Document:

exv4w2

Exhibit 4.2

[FORM OF ADR]

	 	 	 
	Number

	 	CUSIP NUMBER:                     
	 
	 	 
	 

	 	 

	 	 	 
	 

	 	American Depositary Shares (each

American Depositary Share

representing the right to receive one

(1) Fully Paid Class A Ordinary

Share)

AMERICAN DEPOSITARY RECEIPT

FOR

AMERICAN DEPOSITARY SHARES

representing

DEPOSITED CLASS A ORDINARY SHARES

of

Ensco International plc

(Incorporated under the laws of England and Wales)

     CITIBANK, N.A., a national banking association organized and existing under the laws of the
United States of America, as depositary (the “Depositary”),
hereby certifies that                      is
the owner of                      American Depositary Shares (hereinafter “ADS”), representing deposited
Class A Ordinary Shares, including evidence of rights to receive such Class A ordinary shares (the
“Shares”), of Ensco International plc, a corporation incorporated under the laws of England and
Wales and previously known as “ENSCO International Limited” (the “Company”). As of the date of the
Deposit Agreement (as hereinafter defined), each ADS represents the right to receive one (1) Share
deposited under the Deposit Agreement with the Custodian, which at the date of execution of the
Deposit Agreement is Citibank, N.A. (London Branch) (the “Custodian”). The ADS(s)-to-Share(s)
ratio is subject to amendment as provided in Articles IV and VI of the Deposit Agreement. The
Depositary’s Principal Office is located at 388 Greenwich Street, New York, New York 10013, U.S.A.

     (1) The Deposit Agreement. This American Depositary Receipt is one of an issue of
American Depositary Receipts (“ADRs”), all issued and to be issued upon the terms and conditions
set forth in the Deposit Agreement, dated as of September 29, 2009 (as amended and supplemented
from time to time, the “Deposit Agreement”), by and among the Company, the Depositary, and all
Holders and Beneficial Owners from time to time of ADSs issued thereunder.

 

 

The Deposit Agreement sets forth the rights and obligations of Holders and Beneficial Owners
of ADSs and the rights and duties of the Depositary in respect of the Shares deposited thereunder
and any and all other securities, property and cash from time to time received in respect of such
Shares and held thereunder (such Shares, securities, property and cash are herein called “Deposited
Securities”). Copies of the Deposit Agreement are on file at the Principal Office of the
Depositary and with the Custodian. Each Holder and each Beneficial Owner, upon acceptance of any
ADSs (or any interest therein) issued in accordance with the terms and conditions of the Deposit
Agreement, shall be deemed for all purposes to (a) be a party to and bound by the terms of the
Deposit Agreement and applicable ADR(s), and (b) appoint the Depositary its attorney-in-fact, with
full power to delegate, to act on its behalf and to take any and all actions contemplated in the
Deposit Agreement and the applicable ADR(s), to adopt any and all procedures necessary to comply
with applicable law and to take such action as the Depositary in its sole discretion may deem
necessary or appropriate to carry out the purposes of the Deposit Agreement and the applicable
ADR(s), the taking of such actions to be the conclusive determinant of the necessity and
appropriateness thereof.

     The statements made on the face and reverse of this ADR are summaries of certain provisions of
the Deposit Agreement and the Articles of Association of the Company (as in effect on the date of
the signing of the Deposit Agreement) and are qualified by and subject to the detailed provisions
of the Deposit Agreement and the Articles of Association, to which reference is hereby made. All
capitalized terms used herein which are not otherwise defined herein shall have the meanings
ascribed thereto in the Deposit Agreement. The Depositary makes no representation or warranty as
to the validity or worth of the Deposited Securities. The Depositary has made arrangements for the
acceptance of the ADSs into DTC. Each Beneficial Owner of ADSs held through DTC must rely on the
procedures of DTC and the DTC Participants to exercise and be entitled to any rights attributable
to such ADSs. The Depositary may issue Uncertificated ADSs subject, however, to the terms and
conditions of Section 2.13 of the Deposit Agreement.

     (2) Withdrawal of Deposited Securities.The Holder of this ADR (and of the ADSs
evidenced hereby) shall be entitled to Delivery (at the Custodian’s designated office) of the
Deposited Securities at the time represented by the ADSs evidenced hereby upon satisfaction of each
of the following conditions: (i) the Holder (or a duly authorized attorney of the Holder) has duly
Delivered ADSs to the Depositary at its Principal Office the ADSs evidenced hereby (and, if
applicable, this ADR) for the purpose of withdrawal of the Deposited Securities represented
thereby, (ii) if applicable and so required by the Depositary, this ADR Delivered to the Depositary
for such purpose has been properly endorsed in blank or is accompanied by proper instruments of
transfer in blank (including signature guarantees in accordance with standard securities industry
practice), (iii) if so required by the Depositary, the Holder of the ADSs has executed and
delivered to the Depositary a written order directing the Depositary to cause the Deposited
Securities being withdrawn to be Delivered to or upon the written order of the person(s) designated
in such order, and (iv) all applicable fees and charges of, and expenses incurred by, the
Depositary and all applicable taxes and governmental charges (as are set forth in Section 5.9 of,
and Exhibit B to, the Deposit Agreement) have been paid, subject, however, in each case, to
the terms and conditions of this ADR evidencing the surrendered ADSs, of the Deposit Agreement, of
the Company’s Articles of Association, and of any applicable laws, and

 

 

to any provisions of or governing the Deposited Securities, in each case as in effect at the
time thereof.

     Upon satisfaction of each of the conditions specified above, the Depositary (i) shall cancel
the ADSs Delivered to it (and, if applicable, the ADR(s) evidencing the ADSs so Delivered),
(ii) shall direct the Registrar to record the cancellation of the ADSs so Delivered on the books
maintained for such purpose, and (iii) shall direct the Custodian to Deliver, or cause the Delivery
of, in each case, without unreasonable delay, the Deposited Securities represented by the ADSs so
canceled together with any certificate or other document of title for the Deposited Securities, or
evidence of the electronic transfer thereof (if available), as the case may be, to or upon the
written order of the person(s) designated in the order delivered to the Depositary for such
purpose, subject however, in each case, to the terms and conditions of the Deposit Agreement, of
this ADR evidencing the ADS so cancelled, of the Articles of Association of the Company, and of any
applicable laws, and to the terms and conditions of or governing the Deposited Securities, in each
case as in effect at the time thereof.

     The Depositary shall not accept for surrender ADSs representing less than one (1) Share. In
the case of Delivery to it of ADSs representing a number other than a whole number of Shares, the
Depositary shall cause ownership of the appropriate whole number of Shares to be Delivered in
accordance with the terms hereof, and shall, at the discretion of the Depositary, either (i) return
to the person surrendering such ADSs the number of ADSs representing any remaining fractional
Share, or (ii) sell or cause to be sold the fractional Share represented by the ADSs so surrendered
and remit the proceeds of such sale (net of (a) applicable fees and charges of, and expenses
incurred by, the Depositary and (b) taxes withheld) to the person surrendering the ADSs.
Notwithstanding anything else contained in this ADR or the Deposit Agreement, the Depositary may
make delivery at the Principal Office of the Depositary of (i) any cash dividends or cash
distributions, or (ii) any proceeds from the sale of any distributions of shares or rights, which
are at the time held by the Depositary in respect of the Deposited Securities represented by the
ADSs surrendered for cancellation and withdrawal. At the request, risk and expense of any Holder
so surrendering ADSs represented by this ADR, and for the account of such Holder, the Depositary
shall direct the Custodian to forward (to the extent permitted by law) any cash or other property
(other than securities) held by the Custodian in respect of the Deposited Securities represented by
such ADSs to the Depositary for delivery at the Principal Office of the Depositary. Such direction
shall be given by letter or, at the request, risk and expense of such Holder, by cable, telex or
facsimile transmission.

     (3) Transfer, Combination and Split-Up of ADRs. The Registrar shall register the
transfer of this ADR (and of the ADSs represented hereby) on the books maintained for such purpose
and the Depositary shall (x) cancel this ADR and execute new ADRs evidencing the same aggregate
number of ADSs as those evidenced by this ADR when canceled by the Depositary, (y) cause the
Registrar to countersign such new ADRs, and (z) Deliver such new ADRs to or upon the order of the
person entitled thereto, if each of the following conditions has been satisfied: (i) this ADR has
been duly Delivered by the Holder (or by a duly authorized attorney of the Holder) to the
Depositary at its Principal Office for the purpose of effecting a transfer thereof, (ii) this
surrendered ADR has been properly endorsed or is accompanied by proper instruments of transfer
(including signature guarantees in accordance with standard

 

 

securities industry practice), (iii) this surrendered ADR has been duly stamped (if required
by the laws of the State of New York or of the United States), and (iv) all applicable fees and
charges of, and expenses incurred by, the Depositary and all applicable taxes and governmental
charges (as are set forth in Section 5.9 of, and Exhibit B to, the Deposit Agreement) have
been paid, subject, however, in each case, to the terms and conditions of this ADR, of the Deposit
Agreement and of applicable law, in each case as in effect at the time thereof.

     The Registrar shall register the split-up or combination of this ADR (and of the ADSs
represented hereby) on the books maintained for such purpose and the Depositary shall (x) cancel
this ADR and execute new ADRs for the number of ADSs requested, but in the aggregate not exceeding
the number of ADSs evidenced by this ADR, (y) cause the Registrar to countersign such new ADRs, and
(z) Deliver such new ADRs to or upon the order of the Holder thereof, if each of the following
conditions has been satisfied: (i) this ADR has been duly Delivered by the Holder (or by a duly
authorized attorney of the Holder) to the Depositary at its Principal Office for the purpose of
effecting a split-up or combination hereof, and (ii) all applicable fees and charges of, and
expenses incurred by, the Depositary and all applicable taxes and government charges (as are set
forth in Section 5.9 of, and Exhibit B to, the Deposit Agreement) have been paid, subject,
however, in each case, to the terms and conditions of this ADR, of the Deposit Agreement and of
applicable law, in each case as in effect at the time thereof.

     (4) Pre-Conditions to Registration, Transfer, Etc. As a condition precedent to the
execution and delivery, the registration of issuance, transfer, split-up, combination or surrender,
of any ADR, the delivery of any distribution thereon, or the withdrawal of any Deposited
Securities, the Depositary or the Custodian may require (i) payment from the depositor of Shares or
presenter of ADSs or of an ADR of a sum sufficient to reimburse it for any tax or other
governmental charge and any stock transfer or registration fee with respect thereto (including any
such tax or charge and fee with respect to Shares being deposited or withdrawn) and payment of any
applicable fees and charges of the Depositary as provided in Section 5.9 and Exhibit B to
the Deposit Agreement and in this ADR, (ii) the production of proof satisfactory to it as to the
identity and genuineness of any signature or any other matters contemplated in Section 3.1 of the
Deposit Agreement, and (iii) compliance with (A) any laws or governmental regulations relating to
the execution and delivery of ADRs or ADSs or to the withdrawal of Deposited Securities and (B)
such reasonable regulations as the Depositary and the Company may establish consistent with the
provisions of this ADR, the Deposit Agreement and applicable law.

     The issuance of ADSs against deposits of Shares generally or against deposits of particular
Shares may be suspended, or the deposit of particular Shares may be refused, or the registration of
transfer of ADSs in particular instances may be refused, or the registration of transfer of ADSs
generally may be suspended, during any period when the transfer books of the Company, the
Depositary, a Registrar or the Share Registrar are closed or if any such action is deemed necessary
or advisable by the Depositary or the Company, in good faith, at any time or from time to time
because of any requirement of law or regulation, any government or governmental body or commission
or any securities exchange on which the Shares or ADSs are listed, or under any provision of the
Deposit Agreement or this ADR, or under any provision of,

 

 

or governing, the Deposited Securities, or because of a meeting of shareholders of the Company
or for any other reason, subject, in all cases to paragraph (24). Notwithstanding any provision of
the Deposit Agreement or this ADR to the contrary, Holders are entitled to surrender outstanding
ADSs to withdraw the Deposited Securities associated therewith at any time subject only to
(i) temporary delays caused by closing the transfer books of the Depositary or the Company or the
deposit of Shares in connection with voting at a shareholders’ meeting or the payment of dividends,
(ii) the payment of fees, taxes and similar charges, (iii) compliance with any U.S. or foreign laws
or governmental regulations relating to the ADSs or the withdrawal of the Deposited Securities, and
(iv) other circumstances specifically contemplated by Instruction I.A.(l) of the General
Instructions to Form F-6 (as such General Instructions may be amended from time to time).

