Document:

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                                                                     Exhibit 4.5

                          REGISTRATION RIGHTS AGREEMENT

                                  by and among

                      MINDRAY MEDICAL INTERNATIONAL LIMITED

                                       and

                        GS CAPITAL PARTNERS V FUND, L.P.,
                   GS CAPITAL PARTNERS V OFFSHORE FUND, L.P.,
                    GS CAPITAL PARTNERS V GmbH & Co. KG, and
                   GS CAPITAL PARTNERS V INSTITUTIONAL, L.P.,

                         Dated as of September 5, 2006
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                                TABLE OF CONTENTS

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                                                                            Page
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Section 1.  Certain Definitions...............................................1
Section 2.  Registration Rights...............................................5
            2.1.  Demand Registrations........................................5
            2.2.  Piggyback Registrations.....................................8
            2.3.  Allocation of Securities Included in Registration
                  Statement..................................................10
            2.4.  Registration Procedures....................................12
            2.5.  Registration Expenses......................................18
            2.6.  Certain Limitations on Registration Rights.................18
            2.7.  Limitations on Sale or Distribution of Other Securities....19
            2.8.  No Required Sale...........................................19
            2.9.  Indemnification............................................19
Section 3.  Underwritten Offerings...........................................23
            3.1.  Requested Underwritten Offerings...........................23
            3.2.  Piggyback Underwritten Offerings...........................23
Section 4.  General..........................................................24
            4.1.  Adjustments Affecting Registrable Securities...............24
            4.2.  Rule 144 and Rule 144A.....................................24
            4.3.  Nominees for Beneficial Owners.............................25
            4.4.  Amendments and Waivers.....................................25
            4.5.  Notices....................................................25
            4.6.  Successors and Assigns.....................................26
            4.7.  Entire Agreement...........................................26
            4.8.  Governing Law; Consent to Jurisdiction; Waiver of Jury
                  Trial......................................................26
            4.9.  Headings...................................................27
            4.10.  Counterparts..............................................27
            4.11.  Severability..............................................27
            4.12.  Specific Performance......................................27
            4.13.  Further Assurances........................................27
            4.14.  No Inconsistent Agreements................................27
</TABLE>
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     This REGISTRATION RIGHTS AGREEMENT (this "Agreement") is made as of
September 5, 2006, by and among Mindray Medical International Limited, a private
limited company incorporated in the Cayman Islands (the "Company"), and GS
Capital Partners V Fund, L.P., a Delaware limited partnership ("GSCP"), GS
Capital Partners V Offshore Fund, L.P., a Cayman Islands limited partnership
("GSCP Offshore"), GS Capital Partners V GmbH & Co. KG, a private limited
company organized under the laws of Germany ("GSCP Germany"), and GS Capital
Partners V Institutional, L.P., a Delaware limited partnership ("GSCP
Institutional" and, collectively with GSCP, GSCP Offshore, and GSCP Germany, the
"GSCP Parties").

                              W I T N E S S E T H :
                              ---------------------

      WHEREAS, the GSCP Parties and the Company have entered into a Subscription
and Share Purchase Agreement dated July 6, 2005 (as such agreement may be
amended, supplemented or modified from time to time, the "Subscription and Share
Purchase Agreement");

      WHEREAS, the GSCP Parties and the Company desire to provide for certain
arrangements with respect to the registration of the ordinary shares in the
capital of the Company under the Securities Act (as defined below).

      NOW, THEREFORE, in consideration of the premises and of the mutual
covenants and obligations hereinafter set forth, the parties hereto hereby agree
as follows:

      Section 1. Certain Definitions. As used herein, the following terms shall
have the following meanings:

      "Additional Piggyback Rights" has the meaning ascribed to such term in
Section 2.2(b).

      "Affiliate" means (i) with respect to any Person, any other Person
directly or indirectly controlling or controlled by or under direct or indirect
common control with such specified Person or (ii) with respect to any
individual, the spouse, parent, sibling, child, step-child, grandchild, niece or
nephew of such Person, or the spouse thereof and any trust, limited liability
company, limited partnership or private foundation for such Person or for the
benefit of any of the foregoing; provided, however, that, for purposes hereof,
(a) each GSCP Party shall be deemed to be an Affiliate of every other GSCP Party
and (b) neither the Company nor any Person controlled by the Company shall be
deemed to be an Affiliate of any Holder.

      "Agreement" means this Registration Rights Agreement, as this agreement
may be amended, modified, supplemented or restated from time to time after the
date hereof.

      "Board" means the board of directors of the Company.

      "Business Day" shall mean a day on which licensed banks generally are open
for business in Hong Kong.

      "Claims" has the meaning ascribed to such term in Section 2.9(a).

      "Company" has the meaning ascribed to such term in the Preamble to this
Agreement.
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      "Convertible Redeemable Preference Shares" means the convertible
redeemable preference shares of HK$0.01 each in the capital of the Company

      "Demand Exercise Notice" has the meaning ascribed to such term in Section
2.1(a)(i).

      "Demand Registration" has the meaning ascribed to such term in Section
2.1(a)(i).

      "Demand Registration Request" has the meaning ascribed to such term in
Section 2.1(a)(i).

      "Exchange Act" means the United States Securities Exchange Act of 1934, as
amended, and the rules and regulations of the SEC issued under such Act, as they
may from time to time be in effect.

      "Expenses" means any and all fees and expenses incident to the Company's
performance of or compliance with Section 2, including, without limitation: (i)
SEC, stock exchange or NASD registration and filing fees and all listing fees
and fees with respect to the inclusion of securities on the New York Stock
Exchange or on any other securities market on which the Ordinary Shares of the
Company are listed or quoted, (ii) fees and expenses of compliance with state
securities or "blue sky" laws and in connection with the preparation of a "blue
sky" survey, including, without limitation, reasonable fees and expenses of
outside "blue sky" counsel, (iii) printing and copying expenses, (iv) messenger
and delivery expenses, (v) expenses incurred in connection with any road show,
(vi) fees and disbursements of counsel for the Company, (vii) with respect to
each registration or underwritten offering, the fees and disbursements of
counsel for the Holders (selected by the Holders owning a majority in interest
of the Registrable Securities being registered or sold), (viii) fees and
disbursements of all independent public accountants (including the expenses of
any audit and/or "cold comfort" letter and updates thereof) and fees and
expenses of other Persons, including special experts, retained by the Company,
(ix) fees and expenses payable to a Qualified Independent Underwriter and (x)
any other fees and disbursements of underwriters, if any, customarily paid by
issuers or sellers of securities.

      "GSCP" has the meaning ascribed to such term in the Preamble to this
Agreement.

      "GSCP Germany" has the meaning ascribed to such term in the Preamble to
this Agreement.

      "GSCP Institutional" has the meaning ascribed to such term in the Preamble
to this Agreement.

      "GSCP Offshore" has the meaning ascribed to such term in the Preamble to
this Agreement.

      "GSCP Parties" has the meaning ascribed to such term in the Preamble to
this Agreement.

      "Holder" or "Holders" means any Person who is a signatory to this
Agreement

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or any transferee of Registrable Securities to whom any Person who is a
signatory to this Agreement assigns its rights hereunder in a Permitted Transfer
of Registrable Securities, provided that such transferee has agreed in writing
to be bound by this Agreement in respect of such Registrable Securities.

      "Initiating Holders" has the meaning ascribed to such term in Section
2.1(a)(i).

      "IPO" means the initial bona fide underwritten public offering of Ordinary
Shares (and/or depositary receipts representing Ordinary Shares) pursuant to an
effective registration statement filed under the Securities Act.

      "Litigation" means any action, proceeding or investigation in any court or
before any governmental authority.

      "Majority Participating Holders" means Participating Holders holding more
than 50% of the Registrable Securities proposed to be included in any offering
of Registrable Securities by such Participating Holders pursuant to Section 2.1
hereto.

      "Major Shareholders" means each of Xu Hang, Li Xiting, Cheng Minghe and
Dragon City International Investment Limited and "Major Shareholder" means any
one of them.

      "Manager" has the meaning ascribed to such term in Section 2.1(c).

      "NASD" means the National Association of Securities Dealers, Inc.

      "Ordinary Shares" means the Company's ordinary shares as from time to time
designated in its Articles of Association and any and all securities of any kind
whatsoever which may be issued after the date hereof in respect of, or in
exchange for, such ordinary shares of the Company pursuant to a merger,
consolidation, stock split, stock dividend or recapitalization of the Company or
otherwise.

      "Participating Holders" has the meaning ascribed to such term in Section
2.1(a)(ii).

      "Partner Distribution" has the meaning ascribed to such term in Section
2.1(a)(iii).

      "Permitted Transfer" means any transfer of Registrable Securities ;

      (i)   to a person who is to hold such Registrable Securities transferred,
            as a nominee on behalf of the transferor (but excludes any transfer
            by such nominees and a nominee for the purposes of this definition
            excludes any entity that is a member of a GSCP Party);

      (ii)  by a nominee to the beneficial owner of such Registrable Securities
            to another nominee of the same beneficial owner; or

      (iii) to an Affiliate;

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      "Person" means any individual, corporation, limited liability company,
limited or general partnership, joint venture, association, joint-stock company,
trust, unincorporated organization or government or any agency or political
subdivisions thereof.

      "Piggyback Shares" has the meaning ascribed to such term in Section
2.3(a)(iii).

      "Postponement Period" has the meaning ascribed to such term in Section
2.1(b).

      "Qualified Independent Underwriter" means a "qualified independent
underwriter" within the meaning of NASD Conduct Rule 2720.

