in respect of any of his Plan Shares (and where appropriate
          exercising any right to elect to receive any particular form of
          consideration available thereunder).

     12.2 To the extent the consideration received by virtue of any
          Reconstruction or Take-over consists of cash it shall be treated as
          the proceeds of a disposal under Clause 7.1 and so far as it consists
          of new shares (within the meaning of paragraph 87(7) of the Schedule)
          it shall be held by the Trustees as Plan Shares subject to the terms
          of this Deed and the Rules mutatis mutandis as if the same were the
          Plan Shares in respect of which they are issued or which they
          otherwise represent.

13   ENTITLEMENTS

     13.1 Where in respect of Shares of the same class as the Plan Shares an
          offer or invitation is made conferring rights to acquire against
          payment additional securities in the Relevant Company or where new
          securities by way of capitalisation are to

<PAGE>

          be allotted by such company the Trustees shall allocate such rights or
          securities amongst the Participants concerned on a proportionate basis
          and if such allocation shall give rise to a fraction of a right or a
          security shall round such allocation down to the next whole right or
          security and the Trustees shall use their best endeavours to sell any
          rights or securities which are not allocated and distribute the net
          proceeds of sale (after deducting therefrom any expenses of sale and
          any taxation which may be payable by the Trustees in respect thereof)
          among the Participants whose allocation was rounded down such proceeds
          which derive from Plan Shares being treated as a Capital Receipt in
          accordance with section 502(1) of the Act provided that any sum of
          less than (pound)3 otherwise distributable to a particular Participant
          may be retained by the Trustees.

     13.2 In any circumstances in which the Trustees receive new securities
          which are deemed to form part of a holding of Plan Shares the Trustees
          shall allocate the securities to the Participant by reference to the
          relevant dates of appropriation of the Plan Shares to which they
          relate and if any such allocation should give rise to a fraction of a
          security the Trustees shall subject to the Schedule round such
          allocation up or down to the next whole security.

14   INFORMATION AND ACCOUNTING FOR INCOME TAX

     14.1 The Trustees and the Company must maintain such records as may be
          necessary for the purposes of:

          14.1.1    informing Participants of their PAYE and National Insurance
                    liabilities under the Plan; and

          14.1.2    enabling the Participating Company to make and account for a
                    PAYE (and National Insurance Contributions) deduction in
                    respect of any asset transferred to a Participant when a
                    liability to Schedule E income tax arises and the asset is a
                    readily convertible asset within the meaning of Section 696
                    of the Act.

<PAGE>

     14.2 If the Trustees are obliged to operate PAYE in accordance with the
          provisions of section 510 of the Act, they may dispose of the asset or
          part thereof on behalf of the Company and account to the Inland
          Revenue for so much of the proceeds of disposal as would be required
          if there had in fact been a payment of assessable income, and to the
          Participant for the balance.

15   TRUSTEES' POWERS OF DELEGATION

     15.1 In the exercise of their discretions and the performance of their
          duties hereunder the Trustees may employ and pay a registrar solicitor
          broker actuary accountant banker or other adviser and may appoint any
          such person as their agent to transact all or any business and may act
          on the advice or opinion of any such solicitor, broker, actuary,
          accountant, banker or other adviser and shall not be responsible for
          anything done or omitted to be done or suffered in good faith in
          reliance on such advice or opinion.

     15.2 Except as otherwise provided by Part 9 of the Schedule the Trustees
          may delegate any of their powers and duties hereunder or any business
          including the exercise of any discretion to any person or company
          including the Company or any Subsidiary.

     15.3 The Trustees may at any time and shall if so directed by the Company
          revoke any delegation or arrangement made under this Clause and
          require any trust property held by another person to be returned to
          the Trustees.

     15.4 The Trustees may execute or sign and (if and so long as there is more
          than one Trustee) may authorise the execution or signature by any one
          of their number as their agent (and any corporate trustee may
          similarly authorise any of its directors officers or employees on its
          behalf) to effect the execution or signature of any deeds documents
          cheques or other instruments by the impression of any signature on
          behalf of or as witness of any sealing by the Trustees in writing
          printing lithography photocopying or any other mode of representing or
          reproducing words in a visible form. Any such signature or sealing
          shall be as valid as if given by all the Trustees.

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     15.5 The Trustees may at any time cause any part of the trust property to
          be deposited for safekeeping with any Trustee or any other person on
          behalf of the Trustees and may pay any expenses in connection
          therewith.

16   ADMINISTRATION

     16.1 Subject to and in accordance with the provisions of this Deed
          including Schedule One the Trustees may make such regulations as they
          consider appropriate relating to the administration of the Plan.

     16.2 If and so long as there is more than one Trustee the Trustees shall
          meet together as may be necessary for the administration of the trusts
          hereof and all decisions taken by a majority (or as a result of the
          casting vote of any chairman appointed by the Trustees present at the
          meeting) of the Trustees present at any meeting of the Trustees of
          which notice has been given to all of them present in the United
          Kingdom (provided at least two Trustees shall be present) shall be as
          effective for all purposes as if such decisions had been unanimous
          decisions of all the Trustees. A written resolution signed by all the
          Trustees arrived at without any meeting shall be effective for all
          purposes. Nothing herein shall preclude a sole corporate trustee from
          acting on its own.

     16.3 The Trustees shall arrange for the relevant Participating Companies to
          account to the Inland Revenue or other authority concerned for any
          amounts deducted from payments made pursuant to the Plan in respect of
          PAYE or any other deductions required in accordance with paragraph 79
          of the Schedule.

17   PROVISIONS RELATING TO THE TRUSTEES

     17.1 The Company shall pay to or reimburse the Trustees upon demand for all
          charges and expenses reasonably incurred by them in the course of the
          administration and determination of the trusts of this Deed and of the
          Plan and shall keep their estates and effects fully indemnified and
          saved harmless against all actions, claims, losses,

<PAGE>

          demands, proceedings, charges, expenses, costs, damages, taxes, duties
          and other liabilities arising out of anything done or caused to be
          done by them or suffered or incurred by them in the exercise or
          purported exercise of any of the powers and discretions vested in them
          by this Deed and the Plan or otherwise howsoever arising out of or in
          connection with the preparation administration operation or
          termination of the Plan but so that no Trustee shall be indemnified or
          exonerated in respect of any fraud or wilful default or in the case of
          Trustees engaged in the business of providing a trustee service for a
          fee negligence on his part and in addition the Trustees shall have the
          benefit of all indemnities conferred upon trustees generally by law
          and by the Trustee Act 1925.

     17.2 A person shall not be disqualified from acting as a Trustee hereof or
          exercising any power vested in the Trustees by reason of the fact that
          he is or has been a director or employee of any Participating Company
          or any Subsidiary or is participating in or has participated in the
          Plan or for any remuneration or other benefit received thereby or in
          connection therewith.

     17.3 Any bank which is banker to the Company or any Subsidiary may act as
          Trustee without being required to account for any profit resulting
          therefrom.

     17.4 Any person acting as a Trustee in the course of any profession or
          business carried on by him may charge and be paid such reasonable
          remuneration charges or disbursements whether in connection with the
          Plan or otherwise as shall from time to time be agreed between him and
          the Company.

     17.5 No Trustee (and no director or officer of a body corporate or a trust
          corporation acting as a Trustee) shall on his own account be precluded
          from acquiring, holding or dealing with any debentures, debenture
          stock shares or securities whatsoever of the Company or any Subsidiary
          or any other company in the shares of which the Company or any
          Subsidiary may be interested or from entering into any contract or
          other transaction with the Company or any Subsidiary or any such other
          company or from being interested in any such contract or transaction
          and nor shall he be in any way liable to account to the Company or any
          Subsidiary or any Participant in the Plan for any profits made, fees,
          commissions, shares of brokerage discounts allowed or advantages
          obtained by him from or in connection with such

<PAGE>

          acquisition, holding, dealing contract or transaction whether or not
          in connection with his duties hereunder.

     17.6 The Trustees shall be entitled in the absence of manifest error to
          rely without further enquiry on information supplied to them by the
          Company for the purposes of the Plan and shall also be entitled to
          rely in the absence of manifest error on any direction notice or
          document purporting to be given or executed by or with the authority
          of the Company or by any Participant in the Plan as having been so
          given or executed.

18   APPOINTMENT REMOVAL AND RETIREMENT OF TRUSTEES

     18.1 The Company may at any time by writing under the hand of a person duly
          authorised by a resolution of the Directors:

          18.1.1    appoint a new Trustee including a corporate Trustee; and

          18.1.2    remove a Trustee from office (but not so as to leave in
                    office less than two Trustees unless a corporate Trustee)
                    without assigning any reason therefore and such removal
                    shall (in the absence of any other date specified in the
                    notice) take place forthwith.

     18.2 All powers of appointment and removal shall be vested in the Trustees
          in the event that the Company ceases to exist otherwise than in
          consequence of a reconstruction or amalgamation.

     18.3 A Trustee may retire by giving to the Company written notice of his
          desire to retire and such notice shall take effect at the expiry of
          three months (or such other period as may be agreed with the Company)
          from the date of such notice. The Trustee shall not be obliged to pay
          and shall not be responsible for any costs occasioned by such
          retirement but shall execute all such documents and do all such things
          as may be necessary to give proper effect to such retirement.

<PAGE>

     18.4 Forthwith upon his removal or retirement a Trustee shall transfer all
          trust property held by him and deliver all documents in his possession
          relating to the Plan to the remaining Trustees (if any) or otherwise
          as the Company may direct.

     18.5 The provisions of Sections 37 and 39 of the Trustee Act 1925 shall
          apply hereto as if any references therein to a trust corporation were
          references to any corporation.

19   RESIDENCE AND NUMBER OF TRUSTEES

     The number of Trustees should be not less than two persons unless a company
     is appointed as sole Trustee. The Trustees shall at all times be resident
     in the United Kingdom for United Kingdom tax purposes. If there is only one
     Trustee it shall be a body corporate (which in accordance with Clause 18.5
     above need not be a trust corporation) at all times resident in the United
     Kingdom for United Kingdom tax purposes.

20   ALTERATIONS

     The Company may at any time (with the concurrence of the Trustees) by deed
     supplemental hereto alter any of the provisions of this Deed (including the
     Schedules hereto) subject to the provisions of Rule 23.

21   TERMINATION

     The trusts established by this Trust Deed shall (subject to the power of
     the Directors to terminate the Plan under Rule 24.1) continue for a period
     of eighty years commencing on the date of this Trust Deed and shall
     thereupon be wound up in accordance with Rule 24.3.

22   GENERAL

<PAGE>

     22.1 This Deed shall be governed by and construed in accordance with the
          laws of England.

     22.2 Schedule One shall have effect as part of this Deed.

<PAGE>

IN WITNESS whereof the parties hereto have caused this Deed to be executed the
day and year first before written

Executed as a Deed by                                  )
HUDSON
GLOBAL RESOURCES LIMITED                               )
Acting by                                              )

                           Authorised signatory

                           Authorised signatory

Executed as a Deed by                                  )
HALIFAX CORPORATE TRUSTEES LIMITED                     )
Acting by                                              )

                           Authorised signatory

                           Authorised signatory

<PAGE>

                                  Schedule One
            Rules of the Hudson Global Resources Share Incentive Plan

1    Definitions

In these Rules the following words and expressions shall, where the context so
permits, have the meanings set forth below:

"Accumulation Period"    such period as the Directors shall determine
                         under Rule 5.1.4 which shall begin no later than the
                         date on which the first deduction of Partnership Share
                         Money is made from a Participant's salary and end no
                         later than twelve months after it began and which shall
                         be the same for all Participants in the Plan;

"the Act"                the Income Tax (Earnings and Pensions) Act 2003;

"Acquisition Date"       the date on which Partnership Shares are acquired on
                         behalf of Participants in accordance with Rule 6 of
                         the Plan;

"Appropriation Date"     (1)  in relation to Free Shares, a date determined by
                              the Directors (and agreed in advance with the
                              Trustees) as the date on which Free Shares are to
                              be appropriated to Participants in accordance with
                              Rule 2 of the Plan; and

                         (2)  in relation to Matching Shares, the date on which
                              Matching Shares are to be appropriated to
                              Participants in accordance with Rule 9 of the
                              Plan; and

<PAGE>

                         (3)  in relation to Dividend Shares, the date on which
                              the Dividend Shares are appropriated to
                              Participants in accordance with Rule 12 of the
                              Plan;

"Associated Company"     has the meaning in paragraph 94 of the Schedule;

"the Auditors"           the auditors for the time being of the Company acting
                         as experts and not as arbitrators;

"Capital Receipt"        in relation to Plan Shares held on behalf of a
                         Participant, any money or money's worth which the
                         Trustees or the Participant become entitled to receive,
                         save to the extent that it is disregarded pursuant to
                         the provisions of Section 502(4) of the Act;

"the Company"            HUDSON GLOBAL RESOURCES LIMITED registered in England
                         under number 3206355;

"Connected Company"      has the same meaning as in paragraph 18(3) of the
                         Schedule;

"Continuous Employment"  the meaning ascribed by Chapter I of Part XIV of the
                         Employment Rights Act 1996;

"Control"                the meaning ascribed by Section 840 of ICTA;

"Dealing Day"            a day on which NASDAQ is open for the transaction of
                         business;

"the Deed"               the Trust Deed constituting, inter alia, the Plan as
                         amended from time to time;

<PAGE>

"the Directors"          the board of Directors of the Company, or a duly
                         authorised committee thereof;

"Dividend Shares"        Shares which satisfy the requirements of paragraph 65
                         of the Schedule and are appropriated to Participants
                         under Rule 12 and held by the Trustees upon the terms
                         of the Plan;

"Dividend Share Limit"   the limit specified in paragraph 64 of the Schedule
                         from time to time;

"Eligible Employee"      any person who on the applicable Appropriation Date or
                         the date of the deduction of Partnership Share Money
                         relating to the award or where an Accumulation Period
                         applies the date of the first deduction of Partnership
                         Share Money relating to the award is an employee of the
                         Company (or any Participating Company); and

                         (1)  is chargeable to tax in respect of his employment
                              under paragraph 8(2) of the Schedule; and

                         (2)  has such period of Continuous Employment with
                              any one or more Qualifying Companies (taken
                              consecutively) as the Directors may determine
                              being a period not exceeding 18 months save
                              that where an Accumulation Period applies this
                              period shall not exceed 6 months ending with the
                              start of such Accumulation Period; and

<PAGE>

                         (3)  any other such employee who satisfies (2) above
                              and who the Directors in their absolute discretion
                              may permit to participate in the Plan

                         PROVIDED THAT

                         (1)  a person who is ineligible to participate by
                              virtue of paragraph 19 of the Schedule shall not
                              be treated as an Eligible Employee; and

                         (2)  a person shall not be eligible to receive an
                              appropriation of Free Shares in a Year of
                              Assessment if in that Year of Assessment he has
                              participated or is to participate or would have
                              participated but for his failure to obtain an
                              appropriation based on a Performance Related
                              Formula in another share incentive plan
                              established by the Company or a Connected
                              Company and approved under the Schedule

                              and

                         (3)  a person shall not be eligible to participate in
                              an award of Partnership Shares or Matching Shares
                              in a Year of Assessment if in that Year of
                              Assessment he has participated or is to
                              participate in an award of shares under another
                              employee share incentive plan

<PAGE>

                              established by the Company or a Connected Company
                              and approved under the Schedule or if he would
                              have participated but for his failure to obtain an
                              award based on a Performance Related Formula;

"Forfeiture Period"      in relation to Free Shares and Matching Shares
                         the period beginning on the applicable Appropriation
                         Date and ending on such date as the Directors shall
                         determine being no later than the third anniversary of
                         such Appropriation Date which shall apply to all Free
                         Shares and Matching Shares in the same appropriation;

"Free Shares"            Shares which are appropriated to an Eligible Employee
                         under Rule 2 and held by the Trustees upon the terms of
                         the Plan;

"Free Share Agreement"   An agreement in the form (or substantially in the form)
                         of Schedule Three, adapted as appropriate;

"Free Share Limit"       (pound)3,000 or such other amount as may be specified
                         in paragraph 35 of the Schedule from time to time;

"Group"                  the Company, any Subsidiary and any Associated Company
                         of the Company from time to time;

"Holding Period"         in relation to Free Shares, Matching Shares and
                         Dividend Shares the period beginning on the applicable
                         Appropriation Date and ending on:

<PAGE>

                         (1)  in the case of Free Shares and Matching Shares
                              such date as the Directors shall determine being
                              no earlier than the third anniversary nor later
                              than the fifth anniversary of such date; and

                         (2)  in the case of Dividend Shares the third
                              anniversary of such date;

                         and which period shall not be increased in respect of
                         Free Shares, Matching Shares and Dividend Shares
                         already awarded under the Plan.