     (5) Compliance With Information Requests. Notwithstanding any other provision of the
Deposit Agreement or this ADR, each Holder and Beneficial Owner of the ADSs represented hereby
agrees to comply with requests from the Company pursuant to applicable law, the rules and
requirements of The New York Stock Exchange, and of any other stock exchange on which Shares or ADS
are, or may be, registered, traded or listed, or the Articles of Association of the Company, which
are made to provide information, inter alia, as to the capacity in which such Holder or Beneficial
Owner owns ADSs (and Shares, as the case may be) and regarding the identity of any other person(s)
interested in such ADSs and the nature of such interest and various other matters, whether or not
they are Holders and/or Beneficial Owners at the time of such request.

     (6) Ownership Restrictions. Notwithstanding any provision of this ADR or of the
Deposit Agreement, the Company may restrict transfers of the Shares where such transfer might
result in ownership of Shares exceeding limits imposed by applicable law or the Articles of
Association of the Company. The Company may also restrict, in such manner as it deems appropriate,
transfers of the ADSs where such transfer may result in the total number of Shares represented by
the ADSs owned by a single Holder or Beneficial Owner to exceed any such limits. The Company may,
in its sole discretion but subject to applicable law, instruct the Depositary to take action with
respect to the ownership interest of any Holder or Beneficial Owner in excess of the limits set
forth in the preceding sentence, including but not limited to, the imposition of restrictions on
the transfer of ADSs, the removal or limitation of voting rights or mandatory sale or disposition
on behalf of a Holder or Beneficial Owner of the Shares represented by the ADSs held by such Holder
or Beneficial Owner in excess of such limitations, if and to the extent such disposition is
permitted by applicable law and the Articles of Association of the Company. Nothing herein or in
the Deposit Agreement shall be interpreted as obligating the Depositary or the Company to ensure
compliance with the ownership restrictions described herein or in Section 3.5 of the Deposit
Agreement.

Applicable laws and regulations may require holders and beneficial owners of Shares, including the
Holders and Beneficial Owners of ADSs, to satisfy reporting requirements and obtain regulatory
approvals in certain circumstances. Holders and Beneficial Owners of ADSs are solely responsible
for determining and complying with such reporting requirements, and for obtaining such approvals.
Each Holder and each Beneficial Owner hereby agrees to make such determination, file such reports,
and obtain such approvals to the extent and in the form required

 

 

by applicable laws and regulations as in effect from time to time. Neither the Depositary, the
Custodian, the Company or any of their respective agents or affiliates shall be required to take
any actions whatsoever on behalf of Holders or Beneficial Owners to determine and satisfy such
reporting requirements or obtain such regulatory approvals under applicable laws and regulations.

     (7) Liability of Holder for Taxes and Other Charges. Any tax or other governmental
charge payable with respect to any ADR or any Deposited Securities or ADSs shall be payable by the
Holders and Beneficial Owners to the Depositary. The Company, the Custodian and/or Depositary may
withhold or deduct from any distributions made in respect of Deposited Securities and may sell for
the account of a Holder and/or Beneficial Owner any or all of the Deposited Securities and apply
such distributions and sale proceeds in payment of such taxes (including applicable interest and
penalties) or charges, the Holder and the Beneficial Owner hereof remaining liable for any
deficiency. The Custodian may refuse the deposit of Shares and the Depositary may refuse to issue
ADSs, to deliver ADRs, register the transfer of ADSs, register the split-up or combination of ADRs
and (subject to paragraph (24) hereof) the withdrawal of Deposited Securities until payment in full
of such tax, charge, penalty or interest is received. Every Holder and Beneficial Owner agrees to
indemnify the Depositary, the Company, the Custodian, and any of their agents, officers, employees
and Affiliates for, and hold each of them harmless from, any claims with respect to taxes
(including applicable interest and penalties thereon) arising from any tax benefit obtained for
such Holder and/or Beneficial Owner.

     (8) Representations and Warranties of Depositors. Each person depositing Shares under
the Deposit Agreement shall be deemed thereby to represent and warrant that (i) such Shares and the
certificates therefor are duly authorized, validly issued, fully paid, non-assessable and legally
obtained by such person, (ii) all preemptive (and similar) rights, if any, with respect to such
Shares have been validly waived or exercised, (iii) the person making such deposit is duly
authorized so to do, (iv) the Shares presented for deposit are free and clear of any lien,
encumbrance, security interest, charge, mortgage or adverse claim, and (v) the Shares presented for
deposit are not, and the ADSs issuable upon such deposit will not be, Restricted Securities (except
as contemplated in Section 2.14 of the Deposit Agreement), and (vi) the Shares presented for
deposit have not been stripped of any rights or entitlements. Such representations and warranties
shall survive the deposit and withdrawal of Shares, the issuance and cancellation of ADSs in
respect thereof and the transfer of such ADSs. If any such representations or warranties are false
in any way, the Company and the Depositary shall be authorized, at the cost and expense of the
person depositing Shares, to take any and all actions necessary to correct the consequences
thereof.

     (9) Filing Proofs, Certificates and Other Information. Any person presenting Shares
for deposit, and any Holder and any Beneficial Owner may be required, and every Holder and
Beneficial Owner agrees, from time to time to provide to the Depositary and the Custodian such
proof of citizenship or residence, taxpayer status, payment of all applicable taxes or other
governmental charges, exchange control approval, legal or beneficial ownership of ADSs and
Deposited Securities, compliance with applicable laws, the terms of the Deposit Agreement or the
ADR(s) evidencing the ADSs and the provisions of, or governing, the Deposited Securities, to
execute such certifications and to make such representations and warranties, and to provide

 

 

such other information and documentation (or, in the case of Shares in registered form
presented for deposit, such information relating to the registration on the books of the Company or
of the Shares Registrar) as the Depositary or the Custodian may deem necessary or proper or as the
Company may reasonably require by written request to the Depositary consistent with its obligations
under the Deposit Agreement and the applicable ADR(s). The Depositary and the Registrar, as
applicable, may withhold the execution or delivery or registration of transfer of any ADR or ADS or
the distribution or sale of any dividend or distribution of rights or of the proceeds thereof or,
to the extent not limited by paragraph (24), the delivery of any Deposited Securities until such
proof or other information is filed or such certifications are executed, or such representations
and warranties are made or such other information or documentation are provided, in each case to
the Depositary’s, the Registrar’s and the Company’s satisfaction.

     (10) Charges of Depositary. The Depositary shall not charge any fees to Holders or
Beneficial Owners of ADSs.

     However, Holders, Beneficial Owners, persons depositing Shares and persons surrendering ADSs
for cancellation and for the purpose of withdrawing Deposited Securities shall be responsible for
the following charges:

	 	(a)	 	taxes (including applicable interest and penalties) and other
governmental charges;
	 
	 	(b)	 	such registration fees as may from time to time be in effect
for the registration of Shares or other Deposited Securities on the share
register and applicable to transfers of Shares or other Deposited Securities to
or from the name of the Custodian, the Depositary or any nominees upon the
making of deposits and withdrawals, respectively;
	 
	 	(c)	 	such cable, telex and facsimile transmission and delivery
expenses as are expressly provided in the Deposit Agreement to be at the
expense of the person depositing or withdrawing Shares or Holders and
Beneficial Owners of ADSs;
	 
	 	(d)	 	the expenses and charges incurred by the Depositary in the
conversion of foreign currency;
	 
	 	(e)	 	such fees and expenses as are incurred by the Depositary in
connection with compliance with exchange control regulations and other
regulatory requirements applicable to Shares, Deposited Securities, ADSs and
ADRs; and
	 
	 	(f)	 	the fees and expenses incurred by the Depositary, the
Custodian, or any nominee in connection with the delivery or servicing of
Deposited Securities.

     All fees and charges may, at any time and from time to time, be changed by agreement between
the Depositary and Company but, in the case of fees and charges payable by Holders or

 

 

Beneficial Owners, only in the manner contemplated by paragraph (22) of this ADR and as
contemplated in the Deposit Agreement. The Depositary will provide, without charge, a copy of its
latest fee schedule to anyone upon request.

     The right of the Depositary to receive payment of charges and expenses as provided above shall
survive the termination of the Deposit Agreement. As to any Depositary, upon the resignation or
removal of such Depositary as described in Section 5.4, such right shall extend for those charges
and expenses incurred prior to the effectiveness of such resignation or removal.

     (11) Title to ADRs. It is a condition of this ADR, and every successive Holder of
this ADR by accepting or holding the same consents and agrees, that title to this ADR (and to each
ADS evidenced hereby) shall be transferable upon the same terms as a certificated security under
the laws of the State of New York, provided that, in the case of Certificated ADSs, such ADR has
been properly endorsed or is accompanied by proper instruments of transfer. Notwithstanding any
notice to the contrary, the Depositary and the Company may deem and treat the Holder of this ADR
(that is, the person in whose name this ADR is registered on the books of the Depositary) as the
absolute owner thereof for all purposes. Neither the Depositary nor the Company shall have any
obligation nor be subject to any liability under the Deposit Agreement or this ADR to any holder of
this ADR or any Beneficial Owner unless, in the case of a holder of ADSs, such holder is the Holder
of this ADR registered on the books of the Depositary or, in the case of a Beneficial Owner, such
Beneficial Owner or the Beneficial Owner’s representative is the Holder registered on the books of
the Depositary.

     (12) Validity of ADR. The Holder(s) of this ADR (and the ADSs represented hereby)
shall not be entitled to any benefits under the Deposit Agreement or be valid or enforceable for
any purpose against the Depositary or the Company unless this ADR has been (i) dated, (ii) signed
by the manual or facsimile signature of a duly-authorized signatory of the Depositary, (iii)
countersigned by the manual or facsimile signature of a duly-authorized signatory of the Registrar,
and (iv) registered in the books maintained by the Registrar for the registration of issuances and
transfers of ADRs. An ADR bearing the facsimile signature of a duly-authorized signatory of the
Depositary or the Registrar, who at the time of signature was a duly authorized signatory of the
Depositary or the Registrar, as the case may be, shall bind the Depositary, notwithstanding the
fact that such signatory has ceased to be so authorized prior to the delivery of such ADR by the
Depositary.

     (13) Available Information; Reports; Inspection of Transfer Books. The Company may be
subject to the periodic reporting requirements of the Exchange Act and, if it is, it will be
required to file or submit certain reports with the Commission. These reports can be retrieved
from the Commission’s website (www.sec.gov) and can be inspected and copied at the public reference
facilities maintained by the Commission located (as of the date of the Deposit Agreement) at 100 F
Street, N.E., Washington D.C. 20549. The Depositary shall make available for inspection by
Holders at its Principal Office any reports and communications, including any proxy soliciting
materials, received from the Company which are both (a) received by the Depositary, the Custodian,
or the nominee of either of them as the holder of the Deposited Securities and (b) made generally
available to the holders of such Deposited Securities by the Company.

 

 

     The Registrar shall keep books for the registration of ADSs which at all reasonable times
shall be open for inspection by the Company and by the Holders of such ADSs, provided that such
inspection shall not be, to the Registrar’s knowledge, for the purpose of communicating with
Holders of such ADSs in the interest of a business or object other than the business of the Company
or other than a matter related to the Deposit Agreement or the ADSs.

     The Registrar may close the transfer books with respect to the ADSs, at any time or from time
to time, when deemed necessary or advisable by it in good faith in connection with the performance
of its duties hereunder, or at the reasonable written request of the Company subject, in all cases,
to paragraph (24).

Dated:

	 	 	 	 	 	 	 	 	 
	CITIBANK, N.A.	 	CITIBANK, N.A.	 	 
	Transfer Agent and Registrar	 	as Depositary	 	 
	 
	 	 	 	 	 	 	 	 
	By:

	 	 	 	By:	 	 	 	 
	 

	 	 

Authorized Signatory
	 	 	 	 

Authorized Signatory
	 	 

     The address of the Principal Office of the Depositary is 388 Greenwich Street, New York, New
York 10013, U.S.A.