      "Registrable Securities" means (a) any Ordinary Shares issued or issuable
upon the conversion or exercise of any preference shares (including, without
limitation, the Convertible Redeemable Preference Shares), warrants or other
securities acquired by any Holder pursuant to the Subscription and Share
Purchase Agreement, (b) any other Ordinary Shares issued or issuable in respect
of such Ordinary Shares, preference shares (including, without limitation, the
Convertible Redeemable Preference Shares), warrants or other securities (because
of share splits, stock dividends, reclassifications, recapitalizations, merger,
reorganization or similar events), (c) any Ordinary Shares issued or issuable to
the Holders as a result of the exercise by them of any statutory or contractual
pre-emptive right, (d) any Ordinary Shares issued or issuable, directly or
indirectly, in exchange for or with respect to the securities referenced in
clauses (a) through (c) above by way of stock dividend, stock split or
combination of shares or in connection with a reclassification,
recapitalization, merger, share exchange, consolidation or other reorganization,
(e) any Ordinary Shares issued or issuable, directly or indirectly, in exchange
for or with respect to the securities issued in replacement of or exchange for
any securities described in clauses (a) through (d) above, or (i) if applicable,
depositary shares evidencing Registrable Securities. As to any particular
Registrable Securities, such securities shall cease to be Registrable Securities
when (A) a registration statement with respect to the sale of such securities
shall have been declared effective under the Securities Act and such securities
shall have been disposed of in accordance with such registration statement, or
(B) such securities shall have been sold (other than in a privately negotiated
sale) in compliance with the requirements of Rule 144 under the Securities Act,
as such Rule 144 may be amended (or any successor provision thereto).

      "Rule 144" and "Rule 144A" have the meaning given in Section 4.2.

      "SEC" means the United States Securities and Exchange Commission or such
other federal agency which at such time administers the Securities Act.

      "Section 2.3(a) Sale Number" has the meaning ascribed to such term in
Section 2.3(a).

      "Section 2.3(b) Sale Number" has the meaning ascribed to such term in
Section 2.3(b).

      "Section 2.3(c) Sale Number" has the meaning ascribed to such term in
Section 2.3(c).

      "Securities Act" means the United States Securities Act of 1933, as
amended, and the rules and regulations of the SEC issued under such Act, as they
may from time to time be in effect.

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      "Share Equivalents" means, with respect to any Person, securities
convertible into, or exchangeable or exercisable for, shares of capital stock or
other equity securities of such Person (including, without limitation, any note
or debt security convertible into or exchangeable for shares of capital stock or
other equity securities of such Person).

      "Shelf Registrable Securities" has the meaning ascribed to such term in
Section 2.1(e).

      "Shelf Registration Statement" has the meaning ascribed to such term in
Section 2.1(e).

      "Shelf Underwriting" has the meaning ascribed to such term in Section
2.1(e).

      "Shelf Underwriting Notice" has the meaning ascribed to such term in
Section 2.1(e).

      "Shelf Underwriting Request" has the meaning ascribed to such term in
Section 2.1(e).

      "Subscription and Share Purchase Agreement" has the meaning ascribed to
such term in the Preamble to this Agreement.

      "Valid Business Reason" has the meaning ascribed to such term in Section
2.1(b).

      "WKSI" has the meaning ascribed to such term in Section 2.4.

            Section 2. Registration Rights.

            2.1. Demand Registrations.

      (a)   (i)   Subject to Sections 2.1(b) and 2.3, at any time and from
time to time after one hundred eighty (180) days following an IPO, each of the
GSCP Parties shall have the right to require the Company to file registration
statements under the Securities Act covering all or any part of its and its
Affiliates' Registrable Securities by delivering a written request therefor to
the Company specifying the number of Registrable Securities to be included in
such registration and the intended method of distribution thereof. Any such
request by any Holder pursuant to this Section 2.1(a)(i) is referred to herein
as a "Demand Registration Request," and the registration so requested is
referred to herein as a "Demand Registration" (with respect to any Demand
Registration, the Holder(s) making such demand for registration being referred
to as the "Initiating Holders"). Any Demand Registration Request may request
that the Company register Registrable Securities on an appropriate form,
including a shelf registration statement, and, if the Company is a well-known
seasoned issuer, an automatic shelf registration statement. As promptly as
practicable, but no later than five (5) Business Days after receipt of a Demand
Registration Request, the Company shall give written notice (the "Demand
Exercise Notice") of such Demand Registration Request to all Holders of record
of Registrable Securities.

            (ii)  The Company, subject to Sections 2.3 and 2.6, shall include in
a Demand Registration (x) the Registrable Securities of the Initiating Holders
and (y) the Registrable Securities of any other Holder of Registrable Securities
which shall have made a written request to the Company for inclusion in such
registration (together with the Initiating Holders, the "Participating Holders")
(which request shall specify the maximum number of Registrable Securities
intended to be disposed of by such Participating Holder) within twenty (20)
Business

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Days after the receipt of the Demand Exercise Notice (or ten (10) Business Days
if, at the request of the Initiating Holders, the Company states in such written
notice or gives telephonic notice to all Holders, with written confirmation to
follow promptly thereafter, that such registration will be on a Form S-3 or F-3,
as appropriate).

            (iii) The Company shall, as expeditiously as possible (and in any
event within forty-five (45) days after the receipt of a Demand Registration
Request), but subject to Section 2.1(b), use its reasonable best efforts to (x)
effect such registration under the Securities Act (including, without
limitation, by means of a shelf registration pursuant to Rule 415 under the
Securities Act if so requested and if the Company is then eligible to use such a
registration) of the Registrable Securities which the Company has been so
requested to register, for distribution in accordance with such intended method
of distribution, including a distribution to, and resale by, the members or
partners of a Holder (a "Partner Distribution") and (y) if requested by the
Initiating Holders, obtain acceleration of the effective date of the
registration statement relating to such registration.

            (iv)  Notwithstanding anything contained herein to the contrary, the
Company shall, at the request of any Holder seeking to effect a Partner
Distribution, include all disclosure and language necessary to effect such
Partner Distribution.

      (b)   Notwithstanding anything to the contrary in Section 2.1(a), the
Demand Registration rights granted in Section 2.1(a) are subject to the
following limitations:

            (i)   The Company shall not be required to effect in any 12 month
period more than one (1) Demand Registrations on Form S-1 or Form F-1, as
appropriate, and not more than one (1) Demand Registration on Form S-3 or F-3,
as appropriate, in each case at the request of the Holders.

            (ii)  Each registration in respect of a Demand Registration Request
made by any Holder must include, in the aggregate (based on the Registrable
Securities included in such registration by all Holders participating in such
registration), Registrable Securities having an aggregate market value of at
least $40 million as of the date of the relevant Demand Registration Request.

            (iii) If the Board, in its good faith judgment, as evidenced by a
written resolution of the Board of Directors or by a letter duly executed by the
Chairman of the Board, determines that any registration of Registrable
Securities should not be made or continued because filing a registration
statement would materially impede, delay or interfere with any material pending
or proposed financing, acquisition, corporate reorganization or other similar
transaction involving the Company for which the Board has authorized
negotiations; materially adversely impair the consummation of any pending or
proposed material offering or sale of any class of securities by the Company; or
require disclosure of material non-public information that, if disclosed at such
time, would be materially harmful to the interests of the Company and its
stockholders (each, a "Valid Business Reason"), (x) the Company may postpone
filing a registration statement relating to a Demand Registration Request until
five (5) Business Days after such Valid Business Reason no longer exists, but in
no event for more than six (6) months after the date the Board determines a
Valid Business Reason exists (however, upon the expiration of three (3) months
after the date

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the Board determines that a Valid Business Reason exists, the Board must in its
good faith judgment, as evidenced by a written resolution of the Board of
Directors or by a letter duly executed by the Chairman of the Board, determine
that the same Valid Business Reason still exists) and (y) in case a registration
statement has been filed relating to a Demand Registration Request, if the Valid
Business Reason has not resulted from actions taken by the Company, the Company
may, to the extent determined in the good faith judgment of the Board to be
reasonably necessary to avoid interference with any of the transactions
described above, cause such registration statement to be withdrawn and its
effectiveness terminated or may postpone amending or supplementing such
registration statement until five (5) Business Days after such Valid Business
Reason no longer exists, but in no event for more than six (6) months after the
date the Board determines a Valid Business Reason exists (however, upon the
expiration of three (3) months after the date the Board determines that a Valid
Business Reason exists, the Board must in its good faith judgment, as evidenced
by a written resolution of the Board of Directors or by a letter duly executed
by the Chairman of the Board, determine that the same Valid Business Reason
still exists) (such period of postponement or withdrawal under this clause
(iii), the "Postponement Period"). The Company shall give written notice of its
determination to postpone or withdraw a registration statement and of the fact
that the Valid Business Reason for such postponement or withdrawal no longer
exists, in each case, promptly after the occurrence thereof; provided, however,
the Company shall not be permitted to postpone or withdraw a registration
statement after the expiration of any Postponement Period until nine (9) months
after the expiration of such Postponement Period.

      If the Company shall give any notice of postponement or withdrawal of any
registration statement pursuant to clause (iii) above, the Company shall not,
during the period of postponement or withdrawal, register any of its Ordinary
Shares or other securities, other than pursuant to a registration statement on
Form F-4, S-4 or S-8 (or an equivalent registration form then in effect). Each
Holder of Registrable Securities agrees that, upon receipt of any notice from
the Company that the Company has determined to withdraw, terminate or postpone
amending or supplementing any registration statement pursuant to clause (iii)
above, such Holder will discontinue its disposition of Registrable Securities
pursuant to such Registration Statement. If the Company shall have withdrawn or
prematurely terminated a registration statement filed under Section 2.1(a)(i)
(whether pursuant to clause (iii) above or as a result of any stop order,
injunction or other order or requirement of the SEC or any other governmental
agency or court), the Company shall not be considered to have effected an
effective registration for the purposes of this Agreement until the Company
shall have filed a new registration statement covering the Registrable
Securities covered by the withdrawn or terminated registration statement and
such registration statement shall have been declared effective and shall not
have been withdrawn. If the Company shall give any notice of withdrawal or
postponement of a registration statement, the Company shall, not later than five
(5) Business Days after the Valid Business Reason that caused such withdrawal or
postponement no longer exists (but in no event later than three (3) months after
the date of the postponement or withdrawal), use its reasonable best efforts to
effect the registration under the Securities Act of the Registrable Securities
covered by the withdrawn or postponed registration statement in accordance with
this Section 2.1 (unless the Initiating Holders shall have withdrawn such
request, in which case the Company shall not be considered to have effected an
effective registration for the purposes of this Agreement), and such
registration shall not be withdrawn or postponed pursuant to clause (iii) of
Section 2.1(b) above.