"ICTA"                   Income and Corporation Taxes Act 1988;

"Initial Market Value"        in relation to a Share:

                              (1)  save as mentioned in (2) below, its Market
                                   Value (determined as if there were no
                                   restrictions or risk of forfeiture) on the
                                   Appropriation Date, Acquisition Date or where
                                   the Directors have determined that an
                                   Accumulation Period applies the first day of
                                   the Accumulation Period or the Acquisition
                                   Date in accordance with Rule 6.2 (as
                                   appropriate); or

                              (2)  if and so long as the Shares are listed on
                                   the New York Stock Exchange, its Market
                                   Value

<PAGE>

                                   (determined as if there were no restrictions
                                   or risk of forfeiture) on the Appropriation
                                   Date, Acquisition Date or where the Directors
                                   have determined that an Accumulation Period
                                   applies the first day of the Accumulation
                                   Period or the Acquisition Date in accordance
                                   with Rule 6.2;

"Key Feature"                 a feature of the Plan which is a provision which
                              is necessary in order to meet the requirements of
                              the Schedule;

"Letter of Offer"             a letter in the form (or substantially in the
                              form) of Schedule Two, adapted as appropriate;

"Market Value"                in relation to a Share on any date:

                              (1)  save as mentioned in (2) below, its market
                                   value as determined in accordance with
                                   Part VIII of the Taxation of Chargeable Gains
                                   Act 1992 and agreed in advance with Inland
                                   Revenue Shares Valuation; or

                              (2)  if and so long as the Shares are fully
                                   listed on the New York Stock Exchange:

                                   (a)  if, and only if, all the Shares
                                        acquired for allocation to

<PAGE>

                                        Participants on an Acquisition Date or
                                        an Appropriation Date are purchased and
                                        allocated to all Participants on the
                                        same day, the average of the prices paid
                                        by the Trustees for those Shares

                                   or

                                   (b)  if all the Shares acquired for
                                        Participants are not purchased and
                                        awarded to all Participants on the same
                                        day, its closing price on the New York
                                        Stock Exchange on the immediately
                                        preceding Dealing Day.

"Matching Shares"             Shares which satisfy the requirements of paragraph
                              59 of the Schedule and are appropriated to an
                              Eligible Employee under Rule 9 and held by the
                              Trustees upon the terms of the Plan;

"Notice of Acquisition"       a notice in the form (or substantially in the
                              form) of Schedule Seven, adapted as appropriate;

"Notice of Appropriation"     a notice in the form (or substantially in the
                              form) of Schedule Five, adapted as appropriate;

<PAGE>

"Parent"                      Hudson Highland Group Inc. a corporation
                              registered in the state of Delaware USA;

"Participant"                 an Eligible Employee who has entered into a Free
                              Share Agreement or Partnership Share Agreement to
                              participate in the Plan;

"Participating Company"       the Company and any Subsidiary which is under the
                              Control of the Company designated by the Directors
                              as a Participating Company which has executed a
                              suitable deed of adherence;

"Partnership Shares"          Shares which are acquired by or on behalf of
                              Eligible  Employees  under Rule 6 and held by the
                              Trustees upon the terms of the Plan;

"Partnership Share Agreement" an agreement in the form (or substantially in the
                              form) of Schedule Four, adapted as appropriate;

"Partnership Share Limit"     the lower of (pound)125 per month (or an
                              equivalent weekly amount) and 10% of an Eligible
                              Employee's Salary (or such other amounts as may be
                              specified from time to time in paragraph 46 of the
                              Schedule);

"Partnership Share Money"     if the Directors determine that an Accumulation
                              Period will apply the aggregate amount of all
                              deductions,

<PAGE>

                              otherwise the deduction made from a
                              Participant's Salary in accordance with the
                              Partnership Share Agreement before it is used
                              to acquire Partnership Shares on his behalf;

"Plan"                        the Hudson Global Resources Share Incentive Plan
                              in its present form, or as from time to time
                              altered in accordance with its Rules;

"Plan Shares"                 Shares held by the Trustees upon the terms of
                              the Plan on behalf of the Participants comprising
                              Free, Partnership, Matching and Dividend Shares
                              and shares in relation to which paragraph 87(2)
                              of the Schedule applies;

"Qualifying Company"          the same meaning as in paragraph 17 of the
                              Schedule;

"Reconstruction or Take-over" a transaction affecting any Plan Shares which:

                              (1)  is an offer for those Plan Shares which, if
                                   accepted, would result in a new holding of
                                   shares being equated with such Plan Shares
                                   for the purposes of capital gains tax; or

                              (2)  is a transaction mentioned in Chapter II of
                                   Part V of the Taxation of Chargeable Gains

<PAGE>

                                   Act 1992 which would result in a new holding
                                   being equated with such Plan Shares for the
                                   purposes of capital gains tax were it not
                                   for the fact that what would be the new
                                   holding consists of or includes a qualifying
                                   corporate bond (within the meaning of Section
                                   117 of the Taxation of Chargeable Gains
                                   Act 1992); or

                              (3)  is entered into pursuant to a scheme of
                                   arrangement or a compromise applicable to or
                                   affecting:

                                   (a)  all the issued ordinary share capital
                                        of the Relevant Company or, as the case
                                        may be, all of it that is of the class
                                        in question; or

                                   (b)  all the shares, or shares of the class
                                        in question, which are held by a class
                                        of shareholders identified otherwise
                                        than by reference to their employment
                                        or their participation in an employee
                                        share incentive plan approved by the

<PAGE>

                                        Inland Revenue under the Schedule;

                                   or

                              (4)  is an offer of cash (with or without other
                                   assets) where the offer forms part of a
                                   general offer which is made to the holders of
                                   shares of the same class in the Relevant
                                   Company and which is made in the first
                                   instance on a condition such that if it is
                                   satisfied the offeror will have Control of
                                   the Relevant Company;

"the Release Date"            (1)  in relation to Free Shares, Matching Shares
                                   and Dividend Shares, the day following the
                                   last day of the applicable Holding Period;

                              (2)  in relation to Partnership Shares, the period
                                   beginning on the applicable Acquisition Date
                                   and ending on the third anniversary of such
                                   date;

"Relevant Company"            the Parent or any other company whose shares are,
                              as a result of a Reconstruction or Take-over,
                              Plan Shares;

<PAGE>

"Relevant Employment"         employment by the Company, a Participating Company
                              or any Associated Company of the Company;

"Retirement Age"              age 50;

"Rules"                       the rules of the Plan (and "Rule" shall be
                              construed accordingly);

"Salary"                      the meaning ascribed by paragraph 48 of the
                              Schedule;

"the Schedule"                Schedule 2 to the Income Tax (Earnings and
                              Pensions) Act 2003;

"Share"                       a share of common stock in the Parent satisfying
                              paragraphs 25 to 33 inclusive of the Schedule;

"Subsidiary"                  the meaning ascribed by Section 736 of the
                              Companies Act 1985;

"Tax Free Date"               (1)  In relation to Free Shares, Partnership
                                   Shares and Matching Shares, the fifth
                                   anniversary of their Appropriation Date or
                                   Acquisition Date (as appropriate); and

                              (2)  in relation to Dividend Shares, the third
                                   anniversary of their Appropriation Date;

<PAGE>

"Termination Period"          the period of three months commencing on the day
                              on which a plan termination notice is sent out
                              under Rule 24.2;

"Trustees"                    the Trustees referred to in the Deed, or such
                              other person or persons who is or are the trustee
                              or trustees from time to time of the Plan;

"T.U.P.E transfer"            a transfer to which the Transfer of Undertakings
                              (Protection of Employment) Regulations 1981
                              applies;

"Year of Assessment"          a year beginning on any 6 April and ending on the
                              following 5 April.

References to any statutory provision are to that provision as amended or
re-enacted from time to time and, unless the context otherwise requires, words
in the singular include the plural (and vice versa) and words importing the
masculine shall include the feminine (and vice versa).

<PAGE>

PART ONE - FREE SHARES

2    Appropriation of Free Shares

     2.1  When the Directors have determined to operate the Plan by offering
          Free Shares on the same terms to Eligible Employees, a Letter of Offer
          shall be issued to each Eligible Employee asking him to consent to the
          appropriation of Free Shares on the proposed Appropriation Date by
          signing and returning as directed the accompanying Free Share
          Agreement duly completed and signed by such date at least 14 days
          after the date of the Letter of Offer as shall be specified in the
          Letter of Offer (but in any event prior to the relevant Appropriation
          Date). The Letter of Offer shall specify the Holding Period which the
          Directors have determined will apply to the Free Shares appropriated
          on the Appropriation Date and any Forfeiture Period that will apply to
          the Free Shares.

     2.2  A Free Share Agreement entered into in accordance with this Rule 2
          shall bind the relevant Eligible Employee in contract with the
          Company:

          2.2.1     to permit the Free Shares appropriated to him to remain in
                    the hands of the Trustees throughout the applicable Holding
                    Period; and

          2.2.2     not to assign, charge or otherwise dispose of his beneficial
                    interest in those Free Shares during the applicable Holding
                    Period; and

          2.2.3     if the Company in accordance with Rule 4.2 directs the
                    Trustees to transfer the legal ownership of any Free Shares
                    to the Eligible Employee at any time before the applicable
                    Release Date, to pay to the Trustees before such transfer
                    takes place, or to allow the Trustees to sell some or all of
                    his Free

<PAGE>

                    Shares in order to raise, a sum equal to income tax at the
                    appropriate rate on the Market Value of such Free Shares at
                    the time of such transfer together with any Primary Class I
                    National Insurance liability which may arise; and

          2.2.4     if he or the Company in accordance with Rule 4.2 directs the
                    Trustees to transfer the legal ownership of any Free Shares
                    to the Eligible Employee at any time after the applicable
                    Release Date but before the applicable Tax Free Date, to pay
                    to the Trustees before such transfer takes place or to allow
                    the Trustees to sell some or all of his Free Shares in order
                    to raise a sum equal to income tax at the appropriate rate
                    on the lesser of:

                    (a)  the Initial Market Value of the Free Shares; and

                    (b)  the Market Value of the Free Shares at the time of such
                         transfer

                    together with any Primary Class I National Insurance
                    liability which may arise.

     2.3  Free Shares shall be appropriated on an Appropriation Date amongst
          Eligible Employees who have entered into a Free Share Agreement in
          accordance with such one or more of the methods set out in Rules
          2.3.1, 2.3.2, 2.3.3, 2.3.4 or 2.3.5 as the Directors shall determine.
          Every Eligible Employee who does participate must do so on the same
          terms.

          2.3.1     Eligible Employees shall receive Free Shares having an
                    Initial Market Value equal to such percentage of their
                    annual Salary as the Directors shall determine; and/or

          2.3.2     Eligible Employees shall receive a number of Free Shares per
                    year of Continuous Employment with one or more Participating
                    Companies and/or Subsidiaries; and/or

<PAGE>

          2.3.3     Eligible Employees shall receive a number of Free Shares
                    according to the number of hours worked per week with their
                    employing company; and/or

          2.3.4     Eligible Employees shall receive a fixed number of Shares or
                    a number of Shares with a Market Value equal to a fixed sum;
                    and/or

          2.3.5     such other formula relating to the performance of the
                    Eligible Employee, the Company or the Eligible Employee's
                    business unit to be determined by the Directors (the
                    "Performance Related Formula") PROVIDED THAT if a
                    Performance Related Formula is selected, either 2.3.5.1 or
                    2.3.5.2 will apply;

                    2.3.5.1 (a) at least 20% of the Free Shares appropriated on
                                the Appropriation Date must be appropriated in
                                accordance with Rules 2.3.1, 2.3.2, 2.3.3 and/or
                                2.3.4 without reference to the Performance
                                Related Formula; and

                            (b) the appropriation of Free Shares with the
                                highest Initial Market Value to any Eligible
                                Employee on  any Appropriation Date under the
                                Performance Related Formula may not exceed four
                                times the  highest Initial Market Value of Free
                                Shares appropriated to any Eligible Employee
                                under any of the formulae set out under
                                Rules 2.3.1, 2.3.2, 2.3.3 and 2.3.4; or

                    2.3.5.2 (a) some or all of the Free Shares must be
                                appropriated according to a Performance Related
                                Formula which must be comparable in terms of the
                                likelihood of being met by each of the
                                performance units to which it applies; and

<PAGE>

                            (b) Free Shares appropriated to members of the same
                                performance unit must satisfy Rules 2.3.1,
                                2.3.2, 2.3.3 or 2.3.4.

     2.4  Where a Performance Related Formula is selected:

          2.4.1     the same method as set out in either Rule 2.3.5.1 or Rule
                    2.3.5.2 shall be used for all Eligible Employees who take
                    part in an appropriation;

          2.4.2     the Letter of Offer issued to Eligible Employees under Rule
                    2.1 shall include notification of the Performance Related
                    Formula as it applies to each Eligible Employee; and

          2.4.3     a notice describing the Performance Related Formula in
                    general terms must be put on display for all employees of
                    Participating Companies before the beginning of the period
                    to which the Performance Related Formula will relate.

     2.5  Where Free Shares have been appropriated under this Rule 2 the
          Trustees will send a Notice of Appropriation to each Participant to
          whom such Shares have been appropriated in accordance with Clause 2.7
          of the Deed.