 

 

[FORM OF REVERSE OF ADR]

SUMMARY OF CERTAIN ADDITIONAL PROVISIONS

OF THE DEPOSIT AGREEMENT

     (14) Dividends and Distributions in Cash, Shares, etc. Upon the timely receipt by the
Depositary of a notice from the Company that it intends to make a distribution of a cash dividend
or other cash distribution, the Depositary shall establish an ADS Record Date upon the terms
described in Section 4.9. Upon receipt of confirmation from the Custodian of receipt of any cash
dividend or other cash distribution on any Deposited Securities, or upon receipt of proceeds from
the sale of any Deposited Securities or of any entitlements held in respect of Deposited Securities
under the terms of the Deposit Agreement, the Depositary will (i) if at the time of receipt thereof
any amounts received in a Foreign Currency can in the judgment of the Depositary (upon the terms of
Section 4.8 of the Deposit Agreement), be converted on a practicable basis into Dollars
transferable to the United States, promptly convert or cause to be converted such cash dividend,
distribution or proceeds into Dollars (upon the terms of Section 4.8 of the Deposit Agreement),
(ii) if applicable and unless previously established, establish the ADS Record Date upon the terms
described in Section 4.9 of the Deposit Agreement, and (iii) distribute promptly the amount thus
received (net of (a) applicable fees and charges of, and expenses incurred by, the Depositary and
(b) taxes withheld) to the Holders entitled thereto as of the ADS Record Date in proportion to the
number of ADSs held as of the ADS Record Date. The Depositary shall distribute only such amount,
however, as can be distributed without attributing to any Holder a fraction of one cent, and any
balance not so distributed shall be held by the Depositary (without liability for interest thereon)
and shall be added to and become part of the next sum received by the Depositary for distribution
to Holders of ADSs outstanding at the time of the next distribution. If the Company, the Custodian
or the Depositary is required to withhold and does withhold from any cash dividend or other cash
distribution in respect of any Deposited Securities an amount on account of taxes, duties or other
governmental charges, the amount distributed to Holders on the ADSs representing such Deposited
Securities shall be reduced accordingly. Such withheld amounts shall be forwarded by the Company,
the Custodian or the Depositary to the relevant governmental authority. Evidence of payment
thereof by the Company shall be forwarded by the Company to the Depositary upon request.

     Upon the timely receipt by the Depositary of a notice from the Company that it intends to make
a distribution that consists of a dividend in, or free distribution of Shares, the Depositary shall
establish an ADS Record Date upon the terms described in Section 4.9 of the Deposit Agreement.
Upon receipt of confirmation from the Custodian of the receipt of the Shares so distributed by the
Company, the Depositary shall either (i) subject to Section 5.9 of the Deposit Agreement,
distribute to the Holders as of the ADS Record Date in proportion to the number of ADSs held as of
the ADS Record Date, additional ADSs, which represent in the aggregate the number of Shares
received as such dividend, or free distribution, subject to the other terms of the Deposit
Agreement (including, without limitation, (a) the applicable fees and charges of, and expenses
incurred by, the Depositary and (b) taxes), or (ii) if additional ADSs are not so distributed, take
all actions necessary so that each ADS issued and outstanding after the ADS

 

 

Record Date shall, to the extent permissible by law, thenceforth also represent rights and
interest in the additional integral number of Shares distributed upon the Deposited Securities
represented thereby (net of (a) the applicable fees and charges of, and expenses incurred by, the
Depositary, and (b) taxes). In lieu of delivering fractional ADSs, the Depositary shall sell the
number of Shares or ADSs, as the case may be, represented by the aggregate of such fractions and
distribute the net proceeds upon the terms set forth in Section 4.1 of the Deposit Agreement.

     In the event that the Depositary determines that any distribution in property (including
Shares) is subject to any tax or other governmental charges which the Depositary is obligated to
withhold, or, if the Company in the fulfillment of its obligations under Section 5.7 of the Deposit
Agreement, has furnished an opinion of U.S. counsel determining that Shares must be registered
under the Securities Act or other laws in order to be distributed to Holders (and no such
registration statement has been declared effective), the Depositary may dispose of all or a portion
of such property (including Shares and rights to subscribe therefor) in such amounts and in such
manner, including by public or private sale, as the Depositary deems necessary and practicable, and
the Depositary shall distribute the net proceeds of any such sale (after deduction of (a) taxes and
(b) fees and charges of, and the expenses incurred by, the Depositary) to Holders entitled thereto
upon the terms of Section 4.1 of the Deposit Agreement. The Depositary shall hold and/or
distribute any unsold balance of such property in accordance with the provisions of the Deposit
Agreement.

     Upon the timely receipt of a notice indicating that the Company wishes an elective
distribution in cash or Shares to be made available to Holders of ADSs upon the terms described in
the Deposit Agreement, the Company and the Depositary shall determine whether such distribution is
lawful and reasonably practicable. If so, the Depositary shall, subject to the terms and
conditions of the Deposit Agreement, establish an ADS Record Date according to paragraph (16) and
establish procedures to enable the Holder hereof to elect to receive the proposed distribution in
cash or in additional ADSs. If a Holder elects to receive the distribution in cash, the
distribution shall be made as in the case of a distribution in cash. If the Holder hereof elects
to receive the distribution in additional ADSs, the distribution shall be made as in the case of a
distribution in Shares upon the terms described in the Deposit Agreement. If such elective
distribution is not reasonably practicable or if the Depositary did not receive satisfactory
documentation set forth in the Deposit Agreement, the Depositary shall establish an ADS Record Date
upon the terms of Section 4.9 of the Deposit Agreement and, to the extent permitted by law,
distribute to Holders, on the basis of the same determination as is made in England and Wales in
respect of the Shares for which no election is made, either (x) cash or (y) additional ADSs
representing such additional Shares, in each case, upon the terms described in the Deposit
Agreement. Nothing herein or in the Deposit Agreement shall obligate the Depositary to make
available to the Holder hereof a method to receive the elective distribution in Shares (rather than
ADSs). There can be no assurance that the Holder hereof will be given the opportunity to receive
elective distributions on the same terms and conditions as the holders of Shares.

     Upon the timely receipt by the Depositary of a notice indicating that the Company wishes
rights to subscribe for additional Shares to be made available to Holders of ADSs, the Depositary
upon consultation with the Company, shall determine, whether it is lawful and reasonably
practicable to make such rights available to the Holders. The Depositary shall make such rights

 

 

available to any Holders only if (i) the Company shall have timely requested that such rights
be made available to Holders, (ii) the Depositary shall have received the documentation
contemplated in the Deposit Agreement, and (iii) the Depositary shall have determined that such
distribution of rights is reasonably practicable. If such conditions are not satisfied, the
Depositary shall sell the rights as described below. In the event all conditions set forth above
are satisfied, the Depositary shall establish an ADS Record Date (upon the terms described in
Section 4.9 of the Deposit Agreement) and establish procedures (x) to distribute rights to purchase
additional ADSs (by means of warrants or otherwise), (y) to enable the Holders to exercise such
rights (upon payment of the subscription price and of the applicable (a) fees and charges of, and
expenses incurred by, the Depositary and (b) taxes), and (z) to deliver ADSs upon the valid
exercise of such rights. Nothing herein or in the Deposit Agreement shall obligate the Depositary
to make available to the Holders a method to exercise rights to subscribe for Shares (rather than
ADSs). If (i) the Company does not timely request the Depositary to make the rights available to
Holders or requests that the rights not be made available to Holders, (ii) the Depositary fails to
receive satisfactory documentation within the terms of Section 5,7 of the Deposit Agreement or
determines it is not reasonably practicable to make the rights available to Holders, or (iii) any
rights made available are not exercised and appear to be about to lapse, the Depositary shall
determine whether it is lawful and reasonably practicable to sell such rights, in a riskless
principal capacity, at such place and upon such terms (including public and private sale) as it may
deem practicable. The Depositary shall, upon such sale, convert and distribute proceeds of such
sale (net of applicable (a) fees and charges of, and expenses incurred by, the Depositary and
(b) taxes) upon the terms hereof and of Section 4.1 of the Deposit Agreement. If the Depositary is
unable to make any rights available to Holders upon the terms described in Section 4.4(a) of the
Deposit Agreement or to arrange for the sale of the rights upon the terms described in Section
4.4(b) of the Deposit Agreement, the Depositary shall allow such rights to lapse. The Depositary
shall not be responsible for (i) any failure to determine that it may be lawful or practicable to
make such rights available to Holders in general or any Holders in particular, (ii) any foreign
exchange exposure or loss incurred in connection with such sale or exercise, or (iii) the content
of any materials forwarded to the ADS Holders on behalf of the Company in connection with the
rights distribution.

     Notwithstanding anything herein or in the Deposit Agreement to the contrary, if registration
(under the Securities Act or any other applicable law) of the rights or the securities to which any
rights relate may be required in order for the Company to offer such rights or such securities to
Holders and to sell the securities represented by such rights, the Depositary will not distribute
such rights to the Holders (i) unless and until a registration statement under the Securities Act
(or other applicable law) covering such offering is in effect or (ii) unless the Company furnishes
the Depositary opinion(s) of counsel for the Company in the United States and counsel to the
Company in any other applicable country in which rights would be distributed, in each case
satisfactory to the Depositary, to the effect that the offering and sale of such securities to
Holders and Beneficial Owners are exempt from, or do not require registration under, the provisions
of the Securities Act or any other applicable laws. In the event that the Company, the Depositary
or the Custodian shall be required to withhold and does withhold from any distribution of property
(including rights) an amount on account of taxes or other governmental charges, the amount
distributed to the Holders of ADSs representing such Deposited Securities shall be reduced
accordingly. In the event that the Depositary determines

 

 

that any distribution in property (including Shares and rights to subscribe therefor) is
subject to any tax or other governmental charges which the Depositary is obligated to withhold, the
Depositary may dispose of all or a portion of such property (including Shares and rights to
subscribe therefor) in such amounts and in such manner, including by public or private sale, as the
Depositary deems necessary and practicable to pay any such taxes or charges.

     There can be no assurance that Holders generally, or any Holder in particular, will be given
the opportunity to exercise rights on the same terms and conditions as the holders of Shares or be
able to exercise such rights. Nothing herein or in the Deposit Agreement shall obligate the
Company to file any registration statement in respect of any rights or Shares or other securities
to be acquired upon the exercise of such rights.

     Upon receipt of a notice indicating that the Company wishes property other than cash, Shares
or rights to purchase additional Shares, to be made to Holders of ADSs, the Depositary shall
determine whether such distribution to Holders is lawful and reasonably practicable. The
Depositary shall not make such distribution unless (i) the Company shall have requested the
Depositary to make such distribution to Holders, (ii) the Depositary shall have received the
documentation contemplated in the Deposit Agreement, and (iii) the Depositary shall have determined
that such distribution is reasonably practicable. Upon satisfaction of such conditions, the
Depositary shall distribute the property so received to the Holders of record, as of the ADS Record
Date, in proportion to the number of ADSs held by them respectively and in such manner as the
Depositary may deem practicable for accomplishing such distribution (i) upon receipt of payment or
net of the applicable fees and charges of, and expenses incurred by, the Depositary, and (ii) net
of any taxes withheld. The Depositary may dispose of all or a portion of the property so
distributed and deposited, in such amounts and in such manner (including public or private sale) as
the Depositary may deem practicable or necessary to satisfy any taxes (including applicable
interest and penalties) or other governmental charges applicable to the distribution.

     If the conditions above are not satisfied, the Depositary shall sell or cause such property to
be sold in a public or private sale, at such place or places and upon such terms as it may deem
practicable and shall (i) cause the proceeds of such sale, if any, to be converted into Dollars and
(ii) distribute the proceeds of such conversion received by the Depositary (net of applicable (a)
fees and charges of, and expenses incurred by, the Depositary and (b) taxes) to the Holders as of
the ADS Record Date upon the terms hereof and of the Deposit Agreement. If the Depositary is
unable to sell such property, the Depositary may dispose of such property for the account of the
Holders in any way it deems reasonably practicable under the circumstances.