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      (c)   In connection with any Demand Registration, the Initiating Holders
shall have the right to designate the lead managing underwriter (any lead
managing underwriter for the purposes of this Agreement, the "Manager") in
connection with any underwritten offering pursuant to such registration and each
other managing underwriter for any such underwritten offering, in each case
after consultation with the Company.

      (d)   The obligation to effect a Demand Registration as described in
Section 2.1 above shall be deemed satisfied only when a registration statement
covering the applicable Registrable Securities shall have become effective
(unless, after effectiveness, the registration statement becomes subject to any
stop order, injunction or other order of the SEC or other governmental agency).

      (e)   In the event that the Company files a shelf registration statement
under Rule 415 of the Securities Act pursuant to a Demand Registration Request
and such registration becomes effective (such registration statement, a "Shelf
Registration Statement"), the Initiating Holders with respect to such Demand
Registration Request shall have the right at any time or from time to time to
elect to sell pursuant to an underwritten offering Registrable Securities
available for sale pursuant to such registration statement ("Shelf Registrable
Securities"), so long as the Shelf Registration Statement remains in effect and
only if the method of distribution set forth in the shelf registration allows
for sales pursuant to an underwritten offering. The Initiating Holders shall
make such election by delivering to the Company a written request (a "Shelf
Underwriting Request") for such underwritten offering to the Company specifying
the number of Shelf Registrable Securities that the Initiating Holders desire to
sell pursuant to such underwritten offering (the "Shelf Underwriting"). As
promptly as practicable, but no later than five (5) Business Days after receipt
of a Shelf Underwriting Request, the Company shall give written notice (the
"Shelf Underwriting Notice") of such Shelf Underwriting Request to all Holders
of record of Shelf Registrable Securities. The Company, subject to Sections 2.3
and 2.6, shall include in such Shelf Underwriting (x) the Registrable Securities
of the Initiating Holders and (y) the Shelf Registrable Securities of any other
Holder of Shelf Registrable Securities which shall have made a written request
to the Company for inclusion in such Shelf Underwriting (which request shall
specify the maximum number of Shelf Registrable Securities intended to be
disposed of by such Holder) within ten (10) days after the receipt of the Shelf
Underwriting Notice. The Company shall, as expeditiously as possible (and in any
event within twenty (20) days after the receipt of a Shelf Underwriting
Request), but subject to Section 2.1(b), use its reasonable best efforts to
effect such Shelf Underwriting. The Company shall, at the request of any
Initiating Holder, file any prospectus supplement or, if the applicable Shelf
Registration Statement is an automatic shelf registration statement (as defined
in Section 2.4), any post-effective amendments and otherwise take any action
necessary to include therein all disclosure and language deemed necessary or
advisable by the Initiating Holders to effect such Shelf Underwriting.
Notwithstanding anything to the contrary in Section 2.1(e), each Shelf
Underwriting must include, in the aggregate (based on the Registrable Securities
included in such Shelf Underwriting by all Holders participating in such Shelf
Underwriting), Registrable Securities having an aggregate market value of at
least $5 million as of the date of the relevant Shelf Underwriting Request.

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      2.2. Piggyback Registrations.

      (a)   If at any time the Company proposes or is required to register any
of its equity securities under the Securities Act (other than pursuant to a
Demand Registration in accordance with Section 2.1 hereof or registrations on
Form F-4 or S-4 or Form S-8 or any similar successor forms thereto), the Company
shall give prompt written notice at least thirty (30) days prior to the filing
of any registration statement under the Securities Act (and in any event within
five (5) Business Days after receipt of notice of any exercise of demand
registration rights by any Person) of its intention to do so to each of the
Holders of record of Registrable Securities. Upon the written request of any
such Holder, made within twenty (20) Business Days following the receipt of any
such written notice (which request shall specify the maximum number of
Registrable Securities intended to be disposed of by such Holder and the
intended method of distribution thereof), the Company shall, subject to Sections
2.2(c), 2.3 and 2.6 hereof, use its reasonable best efforts to cause all such
Registrable Securities, the Holders of which have so requested the registration
thereof, to be registered under the Securities Act with the securities which the
Company at the time proposes to register to permit the sale or other disposition
by the Holders (in accordance with the intended method of distribution thereof)
of the Registrable Securities to be so registered, including, if necessary, by
filing with the SEC a post-effective amendment or a supplement to the
registration statement filed by the Company or the prospectus related thereto
pursuant to a Form 6-K or Form 8-K. There is no limitation on the number of such
piggyback registrations pursuant to the preceding sentence which the Company is
obligated to effect. No registration of Registrable Securities effected under
this Section 2.2(a) shall relieve the Company of its obligations to effect
Demand Registrations under Section 2.1 hereof.

      (b)   The Company, subject to Sections 2.3 and 2.6, may elect to include
in any registration statement and offering pursuant to demand registration
rights by any Person (including any Demand Registration pursuant to Section 2.1
hereof), (i) authorized but unissued Ordinary Shares or Ordinary Shares held by
the Company as treasury shares and (ii) any other Ordinary Shares which are
requested to be included in such registration pursuant to the exercise of
piggyback registration rights granted by the Company after the date hereof and
which are not inconsistent with the rights granted in, or otherwise conflict
with the terms of, this Agreement ("Additional Piggyback Rights"); provided,
however, that, with respect to any underwritten offering, such inclusion shall
be permitted only to the extent that it is pursuant to, and subject to, the
terms of the underwriting agreement or arrangements, if any, entered into by the
Holders of a majority of the Registrable Securities in connection with any
underwritten offering being effected pursuant to such registration.

      (c)   If, at any time after giving written notice of its intention to
register any equity securities and prior to the effective date of the
registration statement filed in connection with such registration, the Company
shall determine for any reason not to register or to delay registration of such
equity securities, the Company may, at its election, give written notice of such
determination to all Holders of record of Registrable Securities and (i) in the
case of a determination not to register, shall be relieved of its obligation to
register any Registrable Securities in connection with such abandoned
registration, without prejudice, however, to the rights of Holders under Section
2.1, and (ii) in the case of a determination to delay such registration of its
equity securities, shall be permitted to delay the registration of such
Registrable Securities for the same period as the delay in registering such
other equity securities.

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      (d)   Any Holder shall have the right to withdraw its request for
inclusion of its Registrable Securities in any registration statement pursuant
to this Section 2.2 by giving written notice to the Company of its request to
withdraw; provided, however, that (i) such request must be made in writing prior
to the earlier of the execution of the underwriting agreement, the execution of
the custody agreement or the printing and distribution of a preliminary
prospectus with respect to such registration and (ii) such withdrawal shall be
irrevocable and, after making such withdrawal, a Holder shall no longer have any
right to include Registrable Securities in the registration as to which such
withdrawal was made.

      (e)   Notwithstanding anything contained herein to the contrary, the
Company shall, at the request of any Holder (seeking to effect a Partner
Distribution), include all disclosure and language necessary to effect such
Partner Distribution in the relevant Registration Statement).

      (f)   In connection with any registrations set out in Section 2.2(a), the
Company shall have the right to designate the Manager in connection with any
underwritten offering pursuant to such registration and each other managing
underwriter for any such underwritten offering, in each case after consultation
with the GSCP Parties.

      2.3. Allocation of Securities Included in Registration Statement.

      (a)   If any requested registration made pursuant to Section 2.1 involves
an underwritten offering and the Manager of such offering shall advise the
Company that, in its view, the number of securities requested to be included in
such underwritten offering by the Holders of Registrable Securities, the Company
and any other Persons exercising Additional Piggyback Rights exceeds the largest
number (the "Section 2.3(a) Sale Number") that can be sold in an orderly manner
in such underwritten offering within a price range acceptable to the Initiating
Holders, the Company shall include in such underwritten offering:

            (i)   first, all Registrable Securities requested to be included in
such underwritten offering by the GSCP Parties thereof; provided, however, that
if the number of such Registrable Securities exceeds the Section 2.3(a) Sale
Number, the number of such Registrable Securities (not to exceed the Section
2.3(a) Sale Number) to be included in such underwritten offering shall be
allocated on a pro rata basis among all GSCP Parties requesting that Registrable
Securities be included in such underwritten offering, based on the aggregate
number of Registrable Securities then owned by each such GSCP Parties requesting
inclusion in relation to the aggregate number of Registrable Securities owned by
all GSCP Parties requesting inclusion;

            (ii)  second, to the extent that the number of Registrable
Securities to be included pursuant to clause (i) of this Section 2.3(a) is less
than the Section 2.3(a) Sale Number, any securities that the Company proposes to
register, up to the Section 2.3(a) Sale Number; and

            (iii) third, to the extent that the number of Registrable Securities
to be included pursuant to clauses (i) and (ii) of this Section 2.3(a) is less
than the Section 2.3(a) Sale Number, the remaining securities to be included in
such underwritten offering, up to the Section 2.3(a) Sale Number, shall be
allocated among all Persons requesting that securities be included in such
underwritten offering pursuant to the exercise of Additional Piggyback Rights
("Piggyback Shares") in any manner agreed by such Persons.