     2.6  The aggregate of the Market Value of all Free Shares which may be
          appropriated to any Participant in any Year of Assessment shall not
          exceed the Free Share Limit.

3    Transfer of Free Shares

     3.1  In accordance with the Free Share Agreement entered into between a
          Participant and the Company under Rule 2, a Participant may direct the
          Trustees to transfer the legal ownership of his Free Shares to him at
          any time on or after the Release Date that applies to them.

<PAGE>

     3.2  Any direction given by a Participant under Rule 3.1 must be in the
          form (or substantially in the form) of Schedule Six, adapted as
          appropriate. The Trustees will transfer the relevant Free Shares as
          soon as practicable after receipt of the direction.

4    Cessation of Employment and withdrawal of Free Shares from the Plan

     4.1  In the event of a Participant ceasing to be employed by the Group at
          any time by reason of:

          4.1.1     injury, disability, redundancy (within the meaning of the
                    Employment Rights Act 1996); or

          4.1.2     a T.U.P.E transfer; or

          4.1.3     a change of Control or other circumstances ending the
                    Associated Company status of the company by which he is
                    employed; or

          4.1.4     retirement on or after reaching Retirement Age; or

          4.1.5     death

          the Directors shall procure that his Free Shares are transferred to
          him by the Trustees as soon as practicable after such cessation.

     4.2  In the event of a Participant ceasing to be employed by the Group in
          any circumstances other than those set out in Rule 4.1 or otherwise
          instructing the Trustees to transfer his Free Shares to him:

          4.2.1     on or after the applicable Release Date but before the
                    applicable Tax Free Date, the Directors shall procure that
                    his Free Shares are transferred to him by the Trustees,
                    subject to the disposal by the Trustees of sufficient Plan
                    Shares to enable them to meet their PAYE liabilities or
                    payment to the Trustees

<PAGE>

                    by the Participant of a sum equal to income tax at the
                    appropriate rate on the lesser of:

                    a)   the Initial Market Value of such Free Shares; and

                    b)   the Market Value of such Free Shares on the date of his
                         cessation of employment;

                    together with any Primary Class I National Insurance
                    liability that may arise in accordance with the Free Share
                    Agreement that relates to them, as soon as practicable after
                    such cessation; or

          4.2.2     in relation to cessation of employment only, after the
                    Forfeiture Period and before the applicable Release Date,
                    the Directors shall procure that his Free Shares are
                    transferred to him by the Trustees, subject to the disposal
                    by the Trustees of sufficient Plan Shares to enable them to
                    meet their PAYE liabilities or payment to the Trustees by
                    the Participant of a sum equal to income tax at the
                    appropriate rate on the Market Value of such Free Shares
                    together with any Primary Class I National Insurance
                    liability that may arise, in accordance with the Free Share
                    Agreement that relates to them, as soon as practicable (and
                    in any event within 30 days) after such cessation.

     4.3  In the event of a Participant ceasing to be employed by the Group in
          any circumstances other than those set out in Rule 4.1 before the end
          of the applicable Forfeiture Period he will forfeit his Free Shares
          and thereafter have no further entitlement to them.

     4.4  Takeovers

          4.4.1     A Participant may during the Holding Period direct the
                    Trustees:

<PAGE>

          4.4.1.1   to accept an offer for any of his Free Shares if the
                    acceptance or agreement will result in a new holding being
                    equated with those Shares for the purposes of capital gains
                    tax; or

          4.4.1.2   to accept an offer of a qualifying corporate bond (whether
                    alone or with other assets or cash or both) for his Free
                    Shares if the offer forms part of such a general offer as is
                    mentioned in paragraph 37(5) of the Schedule; or

          4.4.1.3   to accept an offer of cash, with or without other assets,
                    for his Free Shares if the offer forms part of a general
                    offer which is made to holders of shares of the same class
                    as his Shares, or to holders of shares in the same company
                    and which is made in the first instance on a condition such
                    that if it is satisfied the person making the offer shall
                    have control of that company, within the meaning of section
                    416 of ICTA; or

          4.4.1.4   to agree to a transaction affecting his Free Shares or such
                    of them as are of a particular class, if the transaction
                    would be entered into pursuant to a compromise, arrangement
                    or scheme applicable to or affecting:

                    (a)  all of the ordinary share capital of the Parent or, as
                         the case may be, all the shares of the class in
                         question; or

                    (b)  all the shares, or all the shares of the class in
                         question, which are held by a class of shareholders
                         identified otherwise than by reference to their
                         employment or their

<PAGE>

                         participation in a plan approved under the Schedule.

<PAGE>

PART TWO - PARTNERSHIP SHARES

5    Invitations to acquire Partnership Shares

     5.1  When the Directors have determined to operate the Plan by inviting
          Eligible Employees to acquire Partnership Shares on the same terms, a
          Letter of Offer shall be issued to each Eligible Employee inviting him
          to enter into an agreement with the Company by signing and returning
          as directed the accompanying Partnership Share Agreement duly
          completed and signed by such date at least 14 days after the date of
          the Letter of Offer as shall be specified in the Letter of Offer. The
          Letter of Offer shall specify:

          5.1.1     whether the Directors have determined to offer Matching
                    Shares to Eligible Employees who enter into a Partnership
                    Share Agreement; and

          5.1.2     the basis on which such Matching Shares will be
                    appropriated; and

          5.1.3     any Forfeiture Period that will apply to the Matching
                    Shares; and

          5.1.4     the starting date and length of the Accumulation Period (as
                    determined by the Directors).

     5.2  The Company may specify the maximum number of Shares to be included in
          an offer of Partnership Shares.

          5.2.1     The Partnership Share Agreement shall contain an undertaking
                    by the Company to notify each Eligible Employee of any
                    restriction on the number of Shares to be included in an
                    offer.

          5.2.2     The notification in Rule 5.2.1 shall be given:

<PAGE>

               a)   If there is no Accumulation Period, before the first
                    deduction of the Partnership Share Money relating to the
                    offer; and

               b)   If there is an Accumulation Period, before the beginning of
                    the Accumulation Period relating to the offer.

     5.3  A Partnership Share Agreement entered into in accordance with this
          Rule 5 shall bind the relevant Eligible Employee in contract with the
          Company:

          5.3.1     to permit the Participating Company to deduct from his
                    Salary each month an amount neither less than (pound)10 nor
                    exceeding the Partnership Share Limit or an equivalent
                    amount if the salary is paid weekly; and

          5.3.2     to permit the Company to use the amount deducted under Rule
                    5.3.1 above to acquire (or to arrange the acquisition of)
                    Partnership Shares on behalf of the Eligible Employee and to
                    hold them in accordance with the Rules of the Plan; and

          5.3.3     if he directs the Trustees to transfer the legal ownership
                    of any Partnership Shares to him at any time before the
                    applicable Release Date, to pay to the Trustees before such
                    transfer takes place or to allow the Trustees to sell some
                    or all of his Plan Shares in order to raise a sum equal to
                    income tax at the appropriate rate on the Market Value of
                    such Partnership Shares at the time of such transfer
                    together with any Primary Class I National Insurance
                    liability that may arise; and

          5.3.4     if he directs the Trustees to transfer the legal ownership
                    of any Partnership Shares to him at any time on or after the
                    applicable Release Date but before the applicable Tax Free
                    Date, to pay to the Trustees before such transfer takes
                    place or to allow the Trustees to sell some or all of his
                    Plan Shares in order to raise a sum equal to income tax at
                    the appropriate rate on the lesser of:

<PAGE>

                    a)   the Partnership Share Money used to acquire the
                         Partnership Shares; and

                    b)   the Market Value of the relevant Partnership Shares at
                         the time of such transfer

                    together with any Primary Class I National Insurance
                    liability that may arise.

     5.4  A Partnership Share Agreement entered into under Rule 5.1 above will
          not be valid unless it contains a notice as prescribed by paragraph 48
          of the Schedule;

     5.5  Where Partnership Shares have been acquired on behalf of Participants
          the Trustees will send a Notice of Acquisition to each Participant on
          whose behalf such Shares have been acquired in accordance with the
          provisions of Clause 2.7 of the Deed.

     5.6  A Partnership Share Agreement shall include a provision allowing the
          Participant, by written notice to the Company, to stop the deductions
          from his Salary with effect from a date specified in the notice.
          Following such a notice, the Participant may, by further notice in
          writing, direct the Company to re-start the deductions from his
          Salary, provided that the deductions that have been missed in the
          interim period may not be made up.

     5.7  A Partnership Share Agreement shall include a provision allowing the
          Participant, on no more than two occasions in a calendar year, to
          change the amount of deductions from Salary.

     5.8  A Partnership Share Agreement shall include a provision allowing the
          Participant, by written notice to the Company, to withdraw from the
          Partnership Share Agreement at any time.

<PAGE>

6    Acquisition of Partnership Shares

     The Directors shall determine whether an Accumulation Period shall apply.

     6.1  Where the Directors have determined that an Accumulation Period shall
          not apply to an offer of Partnership Shares:

          6.1.1     All Partnership Share Money deducted by the Participating
                    Company in accordance with the Partnership Share Agreement
                    entered into under Rule 5.1 shall be transferred directly to
                    the Trustees. Within 30 days after the last deduction of
                    Partnership Share Money from Participants' Salaries the
                    Trustees shall use it in the acquisition of Partnership
                    Shares on behalf of Participants. For the purpose of this
                    Rule 6.1 'acquisition' shall mean subscription for, purchase
                    of or allocation of Shares already held by the Trustees
                    which are not Free Shares, Partnership Shares, Matching
                    Shares or Dividend Shares.

          6.1.2     The number of Partnership Shares to be acquired on behalf of
                    each Participant shall be determined in accordance with the
                    Market Value of the Partnership Shares on the Acquisition
                    Date.

     6.2  Where the Directors have determined that an Accumulation Period shall
          apply:

          6.2.1     All Partnership Share Money deducted by the Participating
                    Company during the Accumulation Period shall be transferred
                    to the Trustees within 30 days of its deduction from
                    Participants' Salaries. The Trustees will then hold the
                    Partnership Share Money until the end of the Accumulation
                    Period. Within 30 days after the end of the Accumulation
                    Period the Trustees shall use the Partnership Share Money in
                    the acquisition of Partnership Shares on behalf of
                    Participants.

<PAGE>

          6.2.2     The number of Partnership Shares to be acquired on behalf of
                    each Participant shall be determined by reference to the
                    lower of:

                    a)   the Market Value of Shares on the first day of the
                         Accumulation Period; and

                    b)   the Market Value of Shares on the Acquisition Date.

     6.3  Any Partnership Share Money remaining in the Trustees' hands after
          Partnership Shares have been acquired shall be paid to each
          Participant as soon as practicable UNLESS the Participant agrees in
          writing that the remaining Partnership Share Money may be retained by
          the Trustees and added to the next amount of Partnership Share Money
          deducted from his Salary.

     6.4  Any amount deducted in excess of that allowed by rule 6.1.1 or 6.2.1
          shall be paid over to the employee subject to the deduction of income
          tax under PAYE and in addition any liability to Primary National
          Insurance Contributions which may arise.

     6.5  If the account opened under Clause 2.3 of the Deed earns interest, the
          Trustees must pay any interest earned to the Participant.

     6.6  If the Company receives applications for Partnership Shares exceeding
          the maximum determined by the Directors on that occasion then the
          following steps shall be taken in sequence until the excess is
          eliminated.

          6.6.1     the excess of the monthly deduction chosen by each
                    application over (pound)10 shall be reduced pro rata;

          6.6.2     all monthly deductions shall be reduced to (pound)10;

          6.6.3     applications shall be selected by lot, each based on a
                    monthly deduction of (pound)10.

<PAGE>

          Each application shall be deemed to have been modified or withdrawn in
          accordance with the foregoing provisions, and each Eligible Employee
          who has applied for Partnership Shares shall be notified of the
          change.

7    Transfer of Partnership Shares

     7.1  In accordance with a Partnership Share Agreement entered into between
          a Participant and the Company under Rule 5, a Participant may withdraw
          from the Partnership Share Agreement at any time by notice in writing
          to the Company, which notice shall take effect 30 days after its
          receipt, or on such later date as may be specified in the notice. The
          Participant may then:

          a)   direct the Trustees to transfer to him any Partnership Share
               Money held on his behalf at any time; and/or

          b)   direct the Trustees to transfer the legal ownership of his
               Partnership Shares at any time.

     7.2  A Participant may withdraw any or all of his Partnership Shares from
          the Plan at any time.

     7.3  The transfer of the Partnership Share Money and/or Partnership Shares
          shall be subject to the withholding of the amount necessary to pay
          income tax at the appropriate rate together with any Primary Class I
          National Insurance liability that may arise in accordance with the
          Partnership Share Agreement relating to them. The Trustees will
          transfer the relevant Partnership Share Money and/or Partnership
          Shares to the Participant as soon as practicable after receipt of the
          direction and in any event within 30 days thereof.

     7.4  If Matching Shares have been appropriated to a Participant in relation
          to Partnership Shares that have been acquired on his behalf in
          accordance with a Partnership Share Agreement, any request to the
          Trustees to transfer those Partnership Shares to him under Rule 7.1 or

<PAGE>

          any transfer of those Partnership Shares to him under Rule 8 before
          the end of the Forfeiture Period for the Matching Shares will subject
          to rule 11.1 cause him to forfeit the corresponding Matching Shares
          and he will thereafter have no further entitlement to them.

     7.5  Where an Accumulation Period applies, in accordance with a Partnership
          Share Agreement entered into between a Participant and the Company
          under Rule 5, a Participant may by notice in writing to the Company
          (which notice shall take effect 30 days after its receipt unless a
          later date is specified in the notice) direct the Company to stop
          making deductions from his Salary under the terms of the Partnership
          Share Agreement. Where such notice is given by a Participant he may at
          a later date during the Accumulation Period by notice in writing to
          the Company, which notice shall take effect within 30 days after its
          receipt (unless a later date is specified in the notice) direct the
          Company to resume making deductions from his Salary under the terms of
          the Partnership Share Agreement until the end of the Accumulation
          Period.

8    Cessation of Employment

     8.1  In the event of a Participant ceasing to be employed by the Group in
          any circumstances the Directors shall, subject to Rule 8.2, procure
          that his Partnership Shares and any Partnership Share Money held by
          the Trustees on his behalf are transferred to him by the Trustees as
          soon as practicable after such cessation.

     8.2  Unless Rule 8.3 applies, if the cessation of the Participant's
          employment occurs before the Tax Free Date applicable to his
          Partnership Shares or while Partnership Share Money is held on his
          behalf, the transfer of those Partnership Shares and that Partnership
          Share Money to him by the Trustees shall be subject both to the
          withholding of the amount necessary to pay income tax at the
          appropriate rate in accordance with the provisions of Rules 5.3.3
          and/or 5.3.4 and to the withholding of the amount necessary to pay

<PAGE>

          income tax at the appropriate rate on such Partnership Share Money, in
          each case in accordance with the Partnership Share Agreement that
          relates to them and together with any Primary Class I National
          Insurance liability that may arise.