     (15) Redemption. Upon timely receipt of notice from the Company that it intends to
exercise its right of redemption in respect of any of the Deposited Securities, and a satisfactory
opinion of counsel, and upon determining that such proposed redemption is practicable, the
Depositary shall (to the extent practicable) provide to each Holder a notice setting forth the
Company’s intention to exercise the redemption rights and any other particulars set forth in the
Company’s notice to the Depositary. Upon receipt of confirmation that the redemption has taken
place and that funds representing the redemption price have been received, the Depositary shall
convert, transfer, distribute the proceeds (net of applicable (a) fees and charges of, and expenses
incurred by, the Depositary, and (b) taxes), retire ADSs and cancel ADRs, if applicable, upon

 

 

delivery of such ADSs by Holders thereof upon the terms set forth in Sections 4.1 and 6.2 of
the Deposit Agreement. If less than all outstanding Deposited Securities are redeemed, the ADSs to
be retired will be selected by lot or on a pro rata basis, as may be determined by the Depositary.
The redemption price per ADS shall be the dollar equivalent of the per share amount received by the
Depositary (adjusted to reflect the ADS(s)-to-Share(s) ratio) upon the redemption of the Deposited
Securities represented by ADSs (subject to the terms of Section 4.8 of the Deposit Agreement and
the applicable fees and charges of, and expenses incurred by, the Depositary, and taxes) multiplied
by the number of Deposited Securities represented by each ADS redeemed.

     (16) Fixing of ADS Record Date. Whenever the Depositary shall receive notice of the
fixing of a record date by the Company for the determination of holders of Deposited Securities
entitled to receive any distribution (whether in cash, Shares, rights or other distribution), or
whenever for any reason the Depositary causes a change in the number of Shares that are represented
by each ADS, or whenever the Depositary shall receive notice of any meeting of, or solicitation of
consents or proxies of, holders of Shares or other Deposited Securities, or whenever the Depositary
shall find it necessary or convenient in connection with the giving of any notice, solicitation of
any consent or any other matter, the Depositary shall fix a record date (“ADS Record Date”)
for the determination of the Holders of ADSs who shall be entitled to receive such distribution, to
give instructions for the exercise of voting rights at any such meeting, to give or withhold such
consent, to receive such notice or solicitation or to otherwise take action, or to exercise the
rights of Holders with respect to such changed number of Shares represented by each ADS. Subject
to applicable law and the terms and conditions of this ADR and Sections 4.1 through 4.8 of the
Deposit Agreement, only the Holders of ADSs at the close of business in New York on such ADS Record
Date shall be entitled to receive such distributions, to give such instructions, to receive such
notice or solicitation, or otherwise take action.

     (17) Voting of Deposited Securities. As soon as practicable after receipt of notice
of any meeting at which the holders of Deposited Securities are entitled to vote, or of
solicitation of consents or proxies from holders of Deposited Securities, the Depositary shall fix
the ADS Record Date in respect of such meeting or solicitation of such consent or proxy in
accordance with Section 4.9 of the Deposit Agreement. The Depositary shall, if requested by the
Company in writing in a timely manner (the Depositary having no obligation to take any further
action if the request shall not have been received by the Depositary at least thirty (30) days
prior to the date of such vote or meeting), at the Company’s expense and provided no U.S. legal
prohibitions exist, distribute to Holders as of the ADS Record Date: (a) such notice of meeting or
solicitation of consent or proxies, (b) a statement that the Holders at the close of business on
the ADS Record Date will be entitled, subject to any applicable law, the provisions of the Deposit
Agreement, the Company’s Articles of Association and the provisions of or governing Deposited
Securities (which provisions, if any, shall be summarized in pertinent part by the Company), to
instruct the Depositary as to the exercise of the voting rights, if any, pertaining to the
Deposited Securities represented by such Holder’s ADSs and (c) a brief statement as to the manner
in which such voting instructions may be given.

     Notwithstanding anything contained in the Deposit Agreement or any ADR, the Depositary may, to
the extent not prohibited by law or regulations, or by the requirements of the

 

 

stock exchange on which the ADSs are listed, in lieu of distribution of the materials provided
to the Depositary in connection with any meeting of, or solicitation of consents or proxies from,
holders of Deposited Securities, distribute to the Holders a notice that provides Holders with, or
otherwise publicize to Holders, instructions on how to retrieve such materials or receive such
materials upon request (i.e., by reference to a website containing the materials for retrieval or a
contact for requesting copies of the materials).

     Voting instructions may be given only in respect of a number of ADSs representing an integral
number of Deposited Securities. Upon the timely receipt of voting instructions from a Holder of
ADSs as of the ADS Record Date in the manner specified by the Depositary, the Depositary shall
endeavor, insofar as practicable and permitted under applicable law and the provisions of the
Deposit Agreement, the Articles of Association of the Company and the provisions of the Deposited
Securities, to vote, or cause the Custodian to vote, the Deposited Securities (in person or by
proxy) represented by such Holder’s ADSs in accordance with such voting instructions.

     Neither the Depositary nor the Custodian shall under any circumstances exercise any discretion
as to voting and neither the Depositary nor the Custodian shall vote, attempt to exercise the right
to vote, or in any way make use of, for purposes of establishing a quorum or otherwise the
Deposited Securities represented by ADSs, except pursuant to and in accordance with the voting
instructions timely received from Holders or as otherwise contemplated herein. If the Depositary
timely receives voting instructions from a Holder which fail to specify the manner in which the
Depositary is to vote the Deposited Securities represented by such Holder’s ADSs, the Depositary
will deem such Holder (unless otherwise specified in the notice distributed to Holders) to have
instructed the Depositary to vote in favor of the items set forth in such instructions. Deposited
Securities represented by ADSs for which no timely voting instructions are received by the
Depositary from the Holder shall not be voted. Notwithstanding anything else contained in the
Deposit Agreement or in this ADR, the Depositary shall not have any obligation to take any action
with respect to any meeting, or solicitation of consents or proxies, of holders of Deposited
Securities if the taking of such action would violate U.S. laws. The Company agrees to take any
and all actions reasonably necessary to enable Holders and Beneficial Owners to exercise the voting
rights accruing to the Deposited Securities and to deliver to the Depositary an opinion of U.S.
counsel addressing any actions requested to be taken if so requested by the Depositary. There can
be no assurance that Holders generally or any Holder in particular will receive the notice
described above with sufficient time to enable the Holder to return voting instructions to the
Depositary in a timely manner.

     (18) Changes Affecting Deposited Securities. Upon any change in nominal or par value,
split-up, cancellation, consolidation or any other reclassification of Deposited Securities, or
upon any recapitalization, reorganization, merger, consolidation or sale of assets affecting the
Company or to which it is a party, any securities which shall be received by the Depositary or the
Custodian in exchange for, or in conversion of or replacement of or otherwise in respect of, such
Deposited Securities shall, to the extent permitted by law, be treated as new Deposited Securities
under the Deposit Agreement, and the ADRs shall, subject to the provisions of the Deposit Agreement
and applicable law, evidence ADSs representing the right to receive such additional securities. In
giving effect to such change, split-up, cancellation, consolidation or other

 

 

reclassification of Deposited Securities, recapitalization, reorganization, merger,
consolidation or sale of assets, the Depositary may, with the Company’s approval, and shall, if the
Company shall so request, subject to the terms of the Deposit Agreement and receipt of an opinion
of counsel to the Company satisfactory to the Depositary that such actions are not in violation of
any applicable laws or regulations, (i) issue and deliver additional ADSs as in the case of a stock
dividend on the Shares, (ii) amend the Deposit Agreement and the applicable ADRs, (iii) amend the
applicable Registration Statement(s) on Form F-6 as filed with the Commission in respect of the
ADSs, (iv) call for the surrender of outstanding ADRs to be exchanged for new ADRs, and (v) take
such other actions as are appropriate to reflect the transaction with respect to the ADSs.
Notwithstanding the foregoing, in the event that any security so received may not be lawfully
distributed to some or all Holders, the Depositary may, with the Company’s approval, and shall, if
the Company requests, subject to receipt of an opinion of Company’s counsel satisfactory to the
Depositary that such action is not in violation of any applicable laws or regulations, sell such
securities at public or private sale, at such place or places and upon such terms as it may deem
proper and may allocate the net proceeds of such sales (net of (a) fees and charges of, and
expenses incurred by, the Depositary and (b) taxes) for the account of the Holders otherwise
entitled to such securities upon an averaged or other practicable basis without regard to any
distinctions among such Holders and distribute the net proceeds so allocated to the extent
practicable as in the case of a distribution received in cash pursuant to Section 4.1 of the
Deposit Agreement. The Depositary shall not be responsible for (i) any failure to determine that
it may be lawful or feasible to make such securities available to Holders in general or any Holder
in particular, (ii) any foreign exchange exposure or loss incurred in connection with such sale, or
(iii) any liability to the purchaser of such securities. Notwithstanding the foregoing provisions
of Section 4.11 of the Deposit Agreement, no amendment or alteration of the rights of Deposited
Securities pursuant to an amendment of the Articles of Association of the Company shall be a
reclassification, recapitalization, reorganization or other change in the Deposited Securities so
as to cause such Deposited Securities to be new Deposited Securities under the Deposit Agreement,
to cause a new deposit of Deposited Securities under the Deposit Agreement, or to cause the ADSs
representing such Deposited Securities to be new ADSs notwithstanding any change in the description
or name of such Deposited Securities, any change of the name of the Company, any requirement to
amend any applicable Registration Statement(s) on Form F-6 as filed with the Commission in respect
of the ADS or any change in the form of ADRs evidencing such ADSs.

     (19) Exoneration. Neither the Depositary nor the Company shall be obligated to do or
perform any act which is inconsistent with the provisions of the Deposit Agreement or incur any
liability (i) if the Depositary or the Company shall be prevented or forbidden from, or delayed in,
doing or performing any act or thing required by the terms of the Deposit Agreement and this ADR,
by reason of any provision of any present or future law or regulation of the United States, England
and Wales or any other country, or of any other governmental authority or regulatory authority or
stock exchange, or on account of the possible criminal or civil penalties or restraint, or by
reason of any provision, present or future, of the Articles of Association of the Company or any
provision of or governing any Deposited Securities, or by reason of any act of God or war or other
circumstances beyond its control (including, without limitation, nationalization, expropriation,
currency restrictions, work stoppage, strikes, civil unrest, acts of terrorism, revolutions,
rebellions, explosions and computer failure), (ii) by reason of any exercise of, or failure to
exercise, any discretion provided for in the Deposit Agreement or in the Articles of

 

 

Association of the Company or provisions of or governing Deposited Securities, (iii) for any
action or inaction in reliance upon the advice of or information from legal counsel, accountants,
any person presenting Shares for deposit, any Holder, any Beneficial Owner or authorized
representative thereof, or any other person believed by it in good faith to be competent to give
such advice or information, (iv) for the inability by a Holder or Beneficial Owner to benefit from
any distribution, offering, right or other benefit which is made available to holders of Deposited
Securities but is not, under the terms of the Deposit Agreement, made available to Holders of ADSs
or (v) for any consequential or punitive damages for any breach of the terms of the Deposit
Agreement. The Depositary, its controlling persons, its agents, any Custodian and the Company, its
controlling persons and its agents may rely and shall be protected in acting upon any written
notice, request or other document believed by it to be genuine and to have been signed or presented
by the proper party or parties. No disclaimer of liability under the Securities Act is intended by
any provision of the Deposit Agreement or this ADR.