                                       10
<PAGE>
      (b)   If any registration made pursuant to Section 2.2 involves an
underwritten primary offering on behalf of the Company after the date hereof and
the Manager (as selected by the Company after consultation with the GSCP
Parties) shall advise the Company that, in its view, the number of securities
requested to be included in such underwritten offering by the Holders of
Registrable Securities, the Company or any other Persons exercising Additional
Piggyback Rights exceeds the largest number (the "Section 2.3(b) Sale Number")
that can be sold in an orderly manner in such underwritten offering within a
price range acceptable to the Company, the Company shall include in such
underwritten offering:

            (i)   first, all equity securities that the Company proposes to
register for its own account;

            (ii)  second, to the extent that the number of Registrable
Securities to be included pursuant to clause (i) of this Section 2.3(b) is less
than the Section 2.3(b) Sale Number, the remaining Registrable Securities to be
included in such underwritten offering shall be allocated on a pro rata basis
among all Major Shareholders and GSCP Parties requesting that Registrable
Securities be included in such underwritten offering pursuant to the exercise of
piggyback rights pursuant to Section 2.2, based on the aggregate number of
Registrable Securities then owned by each such Major Shareholder and/or GSCP
Party requesting inclusion in relation to the aggregate number of Registrable
Securities owned by all Major Shareholders and GSCP Parties requesting
inclusion, up to the Section 2.3(b) Sale Number; and

            (iii) third, to the extent that the number of Registrable Securities
to be included pursuant to clauses (i) and (ii) of this Section 2.3(b) is less
than the Section 2.3(b) Sale Number, the remaining securities to be included in
such underwritten offering, up to the Section 2.3(b) Sale Number, shall be
allocated among all Persons requesting that securities be included in such
underwritten offering pursuant to the exercise of Additional Piggyback Rights in
any manner agreed by such Persons.

      (c)   If any registration pursuant to Section 2.2 involves an underwritten
offering that was initially requested by any Person(s) other than a Holder to
whom the Company has granted registration rights which are not inconsistent with
the rights granted in, or otherwise conflict with the terms of, this Agreement
and the Manager (as selected by the Company or such other Person) shall advise
the Company that, in its view, the number of securities requested to be included
in such underwritten offering exceeds the number (the "Section 2.3(c) Sale
Number") that can be sold in an orderly manner in such underwritten offering
within a price range acceptable to the Company, the Company shall include in
such underwritten offering:

            (i)   first, the shares requested to be included in such
underwritten offering shall be allocated on a pro rata basis among such
Person(s) requesting the registration and all Major Shareholders and GSCP
Parties Holders requesting that Registrable Securities be included in such
underwritten offering pursuant to the exercise of piggyback rights pursuant to
Section 2.2, based on the aggregate number of securities or Registrable
Securities, as applicable, then owned by each of the foregoing requesting
inclusion in relation to the aggregate number of securities or Registrable
Securities, as applicable, owned by all such Holders and Persons requesting
inclusion, up to the Section 2.3(c) Sale Number; and

                                       11
<PAGE>
            (ii)  second, to the extent that the number of Registrable
Securities to be included pursuant to clause (i) of this Section 2.3(c) is less
than the Section 2.3(c) Sale Number, the remaining shares to be included in such
underwritten offering, up to the Section 2.3(c) Sale Number, shall be allocated
among the Company and all Persons requesting that securities be included in such
underwritten offering pursuant to the exercise of Additional Piggyback Rights in
any manner agreed by such Persons.

      (d)   If, as a result of the proration provisions set forth in clauses
(a), (b) or (c) of this Section 2.3, any Holder shall not be entitled to include
all Registrable Securities in an underwritten offering that such Holder has
requested be included, such Holder may elect to withdraw such Holder's request
to include Registrable Securities in the registration to which such underwritten
offering relates or may reduce the number requested to be included; provided,
however, that (x) such request must be made in writing prior to the earlier of
the execution of the underwriting agreement or the execution of the custody
agreement with respect to such registration and (y) such withdrawal or reduction
shall be irrevocable and, after making such withdrawal or reduction, such Holder
shall no longer have any right to include Registrable Securities in the
registration as to which such withdrawal or reduction was made to the extent of
the Registrable Securities so withdrawn or reduced.

      2.4. Registration Procedures. If and whenever the Company is required by
the provisions of this Agreement to effect or cause the registration of any
Registrable Securities under the Securities Act as provided in this Agreement
(or use commercially reasonable best reasonable best efforts to accomplish the
same), the Company shall, as expeditiously as possible (but, in any event,
within forty-five (45) days after the receipt of a Demand Registration Request,
if applicable):

      (a)   prepare and file with the SEC a registration statement on an
appropriate registration form of the SEC for the disposition of such Registrable
Securities in accordance with the intended method of disposition thereof
(including, without limitation, a Partner Distribution), which registration form
shall, in the case of a shelf registration, be available for the sale of the
Registrable Securities by the selling Holders thereof and such registration
statement shall comply as to form in all material respects with the requirements
of the applicable registration form and include all financial statements
required by the SEC to be filed therewith, and the Company shall use reasonable
best efforts to cause such registration statement to become effective and remain
continuously effective for a period of three hundred sixty-five (365) days or
until the selling Holders have completed the distribution described in the
registration statement relating thereto, whichever first occurs, provided,
however, that the Company may postpone or suspend use of, or trading under, any
registration statement pursuant to Section 2.1(b)(iii) (provided, however, that
before filing a registration statement or prospectus or any amendments or
supplements thereto, or comparable statements under securities or state "blue
sky" laws of any jurisdiction, or any free writing prospectus related thereto,
the Company will furnish to counsel for the Holders participating in the planned
offering (selected by the Majority Participating Holders) and to counsel for the
Manager, if any, copies of all such documents proposed to be filed (including
all exhibits thereto), which documents will be subject to the reasonable review
and reasonable comment of such counsel, and the Company shall not file any
registration statement or amendment thereto, any prospectus or supplement
thereto or any free writing prospectus related

                                       12
<PAGE>
thereto to which the Holders of a majority of the Registrable Securities covered
by such registration statement or the underwriters, if any, shall reasonably
object);

      (b)   (i)   prepare and file with the SEC such amendments and supplements
to such registration statement and the prospectus used in connection therewith
as may be necessary to keep such registration statement effective for such
period as any seller of Registrable Securities pursuant to such registration
statement shall request, provided, however, that the Company may postpone or
suspend use of, or trading under, any registration statement pursuant to Section
2.1(b)(iii), and to comply with the provisions of the Securities Act with
respect to the sale or other disposition of all Registrable Securities covered
by such registration statement in accordance with the intended methods of
disposition by the seller or sellers thereof set forth in such registration
statement and (ii) provide notice to such sellers of Registrable Securities and
the Manager, if any, of the Company's reasonable determination that a
post-effective amendment to a registration statement would be appropriate;

      (c)   furnish, without charge, to each seller of such Registrable
Securities and each underwriter, if any, of the securities covered by such
registration statement such number of copies of such registration statement,
each amendment and supplement thereto (in each case including all exhibits), the
prospectus included in such registration statement (including each preliminary
prospectus and any summary prospectus) and any other prospectus filed under Rule
424 under the Securities Act, each free writing prospectus utilized in
connection therewith, in each case, in conformity with the requirements of the
Securities Act, and other documents, as such seller and underwriter may
reasonably request in order to facilitate the public sale or other disposition
of the Registrable Securities owned by such seller (the Company hereby
consenting to the use in accordance with all applicable law of each such
registration statement (or amendment or post-effective amendment thereto) and
each such prospectus (or preliminary prospectus or supplement thereto) or free
writing prospectus by each such seller of Registrable Securities and the
underwriters, if any, in connection with the offering and sale of the
Registrable Securities covered by such registration statement or prospectus);

      (d)   use its reasonable best efforts to register or qualify the
Registrable Securities covered by such registration statement under such other
securities or state "blue sky" laws of such jurisdictions as any sellers of
Registrable Securities or any managing underwriter, if any, shall reasonably
request in writing, and do any and all other acts and things which may be
reasonably necessary or advisable to enable such sellers or underwriter, if any,
to consummate the disposition of the Registrable Securities in such
jurisdictions (including keeping such registration or qualification in effect
for so long as such registration statement remains in effect), except that in no
event shall the Company be required to qualify to do business as a foreign
corporation in any jurisdiction where it would not, but for the requirements of
this paragraph (d), be required to be so qualified, to subject itself to
taxation in any such jurisdiction or to consent to general service of process in
any such jurisdiction;

      (e)   promptly notify each Holder selling Registrable Securities covered
by such registration statement and each managing underwriter, if any: (i) when
the registration statement, any pre-effective amendment, the prospectus or any
prospectus supplement related thereto, any post-effective amendment to the
registration statement or any free writing prospectus has been filed and, with
respect to the registration statement or any post-effective amendment, when the

                                       13
<PAGE>
same has become effective; (ii) of any request by the SEC or state securities
authority for amendments or supplements to the registration statement or the
prospectus related thereto or for additional information; (iii) of the issuance
by the SEC of any stop order suspending the effectiveness of the registration
statement or the initiation of any proceedings for that purpose; (iv) of the
receipt by the Company of any notification with respect to the suspension of the
qualification of any Registrable Securities for sale under the securities or
state "blue sky" laws of any jurisdiction or the initiation of any proceeding
for such purpose; (v) of the existence of any fact of which the Company becomes
aware which results in the registration statement or any amendment thereto, the
prospectus related thereto or any supplement thereto, any document incorporated
therein by reference, any free writing prospectus or the information conveyed to
any purchaser at the time of sale to such purchaser containing an untrue
statement of a material fact or omitting to state a material fact required to be
stated therein or necessary to make any statement therein not misleading; and
(vi) if at any time the representations and warranties contemplated by any
underwriting agreement, securities sale agreement, or other similar agreement,
relating to the offering shall cease to be true and correct in all material
respects; and, if the notification relates to an event described in clause (v),
the Company shall promptly prepare and furnish to each such seller and each
underwriter, if any, a reasonable number of copies of a prospectus supplemented
or amended so that, as thereafter delivered to the purchasers of such
Registrable Securities, such prospectus shall not include an untrue statement of
a material fact or omit to state a material fact required to be stated therein
or necessary to make the statements therein in the light of the circumstances
under which they were made not misleading;