     8.3  In the event of a Participant ceasing to be employed by the Group at
          any time by reason of:

          8.3.1     injury, disability, redundancy (within the meaning of the
                    Employment Rights Act 1996); or

          8.3.2     a T.U.P.E transfer; or

          8.3.3     a change of Control or other circumstances ending the
                    Associated Company status of the company by which he is
                    employed; or

          8.3.4     retirement on or after reaching Retirement Age; or

          8.3.5     death

          the Directors shall procure that his Partnership Shares and
          Partnership Share Money are transferred to him as soon as practicable
          after such cessation.

PART THREE - MATCHING SHARES

9    Appropriation of Matching Shares

     9.1  When the Directors have determined to operate the Plan by
          appropriating Matching Shares on the same terms to Eligible Employees
          who enter into a Partnership Share Agreement under Rule 5, the Letter
          of Offer issued to each Eligible Employee under Rule 5 shall contain
          information about such determination, including the

<PAGE>

          number of Matching Shares that will be appropriated for each
          Partnership Share (being not more than two for one).

     9.2  Where the Directors have determined to appropriate Matching Shares to
          Eligible Employees who enter into a Partnership Share Agreement under
          Rule 5, the Partnership Share Agreement will bind the relevant
          Eligible Employee in contract with the Company:

          9.2.1     to permit the Matching Shares appropriated to him to remain
                    in the hands of the Trustees throughout the applicable
                    Holding Period; and

          9.2.2     not to assign, charge or otherwise dispose of his beneficial
                    interest in those Matching Shares during the applicable
                    Holding Period; and

          9.2.3     if the Company in accordance with Rule 11.2 directs the
                    Trustees to transfer the legal ownership of any Matching
                    Shares to the Participant before the applicable Release
                    Date, to pay to the Trustees before such transfer takes
                    place or to allow the Trustees to sell some or all of his
                    Plan Shares in order to raise a sum equal to income tax at
                    the appropriate rate on the Market Value of such Matching
                    Shares at the time of such transfer together with any
                    Primary Class I National Insurance liability that may arise;
                    and

          9.2.4     if he or the Company in accordance with Rule 11.2 directs
                    the Trustees to transfer the legal ownership of any Matching
                    Shares to him at any time on or after the applicable Release
                    Date but before the applicable Tax Free Date, to pay to the
                    Trustees before such transfer takes place or to allow the
                    Trustees to sell some or all of his Plan Shares in order to
                    raise a sum equal to income tax at the appropriate rate on
                    the lesser of:

                    a)   the Initial Market Value of the Matching Shares; and

<PAGE>

                    b)   the Market Value of the Matching Shares at the time of
                         such transfer

                    together with any Primary Class I National Insurance
                    liability that may arise.

     9.3  Where Matching Shares are appropriated under this Rule 9 the Trustees
          will send a Notice of Acquisition/Appropriation to each Participant to
          whom such Shares have been appropriated in accordance with the
          provisions of Clause 2.7 of the Deed.

     9.4  Where Matching Shares are appropriated under this Rule 9 the Shares so
          appropriated must be:

          9.4.1     Shares of the same class and carrying the same rights as the
                    Partnership Shares to which they relate; and

          9.4.2     appropriated to Participants on the same day as the
                    Partnership Shares to which they relate are acquired; and

          9.4.3     appropriated to all Participants on exactly the same basis.

10   Transfer of Matching Shares

     10.1 In accordance with the Partnership Share Agreement entered into
          between a Participant and the Company under Rule 5, a Participant may
          direct the Trustees to transfer the legal ownership of his Matching
          Shares to him at any date on or after the Release Date that applies to
          them.

     10.2 Any direction given by a Participant under Rule 10.1 must be in the
          form (or substantially the form) of Schedule Six, adapted as
          appropriate. The Trustees will transfer the relevant Matching Shares
          as soon as practicable after the receipt of the direction.

<PAGE>

11   Cessation of Employment and withdrawal of Matching Shares from the Plan

     11.1 In the event of a Participant ceasing to be employed by the Group at
          any time by reason of:

          11.1.1    injury, disability, redundancy (within the meaning of the
                    Employment Rights Act 1996); or

          11.1.2    a T.U.P.E. transfer or;

          11.1.3    a change of Control or other circumstances ending the
                    Associated Company status of the company by which he is
                    employed; or

          11.1.4    retirement on or after reaching Retirement Age; or

          11.1.5    death

          the Directors shall procure that his Matching Shares are transferred
          to him by the Trustees as soon as practicable after such cessation.

     11.2 In the event of a Participant ceasing to be employed by the Group in
          any circumstances other than those set out in Rule 11.1 or otherwise
          instructing the Trustees to transfer his Matching Shares to him:

          11.2.1    on or after the applicable Release Date but before the
                    applicable Tax Free Date the Directors shall procure that
                    his Matching Shares are transferred to him by the Trustees,
                    subject to the disposal by the Trustees of sufficient Plan
                    Shares to enable them to meet their PAYE liabilities or
                    payment to the Trustees by the Participant of a sum equal to
                    income tax at the appropriate rate on the lesser of:

                    a)   the Initial Market Value of such Matching Shares; and

                    b)   the Market Value of such Matching Shares on the date of
                         his cessation of employment

<PAGE>

                    together with any Primary Class I National Insurance
                    liability that may arise in accordance with the Partnership
                    Share Agreement that relates to them, as soon as practicable
                    after such cessation; or

          11.2.2    in relation to cessation of employment only, after the
                    Forfeiture Period and before the applicable Release Date the
                    Directors shall procure that his Matching Shares are
                    transferred to him by the Trustees, subject to the disposal
                    by the Trustees of sufficient Plan Shares to enable them to
                    meet their PAYE liabilities or payment to the Trustees by
                    the Participant of a sum equal to income tax at the
                    appropriate rate on the Market Value of such Matching Shares
                    together with any Primary Class I National Insurance
                    liability that may arise, in accordance with the Partnership
                    Share Agreement that relates to them.

          11.2.3    In the event of a Participant ceasing to be employed by the
                    Group in any circumstances other than those set out in Rule
                    11.1 before the end of the Forfeiture Period he will forfeit
                    his Matching Shares and thereafter have no further
                    entitlement to them.

     11.3 Takeovers:

          11.3.1    A Participant may during the Holding Period direct the
                    Trustees:

                    11.3.1.1  to accept an offer for any of his Matching Shares
                              if the acceptance or agreement will result in a
                              new holding being equated with those Shares for
                              the purposes of capital gains tax; or

                    11.3.1.2  to accept an offer of a qualifying corporate bond
                              (whether alone or with other assets or cash or
                              both)

<PAGE>

                              for his Matching Shares if the offer forms part of
                              such a general offer as is mentioned in paragraph
                              37(5) of the Schedule; or

                    11.3.1.3  to accept an offer of cash, with or without other
                              assets, for his Matching Shares if the offer forms
                              part of a general offer which is made to holders
                              of shares of the same class as his Shares, or to
                              holders of shares in the same company and which is
                              made in the first instance on a condition such
                              that if it is satisfied the person making the
                              offer shall have control of that company, within
                              the meaning of section 416 of ICTA; or

                    11.3.1.4  to agree to a transaction affecting his Matching
                              Shares or such of them as are of a particular
                              class, if the transaction would be entered into
                              pursuant to a compromise, arrangement or scheme
                              applicable to or affecting:

                              (a)  all of the ordinary share capital of the
                                   Parent or, as the case may be, all the shares
                                   of the class in question; or

                              (b)  all the shares, or all the shares of the
                                   class in question, which are held by a class
                                   of shareholders identified otherwise than by
                                   reference to their employment or their
                                   participation in a plan approved under the
                                   Schedule.

<PAGE>

PART FOUR - DIVIDEND SHARES

12   Reinvestment of Dividends

     12.1 If the Directors have so determined and a Participant has agreed all
          dividends payable in respect of Plan Shares shall be paid by the
          Company directly to the Trustees. The Trustees shall, within 30 days
          of their receipt of such dividends, use them to acquire further Shares
          for appropriation to Participants as Dividend Shares. In exercising
          their powers to acquire Dividend Shares the Trustees must treat
          Participants fairly and equally.

     12.2 For the purposes of Rule 12.1 'acquire' shall mean subscribe for
          purchase or allocate Shares already held by the Trustees which are not
          Free Shares, Partnership Shares, Matching Shares or Dividend Shares.

     12.3 The number of Dividend Shares to be appropriated to each Participant
          shall be determined in accordance with the Market Value of the Shares
          on the Appropriation Date.

     12.4 The Free Share Agreement and/or Partnership Share Agreement entered
          into by each Participant in accordance with Rules 2 and/or 5 shall
          bind the relevant Participant in contract with the Company:-

          12.4.1    to permit the Dividend Shares appropriated to him to remain
                    in the hands of the Trustees throughout the applicable
                    Holding Period; and

          12.4.2    not to assign, charge or otherwise dispose of his beneficial
                    interest in the Dividend Shares during the applicable
                    Holding Period.

     12.5 Where Dividend Shares have been appropriated under Rule 12.1 the
          Trustees will send a Notice of Appropriation to each Participant to
          whom such Dividend Shares have been appropriated as soon as

<PAGE>

          practicable after the Appropriation Date.

     12.6 The cash amount used by the Trustees to acquire Dividend Shares for
          appropriation to any Participant must not exceed the Dividend Share
          Limit. Any cash amount remaining in the Trustees' hands after the
          Dividend Share Limit has been applied shall be paid by the Trustees to
          the Participant as soon as practicable (and in any event within 30
          days of the applicable Appropriation Date).

     12.7 Where Dividend Shares have been appropriated under Rule 12.1, the
          Shares so appropriated must be Shares of the same class and carrying
          the same rights as the Plan Shares in respect of which the dividend
          was paid.

13   Transfer of Dividend Shares

     13.1 In accordance with the Free Share Agreement and/or Partnership Share
          Agreement entered into between a Participant and the Company under
          Rules 2 and/or 5 a Participant may direct the Trustees to transfer the
          legal ownership of his Dividend Shares to him at any time on or after
          the Release Date that applies to them.

     13.2 Any direction given by a Participant under Rule 13.1 must be in the
          form (or substantially in the form) of Schedule Six, adapted as
          appropriate. The Trustees will transfer the relevant Dividend Shares
          as soon as practicable after receipt of the direction.

14   Cessation of Employment

     14.1 In the event of a Participant ceasing to be employed by the Group at
          any time by reason of:

          14.1.1    injury, disability, redundancy (within the meaning of the
                    Employment Rights Act 1996); or

<PAGE>

          14.1.2    a T.U.P.E transfer; or

          14.1.3    a change of control or other circumstances ending the
                    Associated Company status of the company by which he is
                    employed; or

          14.1.4    retirement on or after reaching Retirement Age; or

          14.1.5    death

          the Directors shall procure that his Dividend Shares are transferred
          to him by the Trustees as soon as practicable after such cessation.

     14.2 In the event of a Participant ceasing to be employed by the Group in
          any circumstances other than those set out in Rule 14.1 before the
          applicable Tax Free Date the Directors shall procure that his Dividend
          Shares are transferred to him by the Trustees.

     14.3 Takeovers

          A Participant may during the Holding Period direct the Trustees:

          14.3.1    to accept an offer for any of his Dividend Shares if the
                    acceptance or agreement will result in a new holding being
                    equated with those Shares for the purposes of capital gains
                    tax; or

          14.3.2    to accept an offer of a qualifying corporate bond (whether
                    alone or with other assets or cash or both) for his Dividend
                    Shares if the offer forms part of such a general offer as is
                    mentioned in paragraph 37(5) of the Schedule; or

          14.3.3    to accept an offer of cash, with or without other assets,
                    for his Free Shares if the offer forms part of a general
                    offer which is made to holders of shares of the same class
                    as his Shares, or to holders of shares in the same company
                    and which is made in

<PAGE>

                    the first instance on a condition such that if it is
                    satisfied the person making the offer shall have control of
                    that company, within the meaning of section 416 of ICTA; or

          14.3.4    to agree to a transaction affecting their Dividend Shares or
                    such of them as are of a particular class, if the
                    transaction would be entered into pursuant to a compromise,
                    arrangement or scheme applicable to or affecting:

                    a)   all of the ordinary share capital of the Parent or, as
                         the case may be, all the shares of the class in
                         question; or

                    b)   all the shares, or all the shares of the class in
                         question, which are held by a class of shareholders
                         identified otherwise than by reference to their
                         employment or their participation in a plan approved
                         under the Schedule.

PART FIVE - GENERAL

15   Acquisition of Shares for appropriation

     15.1 The Trustees may upon the direction of the Directors, purchase Shares
          from time to time up to and including the Dealing Day of the relevant
          Appropriation Date/Acquisition Date. Such Shares may be purchased on
          NASDAQ or privately.

     15.2 The Trustees, at the direction of the Directors, may subscribe for
          Shares for appropriation/acquisition on behalf of Eligible Employees
          under the Plan on the relevant Appropriation Date or Acquisition Date
          as appropriate, and the price per Share at which the Trustees
          subscribe for such Shares shall be the greater of:

          15.2.1    the nominal value of a Share on the date of subscription;
                    and

          15.2.2    the Market Value of a Share.

<PAGE>

     15.3 Contributions to be made by the Company and each Participating Company
          to the Trustees to support any purchase of or subscription for Shares
          to be made by the Trustees for appropriation on any Appropriation Date
          shall be paid to the Trustees in accordance with an agreed settlement
          period.

     15.4 Where the Trustees on an Appropriation Date/Acquisition Date
          appropriate/acquire on behalf of Eligible Employees Shares a
          proportion of which rank for any dividend or other rights by reference
          to a record date preceding the relevant Appropriation Date/Acquisition
          Date and a proportion of which do not, then the Shares to be
          appropriated to each Eligible Employee/acquired on behalf of each
          Eligible Employee shall as far as practicable be in the same
          proportions thereto.

     15.5 Where Shares are transferred to the Trustees:

          a.   by the trustees of an employee share ownership trust; and

          b.   the transfer qualifies under S.69 (3AA) Finance Act 1989;

          those Shares

          15.5.1    must not be awarded to Participants as Partnership Shares;
                    and

          15.5.2    must be included in any appropriation of Free Shares or
                    Matching Shares in precedence to any other Shares.

16   Limitations

     If and so long as the Parent's shares are listed on NASDAQ the maximum
     number of Shares which may be allocated for appropriation by way of
     subscription under the Plan, when added to the number of Shares issued or
     placed under option for subscription in the preceding ten years under any
     other employees' share scheme approved in general meeting by the Company or
     any

<PAGE>

     other company when it is under the Company's Control, shall not exceed 10 %
     of the Parent's issued ordinary share capital for the time being.

<PAGE>

17   Issue of Shares and Dividends

     17.1 All Shares issued under the Plan shall as to voting, dividend,
          transfer and other rights (including those arising on a liquidation)
          rank pari passu in all respects with the Shares then in issue.