     (20) Standard of Care. The Company and the Depositary assume no obligation and shall
not be subject to any liability under the Deposit Agreement or this ADR to any Holder(s) or
Beneficial Owner(s), except that the Company and Depositary agree to perform their respective
obligations specifically set forth in the Deposit Agreement and this ADR without negligence or bad
faith. The Depositary and its agents shall not be liable for any failure to carry out any
instructions to vote any of the Deposited Securities, or for the manner in which any vote is cast
or the effect of any vote, provided that any such action or omission is in good faith and in
accordance with the terms of the Deposit Agreement. The Depositary shall not incur any liability
for any failure to determine that any distribution or action may be lawful or reasonably
practicable, for the content of any information submitted to it by the Company for distribution to
the Holders or for any inaccuracy of any translation thereof, for any investment risk associated
with acquiring an interest in the Deposited Securities, for the validity or worth of the Deposited
Securities or for any tax consequences that may result from the ownership of ADSs, Shares or
Deposited Securities, for the credit-worthiness of any third party, for allowing any rights to
lapse upon the terms of the Deposit Agreement, for the failure or timeliness of any notice from the
Company, or for any action or failure to act by, or any information provided or not provided by,
DTC or any DTC participant.

     (21) Resignation and Removal of the Depositary; Appointment of Successor Depositary.
The Depositary may at any time resign as Depositary under the Deposit Agreement by written notice
of resignation delivered to the Company, such resignation to be effective on the earlier of (i) the
90th day after delivery thereof to the Company (whereupon the Depositary shall be entitled to take
the actions contemplated in Section 6.2 of the Deposit Agreement), or (ii) upon the appointment of
a successor depositary by the Company and its acceptance of such appointment as provided in the
Deposit Agreement. The Depositary may at any time be removed by the Company by written notice of
such removal, which removal shall be effective on the later of (i) the 90th day after delivery
thereof to the Depositary (whereupon the Depositary shall be entitled to take the actions
contemplated in Section 6.2 of the Deposit Agreement), or (ii) upon the appointment by the Company
of a successor depositary and its acceptance of such appointment as provided in the Deposit
Agreement. In case at any time the Depositary acting hereunder shall resign or be removed, the
Company shall use its best efforts to appoint a successor depositary, which shall be a bank or
trust company having an office in the Borough of

 

 

Manhattan, the City of New York. Every successor depositary shall be required by the Company
to execute and deliver to its predecessor and to the Company an instrument in writing accepting its
appointment hereunder, and thereupon such successor depositary, without any further act or deed
(except as required by applicable law), shall become fully vested with all the rights, powers,
duties and obligations of its predecessor (other than as contemplated in Sections 5.8 and 5.9 of
the Deposit Agreement). The predecessor depositary, upon payment of all sums due it and on the
written request of the Company, shall (i) execute and deliver an instrument transferring to such
successor all rights and powers of such predecessor under the Deposit Agreement and this ADR (other
than as contemplated in Sections 5.8 and 5.9 of the Deposit Agreement), (ii) duly assign, transfer
and deliver all right, title and interest to the Deposited Securities to such successor, and (iii)
deliver to such successor a list of the Holders of all outstanding ADSs and such other information
relating to ADSs and Holders thereof as the successor may reasonably request. Any such successor
depositary shall promptly provide notice of its appointment to such Holders. Any corporation into
or with which the Depositary may be merged or consolidated shall be the successor of the Depositary
without the execution or filing of any document or any further act.

     (22) Amendment/Supplement. Subject to the terms and conditions of this paragraph 22,
the Deposit Agreement and applicable law, this ADR and any provisions of the Deposit Agreement may
at any time and from time to time be amended or supplemented by written agreement between the
Company and the Depositary in any respect which they may deem necessary or desirable without the
prior written consent of the Holders or Beneficial Owners. Any amendment or supplement which shall
impose or increase any fees or charges (other than charges in connection with foreign exchange
control regulations, and taxes and other governmental charges, delivery and other such expenses),
or which shall otherwise materially prejudice any substantial existing right of Holders or
Beneficial Owners, shall not, however, become effective as to outstanding ADSs until the expiration
of thirty (30) days after notice of such amendment or supplement shall have been given to the
Holders of outstanding ADSs. Notice of any amendment to the Deposit Agreement or any ADR shall not
need to describe in detail the specific amendments effectuated thereby, and failure to describe the
specific amendments in any such notice shall not render such notice invalid, provided,
however, that, in each such case, the notice given to the Holders identifies a means for
Holders and Beneficial Owners to retrieve or receive the text of such amendment (i.e., upon
retrieval from the Commission’s, the Depositary’s or the Company’s website or upon request from the
Depositary). The parties hereto agree that any amendments or supplements which (i) are reasonably
necessary (as agreed by the Company and the Depositary) in order for (a) the ADSs to be registered
on Form F-6 under the Securities Act or (b) the ADSs to be settled solely in electronic book-entry
form and (ii) do not in either such case impose or increase any fees or charges to be borne by
Holders, shall be deemed not to materially prejudice any substantial rights of Holders or
Beneficial Owners. Every Holder and Beneficial Owner at the time any amendment or supplement so
becomes effective shall be deemed, by continuing to hold such ADSs, to consent and agree to such
amendment or supplement and to be bound by the Deposit Agreement and this ADR, if applicable, as
amended or supplemented thereby. In no event shall any amendment or supplement impair the right of
the Holder to surrender such ADS and receive therefor the Deposited Securities represented thereby,
except in order to comply with mandatory provisions of applicable law. Notwithstanding the
foregoing, if any governmental body should adopt new

 

 

laws, rules or regulations which would require an amendment of, or supplement to, the Deposit
Agreement to ensure compliance therewith, the Company and the Depositary may amend or supplement
the Deposit Agreement and this ADR at any time in accordance with such changed laws, rules or
regulations. Such amendment or supplement to the Deposit Agreement and this ADR in such
circumstances may become effective before a notice of such amendment or supplement is given to
Holders or within any other period of time as required for compliance with such laws, rules or
regulations.

     (23) Termination. The Depositary shall, at any time at the written direction of the
Company, terminate the Deposit Agreement by distributing notice of such termination to the Holders
of all ADSs then outstanding at least thirty (30) days prior to the date fixed in such notice for
such termination. If ninety (90) days shall have expired after (i) the Depositary shall have
delivered to the Company a written notice of its election to resign, or (ii) the Company shall have
delivered to the Depositary a written notice of the removal of the Depositary, and, in either case,
a successor depositary shall not have been appointed and accepted its appointment as provided in
Section 5.4 of the Deposit Agreement, the Depositary may terminate the Deposit Agreement by
distributing notice of such termination to the Holders of all ADSs then outstanding at least thirty
(30) days prior to the date fixed in such notice for such termination. The date so fixed for
termination of the Deposit Agreement in any termination notice so distributed by the Depositary to
the Holders of ADSs is referred to as the “Termination Date”. Until the Termination Date,
the Depositary shall continue to perform all of its obligations under the Deposit Agreement, and
the Holders and Beneficial Owners will be entitled to all of their rights under the Deposit
Agreement. If any ADSs shall remain outstanding after the Termination Date, the Registrar and the
Depositary shall not, after the Termination Date, have any obligation to perform any further acts
under the Deposit Agreement, except that the Depositary shall, subject, in each case, to the terms
and conditions of the Deposit Agreement, continue to (i) collect dividends and other distributions
pertaining to Deposited Securities, (ii) sell securities and other property received in respect of
Deposited Securities, (iii) deliver Deposited Securities, together with any dividends or other
distributions received with respect thereto and the net proceeds of the sale of any securities or
other property, in exchange for ADSs surrendered to the Depositary (after deducting, or charging,
as the case may be, in each case, the fees and charges of, and expenses incurred by, the
Depositary, and all applicable taxes or governmental charges for the account of the Holders and
Beneficial Owners, in each case upon the terms set forth in Section 5.9 of the Deposit Agreement),
and (iv) take such actions as may be required under applicable law in connection with its role as
Depositary under the Deposit Agreement. At any time after the Termination Date, the Depositary may
sell the Deposited Securities then held under the Deposit Agreement and shall after such sale hold
un-invested the net proceeds of such sale, together with any other cash then held by it under the
Deposit Agreement, in an un-segregated account and without liability for interest, for the pro-rata
benefit of the Holders whose ADSs have not theretofore been surrendered. After making such sale,
the Depositary shall be discharged from all obligations under the Deposit Agreement except (i) to
account for such net proceeds and other cash (after deducting, or charging, as the case may be, in
each case, the fees and charges of, and expenses incurred by, the Depositary, and all applicable
taxes or governmental charges for the account of the Holders and Beneficial Owners, in each case
upon the terms set forth in Section 5.9 of the Deposit Agreement), and (ii) as may be required at
law in connection with the termination of the Deposit Agreement. After the Termination Date, the

 

 

Company shall be discharged from all obligations under the Deposit Agreement, except for its
obligations to the Depositary under Sections 5.8, 5.9 and 7.6 of the Deposit Agreement. The
obligations under the terms of the Deposit Agreement of Holders and Beneficial Owners of ADSs
outstanding as of the Termination Date shall survive the Termination Date and shall be discharged
only when the applicable ADSs are presented by their Holders to the Depositary for cancellation
under the terms of the Deposit Agreement.

     (24) Compliance with U.S. Securities Laws. Notwithstanding any provisions in this ADR
or the Deposit Agreement to the contrary, the withdrawal or delivery of Deposited Securities will
not be suspended by the Company or the Depositary except as would be permitted by Instruction
I.A.(1) of the General Instructions to the Form F-6 Registration Statement, as amended from time to
time, under the Securities Act.

     (25) Certain Rights of the Depositary; Limitations. Subject to the further terms and
provisions of this paragraph (25), the Depositary, its Affiliates and their agents, on their own
behalf, may own and deal in any class of securities of the Company and its Affiliates and in ADSs.
The Depositary may issue ADSs against evidence of rights to receive Shares from the Company, any
agent of the Company or any custodian, registrar, transfer agent, clearing agency or other entity
involved in ownership or transaction records in respect of the Shares. Such evidence of rights
shall consist of written blanket or specific guarantees of ownership of Shares. In its capacity as
Depositary, the Depositary shall not lend Shares or ADSs; provided, however, that
the Depositary may (i) issue ADSs prior to the receipt of Shares pursuant to Section 2.3 of the
Deposit Agreement and (ii) deliver Shares prior to the receipt of ADSs for withdrawal of Deposited
Securities pursuant to Section 2.7 of the Deposit Agreement, including ADSs which were issued under
(i) above but for which Shares may not have been received (each such transaction a “Pre-Release
Transaction”). The Depositary may receive ADSs in lieu of Shares under (i) above and receive
Shares in lieu of ADSs under (ii) above. Each such Pre-Release Transaction will be (a) subject to
a written agreement whereby the person or entity (the “Applicant”) to whom ADSs or Shares
are to be delivered (w) represents that at the time of the Pre-Release Transaction the Applicant or
its customer owns the Shares or ADSs that are to be delivered by the Applicant under such
Pre-Release Transaction, (x) agrees to indicate the Depositary as owner of such Shares or ADSs in
its records and to hold such Shares or ADSs in trust for the Depositary until such Shares or ADSs
are delivered to the Depositary or the Custodian, (y) unconditionally guarantees to deliver to the
Depositary or the Custodian, as applicable, such Shares or ADSs and (z) agrees to any additional
restrictions or requirements that the Depositary deems appropriate, (b) at all times fully
collateralized with cash, U.S. government securities or such other collateral as the Depositary
deems appropriate, (c) terminable by the Depositary on not more than five (5) business days’ notice
and (d) subject to such further indemnities and credit regulations as the Depositary deems
appropriate. The Depositary will normally limit the number of ADSs and Shares involved in such
Pre-Release Transactions at any one time to thirty percent (30%) of the ADSs outstanding (without
giving effect to ADSs outstanding under (i) above), provided, however, that the
Depositary reserves the right to change or disregard such limit from time to time as it deems
appropriate. The Depositary may also set limits with respect to the number of ADSs and Shares
involved in Pre-Release Transactions with any one person on a case-by-case basis as it deems
appropriate. The Depositary may retain for its own account any compensation received by it in
conjunction with the foregoing. Collateral

 

 

provided pursuant to (b) above, but not earnings thereon, shall be held for the benefit of the
Holders (other than the Applicant).

 

 

(ASSIGNMENT AND TRANSFER SIGNATURE LINES)

FOR VALUE RECEIVED, the undersigned Holder hereby sell(s), assign(s) and transfer(s) unto
                                                             whose taxpayer identification number is
                                                             and
whose address including postal zip code is                                         , the within ADS and all rights
thereunder, hereby irrevocably constituting and appointing                                                             
attorney-in-fact to transfer said ADS on the books of the Depositary with full power of
substitution in the premises.