      (f)   (i) (A) cause all such Registrable Securities covered by such
registration statement to be listed on the principal securities exchange on
which similar securities issued by the Company are then listed (if any), if the
listing of such Registrable Securities is then permitted under the rules of such
exchange, or (B) if no similar securities are then so listed, to either cause
all such Registrable Securities to be listed on a national securities exchange
or to secure designation of all such Registrable Securities as a Nasdaq National
Market "national market system security" within the meaning of Rule 11Aa2-1 of
the Exchange Act or, failing that, secure Nasdaq National Market authorization
for such shares and, without limiting the generality of the foregoing, take all
actions that may be required by the Company as the issuer of such Registrable
Securities in order to facilitate the managing underwriter's arranging for the
registration of at least two market makers as such with respect to such shares
with the NASD, and (ii) comply (and continue to comply) with the requirements of
any self-regulatory organization applicable to the Company, including without
limitation all corporate governance requirements;

      (g)   provide and cause to be maintained a transfer agent and registrar
for all such Registrable Securities covered by such registration statement not
later than the effective date of such registration statement;

      (h)   enter into such customary agreements (including, if applicable, an
underwriting agreement, provided such underwriting agreement contains customary
terms) and take such other actions as reasonably advisable or necessary in order
to expedite or facilitate the timely disposition of such Registrable Securities;

                                       14
<PAGE>
      (i)   use its reasonable best efforts to (i) obtain an opinion and/or
disclosure letter from counsel to the Company for each relevant jurisdiction and
a "cold comfort" letter and updates thereof from the Company's independent
public accountants who have certified the Company's financial statements
included or incorporated by reference in such registration statement, in each
case, in customary form and covering such matters as are customarily covered by
such opinions and "cold comfort" letters (including, in the case of such "cold
comfort" letter, events subsequent to the date of such financial statements)
delivered to underwriters in underwritten public offerings, which opinion and
letter shall be dated the dates such opinions and "cold comfort" letters are
customarily dated and otherwise reasonably satisfactory to the underwriters, if
any, (ii) obtain officer's certificates from the Company in customary form and
covering such matters as are customarily covered by such certificates, and (iii)
furnish to each Holder participating in the offering, if any, a copy of such
opinion, letter and certificate addressed to the underwriters;

      (j)   deliver promptly to each Holder participating in the offering and
each underwriter, if any, copies of all correspondence between the SEC and the
Company, its counsel or auditors and all memoranda relating to discussions with
the SEC or its staff with respect to the registration statement, and, upon
receipt of such confidentiality agreements as the Company may reasonably
request, make reasonably available for inspection by any seller of such
Registrable Securities covered by such registration statement, by any
underwriter, if any, participating in any disposition to be effected pursuant to
such registration statement and by any attorney, accountant or other agent
retained by any such seller or any such underwriter, all pertinent financial and
other records, pertinent corporate documents and properties of the Company, and
cause all of the Company's officers, directors and employees to supply all
information reasonably requested by any such seller, underwriter, attorney,
accountant or agent in connection with such registration statement;

      (k)   use its reasonable best efforts to obtain the withdrawal of any
order suspending the effectiveness of the registration statement, or the lifting
of any suspension of the qualification of any of the Registrable Securities for
sale in any jurisdiction, in each case, as promptly as possible;

      (l)   provide a CUSIP number for all Registrable Securities, not later
than the effective date of the registration statement;

      (m)   use its reasonable best efforts to make available its employees and
personnel for participation in "road shows" (so long as such road show
participation does not, in the judgment of the board of directors, as evidenced
by a written resolution, materially adversely disrupt the management and
operations of the Company) and other marketing efforts and otherwise provide
reasonable assistance to the underwriters (taking into account the needs of the
Company's businesses and the requirements of the marketing process) in the
marketing of Registrable Securities in any underwritten offering;

      (n)   promptly prior to the filing of any document which is to be
incorporated by reference into the registration statement or the prospectus
(after the initial filing of such registration statement), and prior to the
filing or use of any free writing prospectus, provide copies of such document to
counsel for the selling Holders of Registrable Securities and to each managing
underwriter, if any, and make the Company's representatives reasonably available
for

                                       15
<PAGE>
discussion of such document and make such changes in such document concerning
the selling Holders prior to the filing thereof as counsel for such selling
Holders or underwriters may reasonably request;

      (o)   furnish to each Holder participating in the offering and the
managing underwriter, without charge, at least one signed copy of the
registration statement and any post-effective amendments or supplements thereto,
including financial statements and schedules, all documents incorporated therein
by reference, the prospectus contained in such registration statement (including
each preliminary prospectus and any summary prospectus), any other prospectus
filed under Rule 424 under the Securities Act and all exhibits (including those
incorporated by reference) and any free writing prospectus utilized in
connection therewith;

      (p)   cooperate with the selling Holders of Registrable Securities and the
managing underwriter, if any, to facilitate the timely preparation and delivery
of certificates not bearing any restrictive legends representing the Registrable
Securities to be sold, and cause such Registrable Securities to be issued in
such denominations and registered in such names in accordance with the
underwriting agreement at least two (2) Business Days prior to any sale of
Registrable Securities to the underwriters or, if not an underwritten offering,
in accordance with the instructions of the selling Holders of Registrable
Securities at least two (2) Business Days prior to any sale of Registrable
Securities and instruct any transfer agent and registrar of Registrable
Securities to release any stop transfer orders in respect thereof;

      (q)   take no direct or indirect action prohibited by Regulation M under
the Exchange Act; provided, however, that to the extent that any prohibition is
applicable to the Company, the Company will take such action as is necessary to
make any such prohibition inapplicable;

      (r)   use its reasonable best efforts to cause the Registrable Securities
covered by the applicable registration statement to be registered with or
approved by such other governmental agencies or authorities as may be necessary
to enable the selling Holders or the underwriters, if any, to consummate the
disposition of such Registrable Securities;

      (s)   take other commercially reasonable actions necessary or advisable in
order to expedite or facilitate the timely disposition of such Registrable
Securities;

      (t)   take all reasonable action to ensure that any free writing
prospectus utilized in connection with any registration covered by Section 2.1
or 2.2 complies in all material respects with the Securities Act, is filed in
accordance with the Securities Act to the extent required thereby, is retained
in accordance with the Securities Act to the extent required thereby and, when
taken together with the related prospectus, prospectus supplement and related
documents, will not contain any untrue statement of a material fact or omit to
state a material fact necessary to make the statements therein, in light of the
circumstances under which they were made, not misleading; and

      (u)   in connection with any underwritten offering, if at any time the
information conveyed to a purchaser at the time of sale includes any untrue
statement of a material fact or omits to state any material fact necessary in
order to make the statements therein, in light of the circumstances under which
they were made, not misleading, promptly file with the SEC such

                                       16
<PAGE>
amendments or supplements to such information as may be necessary so that the
statements as so amended or supplemented will not, in light of the
circumstances, be misleading.

            To the extent the Company is a well-known seasoned issuer (as
defined in Rule 405 under the Securities Act) (a "WKSI") at the time any Demand
Registration Request is submitted to the Company, and such Demand Registration
Request requests that the Company file an automatic shelf registration statement
(as defined in Rule 405 under the Securities Act) (an "automatic shelf
registration statement") on Form F-3 or S-3, the Company shall file an automatic
shelf registration statement which covers those Registrable Securities which are
requested to be registered. The Company shall use its commercially reasonable
best efforts to remain a WKSI (and not become an ineligible issuer (as defined
in Rule 405 under the Securities Act)) during the period during which such
automatic shelf registration statement is required to remain effective. If the
Company does not pay the filing fee covering the Registrable Securities at the
time the automatic shelf registration statement is filed, the Company agrees to
pay such fee at such time or times as the Registrable Securities are to be sold.
If the automatic shelf registration statement has been outstanding for at least
three (3) years, at the end of the third year the Company shall refile a new
automatic shelf registration statement covering the Registrable Securities. If
at any time when the Company is required to re-evaluate its WKSI status the
Company determines that it is not a WKSI, the Company shall use its commercially
reasonable best efforts to refile the shelf registration statement on Form F-3
or S-3 and, if such form is not available, Form F-1 or S-1 and keep such
registration statement effective during the period during which such
registration statement is required to be kept effective.

            If the Company files any shelf registration statement for the
benefit of the holders of any of its securities other than the Holders, the
Company agrees that it shall include in such registration statement such
disclosures as may be required by Rule 430B under the Securities Act (referring
to the unnamed selling security holders in a generic manner by identifying the
initial offering of the securities to the Holders) in order to ensure that the
Holders may be added to such shelf registration statement at a later time
through the filing of a prospectus supplement rather than a post-effective
amendment.

            The Company may require as a condition precedent to the Company's
obligations under this Section 2.4 that each seller of Registrable Securities as
to which any registration is being effected furnish the Company such information
regarding such seller and the distribution of such securities as the Company may
from time to time reasonably request provided that such information is necessary
for the Company to consummate such registration and shall be used only in
connection with such registration.

            In the event the Company shall give any notice of the happening of
any event of the kind described in clause (v) of paragraph (e) of this Section
2.4, the applicable period mentioned in paragraph (b) of this Section 2.4 shall
be extended by the number of days during such period from and including the date
of the giving of such notice to and including the date when each seller of any
Registrable Securities covered by such registration statement shall have
received the copies of the supplemented or amended prospectus contemplated by
paragraph (e) of this Section 2.4.

                                       17
<PAGE>
            If any such registration statement or comparable statement under
state "blue sky" laws refers to any Holder by name or otherwise as the Holder of
any securities of the Company, then such Holder shall have the right to require
(i) the insertion therein of language, in form and substance satisfactory to
such Holder and the Company, to the effect that the holding by such Holder of
such securities is not to be construed as a recommendation by such Holder of the
investment quality of the Company's securities covered thereby and that such
holding does not imply that such Holder will assist in meeting any future
financial requirements of the Company, or (ii) in the event that such reference
to such Holder by name or otherwise is not in the judgment of the Company, as
advised by counsel, required by the Securities Act or any similar federal
statute or any state "blue sky" or securities law then in force, the deletion of
the reference to such Holder.