     17.2 Unless the Directors have determined that dividends shall be
          reinvested in accordance with Rule 12.1 and Participants have so
          elected all dividends payable in respect of Plan Shares shall be paid
          in cash by the Company to the Trustees who will then distribute such
          dividends to each Participant according to the number of Plan Shares
          held by the Trustees on his behalf.

     17.3 Where the value of dividends paid in respect of the Plan Shares held
          on behalf of any Participant in any Year of Assessment exceeds the
          Dividend Share Limit such dividends in excess of the Dividend Share
          Limit shall be paid in accordance with Rule 17.2 notwithstanding any
          election by a Participant.

     17.4 If the Trustees receive any foreign cash dividend in respect of Plan
          Shares, they shall give the Participant notice of the amount of any
          foreign tax already deducted.

18   Disposals and payment

     18.1 The Trustees shall not dispose of any Plan Shares which have been
          appropriated to a Participant (whether to the Participant concerned or
          otherwise) except in accordance with Clause 7 of the Deed.

     18.2 Upon receipt of a sum of money being (or being part of) the proceeds
          of any disposal or Capital Receipt in respect of any Plan Shares, the
          Trustees shall (subject to compliance with the provisions of the Act)
          account to the Participant for any balance remaining in their hands
          and relating to such Plan Shares, provided that any Capital Receipt of
          less

<PAGE>

     than (pound)3 distributable to a particular Participant may be retained by
     the Trustees.

     18.3 Upon receipt of any money or money's worth in respect of or by
          reference to any Plan Shares, the Trustees shall pay it over to the
          Participant as soon as possible.

19   Stamp Duty

     19.1 No stamp duty on any transfer of shares by the Trustees shall be
          payable in the case of a transfer into the name of the Participant.

     19.2 In the case of any other transfer stamp duty shall be payable by the
          Participant or the purchaser from the Participant.

20   Disputes

     The decision of the Directors in any dispute or question affecting any
     Eligible Employee or Participant under the Plan shall be final and
     conclusive subject to the concurrence of the Auditors whenever required
     under the provisions hereof.

21   Rights on termination of employment

     In no circumstances shall any person who has ceased to be an employee of
     the Company or any Subsidiary by reason of dismissal or otherwise howsoever
     or who is under notice of termination of his employment be entitled to
     claim as against any Participating Company or Subsidiary or the Trustees
     any compensation for or in respect of any consequential loss he may suffer
     by reason of the operation of the terms of the Plan or of the provisions of
     the Schedule, including in respect of any liability to Income Tax or
     National Insurance Contributions

<PAGE>

22   Duty to account for PAYE etc

     22.1 Where the Trustees receive a sum of money which constitutes (or forms
          part of):

          22.1.1    the proceeds of a disposal of Shares; or

          22.1.2    a Capital Receipt; or

          then, if required by and in accordance with the provisions of Sections
          509-513 of the Act they shall pay to the relevant Participating
          Company out of that sum of money an amount equal to that on which
          income tax is payable and the relevant Participating Company shall
          then pay over that amount to the Participant in question but in so
          doing shall make a PAYE deduction unless such Participant shall have
          ceased to be employed by the Participating Company when the Trustees
          receive such sum as referred to in Rule 18.2, in which case the
          Trustees shall pay over the amount to the Participant but in so doing
          shall deduct United Kingdom income tax at the appropriate rate for the
          time being in force on an amount equal to that on which income tax is
          payable together with a deduction of any Primary Class I National
          Insurance liability which may arise.

     22.2 Where the Trustees receive from a Participant who has directed them to
          transfer the ownership of his Plan Shares to him at any time before
          the Tax Free Date the sum calculated in accordance with either Rule
          4.2 or Rule 8.2 or Rule 11.2 that sum shall be treated as a PAYE
          deduction by the Trustees as well as a deduction of any Primary Class
          I National Insurance liability required.

     22.3 The Trustees shall maintain such records as may be necessary to enable
          them to carry out their obligations under Sections 510-514 of

<PAGE>

          the Act, including records of all payments to the Company and all sums
          deducted by the Trustees falling within Rule 22.1 and all sums
          received from Participants falling within Rule 22.2.

     22.4 The Trustees shall inform each Participant in writing of any facts
          relevant to determining the liability (if any) of that Participant to
          income tax under Schedule E or F or Case V of Schedule D or to Primary
          Class I National Insurance by reason of an occurrence of an event
          under the Plan in relation to his Plan Shares.

23   Alterations

     Subject to the concurrence of the Trustees evidenced in a deed supplemental
     hereto, the Rules of the Plan may be altered in accordance with the
     following provisions of this Rule PROVIDED that no purported alteration
     shall be effective if, as a result, the Plan would cease to be an
     employees' share scheme. Any such alterations shall be binding on all
     Participating Companies.

     23.1 The Directors may, prior to the approval of the Plan under the
          provisions of the Schedule by the Inland Revenue, alter the Rules of
          the Plan as may be necessary in order to obtain such approval.

     23.2 Subject to Rule 23.3, after the date on which the Plan is approved by
          the Inland Revenue under the provisions of the Schedule, the Directors
          may in their discretion alter the Rules provided that so long as the
          Plan remains approved by the Inland Revenue no such alteration of a
          Key Feature shall be effective until approved by the Inland Revenue.

     23.3 Where any alteration under Rule 23.2 is to the advantage of
          Participants (present or future), it will not be effective unless
          either:

          23.3.1    it is made with the prior sanction of an ordinary resolution
                    of the Company in general meeting; or

<PAGE>

          23.3.2    it is a minor amendment which the Directors consider
                    necessary or desirable in order to benefit the
                    administration of the Plan; or

          23.3.3    it is an amendment which the Directors consider necessary or
                    desirable to take account or advantage of a change in the
                    Act, the Schedule or any other legislation or to obtain or
                    maintain favourable tax, exchange control, or regulatory
                    treatment for Participants (present or future) or any
                    Participating Company.

     23.4 No alteration which purports to enlarge the obligations or restrict
          the rights of any Participant in respect of Plan Shares already
          appropriated to him or acquired on his behalf shall be effective.

24   General

     24.1 The plan shall continue for a period of eighty years commencing on the
          date of the Trust Deed unless terminated earlier by resolution of the
          Directors, in which case Rule 24.2 shall apply.

     24.2 In the event of the termination of the Plan by resolution of the
          Directors in accordance with Rule 24.1 the Directors shall ensure that
          a plan termination notice is sent without delay to:

          24.2.1    the Inland Revenue;

          24.2.2    the Trustees; and

          24.2.3    each Participant,

          and the date on which such plan termination notice is sent shall be
          the first day of the Termination Period.

<PAGE>

     24.3 Once the Termination Period has begun;

          24.3.1    no further shares may be awarded to Eligible Employees;

          24.3.2    the Trustees must (as soon as is practicable after the later
                    of the end of the Termination Period or the first date on
                    which the shares may be removed from the Plan without giving
                    rise to a charge to Income Tax on the Participant on whose
                    behalf they are held) either transfer all Plan Shares held
                    by them to the Participant on whose behalf they are held
                    (or, at his direction, to another person or, if appropriate
                    to his personal representatives) or dispose of such Plan
                    Shares and account to each such Participant (or, at his
                    direction, to another person or, if appropriate to his
                    personal representatives) for the proceeds;

          24.3.3    the Trustees must, as soon as practicable, ensure that any
                    Partnership Share Money (or other money) held on behalf of a
                    Participant is paid to him;

          24.3.4    the Trustees must ensure that any cash dividend that has not
                    been reinvested pursuant to Clause 2.4 of the Trust Deed is
                    paid over to each Participant in accordance with Clause 2.11
                    of the Trust Deed.

25   Governing Law

     The Plan is governed by and shall be construed in accordance with the laws
     of England.

<PAGE>

                                  Schedule Two
                  HUDSON GLOBAL RESOURCES SHARE INCENTIVE PLAN

                                 Letter of Offer

                                                                          [Date]
Dear [          ]

                           The Hudson Global Resources
                        Share Incentive Plan ("the Plan")

The Directors of the Company would like to offer you the opportunity to
participate in the Plan. The basis of your participation on this occasion is as
follows:

1.   You are entitled to be appropriated Free Shares in the Parent with a value
     of [(pound)         ] in accordance with the terms set out in Part A of the
     appendix to this letter[; and]

2.   You are entitled to be appropriated Free Shares in the Parent in accordance
     with the terms set out in Part A of the appendix to this letter. The value
     of the Free Shares that will be appropriated to you depends on the
     satisfaction of the Performance Related Formula. This formula applies to
     you as part of the [       division/team] and is as follows [insert formula
     applicable to participant].

3.   You are also entitled to acquire Partnership Shares in the Parent up to the
     value of [(pound)125 per month] [which will be matched by the Company on a
     [         ] basis as described in Part C of the appendix to this letter] in
     accordance with Part B of the appendix to this letter.]

In order to consent to being included in this appropriation you must complete
the Agreement which is enclosed and return it to [        ] no later than [date:
dependent on type of shares being offered. See Rules 2.1and 5.1].

Yours faithfully

<PAGE>

                           Appendix to Letter of Offer

PART A

This offer is the offer of Free Shares to Eligible Employees in accordance with
the Rules of the Plan. The terms of the offer are as follows:

1.   The offer is made to all employees of the Participating Companies [who had
     been so employed on [     ] for a period of [     ]];

2.   An Eligible Employee must have returned the completed Free Share Agreement
     as directed by [       ];

3.   The terms upon which the Free Shares are held will be as follows:

     (a)  Free Shares will be registered in the name of the Trustees;

     (b)  the Trustees shall not dispose of any Free Shares (except in
          accordance with the terms of the Plan);

     (c)  the Holding Period applicable to the Free Shares is [   ] years from
          [Appropriation Date]. After being held by the Trustees until the
          Release Date, [       ], the Trustees shall, if the Participant so
          requests, transfer the Free Shares to him or any other person of whom
          they have received notice in writing that the beneficial ownership of
          the Free Shares is vested. If no such request is made the Free Shares
          shall remain held by the Trustees until the Participant ceases to be
          employed in the Group;

     (d)  if the Participant ceases to be employed by the Group the Free Shares
          will be dealt with according to Rule 4 of the Plan.

<PAGE>

[PART B

This offer is the offer to Eligible Employees to purchase Partnership Shares in
accordance with the Rules of the Plan. The terms of the offer are as follows:

1.   The offer is made to all employees of the Participating Companies [who had
     been so employed on [   ] for a period of [   ];

2.   An Eligible Employee may apply to purchase Partnership Shares by returning
     the completed Agreement as directed by [   ]:

3.   Eligible Employees may purchase Partnership Shares up to a maximum of
     [(pound)  ] [but not more than 10% of their salary] and a minimum value of
     [(pound)  ] by authorising the Company to make deductions from their salary
     each [week/month];

4.   The terms upon which the Partnership Shares are held will be as follows:

     (a)  Partnership Shares will be purchased using the deductions from
          Eligible Employees' salaries; [timing of purchase; accumulation
          period]

     (b)  Partnership Shares will be registered in the name of the Trustees;

     (c)  the Trustees shall not dispose of any Partnership Shares (except in
          accordance with the terms of the Plan);

     (d)  the Trustees shall, if the Participant so requests at any time
          transfer the Partnership Shares to him or any other person of whom
          they have received notice in writing that the beneficial ownership of
          the Partnership Shares is vested;

     (e)  [if the Participant requests the Trustees to transfer his Partnership
          Shares to him or any other person before the Release Date , [   ], the
          Matching Shares appropriated to the Participant that relate to those
          Partnership Shares shall be forfeited in accordance with the Rules of
          the Plan.]

<PAGE>

[PART C

This offer is the offer of Matching Shares to Eligible Employees in accordance
with the Rules of the Plan. The terms of the offer are as follows:

1.   The offer is made to all employees of the Participating Companies [who had
     been so employed on [   ] for a period of [   ]];

2.   Eligible Employees must have applied to purchase Partnership Shares by
     returning the completed Partnership Share Agreement as directed by [   ];

3.   The Trustees will appropriate to each such Eligible Employee/Participant
     one Matching Share for each two Partnership Shares purchased by the
     Eligible Employee;

4.   The terms upon which the Matching Shares are held will be as follows:

     (a)  Matching Shares will be registered in the name of the Trustees;

     (b)  the Trustees shall not dispose of any Matching Shares (except in
          accordance with the terms of the Plan);

     (c)  the Holding Period applicable to the Matching Shares is [ ] years from
          [Appropriation Date]. After being held by the Trustees until the
          Release Date, [        ], the Trustees shall, if the Participant so
          requests, transfer the Matching Shares to him or any other person of
          which they have received notice in writing that the beneficial
          ownership of the Matching Shares is vested. If no such request is made
          the Matching Shares shall remain held by the Trustees until the
          Participant ceases to be employed by [the Company];

     (d)  if the Participant ceases to be employed by [the Group] the Matching
          Shares will be dealt with according to the Rule [10] of the Plan;

     [(e) if the Participant requests the Trustees to transfer his Partnership
          Shares to him or to any other person before [    ] he will forfeit his
          Matching Shares in accordance with the Rules of the Plan:]]

NOTE: Defined Terms have the same meanings as in the Trust Deed and Rules
      relating to the Plan.

<PAGE>

                                 Schedule Three

                  HUDSON GLOBAL RESOURCES SHARE INCENTIVE PLAN

                              Free Share Agreement

         PLEASE USE BLOCK CAPITALS AND READ THE WHOLE OF THE AGREEMENT
                              BEFORE SIGNING BELOW

<TABLE>
<CAPTION>
This Free Share Agreement is between:
----------------------------------------- -------------------------------------- ---------------------------------
 Participant ("the Participant")              Company ("the Company")            Trustees ("the Trustees")

<S>                                       <C>                                    <C>
Name:                                     Name:                                  Name:
Home Address:                             Registered Address:                    Registered Address:

Payroll Number:                           Registered Number:                     Registered Number:
----------------------------------------- -------------------------------------- ---------------------------------
</TABLE>

This Free Share Agreement sets out the terms on which the Participant agrees to
take part in the Hudson Global Resources Share Incentive Plan (the "Plan") and
is subject to the Rules of the Plan. The definitions in the Plan Rules apply to
this Free Share Agreement:PARTICIPANT

1.   I confirm that I am eligible to participate in the Plan.

2.   I agree to accept the Free Shares in Hudson Highland Group Inc.
     appropriated to me under the Plan.

3.   I agree to leave the Free Shares in the hands of the Trustees, and not to
     assign, charge or otherwise dispose of my beneficial interest in the shares
     for the whole of the Holding Period, which will end on [insert date].

4.   I have read this Free Share Agreement and agree to be bound by it and by
     the Rules of the Plan

5.   I agree that all dividends paid on my Free Shares will be used by the
     Trustees to buy more shares in Hudson Highland Group Inc. ("Dividend
     Shares") for me in accordance with the Rules of the Plan.