	 	 	 	 	 	 	 
	Dated:    

	 	Name:	 	 	 	 
	 

	 	 	 	 

	 	 
	 

	 	 	 	By:	 	 
	 

	 	 	 	Title:                         	 	 
	 
	 	 	 	 	 	 
	 	 	NOTICE: The signature of the Holder to this
assignment must correspond with the name as written
upon the face of the within instrument in every
particular, without alteration or enlargement or any
change whatsoever.	 	 
	 
	 	 	 	 	 	 
	 	 	If the endorsement be executed by an attorney,
executor, administrator, trustee or guardian, the
person executing the endorsement must give his/her
full title in such capacity and proper evidence of
authority to act in such capacity, if not on file
with the Depositary, must be forwarded with this ADR.	 	 
	 
	 	 	 	 	 	 
	SIGNATURE GUARANTEED

	 	 	 	 	 	 
	 
	 	 	 	 	 	 
	 	 	All endorsements or assignments of ADRs must be
guaranteed by a member of a Medallion Signature
Program approved by the Securities Transfer
Association, Inc.exv10w1

Exhibit 10.1

51JOB, INC.

2009 SHARE OPTION PLAN

     1. Purposes of the Plan

     The purposes of this Share Option Plan are to attract and retain the best available personnel
for positions of substantial responsibility, to provide additional incentive to Employees,
Directors and Consultants and to promote the success of the Company’s business.

     2. Definitions

     As used herein, the following definitions shall apply:

     (a) “Administrator” means the Board or the Committee appointed by the Board to administer the
Plan.

     (b) “Applicable Laws” means the legal requirements relating to the Plan and the Options under
applicable provisions of the corporate and securities laws of the U.S. and the Cayman Islands, the
Code, PRC tax laws, rules, regulations and government orders, the rules of any applicable share
exchange or national market system, and the laws and the rules of any other jurisdiction applicable
to Options granted to residents therein.

     (c) “Board” means the Board of Directors of the Company.

     (d) “Code” means the U.S. Internal Revenue Code of 1986, as amended.

     (e) “Committee” means the Compensation Committee of the Board or other committee appointed by
the Board to administer the Plan.

     (f) “Company” means 51job, Inc., a Cayman Islands company.

     (g) “Consultant” means any Person (other than an Employee or a Director) who is engaged by the
Company or any Related Entity to render consulting or advisory services to the Company or such
Related Entity or any other selected Person the Administrator determines provides, directly or
indirectly, bona fide value to the Company or any Related Entity.

     (h) “Corporate Transaction” means any of the following transactions to which the Company is a
party.

          (i) a merger or consolidation or reorganization in which the Company is not the surviving
entity; or

          (ii) the sale, transfer or other disposition of all or substantially all of the assets of the
Company (including the share capital of the Company’s Subsidiaries).

     (i) “Director” means a member of the Board of Directors of the Company.

     (j) “Disability” means that a Participant is permanently unable to carry out the
responsibilities and functions of the position held by the Participant by reason of any medically
determinable physical or mental impairment as determined by the Administrator. A Participant will
not be considered to have incurred a Disability unless he or she furnishes proof of such impairment
sufficient to satisfy the Administrator in its discretion.

     (k) “Effective Date” shall mean the date the Board adopts the Plan, or such later date as
designated by the Board.

     (l) “Employee” means any Person, including an Officer or Director, who is an employee of the
Company or any Related Entity. Except as otherwise provided in the applicable Option Agreement, a
Person shall not cease to be an Employee in the case of (i) any approved leave of absence, or (ii)
transfers between the Company an/or any Related Entities. An approved leave of absence shall
include sick leave, maternity leave or any other authorized personal leave. For purposes of
Incentive Share Options, no such leave may exceed ninety (90) days, unless re-employment upon
expiration of such leave is guaranteed by statute or contract. The payment of an independent
director’s fee by the Company or a Related Entity shall not be sufficient to constitute
“employment” of such Person by the Company.

     (m) “Exchange Act” means the U.S. Securities Exchange Act of 1934, as amended.

1

 

     (n) “Fair Market Value” means, as of any date, the value of a Share determined as follows: (i)
if there should be a public market for the Shares on such date, the closing price of the Shares as
reported on such date on the Composite Tape of the principal national securities exchange on which
such Shares are listed or admitted to trading, (including, without limitation, the National
Association of Securities Dealers Automated Quotations (“NASDAQ”) Global Market or the NASDAQ
Capital Market) or, if the Shares are not listed or admitted on any national securities exchange,
the arithmetic mean of the per Share closing bid price and per Share closing asked price on such
date as quoted on the applicable NASDAQ System (or such market in which such prices are regularly
quoted) or, if no sale of Shares shall have been reported on the Composite Tape of any national
securities exchange or quoted on the NASDAQ on such date, then the immediately preceding date on
which sales of the Shares have been so reported or quoted shall be used, and (ii) if there should
not be a public market for the Shares on such date, the Fair Market Value shall be the value
established by the Administrator in good faith.

     (o) “Incentive Share Option” means an Option intended to qualify as an incentive stock option
within the meaning of Section 422 of the Code.

     (p) “Liquidation Event” means a complete dissolution or liquidation of the Company.

     (q) “Non-statutory Share Option” means an Option not intended to qualify as an Incentive Share
Option.

     (r) “Officer” means a Person who is an officer of the Company or a Related Entity within the
meaning of Section 16 of the Exchange Act and the rules and regulations promulgated thereunder or,
to the extent applicable, other Applicable Laws.

     (s) “Old Plan” means the Company’s 2000 Stock Plan, as has been amended from time to time.

     (t) “Option” means an option to purchase Shares pursuant to an Option Agreement granted under
the Plan.

     (u) “Option Agreement” means any written agreement, contract, or other instrument or document
evidencing an Option, including through electronic medium.

     (v) “Participant” means an Employee, Director or Consultant who receives an Option under the
Plan.

     (w) “Parent” means a “parent corporation” (as defined in Section 424(e) of the Code or any
successor section thereto) of the Company, whether now or hereafter existing.

     (x) “Person” means a “person” as such term is used for purposes of Section 13(d) or 14(d) of
the Act (or any successor section thereto).

     (y) “Plan” means this 2009 Share Option Plan, as may be amended from time to time.

     (z) “PRC” means the People’s Republic of China.

     (aa) “Related Entity” means any Parent, Subsidiary and, to the extent permitted by Section
409A of the Code or other Applicable Laws, any other corporation, partnership, limited liability
company or other business entity in which the Company, its Parent or a Subsidiary holds a
substantial ownership interest, directly or indirectly.

     (bb) “Share” means a common share of US$0.0001 nominal or par value of the Company.

     (cc) “Subsidiary” means a “subsidiary corporation” (as defined in Section 424(f) of the Code
or any successor section thereto) of the Company, whether now or hereafter existing.

     3. Shares Subject to the Plan

     (a) Number of Shares. Subject to the provisions of Section 9 below, the maximum
aggregate number of Shares which may be issued pursuant to all Options is 5,000,000.

     Notwithstanding the foregoing, to the extent that an Option terminates, expires, or lapses for
any reason, any Shares subject to the Option shall again be available for the grant of an Option
pursuant to the Plan. To the extent permitted by Applicable Laws, Shares issued in assumption of,
or in substitution for,

2

 

any outstanding options of any entity acquired in any form or combination by the Company or a
Related Entity shall not be counted against Shares available for grant pursuant to the Plan.

     (b) Shares Distributed. To the extent permitted by Applicable Laws, any Shares
distributed pursuant to an Option may consist, in whole or in part, of authorized and unissued
Shares, treasury shares (subject to applicable law) or Shares purchased on the open market.
Additionally, at the discretion of the Administrator, American Depositary Shares in an amount equal
to the number of Shares which otherwise would be distributed pursuant to an Option may be
distributed in lieu of Shares in settlement of any Option. If the number of Shares represented by
an American Depositary Share is other than on a one-to-one basis, the limitations of Section 3(a)
shall be adjusted to reflect the distribution of American Depositary Shares in lieu of Shares.

     4. Administration of the Plan

     (a) Administrator. The Administrator shall administer the Plan in accordance with its
terms.

     (b) Powers of the Administrator. Subject to Applicable Laws and the provisions of the
Plan (including any other powers given to the Administrator hereunder), and except as otherwise
provided by the Board, the Administrator shall have the authority, in its discretion:

          (i) to select the Persons to whom Options may from time to time be granted hereunder;

          (ii) to determine the number of Shares underlying each Option;

          (iii) to approve forms of Option Agreements for use under the Plan;

          (iv) to determine the terms and conditions of any Option granted hereunder. Such terms and
conditions include, but are not limited to, the exercise price, the time or times when the Option
may be exercised (which may be based on performance criteria), any vesting acceleration or waiver
of forfeiture restrictions, and any restriction or limitation regarding an Option relating thereto,
based in each case on such factors as the Administrator, in its sole discretion, shall determine;

          (v) to amend the terms of any outstanding Option granted under the Plan;

          (vi) to construe and interpret the terms of the Plan and Options, including without
limitation, any notice of Option or Option Agreement, granted pursuant to the Plan;

          (vii) to take such action, not inconsistent with the terms of the Plan, as the Administrator
deems appropriate; and

          (viii) to correct any defect or supply any omission or reconcile any inconsistency in the Plan
in the manner and to the extent the Administrator deems necessary or desirable.

     (c) Effect of Administrator’s Decision. All decisions, determinations and
interpretations of the Administrator shall be final and binding on all Participants.

     5. Eligibility

     (a) Incentive Share Options may be granted only to Employees of the Company, a Parent or a
Subsidiary. Non-statutory Share Options may be granted to Employees, Directors and Consultants.

     (b) An Employee, Director or Consultant who has been granted an Option may, if otherwise
eligible, be granted additional Options. To the extent permitted by Applicable Laws, Options may be
granted to such Employees, Directors or Consultants who are residing in foreign jurisdictions as
the Administrator may determine from time to time.

     (c) Neither the Plan nor any Option shall confer upon any Participant any right with respect
to continuing the Participant’s relationship as an Employee, Director or Consultant of the Company
or, as applicable, any Related Entity, nor shall it interfere in any way with his or her right or
the right of the Company or, as applicable, any Related Entity to terminate such relationship at
any time, with or without cause. No Participant or other Person shall have any claim to be granted
any Option, and there is no obligation for uniformity of treatment of Participants, or holders or
beneficiaries of Options. The terms and conditions of Options and the Administrator’s
determinations and interpretations with respect thereto need not be the same with respect to each
Participant (whether or not such Participants are similarly situated). In addition, except as
otherwise provided in a Participant’s employment agreement with the

3

 

Company or, as applicable, a Related Entity, under no circumstances will any Participant
ceasing to be an employee or other service provider to the Company or any Related Entity, as
applicable, be entitled to any compensation for any loss of any right or benefit or prospective
right or benefit under the Plan which such Participant might otherwise have enjoyed whether such
compensation is claimed by way of damages for wrongful dismissal or other breach of contract or by
way of compensation for loss of office or otherwise. By accepting an Option under the Plan, each
Participant acknowledges and agrees that any Option such Participant has been awarded under the
Plan and any other Options the Participant may be granted in the future, even if such Options are
made repeatedly or regularly, and regardless of their amount, (i) are wholly discretionary, are not
a term or condition of the Participant’s employment (or services) and do not form part of a
contract of employment, or any other working arrangement, between the Participant and the Company
or any Related Entity, and (ii) do no create any contractual entitlement to receive future Options
or to continued employment.

     6. Options

     (a) The Administrator is authorized to grant Options to Participants on the following terms
and conditions:

          (i) Exercise Price. The exercise price per Share subject to an Option shall be
determined by the Administrator and set forth in the Option Agreement which may be a fixed or
variable price related to the Fair Market Value of the Shares, but in no event shall an Option
granted to a Participant who is a U.S. taxpayer have an exercise price per Share that is less than
100% of the Fair Market Value of a Share on the date the Option is granted (other than in the case
of Options granted in substitution of previously granted awards of any entity acquired by the
Company or a Related Entity).