      2.5. Registration Expenses.

      (a)   The Company shall pay all Expenses with respect to any registration
of Registrable Securities pursuant to Section 2.1 (in the event that the Company
proposes, or has indicated that it proposes, to offer securities in an offering
covered by a Demand Registration) and 2.2, whether or not a registration
statement becomes effective. In the event that the Company does not propose, or
indicate to propose, to offer securities covered by a Demand Registration, the
participating selling shareholders will be responsible, pro rata to the number
of shares requested to be sold pursuant to such Demand Registration, for
expenses relating to (i) the fees and disbursements of counsel for the Holders
(selected by the Holders owning a majority in interest of the Registrable
Securities being registered or sold), (ii) fees and expenses payable to a
Qualified Independent Underwriter and (iii) any other fees and disbursements of
underwriters, if any, customarily paid by issuers and sellers of securities; and
the Company shall pay all other Expenses.

      (b)   Notwithstanding the foregoing, (x) the provisions of this Section
2.5 shall be deemed amended to the extent necessary to cause these expense
provisions to comply with state "blue sky" laws of each state in which the
offering is made and (y) in connection with any underwritten offering, each
Holder of Registrable Securities being registered shall pay all underwriting
discounts and commissions and any transfer taxes, if any, attributable to the
sale of such Registrable Securities, pro rata with respect to payments of
discounts and commissions in accordance with the number of shares sold in the
offering by such Holder.

      2.6. Certain Limitations on Registration Rights. In the case of any
registration under Section 2.1 involving an underwritten offering, or, in the
case of a registration under Section 2.2, if the Company has determined to enter
into an underwriting agreement in connection therewith, all securities to be
included in such underwritten offering shall be subject to such underwriting
agreement and no Person may participate in such underwritten offering unless
such Person (i) agrees to sell such Person's securities on the basis provided
therein and completes and executes all reasonable questionnaires, and other
documents (including custody agreements and powers of attorney) which must be
executed in connection therewith; provided, however, that all such documents
shall be substantially consistent with the provisions hereof and (ii) provides
such other information to the Company or the underwriter as may be necessary to
register such Person's securities.

                                       18
<PAGE>
      2.7. Limitations on Sale or Distribution of Other Securities.

      (a)   Each Holder agrees, (i) to the extent requested in writing by a
managing underwriter, if any, of any underwritten public offering pursuant to a
registration effected pursuant to Section 2.1, not to sell, transfer or
otherwise dispose of, including any sale pursuant to Rule 144 under the
Securities Act, any Ordinary Shares, or any other equity security of the Company
or any security convertible into or exchangeable or exercisable for any equity
security of the Company (other than as part of such underwritten public
offering) during the time period reasonably requested by the managing
underwriter, not to exceed ninety (90) days or such shorter period as the
Company or any executive officer or director of the Company shall agree to (180
days in the case of the Company's initial public equity offering) (and the
Company hereby also so agrees (except that the Company may effect any sale or
distribution of any such securities pursuant to a registration on Form F-4 or
S-4 (if reasonably acceptable to such managing underwriter) or Form S-8, or any
successor or similar form which is (x) then in effect or (y) shall become
effective upon the conversion, exchange or exercise of any then outstanding
Share Equivalent), to use its reasonable best efforts to cause each holder of
any equity security or any security convertible into or exchangeable or
exercisable for any equity security of the Company purchased from the Company at
any time other than in a public offering so to agree), and (ii) to the extent
requested in writing by a managing underwriter of any underwritten public
offering effected by the Company for its own account in which one or more
Holders is selling Ordinary Shares pursuant to the exercise of piggyback rights
under Section 2.2 hereof, it will not sell any Ordinary Shares (other than as
part of such underwritten public offering) during the time period reasonably
requested by the managing underwriter, which period shall not exceed ninety (90)
days or such shorter period as the Company or any executive officer or director
of the Company shall agree to (180 days in the case of the Company's initial
public equity offering).

      (b)   The Company hereby agrees that, if it shall previously have received
a request for registration pursuant to Section 2.1 or 2.2, and if such previous
registration shall not have been withdrawn or abandoned, the Company shall not
sell, transfer, or otherwise dispose of, any Ordinary Shares, or any other
equity security of the Company or any security convertible into or exchangeable
or exercisable for any equity security of the Company (other than as part of
such underwritten public offering, a registration on Form F-4 or S-4 or Form S-8
or any successor or similar form which is (x) then in effect or (y) shall become
effective upon the conversion, exchange or exercise of any then outstanding
Share Equivalent), until a period of ninety (90) days shall have elapsed from
the effective date of such previous registration (180 days in the case of the
Company's initial public equity offering); and the Company shall (i) so provide
in any registration rights agreements hereafter entered into with respect to any
of its securities and (ii) use its reasonable best efforts to cause each holder
of any equity security or any security convertible into or exchangeable or
exercisable for any equity security of the Company purchased from the Company at
any time other than in a public offering to so agree.

      2.8. No Required Sale. Nothing in this Agreement shall be deemed to create
an independent obligation on the part of any Holder to sell any Registrable
Securities pursuant to any effective registration statement.

                                       19
<PAGE>
      2.9. Indemnification.

      (a)   In the event of any registration of any securities of the Company
under the Securities Act pursuant to this Section 2, the Company will, and
hereby agrees to, and hereby does, indemnify and hold harmless, to the fullest
extent permitted by law, each Holder of Registrable Securities, its advisers,
directors, officers, fiduciaries, employees, stockholders, members or general
and limited partners (and the directors, officers, fiduciaries, employees,
stockholders, members or general and limited partners thereof), each other
Person who participates as a seller (and its directors, officers, fiduciaries,
employees, stockholders, members or general and limited partners), underwriter
or Qualified Independent Underwriter, if any, in the offering or sale of such
securities, each officer, director, employee, stockholder, fiduciary, managing
director, agent, affiliate, consultant, representative, successor, assign or
partner of such underwriter or Qualified Independent Underwriter, and each other
Person, if any, who controls such seller or any such underwriter or Qualified
Independent Underwriter within the meaning of the Securities Act, from and
against any and all losses, claims, damages or liabilities, joint or several,
actions or proceedings (whether commenced or threatened) and expenses (including
reasonable fees of counsel and any amounts paid in any settlement effected with
the Company's consent, which consent shall not be unreasonably withheld or
delayed) to which each such indemnified party may become subject under the
Securities Act or otherwise in respect thereof (collectively, "Claims"), insofar
as such Claims arise out of or are based upon (i) any untrue statement or
alleged untrue statement of a material fact contained in any registration
statement under which such securities were registered under the Securities Act
or the omission or alleged omission to state therein a material fact required to
be stated therein or necessary to make the statements therein not misleading,
(ii) any untrue statement or alleged untrue statement of a material fact
contained in any preliminary, final or summary prospectus or any amendment or
supplement thereto, together with the documents incorporated by reference
therein, or any free writing prospectus utilized in connection therewith, or the
omission or alleged omission to state therein a material fact required to be
stated therein or necessary in order to make the statements therein, in the
light of the circumstances under which they were made, not misleading, or (iii)
any untrue statement or alleged untrue statement of a material fact in the
information conveyed to any purchaser at the time of the sale to such purchaser,
or the omission or alleged omission to state therein a material fact required to
be stated therein, or (iv) any violation by the Company of any federal, state or
common law rule or regulation applicable to the Company and relating to action
required of or inaction by the Company in connection with any such registration,
and the Company will reimburse any such indemnified party for any legal or other
expenses reasonably incurred by such indemnified party in connection with
investigating or defending any such Claim as such expenses are incurred;
provided, however, that the Company shall not be liable to any such indemnified
party in any such case to the extent such Claim arises out of or is based upon
any untrue statement or alleged untrue statement of a material fact or omission
or alleged omission of a material fact made in such registration statement or
amendment thereof or supplement thereto or in any such prospectus or any
preliminary, final or summary prospectus or free writing prospectus in reliance
upon and in conformity with written information furnished to the Company by or
on behalf of such indemnified party specifically for use therein. Such indemnity
and reimbursement of expenses shall remain in full force and effect regardless
of any investigation made by or on behalf of such indemnified party and shall
survive the transfer of such securities by such seller.

      (b) Each Holder of Registrable Securities that are included in the
securities as to which any registration under Section 2.1 or 2.2 is being
effected (and, if the Company requires as

                                       20
<PAGE>
a condition to including any Registrable Securities in any registration
statement filed in accordance with Section 2.1 or 2.2, any underwriter and
Qualified Independent Underwriter, if any) shall, severally and not jointly,
indemnify and hold harmless (in the same manner and to the same extent as set
forth in paragraph (a) of this Section 2.9) to the extent permitted by law the
Company, its officers and directors, each Person controlling the Company within
the meaning of the Securities Act and all other prospective sellers and their
directors, officers, stockholders, fiduciaries, managing directors, agents,
affiliates, consultants, representatives, successors, assigns or general and
limited partners and respective controlling Persons with respect to any untrue
statement or alleged untrue statement of any material fact in, or omission or
alleged omission of any material fact from, such registration statement, any
preliminary, final or summary prospectus contained therein, or any amendment or
supplement thereto, or any free writing prospectus utilized in connection
therewith, if such statement or alleged statement or omission or alleged
omission was made in reliance upon and in conformity with written information
furnished to the Company or its representatives by or on behalf of such Holder
or underwriter or Qualified Independent Underwriter, if any, specifically for
use therein, and each such Holder, underwriter or Qualified Independent
Underwriter, if any, shall reimburse such indemnified party for any legal or
other expenses reasonably incurred by such indemnified party in connection with
investigating or defending any such Claim as such expenses are incurred;
provided, however, that the aggregate amount which any such Holder shall be
required to pay pursuant to this Section 2.9(b) and Sections 2.9(c) and (e)
shall in no case be greater than the amount of the gross proceeds received by
such Holder upon the sale of the Registrable Securities pursuant to the
registration statement giving rise to such Claim. The Company and each Holder of
Registrable Securities hereby acknowledge and agree that, unless otherwise
expressly agreed to in writing by such Holders to the contrary, for all purposes
of this Agreement, the only information furnished or to be furnished to the
Company by or on behalf of any Holder for use in any such registration
statement, preliminary, final or summary prospectus or amendment or supplement
thereto, or any free writing prospectus, are statements specifically relating to
(i) the number of Registrable Securities held by such Holder and its Affiliates
and (ii) the name and address of such Holder. If any additional information
about such Holder or the plan of distribution (other than for an underwritten
offering) is required by law to be disclosed in any such document, then such
Holder shall not unreasonably withhold its agreement referred to in the
immediately preceding sentence. Such indemnity and reimbursement of expenses
shall remain in full force and effect regardless of any investigation made by or
on behalf of such indemnified party and shall survive the transfer of such
securities by such Holder.