<PAGE>

6.   I agree to leave the Dividend Shares in the hands of the Trustees, and not
     to assign, charge or otherwise dispose of my beneficial interest in the
     Dividend Shares for the whole of the Holding Period of 3 years.

COMPANY

8.   The Company agrees to arrange for shares in Hudson Highland Group Inc. to
     be appropriated to me, according to the Rules of the Plan.

9.   The Company has decided that the value of Free Shares appropriated to each
     Eligible Employee will be based on [Insert the method chosen from Rule 2.3
     for determining the value of Free Shares to be appropriated and, if
     applicable, either an explanation of the Performance Related Formula or a
     cross reference to it].

Rights and Obligations

1.   I agree that taking part in the Plan does not affect my rights,
     entitlements and obligations under my contract of employment, and does not
     give me any rights or additional rights to compensation or damages if my
     employment ceases.

2.   I can at any time withdraw from this agreement, by writing to my employer.

3.   I agree that withdrawal from this agreement will not affect the terms on
     which I agreed to accept any shares that have already been appropriated to
     me under the Rules of the Plan.

4.   I may ask the Trustees for my Free Shares [and Dividend Shares] at any time
     after the end of the Holding Period, but I may have to pay income tax and
     National Insurance Contributions when they are taken out of the Plan.

5.   I agree to allow the Trustees to sell some or all of my Free Shares [and
     Dividend Shares] to pay any income tax and National Insurance Contributions
     in respect of my Free Shares [and Dividend Shares] ceasing to be subject to
     the Plan, unless I provide them in advance with sufficient cleared funds to
     pay these amounts.

6.   I understand that I will lose my Free Shares if I cease to be in Relevant
     Employment before the end of the Forfeiture Period of [ ] years unless the
     employment ceased for one of the following reasons:

     a)   injury or disability
     b)   redundancy
     c)   transfer of employment to which the Transfer of Undertaking Protection
          of Employment) Regulations 1981 apply
     d)   retirement on or after reaching Retirement Age
     e)   death
     f)   change of control or other circumstances ending the Associated Company
          status of my employing company.

<PAGE>

7.   If there is a rights issue, I agree to allow the Trustees to sell some of
     the rights attached to my shares in the Plan, in order to fund the exercise
     of the rights attached to other shares held by me in the Plan.

8.   If I leave the Company and do not provide the Trustee with instructions as
     to how to deal with my shares within 30 days of being written to by the
     Trustee, I agree that the Trustee may sell all of my shares and remit the
     proceeds to me, once the necessary deductions have been made to cover any
     liability for income tax and National Insurance Contributions which may
     have arisen.

Dividend Reinvestment

9.   Cash dividends will be used to buy more shares ("Dividend Shares") for me.

10.  Any amount over (pound)1,500 in each tax year will be paid to me.

11.  Any amount below(pound)1,500 not used to buy shares shall be carried
     forward and added to the next cash dividend to be reinvested.]

Data Protection Act

12.  The Company, Halifax Corporate Trustees Limited acting as Trustee and
     Halifax plc, acting as Administrator give the following information about
     data protection, which I acknowledge that I have read, understood and
     agreed:

     (a)  We process personal data about you which we use so that you can
          participate in the Plan and so that we can run accounts and services
          associated with the Plan for you. While we treat your personal data as
          confidential, we may need to disclose it outside the Company, the
          Trustee and the Administrator, including in the following
          circumstances:

          o    where the law permits or requires it or it is in the public
               interest;
          o    to our agents, in connection with running accounts or services
               associated with the Plan for you;
          o    at your request or with your consent;
          o    to investigate or prevent fraud; or
          o    to any party to this Partnership Agreement or their delegates, so
               that they may update their own records about you.

     (b)  In accordance with the Data Protection Act you are entitled, on
          payment of a fee, to a copy of the information we hold about you. You
          should let us know if you think any information we hold about you is
          inaccurate, so that we can correct it.

Halifax plc

12.  I understand that the Company and/or Trustee may delegate the performance
     of services and the administration of the plan to Halifax (but Halifax will
     not thereby

<PAGE>

     become a party to this Partnership Agreement). I understand that I will not
     become a customer of Halifax nor will I have any rights or obligations
     against or give instructions directly to Halifax plc. Halifax may, whether
     itself or through other divisions or affiliates, provide banking or other
     services in relation to the administration of the Plan and may be
     compensated for these services in addition to any compensation it received
     for acting as delegate of the Company and/or the Trustee or as
     Administrator of the Plan.

     Signature: ______________________________ Date____/_____/____

<PAGE>

                                  Schedule Four

                  HUDSON GLOBAL RESOURCES SHARE INCENTIVE PLAN

                          Partnership Share Agreement

          PLEASE USE BLOCK CAPITALS AND READ THE WHOLE OF THE AGREEMENT
                              BEFORE SIGNING BELOW

This Partnership Share Agreement is between:
<TABLE>
<CAPTION>
    ----------------------------------- ---------------------------------- ---------------------------------
<S> <C>                                 <C>                                <C>
    Participant ("the Participant)      Company ("the Company")            Trustees ("the Trustees")

    Name:                               Name:                              Name:
    Home Address:                       Registered Address:                Registered Address

    Payroll Number                      Registered Number:
    ----------------------------------- ---------------------------------- ---------------------------------
</TABLE>

This Partnership Share Agreement sets out the terms on which the Participant
agrees to buy shares under the Hudson Global Resources Share Incentive Plan (the
"Plan") and is subject to the Rules of the Plan. The definitions in the Plan
Rules apply to this Partnership Share Agreement.

NOTICE TO PARTICIPANT ABOUT POSSIBLE EFFECT ON BENEFITS

Deductions from your pay to buy Partnership Shares under this agreement may
affect your entitlement to, or the level of, some contributory social security
benefits, statutory maternity pay and statutory sick pay. They may also have a
similar effect in respect of some contributory social security benefits paid to
your wife or husband. With this agreement you should have been given information
on the effect of deductions from your pay to buy Partnership Shares on
entitlement to social security benefits, statutory sick pay and statutory
maternity pay. The effect is particularly significant if your earnings are
brought below the lower earnings limit for National Insurance purposes, and is
explained in the information: it is therefore important that you read it. If you
have not been given a copy, ask your employer for it. Otherwise a copy may be
obtained from any office of the Inland Revenue, the Department of Social
Security, or, in Northern Ireland, the Department for Social Development. You
should take the information you have been given into account in deciding whether
to buy Partnership Shares.

<PAGE>

PARTICIPANT

1.   I confirm that I am eligible to participate in the Plan.

2.   I agree to allow my employer to deduct the following amount per
     [week/month] from my Salary:

                           -----------------      ------------------------
                                                  insert amount
                             (Pound)              between [(Pound) 10] and
                                                  (Pound) 125 [per month]
                                                  and not more than
                                                  10% of Salary
                           -----------------      ------------------------

3.   I agree that these deductions will be used to buy Partnership Shares in
     Hudson Highland Group Inc. for me.

4.   I understand that shares may fall in value as well as rise.

5.   I have read this Partnership Share Agreement and agree to be bound by it
     and by the Rules of the Plan.

6.   I agree to accept Matching Shares in Hudson Highland Group Inc.
     appropriated to me under the Plan and leave them in the hands of the
     Trustees, and not to assign, charge or otherwise dispose of my beneficial
     interest in the shares for the whole of the Holding Period applicable to
     them.

COMPANY

8.   The Company agrees to arrange for shares in Hudson Highland Group Inc. to
     be bought for me, according to the Rules of the Plan.

9.   The Company agrees to provide one Matching Share for every two Partnership
     Shares bought for me.

10.  The Company undertakes to notify me of any restriction on the number of
     Partnership Shares available.

<PAGE>

TRUSTEES

11.  The Trustees agree to keep my Salary deductions in Halifax plc until they
     are used to buy shares in Hudson Highland Group Inc.

Signature______________________________     Date:____/____/_______

Rights and Obligations

1.   I agree that taking part in the Plan does not affect my rights,
     entitlements and obligations under my contract of employment, and does not
     give me any rights or additional rights to compensation or damages if my
     employment ceases.

2.   I may stop the deductions at any time, or begin them again, by writing to
     my employer, but I may not make up any amounts missed when deductions were
     stopped.

3.   I agree that the deductions from my salary, or the number of shares that I
     receive may be scaled down if the limit on the number of shares set by the
     Company available is exceeded.

4.   I can at any time withdraw from this agreement by writing to my employer.
     Any unused deductions will be returned to me after the deduction of any
     necessary income tax or National Insurance Contributions.

5.   I agree that withdrawal from this agreement will not affect the terms on
     which I agreed to buy shares already held for me under the Plan.

6.   I may ask the Trustees for my Partnership Shares at any time, but I may
     have to pay income tax and National Insurance Contributions when they are
     taken out of the Plan.

7.   I agree to allow the Trustees to sell some or all of my shares to pay any
     income tax and National Insurance Contributions in respect of my shares
     ceasing to be subject to the Plan, unless I provide them in advance with
     sufficient cleared funds to pay these amounts.

8.   I agree that any deductions not used to buy shares will at the discretion
     of the Trustees be repaid to me after the deduction of any necessary income
     tax or National Insurance Contributions, or will be carried forward and
     added to the next deduction or Accumulation Period.

9.   If there is a rights issue, I agree to allow the Trustees to sell some of
     the rights attaching to my shares in the Plan, in order to fund the
     exercise of the rights attached to other shares held by me in the Plan.

10.  If I leave the Company and do not provide the Trustee with instructions as
     to how to deal with my shares within 30 days of being written to by the
     Trustee, I agree that the Trustee may sell all of my shares and remit the
     proceeds to me, once the necessary

<PAGE>

     deductions have been made to cover any liability for income tax and
     National Insurance Contributions which may have arisen. Matching Shares

11.  The ratio of Matching Shares to Partnership Shares is 1:2 and may be varied
     by the Company. The circumstances and manner in which the ratio may be
     varied are [company to specify details here].

12.  If the ratio varies, the Company will notify me before the Partnership
     Shares are bought for me.

13.  I agree to leave the Matching Shares in the hands of the Trustees, and not
     to assign, charge or otherwise dispose of my beneficial interest in the
     Matching Shares for the whole of the Holding Period applicable to them.

14.  I may ask the Trustees for my Matching Shares at any time after the end of
     the Holding Period, but I may have to pay income tax and National Insurance
     Contributions when they are taken out of the Plan.

15.  I agree to allow the Trustees to sell some or all of my Matching Shares to
     pay any income tax and National Insurance Contributions in respect of my
     Matching Shares ceasing to be subject to the Plan, unless I provide them in
     advance with sufficient funds to pay these amounts.

16.  If there is a rights issue, I agree to allow the Trustees to sell some of
     the rights attached to my shares in the Plan to exercise the rights
     attached to other shares held by me in the Plan.

I will lose my Matching Shares if I withdraw the Partnership Shares in respect
of which the Matching Shares were appropriated before the end of the Forfeiture
Period of 2 years applicable to the Matching Shares.

I will lose my Matching Shares if I cease to be in Relevant Employment before
the end of the Forfeiture Period of 2 years, unless the employment ceased for
one of the following reasons:

a)   injury or disability
b)   redundancy
c)   transfer of employment to which the Transfer of Undertaking (Protection of
     Employment) Regulations 1981 apply
d)   retirement on or after reaching Retirement Age
e)   death
f)   change of control or other circumstances ending the Associated Company
     status of my employing company.

Partnership Share Money held by Trustees

17.  I agree that my deductions will be held in a non interest-bearing account.

<PAGE>

18.  The Company, Halifax Corporate Trustees Limited acting as Trustee and
     Halifax plc, acting as Administrator give the following information about
     data protection, which I acknowledge that I have read, understood and
     agreed:

     (a)  We process personal data about you which we use so that you can
          participate in the Plan and so that we can run accounts and services
          associated with the Plan for you. While we treat your personal data as
          confidential, we may need to disclose it outside the Company, the
          Trustee and the Administrator, including in the following
          circumstances:

          o    where the law permits or requires it or it is in the public
               interest;
          o    to our agents, in connection with running accounts or services
               associated with the Plan for you;
          o    at your request or with your consent;
          o    to investigate or prevent fraud; or
          o    to any party to this Partnership Agreement or their delegates, so
               that they may update their own records about you.

     (b)  In accordance with the Data Protection Act you are entitled, on
          payment of a fee, to a copy of the information we hold about you. You
          should let us know if you think any information we hold about you is
          inaccurate, so that we can correct it.

Halifax plc

19.  I understand that the Company and/or Trustee may delegate the performance
     of services and the administration of the plan to Halifax (but Halifax will
     not thereby become a party to this Partnership Agreement). I understand
     that I will not become a customer of Halifax nor will I have any rights or
     obligations against or give instructions directly to Halifax plc. Halifax
     may, whether itself or through other divisions or affiliates, provide
     banking or other services in relation to the administration of the Plan and
     may be compensated for these services in addition to any compensation it
     received for acting as delegate of the Company and/or the Trustee or as
     Administrator of the Plan.

<PAGE>

                                  Schedule Five

                  HUDSON GLOBAL RESOURCES SHARE INCENTIVE PLAN

                             Notice of Appropriation

To:  [Name]                             Appropriation Date:
     [Address]

From: The Trustees of the Hudson Global Resources Share Incentive Plan

The Trustees of the Plan have today made an appropriation to you of [     ]
[ordinary] shares of [  ]p each in Hudson Highland Group Inc. under the Plan
(Free Shares).

Their Market Value on the Appropriation Date is [          ] per share.

The Holding Period in respect of these shares is [ ] years.

Yours faithfully

for and on behalf of
[                              ]

<PAGE>

                                  Schedule Six

                     HUDSON GLOBAL RESOURCES INCENTIVE PLAN

                          Direction to transfer Shares

 To: The Trustees of the Hudson Global Resources Share Incentive Plan

A.   Free Shares

This notice applies to the Free Shares that were appropriated to me on
[Appropriation Date]. The Release Date applicable to those shares was [Release
Date] and the Tax Free Date applicable to them is [Tax Free Date].

I hereby direct you to transfer the legal ownership of [        ] Free Shares to
[me][other] as soon as practicable, in accordance with the Rules of the Plan.

I understand that if the Tax Free Date has not yet been reached you will
withhold the amount necessary to pay income tax on my behalf on the appropriate
value of the Free Shares as well as any amount necessary to satisfy any Primary
Class I National Insurance liability that may arise, in accordance with the
terms of the Agreement that relates to them.

B.   Partnership Shares

This notice applies to the Partnership Shares that were acquired by you on my
behalf on [Acquisition Date]. The Release Date applicable to them is [Release
Date] and the Tax Free Date applicable to them is [Tax Free Date].

I hereby direct you to transfer the legal ownership of [ ] Partnership Shares to
[me][other] as soon as practicable, in accordance with the Rules of the Plan.