          (ii) Option Period. The option period shall be the term stated in the Option
Agreement, which term may be ten (10) years from the grant date of the Option or such shorter term
as may be approved by the Administrator.

          (iii) Procedure for Exercise. Any Option granted hereunder shall be exercisable
according to the terms hereof at such times and under such conditions as determined by the
Administrator and set forth in the Option Agreement. The Administrator shall set forth the rate at
which Options shall become exercisable in the Option Agreement (or in any other manner it deems
advisable), and except in the case of Options granted to Officers, Directors or Consultants or as
otherwise may be permitted under Applicable Laws, Options granted under the Plan shall become
exercisable at a rate of no less than 20% per year over five (5) years from the date the Options
are granted. An Option may not be exercised for a fraction of a Share.

          An Option shall be deemed exercised when the Company receives: (x) written or electronic
notice of exercise (in accordance with the Option Agreement) from the Person entitled to exercise
the Option, and (y) full payment for the Shares with respect to which the Option is exercised. Full
payment may consist of any consideration and method of payment authorized by the Administrator at
the time of exercise (or as expressly permitted by the Option Agreement). Shares issued upon
exercise of an Option shall be issued in the name of the Participant or, if requested by the
Participant, in the name of the Participant and his or her spouse. The Company shall issue (or
cause to be issued) such Shares promptly after the Option is exercised, subject to Section 7(c). No
adjustment will be made for a dividend or other right for which the record date is prior to the
date the Shares are issued, except as provided in Section 9 of the Plan.

          (iv) Expiration of Option

               (A) An Option may not be exercised to any extent by anyone after ten years from the date it is
granted or such earlier time as set in the Option Agreement.

               (B) Termination of Relationship as an Employee, Director or Consultant. If a
Participant ceases to be a Employee, Director or Consultant for any reason (other than as a result
of such Participant’s death or Disability), (i) the Participant may exercise his or her Option
within such period of time as is specified in the Option Agreement (of at least thirty (30) days)
to the extent that the Option is vested on the date of termination (but in no event later than the
expiration of the term of the Option as set forth in the Option Agreement), and (ii) in the absence
of a specified time in the Option Agreement, the Option shall remain exercisable for three (3)
months following the Participant’s termination. If, on the

4

 

date of termination, the Participant is not vested as to his or her entire Option, the Shares
covered by the unvested portion of the Option shall revert to the Plan. If, after termination, the
Participant does not exercise his or her Option within the time specified by the Administrator, the
Option shall terminate, and the Shares covered by such Option shall revert to the Plan.

               (C) Disability of Participant. If a Participant ceases to be an Employee, Director or
Consultant as a result of the Participant’s Disability, (i) the Participant may exercise his or her
Option within such period of time as is specified in the Option Agreement (of at least six (6)
months) to the extent the Option is vested on the date of termination (but in no event later than
the expiration of the term of such Option as set forth in the Option Agreement), and (ii) in the
absence of a specified time in the Option Agreement, the Option shall remain exercisable for twelve
(12) months following the Participant’s termination. If, on the date of termination, the
Participant is not vested as to his or her entire option, the Shares covered by the unvested
portion of the Option shall revert to the Plan. If, after termination, the Participant does not
exercise his or her Option within the time specified herein, the Option shall terminate, and the
Shares covered by such Option shall revert to the Plan.

               (D) Death of Participant. If a Participant dies while an Employee, Director or
Consultant, (i) the Option may be exercised within such period of time as is specified in the
Option Agreement (of at least six (6) months) to the extent that the Option is vested on the date
of death (but in no event later than the expiration of the term of such Option as set forth in the
Option Agreement) by the Participant’s estate or by a Person who acquires the right to exercise the
Option by bequest or inheritance, and (ii) in the absence of a specified time in the Option
Agreement, the Option shall remain exercisable for twelve (12) months following the Participant’s
termination. If, at the time of death, the Participant is not vested as to the entire Option, the
Shares covered by the unvested portion of the Option shall immediately revert to the Plan. If the
Option is not so exercised within the time specified herein, the Option shall terminate, and the
Shares covered by such Option shall revert to the Plan.

          (v) Payment. The Administrator shall determine the methods by which the exercise
price of an Option may be paid, the form of payment, including, without limitation (i) cash, (ii)
check, (iii) promissory note, (iv) Shares held for such period of time as may be required by the
Administrator in order to avoid adverse financial accounting consequences and having a Fair Market
Value on the date of delivery equal to the aggregate exercise price of the Option or exercised
portion thereof, (v) cashless exercise; or (vi) any combination of the foregoing. The
Administrator, in its discretion, may also permit a Participant to elect to exercise an Option by
receiving a combination of Shares and cash (denominated in U.S. Dollars, Chinese Renminbi or other
local currency), or solely cash, with an aggregate Fair Market Value (or, to the extent of payment
in cash, in an amount) equal to the excess of the Fair Market Value of the Shares with respect to
which the Option is being exercised over the aggregate exercise price, as determined as of the day
the Option is exercised. Notwithstanding any other provision of the Plan to the contrary, no
Director, Officer or any other Person shall be permitted to pay the exercise price of an Option in
any method which would violate Section 13(k) of the Exchange Act.

          (vi) Evidence of Grant. All Options shall be evidenced by an Option Agreement between
the Company and the Participant. The Option Agreement shall set forth the terms, conditions and
limitations for each Option, which may include the term of an Option, the provisions applicable in
the event the Participant’s employment or service terminates, the Company’s authority to
unilaterally or bilaterally amend, modify, suspend, cancel or rescind an Option, and additional
provisions as specified by the Administrator.

     (b) Incentive Share Options. The terms of any Incentive Share Option granted pursuant
to the Plan, in addition to the requirements of Section 6(a), must comply with the following
additional provisions:

          (i) Individual Dollar Limitation. The aggregate Fair Market Value (determined as of
the time the Option is granted) of all Shares with respect to which Incentive Share Options are
first exercisable by a Participant in any calendar year may not exceed $100,000 or such other
limitation as imposed by Section 422(d) of the Code, or any successor provision. To the extent that
Incentive Share Options are first exercisable by a Participant in excess of such limitation, the
excess shall be considered Non-statutory Share Options.

5

 

          (ii) Ten Percent Owners. An Incentive Share Option may be granted to any individual
who, at the date of grant, owns Shares possessing more than ten percent of the total combined
voting power of all classes of shares of the Company only if such Option is granted at a price that
is not less than 110% of Fair Market Value on the date of grant and the Option is exercisable for
no more than five years from the date of grant.

     7. Provisions Applicable to Options

     (a) No Shareholders Rights. No Option gives the Participant any of the rights of a
Shareholder of the Company unless and until Shares are in fact issued to such Person in connection
with such Option.

     (b) Limits on Transfer. Except as otherwise provided by the Administrator, no Option
may be sold, pledged, assigned, hypothecated, transferred, or disposed of in any manner other than
by will or by the laws of descent or distribution and may be exercised, during the lifetime of the
Participant, only by the Participant. To the extent permitted under Applicable Laws, the
Administrator by express provision in the Option Agreement or an amendment thereto may permit an
Option (other than an Incentive Share Option) to be transferred to, exercised by and paid to
certain Persons or entities related to the Participant, including but not limited to members of the
Participant’s family, charitable institutions, or trusts or other entities whose beneficiaries or
beneficial owners are members of the Participant’s family and/or charitable institutions, or to
such other Persons or entities as may be expressly approved by the Administrator, pursuant to such
conditions and procedures as the Administrator may establish.

     (c) Share Certificates. Notwithstanding anything herein to the contrary, the Company
shall not be required to issue or deliver any certificates evidencing Shares pursuant to the
exercise of any Option, unless and until the Board has determined, with advice of counsel, that the
issuance and delivery of such certificates is in compliance with all Applicable Laws, regulations
of governmental authorities and, if applicable, the requirements of any exchange on which the
Shares are listed or traded. All Share certificates delivered pursuant to the Plan are subject to
any stop-transfer orders and other restrictions as the Administrator deems necessary or advisable
to comply all Applicable Laws and the rules of any national securities exchange or automated
quotation system on which the Shares are listed, quoted, or traded. The Administrator may place
legends on any Share certificate to reference restrictions applicable to the Share. In addition to
the terms and conditions provided herein, the Board may require that a Participant make such
reasonable covenants, agreements and representations as the Board, in its discretion, deems
advisable in order to comply with any such laws, regulations, or requirements. The Administrator
shall have the right to require any Participant to comply with any timing or other restrictions
with respect to the settlement or exercise of any Option, including a window-period limitation, as
may be imposed in the discretion of the Administrator.

     (d) Paperless Administration. Subject to Applicable Laws, the Administrator may make
Options, and provide applicable disclosure and procedures for exercise of Options through an
internet website or interactive voice response system for the paperless administration of Options.

     (e) Foreign Currency. The Administrator may require a Participant to provide evidence
that any currency used to pay the exercise price of any Option were acquired and taken out of the
jurisdiction (in which the Participant resides) in accordance with Applicable Laws, including
foreign exchange control laws and regulations. In the event the exercise price for an Option is
paid in Chinese Renminbi or other foreign currency, as permitted by the Administrator, the amount
payable will be determined by conversion from U.S. dollars at the official rate promulgated by the
People’s Bank of China for Chinese Renminbi, or for jurisdictions other than the People’s Republic
of China, the exchange rate as selected by the Administrator on the date of exercise.

     (f) Buyout Provisions. The Administrator may at any time offer to buy out for a
payment in cash or Shares an Option previously granted, based on such terms and conditions as the
Administrator shall establish and communicate to the Participant at the time that such offer is
made.

     (g) Time of Grant. The date of grant of an Option shall, for all purposes, be the
date on which the Administrator makes the determination of granting such Option, or such other date
as is determined by the Administrator. Notice of the determination shall be given to each
Participant within a reasonable time after the date of such grant.

6

 

     (h) Option Exchange Programs. The Administrator may establish one or more programs
under the Plan (“Option Exchange Programs”) in which Options held by selected Participants (i) are
surrendered or cancelled in exchange for Options (which may have lower exercise prices and/or
different terms) and/or cash, and/or (ii) the exercise price of an outstanding Option is reduced.
The terms and conditions of any Option Exchange Pogrom will be determined by the Administrator in
its sole discretion.

     (i) Separate Programs. The Administrator may establish one or more separate programs
under the Plan for the purpose of issuing particular types of Options to one or more classes of
Participants on such terms and conditions as determined by the Administrator from time to time.

     8. Withholding

     No Shares shall be delivered under the Plan to any Participant until such Participant has made
arrangements acceptable to the Administrator for the satisfaction of any income and employment tax
withholding obligations under Applicable Laws, including without limitation the PRC tax laws,
rules, regulations and government orders or the U.S. federal, state or local tax laws, as
applicable. In furtherance of the foregoing, the Company or any Related Entity, as applicable,
shall have the right to deduct or withhold, or require a Participant to remit to the Company, an
amount sufficient to satisfy federal, state, local and non-U.S. taxes (including the Participant’s
payroll, social security, national insurance or other tax obligations) required by law to be
withheld with respect to any taxable event concerning a Participant arising as a result of this
Plan. The Administrator may, in its discretion, permit a Participant to elect to satisfy such
withholding obligation by having the Company retain the number of Shares whose Fair Market Value
equals the amount required to be withheld and any fraction of a Share required to satisfy such
obligation shall be disregarded and the amount due shall instead be paid in cash by the
Participant. Notwithstanding anything to the contrary herein, the number of Shares which may be
withheld with respect to the issuance, vesting, exercise or payment of any Options (or which may be
repurchased by the Company from the Participant after such Shares were acquired by the Participant)
in order to satisfy the Participant’s federal, state, local and non-U.S. income, payroll, social
security, national insurance or other tax liabilities with respect to the issuance, vesting,
exercise or payment of the Option shall, unless specifically approved by the Administrator, be
limited to the number of Shares which have a Fair Market Value on the date of withholding or
repurchase equal to the aggregate amount of such liabilities based on the minimum statutory
withholding rates for federal, state, local and non-U.S. income, payroll, social security, national
insurance or other tax purposes that are applicable to such taxable income.