      (c)   Indemnification similar to that specified in the preceding
paragraphs (a) and (b) of this Section 2.9 (with appropriate modifications)
shall be given by the Company and each seller of Registrable Securities with
respect to any required registration or other qualification of securities under
any applicable securities and state "blue sky" laws.

      (d)   Any Person entitled to indemnification under this Agreement shall
notify promptly the indemnifying party in writing of the commencement of any
action or proceeding with respect to which a claim for indemnification may be
made pursuant to this Section 2.9, but the failure of any indemnified party to
provide such notice shall not relieve the indemnifying party of its obligations
under the preceding paragraphs of this Section 2.9, except to the extent the
indemnifying party is materially and actually prejudiced thereby and shall not
relieve the indemnifying party from any liability which it may have to any
indemnified party otherwise than

                                       21
<PAGE>
under this Section 2. In case any action or proceeding is brought against an
indemnified party and it shall notify the indemnifying party of the commencement
thereof (as required above), the indemnifying party shall be entitled to
participate therein and, unless in the reasonable opinion of outside counsel to
the indemnified party a conflict of interest between such indemnified and
indemnifying parties may exist in respect of such claim, to assume the defense
thereof jointly with any other indemnifying party similarly notified, to the
extent that it chooses, with counsel reasonably satisfactory to such indemnified
party, and after notice from the indemnifying party to such indemnified party
that it so chooses, the indemnifying party shall not be liable to such
indemnified party for any legal or other expenses subsequently incurred by such
indemnified party in connection with the defense thereof other than reasonable
costs of investigation; provided, however, that (i) if the indemnifying party
fails to take reasonable steps necessary to defend diligently the action or
proceeding within twenty (20) days after receiving notice from such indemnified
party that the indemnified party believes it has failed to do so; or (ii) if
such indemnified party who is a defendant in any action or proceeding which is
also brought against the indemnifying party reasonably shall have concluded that
there may be one or more legal or equitable defenses available to such
indemnified party which are not available to the indemnifying party or which may
conflict with those available to another indemnified party with respect to such
Claim; or (iii) if representation of both parties by the same counsel is
otherwise inappropriate under applicable standards of professional conduct,
then, in any such case, the indemnified party shall have the right to assume or
continue its own defense as set forth above (but with no more than one firm of
counsel for all indemnified parties in each jurisdiction, except to the extent
any indemnified party or parties reasonably shall have made a conclusion
described in clause (ii) or (iii) above) and the indemnifying party shall be
liable for any expenses therefor. No indemnifying party shall, without the
written consent of the indemnified party, effect the settlement or compromise
of, or consent to the entry of any judgment with respect to, any pending or
threatened action or claim in respect of which indemnification or contribution
may be sought hereunder (whether or not the indemnified party is an actual or
potential party to such action or claim) unless such settlement, compromise or
judgment (A) includes an unconditional release of the indemnified party from all
liability arising out of such action or claim and (B) does not include a
statement as to or an admission of fault, culpability or a failure to act, by or
on behalf of any indemnified party.

      (e)   If for any reason the foregoing indemnity is unavailable,
unenforceable or is insufficient to hold harmless an indemnified party under
Sections 2.9(a), (b) or (c), then each applicable indemnifying party shall
contribute to the amount paid or payable by such indemnified party as a result
of any Claim in such proportion as is appropriate to reflect the relative fault
of the indemnifying party, on the one hand, and the indemnified party, on the
other hand, with respect to such Claim. The relative fault shall be determined
by reference to, among other things, whether the untrue or alleged untrue
statement of a material fact or the omission or alleged omission to state a
material fact relates to information supplied by the indemnifying party or the
indemnified party and the parties' relative intent, knowledge, access to
information and opportunity to correct or prevent such untrue statement or
omission. If, however, the allocation provided in the second preceding sentence
is not permitted by applicable law, then each indemnifying party shall
contribute to the amount paid or payable by such indemnified party in such
proportion as is appropriate to reflect not only such relative faults but also
the relative benefits of the indemnifying party and the indemnified party as
well as any other relevant equitable considerations. The parties hereto agree
that it would not be just and equitable if any

                                       22
<PAGE>
contribution pursuant to this Section 2.9(e) were to be determined by pro rata
allocation or by any other method of allocation which does not take account of
the equitable considerations referred to in the preceding sentences of this
Section 2.9(e). The amount paid or payable in respect of any Claim shall be
deemed to include any legal or other expenses reasonably incurred by such
indemnified party in connection with investigating or defending any such Claim.
No Person guilty of fraudulent misrepresentation (within the meaning of Section
11(f) of the Securities Act) shall be entitled to contribution from any Person
who was not guilty of such fraudulent misrepresentation. Notwithstanding
anything in this Section 2.9(e) to the contrary, no indemnifying party (other
than the Company) shall be required pursuant to this Section 2.9(e) to
contribute any amount in excess of the gross proceeds received by such
indemnifying party from the sale of Registrable Securities in the offering to
which the losses, claims, damages or liabilities of the indemnified parties
relate, less the amount of any indemnification payment made by such indemnifying
party pursuant to Sections 2.9(b) and (c).

      (f)   The indemnity and contribution agreements contained herein shall be
in addition to any other rights to indemnification or contribution which any
indemnified party may have pursuant to law or contract and shall remain
operative and in full force and effect regardless of any investigation made or
omitted by or on behalf of any indemnified party and shall survive the transfer
of the Registrable Securities by any such party.

      (g)   The indemnification and contribution required by this Section 2.9
shall be made by periodic payments of the amount thereof during the course of
the investigation or defense, as and when bills are received or expense, loss,
damage or liability is incurred.

      Section 3. Underwritten Offerings.

      3.1. Requested Underwritten Offerings. If requested by the underwriters
for any underwritten offering pursuant to a registration requested under Section
2.1, the Company shall enter into a customary underwriting agreement with the
underwriters. Such underwriting agreement shall (i) be satisfactory in form and
substance to the Majority Participating Holders, (ii) contain terms not
inconsistent with the provisions of this Agreement and (iii) contain such
representations and warranties by, and such other agreements on the part of, the
Company and such other terms as are customary in agreements of that type,
including, without limitation, indemnities and contribution agreements on
substantially the same terms as those contained herein. Any Holder participating
in the offering shall be a party to such underwriting agreement. Each such
Holder shall not be required to make any representations or warranties to or
agreements with the Company or the underwriters other than representations,
warranties or agreements regarding such Holder, its ownership of and title to
the Registrable Securities, and its intended method of distribution; and any
liability of such Holder to any underwriter or other Person under such
underwriting agreement shall be limited to liability arising from breach of its
representations and warranties and shall be limited to an amount equal to the
proceeds that it derives from such registration.

      3.2. Piggyback Underwritten Offerings. In the case of a registration
pursuant to Section 2.2, if the Company shall have determined to enter into an
underwriting agreement in connection therewith, all of the Holders' Registrable
Securities to be included in such registration shall be subject to such
underwriting agreement. Any Holder participating in such

                                       23
<PAGE>
registration may, at its option, require that any or all of the representations
and warranties by, and the other agreements on the part of, the Company to and
for the benefit of such underwriters shall also be made to and for the benefit
of such Holder and that any or all of the conditions precedent to the
obligations of such underwriters under such underwriting agreement be conditions
precedent to the obligations of such Holder. Each such Holder shall not be
required to make any representations or warranties to or agreements with the
Company or the underwriters other than representations, warranties or agreements
regarding such Holder, its ownership of and title to the Registrable Securities,
and its intended method of distribution; and any liability of such Holder to any
underwriter or other Person under such underwriting agreement shall be limited
to liability arising from breach of its representations and warranties and shall
be limited to an amount equal to the proceeds (net of expenses and underwriting
discounts and commissions) that it derives from such registration.

      Section 4. General.

      4.1.  Adjustments Affecting Registrable Securities. The Company agrees
that it shall not effect or permit to occur any combination or subdivision of
Ordinary Shares which would adversely affect the ability of any Holder of any
Registrable Securities to include such Registrable Securities in any
registration contemplated by this Agreement or the marketability of such
Registrable Securities in any such registration. The Company agrees that it will
take all reasonable steps necessary to effect a subdivision of Ordinary Shares
if in the reasonable judgment of (a) the Majority Participating Holders and (b)
the managing underwriter for the offering in respect of such Demand Registration
Request, such subdivision would enhance the marketability of the Registrable
Securities. In any event, the provisions of this Agreement shall apply, to the
full extent set forth herein with respect to the Registrable Securities, to any
and all shares of capital stock of the Company, any successor or assign of the
Company (whether by merger, share exchange, consolidation, sale of assets or
otherwise) or any subsidiary of the Company which may be issued in respect of,
in exchange for or in substitution of, Registrable Securities and shall be
appropriately adjusted for any stock dividends, splits, reverse splits,
combinations, recapitalizations and the like occurring after the date hereof.