I understand that if the Tax Free Date has not yet been reached you will
withhold the amount necessary to pay income tax on the appropriate value of the
Partnership Shares as

<PAGE>

well as any amount necessary to satisfy any Primary Class I National Insurance
liability that may arise, in accordance with the terms of the Agreement that
relates to them.

I understand that if the Release Date has not yet been reached the Matching
Shares that were appropriated to me on [Appropriation Date] will be forfeited by
this direction and that I shall have no further entitlement to them.

C.   Matching Shares

This notice applies to the Matching Shares that were appropriated to me on
[Appropriation Date]. The Release Date applicable to those shares was [Release
Date] and the Tax Free Date applicable to them is [Tax Free Date].

I hereby direct you to transfer the legal ownership of [ ] Matching Shares to
[me][other] as soon as practicable, in accordance with the Rules of the Plan.

I understand that if the Tax Free Date has not yet been reached you will
withhold the amount necessary to pay income tax on the appropriate value of the
Matching Shares as well as any amount necessary to satisfy any Primary Class I
National Insurance liability that may arise, in accordance with the terms of the
Agreement that relates to them.

 Signed:                                    Date:

..................................           ....................................

<PAGE>

                                 Schedule Seven

                  HUDSON GLOBAL RESOURCES SHARE INCENTIVE PLAN

                      Notice of Acquisition[/Appropriation]

To:  [Name]                             Acquisition[/Appropriation]  Date:
     [Address]

From: The Trustees of the Hudson Global Resources Share Incentive Plan

The Trustees of the Plan have today acquired on your behalf [      ] [ordinary]
shares of [ ]p each in Hudson Highland Group Inc. under the Plan (Partnership
Shares). In their acquisition of the above shares the Trustees used [  ] of your
Partnership Share Money, leaving [        ] .

The Market Value of the Partnership Shares on the Acquisition Date is [    ] per
share. There is no Holding Period in respect of these shares.

In addition, the Trustees have today made an appropriation to you of [ ]
[ordinary] shares of [  ]p each in Hudson Highland Group Inc. under the Plan
(Matching Shares). Their Market Value on the Appropriation Date is [    ] per
share.] The Holding Period in respect of these shares is [     ] years.

Yours faithfully

for and on behalf of

<PAGE>

                                 Schedule Eight

                                Deed of Adherence

THIS DEED is made the     day of           2003

BETWEEN

(1)  Hudson Global Resources Ltd whose registered office is at [  ] ("the
     Company")

(2)  [Trustee Limited] whose registered office is at [   ] ("the Trustees"); and

(3)  [   ] whose registered office is at [   ] ("the New Participating Company")

RECITALS

(A)  This Deed is supplemental to a Deed dated [ ] and made between the Company
     and the Trustees (hereinafter called the "Principal Deed") whereby the
     Company established the Hudson Global Resources Share Incentive Plan
     (hereinafter called "the Plan").

(B)  The New Participating Company is controlled by the Company within the
     meaning of Section 840 of the Income and Corporation Taxes Act 1988 and is
     a subsidiary of the Company within the meaning of Section 736 of the
     Companies Act 1985.

(C)  In pursuance of the power contained in Clause 4 of the Principal Deed, the
     Company has agreed that subject to its entering into this Deed of
     Adherence, the New Participating Company may become a Participating Company
     for the purposes of the Plan.

THIS DEED PROVIDES as follows:-

1.   The Company hereby agrees that the New Participating Company shall be a
     Participating Company for the purposes of the Plan.

<PAGE>

2.   The New Participating Company hereby covenants with the Company and with
     the Trustees that it will observe and perform all covenants, conditions and
     provisions contained in the Principal Deed and all the provisions of the
     Plan applicable to Participating Companies.

IN WITNESS whereof the parties hereto have caused this Deed to be executed the
day and year first before written

THE COMMON SEAL OF                 )
Hudson Global Resources Limited    )
was hereunto affixed in            )
the presence of:                   )

         Director

         Secretary

SIGNED as a DEED                   )
by [            ]                  )
Limited                            )
ACTING by                          )

         Director

         Secretary

THE COMMON SEAL OF                 )
[the New Participating             )
Company] was                       )
hereunto affixed in the            )
presence of:                       )

         Director

         Secretary

<PAGE>

                                  Schedule Nine

                  HUDSON GLOBAL RESOURCES SHARE INCENTIVE PLAN

                      Notice of Performance Related Formula

        For the attention of ALL employees of Hudson Global Resources Ltd

<PAGE>

                                  Schedule Ten

                  HUDSON GLOBAL RESOURCES SHARE INCENTIVE PLAN

                    Notice of Appropriation - Dividend Shares

To:  [Name]                             Appropriation Date:
     [Address]

From: The Trustees of the Hudson Global Resources Share Incentive Plan

The Trustees of the Plan have today acquired on your behalf [     ] [ordinary]
shares of [  ]p in Hudson Highland Group Inc. under the Plan (Dividend Shares).
Their Market Value on the Appropriation Date is [      ] per share. The Holding
Period in respect of these shares is [  ] years.

The amount of the cash dividend which is insufficient to acquire a share is
(pound)....... This sum is held by the Trustees and carried forward to your
account. Yours faithfully

For and on behalf of
[                               ]

25.1.1EXHIBIT 10.93

                              FORBEARANCE AGREEMENT

PARISH OF EAST BATON ROUGE                                     COUNTY OF TRAVIS

STATE OF LOUISIANA                                               STATE OF TEXAS

     BE IT  KNOWN,  that on  this  ____  day of  March,  2003,  before  me,  the
undersigned Notary Public,  duly commissioned and qualified in and for the State
and  County  aforesaid,  and  in  the  presence  of  the  undersigned  competent
witnesses,  personally came and appeared:

     TRAVIS  BOATS & MOTORS,  INC.,  a Texas  corporation,  domiciled in Austin,
     Travis County,  Texas,  having the present  mailing  address of 12116 Jekel
     Circle,  Suite 102,  Austin,  Texas 78727,  and represented  herein by Mark
     Walton, its President, duly authorized; and

     TRAVIS BOATING CENTER LOUISIANA,  INC., a Louisiana corporation,  domiciled
     in Austin,  Travis County,  Texas,  having the present  mailing  address of
     12116 Jekel Circle,  Suite 102, Austin, Texas 78727, and represented herein
     by Mark Walton, its President, duly authorized; and

     TRAVIS  BOATING CENTER  FLORIDA,  INC., a Texas  corporation,  domiciled in
     Austin,  Travis County,  Texas, having the present mailing address of 12116
     Jekel Circle,  Suite 102, Austin,  Texas 78727,  and represented  herein by
     Mark Walton, its President, duly authorized; and

     TRAVIS  BOATING CENTER  GEORGIA,  INC., a Texas  corporation,  domiciled in
     Austin,  Travis County,  Texas, having the present mailing address of 12116
     Jekel Circle,  Suite 102, Austin,  Texas 78727,  and represented  herein by
     Mark Walton, its President, duly authorized; and

     TRAVIS  SNOWDEN  MARINE,  INC., a Texas  corporation,  domiciled in Austin,
     Travis County,  Texas,  having the present  mailing  address of 12116 Jekel
     Circle,  Suite 102,  Austin,  Texas 78727,  and represented  herein by Mark
     Walton, its President, duly authorized; and

                             Forbearance Agreement
                                  Page 1 of 14

<PAGE>

     TRAVIS BOATING CENTER  OKLAHOMA,  INC., a Texas  corporation,  domiciled in
     Austin,  Travis County,  Texas, having the present mailing address of 12116
     Jekel Circle,  Suite 102, Austin,  Texas 78727,  and represented  herein by
     Mark Walton, its President, duly authorized; and

     TRAVIS BOATS & MOTORS BATON ROUGE, INC., a Louisiana corporation, domiciled
     in Austin,  Travis County,  Texas,  having the present  mailing  address of
     12116 Jekel Circle,  Suite 102, Austin, Texas 78727, and represented herein
     by Mark Walton, its President, duly authorized; and

     TRAVIS BOATING CENTER MISSISSIPPI, INC., a Texas corporation,  domiciled in
     Austin,  Travis County,  Texas, having the present mailing address of 12116
     Jekel Circle,  Suite 102, Austin,  Texas 78727,  and represented  herein by
     Mark Walton, its President, duly authorized,

(hereinafter collectively referred to as "Travis"); and

     BE IT  KNOWN,  that  on  this  ____  day of  March,  2003  before  me,  the
undersigned  Notary Public,  duly commissioned and qualified in this Parish, and
State, and in the presence of the undersigned  competent  witnesses,  personally
came and appeared:

     HIBERNIA  NATIONAL  BANK, a national bank  organized  under the laws of the
     United States  ("Hibernia"),  appearing  herein through its duly authorized
     representative,  Thomas W. Chiasson, whose present mailing address is P. O.
     Box  3597,  Baton  Rouge,  Louisiana  70821,   Attention:   Special  Assets
     Department.

     Appearers then declared and acknowledged to the Notary the following:

     A. Hibernia is the holder and owner for valuable cause and consideration of
the following described promissory notes (the "Hibernia Notes") and the security
therefor, including all rights and privileges appertaining thereto. The Hibernia
Notes are more particularly  described as follows:

     One certain promissory note dated December 9, 1999 executed by Travis Boats
     & Motors,  Inc. and Travis Boats & Motors Baton Rouge, Inc. in the original
     principal  amount of $560,000.00,  payable to the order of Hibernia,  bears
     interest  until paid at the current  rate of 8.61% per annum on the current
     principal  balance of  $494,007.48,  and having a maturity  of  December 9,
     2014, (hereinafter the "Baton Rouge Note"); and

                             Forbearance Agreement
                                  Page 2 of 14

<PAGE>

     One certain promissory note dated May 11, 1999,  executed by Travis Boats &
     Motors,  Inc. and Travis Boating Center  Mississippi,  Inc. in the original
     principal  amount of $560,000.00,  payable to the order of Hibernia,  bears
     interest until paid at the current rate of 7.55% per annum,  on the current
     principal  balance of  $473,490.49,  and having a maturity of May 11, 2014,
     (hereinafter the "Mississippi Note"); and

     One certain promissory note dated May 11, 1999,  executed by Travis Boats &
     Motors,  Inc. and Travis  Boating  Center  Louisiana,  Inc. in the original
     principal amount of $1,120,000.00,  payable to the order of Hibernia, bears
     interest until paid at the current rate of 7.25% per annum,  on the current
     principal  balance of  $943,568.31,  and having a maturity of May 11, 2014,
     (hereinafter the "Bossier Note"); and

     One certain promissory note dated June 17, 1999, executed by Travis Boats &
     Motors,  Inc.  and Travis  Boating  Center  Oklahoma,  Inc. in the original
     principal  amount of $312,000.00,  payable to the order of Hibernia,  bears
     interest until paid at the current rate of 7.25% per annum,  on the current
     principal  balance of  $265,698.53,  and have a maturity of June 17,  2014,
     (hereinafter the "Oklahoma Note"); and

     One certain  promissory  note dated  December 26, 2000,  executed by Travis
     Boats & Motors,  Inc.,  Travis  Snowden  Marine,  Inc.,  and Travis Boating
     Center Georgia,  Inc. in the original  principal  amount of  $4,450,000.00,
     payable to the order of Hibernia,  bears interest until paid at the current
     rate of 7.28% per annum, on the current principal balance of $4,141,252.44,
     and having a maturity of December 26, 2005, (hereinafter the "Georgia/Texas
     Note"); and

     One certain  promissory  note dated  January 29,  2002,  executed by Travis
     Boats & Motors, Inc. and Travis Bating Center Florida, Inc. in the original
     principal  amount of $559,275.26,  payable to the order of Hibernia,  bears
     interest until paid at the current rate of 5.09% per annum,  on the current
     principal balance of $509,996.60,  and have a maturity of January 28, 2003,
     (hereinafter the "Florida Note").

(The Baton Rouge Note,  the  Mississippi  Note,  the Bossier Note,  the Oklahoma
Note, the Georgia/Texas Note, and the Florida Note are hereinafter  collectively
referred to as the "Hibernia Notes," and the total  indebtedness  represented by
the   Hibernia   Notes  is   hereinafter   collectively   referred   to  as  the
"Indebtedness".)

     The Hibernia Notes are secured by certain collateral documents,  including,
but not limited to certain  Multiple  Indebtedness  Mortgages and Deeds of Trust
which  encumber,  in favor of  Hibernia,  or any holder of the  Mortgage  Notes,
certain immovable property owned by Travis; the Multiple Indebtedness Mortgages,

                             Forbearance Agreement
                                  Page 3 of 14

<PAGE>

Deeds of Trust, and related  collateral  documents are hereinafter  collectively
referred to as the  "Security  Documents."

     B. As of March 1, 2003, the current principal  balances stated herein above
on each of the Hibernia Notes,  with interest  continuing to accrue at the rate,
and on the terms and  conditions  specified in the Hibernia Notes until they are
paid in full,  is hereby  specifically  acknowledged  by  Travis.

     C.  There have  occurred  certain  events of  default,  including,  but not
limited  to the  Florida  Note's  maturity,  and as a result  thereof,  Hibernia
demanded full payment of all sums due and owing under the Hibernia  Notes.

     D. By  execution  of  this  Agreement,  Travis  acknowledges  that  (i) the
Hibernia  Notes  have not been paid and are in  default,  (ii)  Hibernia  is not
obligated  to make any  further  advances to Travis or any other party under the
Hibernia Notes and (iii) the  Indebtedness  represented by the Hibernia Notes is
fully due and owing to Hibernia,  but Travis has requested that Hibernia forbear
from immediately  collecting the Indebtedness and enforcing its rights under the
Security  Documents,  and Travis has also  requested  that  Hibernia  extend the
period for repaying the  Indebtedness.

     E. In  response to the  request of Travis,  Hibernia  has agreed to forbear
from  immediately  collecting  the  full  amount  of the  Indebtedness  and from
enforcing  all of its  rights  and  remedies  under the  Hibernia  Notes and the
Security  Documents,  on the terms and conditions hereof.

     NOW,  THEREFORE,  the parties hereto agree as follows:

     In  consideration  of  Hibernia  granting  a  forbearance  and an  extended
repayment  period to repay the  Indebtedness,  Travis accepts,  and shall comply
with,  the following  terms and  conditions:

     1.  Effective  March 1, 2003,  the  interest  rate for each of the Hibernia
Notes shall be fixed at 10.00% per annum.  Effective April 1, 2003, the interest
rate for each of the then  outstanding  and unpaid Hibernia Notes shall be fixed

                             Forbearance Agreement
                                  Page 4 of 14

<PAGE>

at 10.50% per annum.  Effective  May 1, 2003,  the interest rate for each of the
then  outstanding  and unpaid Hibernia Notes shall be fixed at 11.00% per annum.
Effective June 1, 2003, the interest rate for each of the then  outstanding  and
unpaid  Hibernia Notes shall be fixed at 12.00% per annum.