     9. Adjustments Upon Changes in Capitalization, Merger or Asset Sale

     (a) Changes in Capitalization. Subject to any required action by the shareholders of
the Company, the number of Shares covered by each outstanding Option, and the number of Shares
which have been authorized for issuance under the Plan but as to which no Option have yet been
granted or which have been returned to the Plan upon cancellation or expiration of an Option, as
well as the price per share of Shares covered by each such outstanding Option, shall be
proportionately adjusted for any increase or decrease in the number of issued Shares resulting from
a stock split, reverse stock split, stock dividend or extraordinary cash dividend, combination or
reclassification of the Shares, or any other increase or decrease in the number of issued shares of
Shares effected without receipt of consideration by the Company. The conversion of any convertible
securities of the Company shall not be deemed to have been “effected without receipt of
consideration.” Such adjustment shall be made by the Board, whose determination in that respect
shall be final, binding and conclusive. Except as expressly provided herein, no issuance by the
Company of shares of stock of any class, or securities convertible into shares of stock of any
class, shall affect, and no adjustment by reason thereof shall be made with respect to, the number
or price of Shares subject to an Option.

     (b) Corporate Transaction. In the event of a proposed Corporate Transaction, subject
to the actual consummation of the proposed transaction, each outstanding Option shall automatically
become fully vested and exercisable, unless the Option is assumed or substituted with an equivalent
option or right by the successor corporation or the Parent or Subsidiary thereof. If the successor
corporation refuses to assume or substitute for the Option, the Administrator shall, at least
fifteen (15) days prior to the consummation of the Corporate Transaction, notify the Participant
that the Option shall be fully vested and exercisable with respect to all of the Shares underlying
the Option (including Shares as to which it would not otherwise be vested or exercisable) for a
period of fifteen (15) days from the date of such

7

 

notice, subject to the actual completion of the Corporate Transaction at the time and in the
manner contemplated. If the Option thus becomes fully vested and exercisable but is not exercised
during this fifteen (15) day period, it shall terminate immediately prior to the effective time of
such Corporate Transaction. For the purposes of this paragraph, the Option shall be considered
assumed or substituted with an equivalent option or right if, in connection with the Corporate
Transaction, the Option is replaced with a comparable option or right with respect to shares of the
successor corporation or parent thereof or is replaced with a cash incentive program of the
successor corporation or parent thereof which preserves the compensation element of such Option
existing at the time of the Corporate Transaction and provides for subsequent payout in accordance
with the same vesting schedule applicable to such Option; provided that with respect to a
Participant who is a U.S. taxpayer, such assumption or substitution shall be in accordance with the
requirements of Section 409A of the Code. The determination of Option comparability above shall be
made by the Administrator and its determination shall be final, binding and conclusive.

     (c) Liquidation Event. In the event of a proposed Liquidation Event, the
Administrator shall notify each Participant of the proposed event at least twenty (20) days prior
to the proposed effective date of the Liquidation Event. The Administrator in its discretion may
provide for a Participant to have the right to exercise his or her Option until ten (10) days prior
to the proposed effective date for the Liquidation Event with respect to all Shares underlying the
Option (including Shares as to which it would not otherwise be vested or exercisable), subject to
the actual completion of the Liquidation Event at the time and in the manner contemplated. In
addition, the Administrator may provide that any Company repurchase option applicable to any Shares
issued upon grant or an exercise of an Option shall lapse as to all Shares, subject to the actual
completion of the Liquidation Event at the time and in the manner contemplated. Any unexercised
Option shall terminate immediately prior to effective time of the Liquidation Event.

     10. Effective Date and Term of Plan

     The Plan shall become effective upon the Effective Date. It shall continue in effect for a
term of ten (10) years unless sooner terminated under Section 11. Subject to Applicable Laws,
Options may be granted under the Plan upon it becoming effective.

     Upon the effectiveness of this Plan, no additional grants of Options shall be made under the
Old Plan. Options previously issued and outstanding pursuant to the Old Plan shall continue to be
governed under the rules of the Old Plan.

     11. Amendment and Termination of the Plan

     The Board may amend, modify, or terminate the Plan as it shall deem advisable; provided,
however, that (a) to the extent necessary and desirable to comply with any Applicable Law,
regulation or share exchange rule, the Company shall obtain shareholder approval of any Plan
amendment in such a manner and to such a degree as required, and (b) shareholder approval is
required for any amendment to the Plan that (i) increases the number of Shares available under the
Plan (other than any adjustment provided by Section 9), (ii) permits the Administrator to extend
the exercise period for an Option beyond ten years from the date of grant, or (iii) results in a
material increase in benefits or a change in eligibility requirements. The Board may not make any
amendment or modification that would cause the Plan to fail to comply with any requirement of
Applicable Law or regulations. Except in connection with Applicable Laws or exchange listing
requirements, no amendment, modification or termination may adversely affect a Participant in a
material way with respect to an Option previously granted, without the prior written consent of the
Participant.

     Without limiting the generality of the foregoing, to the extent applicable, notwithstanding
anything herein to the contrary, this Plan and Options granted hereunder shall be interpreted in
accordance with Section 409A of the Code and U.S. Department of Treasury regulations and other
interpretative guidance issued thereunder, including without limitation any such regulations or
other guidance that may be issued after the Effective Date. Notwithstanding any provision of the
Plan to the contrary, in the event that the Administrator determines that any amounts payable
hereunder will be taxable to a Participant under Section 409A of the Code and related Department of
Treasury guidance prior to payment to such Participant of such amount, the Company may (a) adopt
such amendments to the Plan and Options and appropriate policies and procedures, including
amendments and policies with retroactive effect, that the Administrator determines necessary or
appropriate to preserve the intended tax treatment of the benefits

8

 

provided by the Plan and Options hereunder and/or (b) take such other actions as the
Administrator determines necessary or appropriate to avoid the imposition of an additional tax
under Section 409A of the Code.

     12. Conditions Upon Issuance of Shares

     (a) Legal Compliance. Shares shall not be issued pursuant to the exercise of an
Option unless the exercise of such Option and the issuance and delivery of such Shares shall comply
with Applicable Laws and shall be further subject to the approval of counsel for the Company with
respect to such compliance.

     (b) Investment Representations. As a condition to the exercise of an Option, the
Administrator may require the Person exercising such Option to represent and warrant at the time of
any such exercise that the Shares are being purchased only for investment and without any present
intention to sell or distribute such Shares if, in the opinion of counsel for the Company, such a
representation is required.

     13. Inability to Obtain Authority

     The inability of the Company to obtain authority from any regulatory body having jurisdiction,
which authority is deemed by the Company’s counsel to be necessary to the lawful issuance and sale
of any Shares hereunder, shall relieve the Company of any liability in respect of the failure to
issue or sell such Shares as to which such requisite authority shall not have been obtained.

     14. Reservation of Shares

     The Company, during the term of this Plan, shall at all times reserve and keep available such
number of Shares as shall be sufficient to satisfy the requirements of the Plan.

     15. Shareholder Approval

     The Plan shall be subject to approval by the shareholders of the Company within twelve (12)
months after the date the Plan is adopted. Such shareholder approval shall be obtained in the
degree and manner required under Applicable Laws (or, if not required, in the manner deemed
appropriate by the Administrator).

     16. Indemnification

     To the extent allowable pursuant to applicable law, each member of the Committee and the Board
shall be indemnified and held harmless by the Company from any loss, cost, liability, or expense
that may be imposed upon or reasonably incurred by such member in connection with or resulting from
any claim, action, suit, or proceeding to which he or she may be a party or in which he or she may
be involved by reason of any action or failure to act pursuant to the Plan and against and from any
and all amounts paid by him or her in satisfaction of judgment in such action, suit, or proceeding
against him or her; provided he or she gives the Company an opportunity, at its own expense, to
handle and defend the same before he or she undertakes to handle and defend it on his or her own
behalf. The foregoing right of indemnification shall not be exclusive of any other rights of
indemnification to which such Persons may be entitled pursuant to the Company’s Memorandum of
Association and Articles of Association, as a matter of law, or otherwise, or any power that the
Company may have to indemnify them or hold them harmless.

     17. No Effect on Retirement and Other Benefit Plans

     Except as specifically required by law or provided in a retirement or other benefit plan of
the Company or a Related Entity, Options shall not be deemed compensation for purposes of computing
benefits or contributions under any retirement plan of the Company or a Related Entity, and shall
not affect any benefits under any other benefit plan of any kind or any benefit plan subsequently
instituted under which the availability or amount of benefits is related to level of compensation.
The Plan is not a “Retirement Plan” or “Welfare Plan” under the U.S. Employee Retirement Income
Security Act of 1974, as amended.

     18. Liability of the Company; Consents

     (a) Qualification as Incentive Share Option. Neither the Company nor any Related
Entity shall be liable to any Participant or to any other Person if it is determined that an Option
intended to be an

9

 

Incentive Share Option granted hereunder does not qualify as incentive share options within
the meaning of Section 422 or the Code.

     (b) Consents. Participants shall be responsible for obtaining any governmental or
other official consent that may be required by any country or jurisdiction in order to permit the
grant or exercise of any Option. Neither the Company nor any Related Entity shall be responsible
for any failure by a Participant to obtain such consent or for any tax or other liability to which
a Participant may become subject to as a result of his or her participation in the Plan.

     19. Language and Governing Law

     This Plan is executed in English. The Administrator may provide, at its discretion, written
translations of the Plan and other documents related to the Plan in Chinese or another language.
However, in case of discrepancy, the English version shall prevail. This Plan and any Options
granted hereunder shall be governed by and construed in accordance with the laws of the Cayman
Islands.

     20. Successors and Assigns

     This Plan shall be binding on all successors and assigns of the Company and each Participant,
including without limitation, the estate of each such Participant and the executor, administrator
or trustee of any such estate, and, if applicable, any receiver or trustee in bankruptcy or
representative of the creditors of any such Participant.

     21. Designated Participant

     (a) If the Administrator determines in its sole discretion that an appointment is necessary or
desirable to comply with the regulatory requirements in the PRC, it may appoint the Company, a
Subsidiary or any other institution or organization registered outside of the PRC (“Trustee”) to
hold the interest and exercise the rights granted under the Plan of any Participant (“Designated
Participant”) who either is a national of and ordinarily resident in the PRC or is otherwise
designated by the Administrator as a Designated Participant. In relation to any such appointment,
the Trustee will undertake to do the following for and on behalf of the Designated Participant,
subject at all times to the Administrator’s supervision:

          (i) execute the relevant Option Agreement with the Company;

          (ii) hold the Option (the “Designated Option”) for the benefit of the Designated Participant;

          (iii) take such actions as the Designated Participant may instruct from time to time in
connection with the Designated Option or otherwise in relation to the Designated Participant’s
beneficial interest under the Plan or under the Option Agreement, including taking such actions as
may be necessary to exercise and to make any necessary payment for the Designated Option under the
terms of the Plan and, if applicable, the Option Agreement;

          (iv) after deducting its costs, fees and expenses as contemplated under subsection (d) of this
Section 21, hold or at the Designated Participant’s direction remit to the Designated Participant
the net proceeds of sales or other transactions involving the Designated Option or, as applicable,
Shares underlying such Option;

     (b) Without limiting the scope of its authorities under Section 4 or any other provision of
the Plan, the Administrator may at any time impose restrictions on the method of exercise of a
Designated Option, such that upon exercise the Designated Participant (or the Trustee acting on the
Designated Participant’s behalf) does not receive Shares and receives solely cash, in the amount
and denomination determined under the second sentence of Section 6(a)(v).

     (c) An appointment of a Trustee pursuant to the terms of this Section 21 to hold the interest
and exercise the rights for the benefit of the Designated Participant shall terminate at such time
as the Administrator determines in its sole discretion that such appointment is no longer necessary
or desirable in order to comply with regulatory requirements in the PRC.

     (d) The Trustee may deduct from the proceeds of sales or other transactions involving the
Designated Option or, as applicable, Shares underlying such Option any costs, fees and expenses of
the

10

 

Trustee in relation to its appointment under this Section 21. The Trustee will, under no
circumstances, otherwise require the Designated Participant to compensate it for any of its costs,
fees, expenses or losses.

11

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