     2. Effective  April 1, 2003,  the monthly  payments on each of the Hibernia
Notes,  except the Florida Note, shall be increased and fixed at a set amount as
set forth below,  until each has been paid in full.  In  addition,  the maturity
date of each  Hibernia  Note,  except the Florida  Note,  all of which have been
accelerated,  shall be reestablished  as set forth below. The monthly  payments,
which are  inclusive  of interest,  and maturity  dates for each of the Hibernia
Notes, except the Florida Note, are as follows:

<TABLE>
<CAPTION>

                       NOTE                   MONTHLY PAYMENT                         MATURITY
                       ----                   ---------------                         --------
<S>                <C>                        <C>                                     <C>

                    Baton Rouge               $  6,600.00                             June 30, 2003
                    Mississippi               $  6,500.00                             August 30, 2003
                      Bossier                 $ 13,000.00                             September 30, 2003
                     Oklahoma                 $  3,600.00                             July 31, 2003
                   Georgia/Texas              $ 52,000.00                             October 31, 2003

</TABLE>

     For repayment of the Florida Note, Travis shall make a principal payment of
$100,000.00  at  execution  of this  Agreement.  Thereafter,  Travis  shall make
additional  principal  payments of (i)  $150,000.00 on or before March 28, 2003,
(ii)  $150,000.00  on or before  April 25,  2003,  and (iii) the  balance of all
indebtedness  due under the Florida Note on or before May 31, 2003.

     3. Hibernia shall not release any collateral  securing the  Indebtedness or
terminate  or release any of the  Security  Documents  unless:

          (i) the Hibernia Notes are paid in full, or

                             Forbearance Agreement
                                  Page 5 of 14

<PAGE>

          (ii) Travis has made all payments scheduled to be made hereunder as of
          such date and Hibernia is paid the Release  Payment for the collateral
          securing a Hibernia  Note,  in which case  Hibernia  shall release the
          collateral for which the Release Payment is made as set forth below.

The "Release Payment" is an amount that may be paid by Travis for the release of
specific  collateral  securing a Hibernia  Note,  and shall not be  construed as
altering the amount due Hibernia  under any Hibernia Note or the total amount of
Indebtedness  due  Hibernia.  The Release  Payment  for each item of  collateral
described below is the amount listed below:

<TABLE>
<CAPTION>

                                                              Collateral      Release Payment
<S>                <C>                                                        <C>
                                    Collateral Securing Baton Rouge Note      $500,000
                                    Collateral Securing Mississippi Note      $600,000
                                        Collateral Securing Bossier Note      $1,050,000
                                       Collateral Securing Oklahoma Note      $390,000
                                        Collateral Securing Florida Note      $1,400,000
                          Georgia Collateral Securing Georgia/Texas Note      $1,900,000
                    Lewisville TX Collateral Securing Georgia/Texas Note      $1,250,000
                   San Antonio TX Collateral Securing Georgia/Texas Note      $1,900,000

</TABLE>

Upon the  receipt of any  Release  Payment,  Hibernia  shall  apply the  Release
Payment first to the payment in full of the Hibernia  Note  directly  secured by
the  collateral  for which the  Release  Payment is made and  thereafter  to the
payment  of the  Indebtedness  in  the  order  of  the  maturity  date  of  such
Indebtedness,    beginning   with   the   earliest   maturing   Hibernia   Note.
Notwithstanding  any of the  foregoing,  at any time that Travis shall repay the
Indebtedness in full all properties  securing the Indebtedness shall be released
without  offset and  without  regard to the Release  Payment  amounts as defined
herein.

     4. Except as modified in this Agreement, all of the terms and conditions of
the  Hibernia  Notes  shall  remain  in full  force and  effect,  and all of the
Security  Documents shall remain in full force and effect to serve as collateral
for Travis's Indebtedness;  provided, however, that any covenant in any Security

                             Forbearance Agreement
                                  Page 6 of 14
<PAGE>

Document  requiring  Travis to maintain a certain  level of cash flow, a certain
tangible net worth or any leverage or other financial ratio is hereby deleted.

     5.  Provided that (i) there has been  compliance  with all of the terms and
conditions set forth herein,  and (ii) there has occurred no additional Event of
Default  under the  Hibernia  Notes or the  Security  Documents,  other than the
events of default  specified  herein;  and those  Events of Default that will be
cured upon compliance with the requirements  specified herein, which such events
are the only Events of Default of which Hibernia  presently has knowledge,  then
Hibernia  shall  forbear  from  demanding  full  and  immediate  payment  of the
Indebtedness,  and will forbear from the  enforcement  of Hibernia's  rights and
remedies  under the  Hibernia  Notes  and/or the  Security  Documents.  Borrower
acknowledges  that if an Event of  Default  occurs  hereafter,  and is not cured
within ten (10) days of its occurrence, Hibernia shall no longer be obligated to
forbear from demanding full and immediate  payment of the  Indebtedness and will
no longer be obligated to forbear from the enforcement of Hibernia's  rights and
remedies  under the  Hibernia  Notes and/or the  Security  Documents.

     6. Travis  acknowledges  and agrees that the execution of this Agreement is
not a novation, release, satisfaction, extinguishment or payment in full, dation
en paiement,  cancellation, or forgiveness of Travis, or any one of them, of the
amounts  due,  or of any  obligations,  under the  Hibernia  Notes or any of the
Security Documents.  Travis further acknowledges and agrees that it shall act as
trustee of the  collateral  which  secures the  Indebtedness,  and it shall be a
breach of it's fiduciary  responsibility  to Hibernia if it fails to immediately
remit  to  Hibernia,  from the sale of any such  collateral  which  secures  the
Indebtedness,  the  amount  required  to be paid  under  the  provisions  of the
Security Documents.

                             Forbearance Agreement
                                  Page 7 of 14
<PAGE>

     7. It is further hereby agreed and understood that the terms and conditions
of this Agreement,  together with the Hibernia Notes and the Security  Documents
constitute all of the agreements between the parties.

     8.  Travis  does  not  contest  the  amount,  the  validity,  priority  and
enforceability,  whether by civil process or otherwise of any of the amounts due
and described herein and Travis further does not contest the validity, priority,
enforceability, whether by civil process or otherwise, of the Security Documents
or the Hibernia Notes.

     9. Each of the parties  hereto  certifies that such party is executing this
Agreement under the advice of such party's own counsel,  after due  deliberation
and with full  knowledge  of all  circumstances  surrounding  or relating to the
matters  covered  hereby.  Each party hereto is obligated to take such action as
may be consistent  with, and in furtherance of, or necessary to the consummation
of this Agreement and its purposes.  Each party hereto is obligated to cooperate
in  using  its  best  efforts  to  expeditiously  take  such  actions  as may be
consistent  with, in furtherance of, and necessary to the  consummation of, this
Agreement and its purposes.

     10. As further  cause and  consideration  for Hibernia  entering  into this
Forbearance  Agreement,  Travis  does  hereby and  forever  settle,  compromise,
transact, satisfy, waive, release, acquit, discharge,  surrender, and cancel any
and all Claims (as defined  hereinafter)  against  Hibernia,  its  predecessors,
insurers or insureds, subrogors or subrogees,  assignors or assignees, nominees,
representatives,   joint  venturers,  directors,  officers,  agents,  employees,
attorneys,  shareholders,  principals,  parent companies,  subsidiary companies,
other  affiliates,  and any  other  person or  entity  which  has or might  have
derivative,  secondary or vicarious  liability for their acts or omissions whose
rights are derived from them, it being hereby specifically agreed and understood

                             Forbearance Agreement
                                  Page 8 of 14

<PAGE>

that this  Agreement  constitutes  a  compromise  of rights  and  claims and the
execution of this  Agreement is not to be  construed  as an  acknowledgement  or
admission  of any fact of any  liability  or  responsibility  by  Hibernia,  and
Hibernia  hereby  expressly  denies any liability to Travis.  For the purpose of
this  Agreement,  "Claims"  shall  mean  any and all  claims,  demands,  losses,
damages,  causes of action, and rights of action  whatsoever,  known or unknown,
arising before or at the time of Travis'  execution of this  Agreement,  whether
based upon tort, negligence,  intentional conduct, contract, equity, bankruptcy,
indemnity,  contribution,  reimbursement,  unjust  enrichment,  and/or any other
legal theory,  which any party may be entitled to and which in any way relate to
the Hibernia Notes, the Security  Documents or this Agreement.

     11.  WITH  RESPECT  TO ANY  CLAIM OR CAUSE OF ACTION  ARISING  OUT OF OR IN
CONNECTION WITH OR RELATING TO THIS AGREEMENT, THE HIBERNIA NOTES, OR ANY OF THE
SECURITY  DOCUMENTS OR ANY TRANSACTION  CONTEMPLATED  HEREBY OR THE RELATIONSHIP
ESTABLISHED   THEREBY  OR  HEREBY,   HIBERNIA   AND   TRAVIS   IRREVOCABLY   AND
UNCONDITIONALLY  WAIVE ANY AND ALL  RIGHTS  TO TRIAL BY JURY IN ANY  PROCEEDING,
ACTION,  OR  CONTROVERSY,  INCLUDING  COUNTER-CLAIMS,   RECONVENTIONAL  DEMANDS,
CROSS-CLAIMS,  THIRD-PARTY CLAIMS OR OTHERWISE,  AND FOR ALL CAUSES OF ACTION ON
ANY MATTER CONCERNING,  ARISING UNDER OR OUT OF, OR IN ANY WAY CONNECTED WITH OR
RELATED TO, THIS AGREEMENT, THE HIBERNIA NOTE, OR ANY OF THE SECURITY DOCUMENTS,
AS WELL AS ANY TRANSACTION  CONTEMPLATED  BY THIS AGREEMENT OR THE  RELATIONSHIP
ESTABLISHED BY THIS AGREEMENT.

                             Forbearance Agreement
                                  Page 9 of 14

<PAGE>

     12.  Notices.  Any  notice  required  or  which  may be  given  under or in
connection  with this  Agreement,  the  Hibernia  Notes,  or any of the Security
Documents  shall be in  writing  and  shall be sent by  certified  mail,  return
receipt requested. All such communications shall be mailed as follows: (a) if to
Travis, Attn: President,  12116 Jekel Circle, Suite 102, Austin TX 78727, with a
copy of such  communication  sent to J. Rowland Cook, Esq., Jenkens & Gilchrist,
P.C., 2200 One American Center, 600 Congress Avenue,  Austin,  Texas 78701 or to
such other  address or such other  individual's  attention  as Travis may advise
Hibernia in writing in the same manner set forth herein;  or (b) if to Hibernia,
at P. O. Box 3597, Baton Rouge, LA 70821,  Attention:  Thomas W. Chaisson, or to
such other address or to such other  individual's or  department's  attention as
Hibernia may have  furnished  the Travis in writing in the same manner set forth
herein.  Any  communication  so addressed and mailed shall be effective 48 hours
after such communication is so mailed.

     Appearers  acknowledge  that  they  have  read all the  provisions  of this
Agreement and agree to its terms,  and further agree that this  Agreement  shall
become effective on and as of the date of its execution by Hibernia as set forth
hereinafter.

                             Forbearance Agreement
                                  Page 10 of 14

<PAGE>

     THUS DONE AND PASSED in Austin,  Texas on this the ____ day of March,  2003
before the undersigned  competent witnesses and me, Notary, after due reading of
the whole.

WITNESSES                                   TRAVIS BOATS & MOTORS, INC.

----------------------------                ----------------------------
                                            By:  Mark Walton
                                            It's:  President
----------------------------

                           --------------------------
                                  NOTARY PUBLIC

     THUS DONE AND PASSED in Austin,  Texas on this the ____ day of March,  2003
before the undersigned  competent witnesses and me, Notary, after due reading of
the whole.

WITNESSES                                  TRAVIS BOATING CENTER LOUISIANA, INC.

----------------------------               ------------------------------------
                                           By:  Mark Walton
                                           Its:  President
----------------------------

                           --------------------------
                                  NOTARY PUBLIC

     THUS DONE AND PASSED in Austin,  Texas on this the ____ day of March,  2003
before the undersigned  competent witnesses and me, Notary, after due reading of
the whole.

WITNESSES                                   TRAVIS BOATING CENTER FLORIDA, INC.

----------------------------                -----------------------------------
                                            By:  Mark Walton
                                            Its:  President
----------------------------

                           --------------------------
                                  NOTARY PUBLIC

                             Forbearance Agreement
                                  Page 11 of 14

<PAGE>

     THUS DONE AND PASSED in Austin,  Texas on this the ____ day of March,  2003
before the undersigned  competent witnesses and me, Notary, after due reading of
the whole.

WITNESSES                                   TRAVIS BOATING CENTER FLORIDA, INC.

----------------------------                -----------------------------------
                                            By:  Mark Walton
                                            Its:  President
----------------------------

                           --------------------------
                                  NOTARY PUBLIC

                             Forbearance Agreement
                                  Page 12 of 14

<PAGE>

     THUS DONE AND PASSED in Austin,  Texas on this the ____ day of March,  2003
before the undersigned  competent witnesses and me, Notary, after due reading of
the whole.

WITNESSES                                  TRAVIS SNOWDEN MARINE, INC.

----------------------------               ------------------------------------
                                           By:  Mark Walton
                                           Its:  President
----------------------------

                           --------------------------
                                  NOTARY PUBLIC

     THUS DONE AND PASSED in Austin,  Texas on this the ____ day of March,  2003
before the undersigned  competent witnesses and me, Notary, after due reading of
the whole.

WITNESSES                                TRAVIS BOATING CENTER OKLAHOMA, INC.

----------------------------             --------------------------------------
                                         By:  Mark Walton
                                         Its:  President
----------------------------

                           --------------------------
                                  NOTARY PUBLIC

     THUS DONE AND PASSED in Austin,  Texas on this the ____ day of March,  2003
before the undersigned  competent witnesses and me, Notary, after due reading of
the whole.

WITNESSES                                TRAVIS BOATS & MOTORS BATON ROUGE, INC.

----------------------------             --------------------------------------
                                         By:  Mark Walton
                                         Its:  President
----------------------------

                           --------------------------
                                  NOTARY PUBLIC

                             Forbearance Agreement
                                  Page 13 of 14

<PAGE>

     THUS DONE AND PASSED in Austin,  Texas on this the ____ day of March,  2003
before the undersigned  competent witnesses and me, Notary, after due reading of
the whole.

WITNESSES                                TRAVIS BOATING CENTER MISSISSIPPI, INC.

----------------------------             --------------------------------------
                                         By:  Mark Walton
                                         Its:  President
----------------------------

                           --------------------------
                                  NOTARY PUBLIC

     THUS DONE AND  PASSED  in Baton  Rouge,  Louisiana  on this the ____ day of
March, 2003 before the undersigned competent witnesses and me, Notary, after due
reading of the whole.

WITNESSES                                HIBERNIA NATIONAL BANK

----------------------------             --------------------------------------
                                         By:  Thomas W. Chaisson
                                         Its: Senior Vice President
----------------------------

                           --------------------------
                                  NOTARY PUBLIC

                             Forbearance Agreement
                                  Page 14 of 14

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