      4.2.  Rule 144 and Rule 144A. If the Company shall have filed a
registration statement pursuant to the requirements of Section 12 of the
Exchange Act or a registration statement pursuant to the requirements of the
Securities Act in respect of the Ordinary Shares or Share Equivalents, the
Company covenants that (i) so long as it remains subject to the reporting
provisions of the Exchange Act, it will timely file the reports required to be
filed by it under the Securities Act or the Exchange Act (including, but not
limited to, the reports under Sections 13 and 15(d) of the Exchange Act referred
to in subparagraph (c)(1) of Rule 144 under the Securities Act, as such Rule may
be amended ("Rule 144")) or, if the Company is not required to file such
reports, it will, upon the request of any Holder, make publicly available other
information so long as necessary to permit sales by such Holder under Rule 144,
Rule 144A under the Securities Act, as such Rule may be amended ("Rule 144A"),
or any similar rules or regulations hereafter adopted by the SEC, and (ii) it
will take such further action as any Holder may reasonably request, all to the
extent required from time to time to enable such Holder to sell Registrable
Securities without registration under the Securities Act within the limitation
of the exemptions provided by (A) Rule 144, (B) Rule 144A or (C) any similar
rule or regulation hereafter adopted by the SEC. Upon the request of any Holder
of Registrable Securities, the

                                       24
<PAGE>
Company will deliver to such Holder a written statement as to whether it has
complied with such requirements.

      4.3. Nominees for Beneficial Owners. If Registrable Securities are held by
a nominee for the beneficial owner thereof, the beneficial owner thereof may, at
its option, be treated as the Holder of such Registrable Securities for purposes
of any request or other action by any Holder or Holders of Registrable
Securities pursuant to this Agreement (or any determination of any number or
percentage of shares constituting Registrable Securities held by any Holder or
Holders of Registrable Securities contemplated by this Agreement), provided that
the Company shall have received assurances reasonably satisfactory to it of such
beneficial ownership.

      4.4. Amendments and Waivers. Except as otherwise provided herein, no
modification, amendment or waiver of any provision of this Agreement shall be
effective against the Company or any Holder unless such modification, amendment
or waiver is approved in writing by the Company and the Holders holding a
majority of the Registrable Securities held by all Holders. Notwithstanding the
foregoing, no modification, amendment or waiver shall be made or granted in a
manner that materially and adversely affects a Holder's rights hereunder without
the approval of such Holder, unless such modification, amendment or waiver
adversely affects all Holders in the same manner proportionate to their
respective holdings of Registrable Securities. No waiver of any of the
provisions of this Agreement shall be deemed to or shall constitute a waiver of
any other provision hereof (whether or not similar). No failure or delay on the
part of any party in exercising any right, power or privilege hereunder shall
operate as a waiver thereof or of any other or future exercise of any such
right, power or privilege.

      4.5. Notices. Except as otherwise provided in this Agreement, all notices,
requests, consents and other communications hereunder to any party shall be
deemed to be sufficient if contained in a written instrument delivered in person
or by telecopy, nationally recognized overnight courier or first class
registered or certified mail, return receipt requested, postage prepaid,
addressed to such party at the address set forth below and to any other
recipient at the address indicated on Schedule 4.5 hereto or at such other
address as may hereafter be designated in writing by such party to the other
parties:

            (i)   if to the Company, to:

            Mindray Medical International Limited
            Mindray Building
            Keji 12th Road South
            Hitech Industrial Park
            Nanshan, Shenzhen, PRC  518057
            Telecopy:   +86 755 2658 2800
            Attention:  Joyce I-Yin Hsu

                                       25
<PAGE>
            (ii)  if to the GSCP Parties, to:

            Goldman Sachs & Co.
            One New York Plaza
            New York, NY 10004
            USA

            Telecopy:   +212 482 3820
            Attention:  Ben Adler, Esq./William Millis, Esq.

            with a copy to:

            Freshfields Bruckhaus Deringer
            11th Floor
            Two Exchange Square
            Hong Kong
            Telecopy:   +852 2810 6192
            Attention:  Tim Steinert

      All such notices, requests, consents and other communications shall be
deemed to have been given when received.

      4.6.  Successors and Assigns. This Agreement shall be binding upon and
inure to the benefit of and be enforceable by the parties hereto and the
respective successors, personal representatives and assigns of the parties
hereto, whether so expressed or not. This Agreement may not be assigned by the
Company, without the prior written consent of the GSCP Parties. Any Holder may,
at its election, at any time or from time to time, assign its rights under this
Agreement, in whole or in part, to any person who acquires Registrable
Securities held by it. If any Holder shall acquire additional Registrable
Securities, such Registrable Securities shall be subject to all of the terms,
and entitled to all the benefits, of this Agreement.

      4.7.  Entire Agreement. This Agreement (with the documents referred to
herein or delivered pursuant hereto) embodies the entire agreement and
understanding between the parties hereto and supersedes all prior agreements and
understandings relating to the subject matter hereof.

      4.8.  Governing Law; Consent to Jurisdiction; Waiver of Jury Trial. This
Agreement shall be governed by and construed and enforced in accordance with the
laws of the State of New York, without reference to the conflict of laws
principles thereof. Each of the parties hereto hereby irrevocably submits to the
nonexclusive jurisdiction of the United States District Court for the Southern
District of New York and of any New York State court sitting in New York City
(Borough of Manhattan) for purposes of all legal proceedings arising out of or
relating to the Agreement or the transactions contemplated hereby. Each of the
parties hereto irrevocably waives, to the fullest extent permitted by law, any
objection which it may now or hereafter have to the laying of the venue of any
such proceeding brought in such a court and any claim that any such proceeding
brought in such a court has been brought in an inconvenient forum. Without
limiting the foregoing, each party agrees that service of process on such party
as provided in Section 4.5 shall be deemed effective service of process on such
person. Each of the parties

                                       26
<PAGE>
irrevocably and unconditionally waives, to the fullest extent permitted by
applicable law, any and all rights to trial by jury in connection with any
Litigation arising out of or relating to this Agreement or the transactions
contemplated hereby.

      4.9.  Headings. The headings in this Agreement are for convenience of
reference only and shall not limit or otherwise affect the meaning hereof. All
Section references are to this Agreement unless otherwise expressly provided.

      4.10. Counterparts. This Agreement may be executed in any number of
counterparts, each of which shall be an original, but all of which together
shall constitute one instrument.

      4.11. Severability. Any term or provision of this Agreement which is
invalid or unenforceable in any jurisdiction shall, as to such jurisdiction, be
ineffective to the extent of such invalidity or unenforceability without
rendering invalid or unenforceable the remaining terms and provisions of this
Agreement or affecting the validity or enforceability of any of the terms or
provisions of this Agreement in any other jurisdiction.

      4.12. Specific Performance. The parties hereto acknowledge that there
would be no adequate remedy at law if any party fails to perform any of its
obligations hereunder, and accordingly agree that each party, in addition to any
other remedy to which it may be entitled at law or in equity, shall be entitled
to injunctive relief, including specific performance, to enforce such
obligations without the posting of any bond, and, if any action should be
brought in equity to enforce any of the provisions of this Agreement, none of
the parties hereto shall raise the defense that there is an adequate remedy at
law. All remedies, either under this Agreement, by law, or otherwise afforded to
any party, shall be cumulative and not alternative.

      4.13. Further Assurances. Each party hereto shall do and perform or cause
to be done and performed all such further acts and things and shall execute and
deliver all such other agreements, certificates, instruments, and documents as
any other party hereto reasonably may request in order to carry out the intent
and accomplish the purposes of this Agreement and the consummation of the
transactions contemplated hereby.

      4.14. No Inconsistent Agreements. The rights granted to the Holders of
Registrable Securities hereunder do not in any way conflict with and are not
inconsistent with any other agreements to which the Company is a party or by
which it is bound. Without the prior written consent of Holders of a majority of
the then outstanding Registrable Securities, the Company will not, on or after
the date of this Agreement, enter into any agreement with respect to its
securities which is inconsistent with the rights granted in this Agreement or
otherwise conflicts with the provisions hereof or provides terms and conditions
which are more favorable to, or less restrictive on, the other party thereto
than the terms and conditions contained in this Agreement are (insofar as they
are applicable) to the Holders. The Company further agrees that if any other
registration rights agreement entered into after the date of this Agreement with
respect to any of its securities contains terms which are more favorable to, or
less restrictive on, the other party thereto than the terms and conditions
contained in this Agreement are (insofar as they are applicable) to the Holders,
then the terms and conditions of this Agreement shall immediately be deemed to
have been amended without further action by the Company or any of the Holders of

                                       27
<PAGE>
Registrable Securities so that the Holders shall each be entitled to the benefit
of any such more favorable or less restrictive terms or conditions.

                                       28
<PAGE>
      IN WITNESS WHEREOF, the parties hereto have executed this Registration
Rights Agreement as of the day and year first above written.

                                       MINDRAY MEDICAL INTERNATIONAL LIMITED

                                       By:     /S/ Xu Hang
                                          -------------------------------------
                                       Name:  Xu Hang
                                       Title: Chairman and Co-CEO
<PAGE>
      IN WITNESS WHEREOF, the parties hereto have executed this Registration
Rights Agreement as of the day and year first above written.

                                    GS CAPITAL PARTNERS V FUND, L.P.

                                    By: GSCP V Advisors, L.L.C.,
                                        its general partner

                                    By:  /s/ Andrew Wolff
                                       ----------------------------------------
                                    Name:  Andrew Wolff
                                    Title: Managing Director and Vice President

                                    GS CAPITAL PARTNERS V OFFSHORE FUND, L.P.

                                    By: GSCP V Offshore Advisors, L.L.C.,
                                        its general partner

                                    By:   /s/ Andrew Wolff
                                       ----------------------------------------
                                    Name:  Andrew Wolff
                                    Title: Managing Director and Vice President

                                    GS CAPITAL PARTNERS V GmbH & Co. KG

                                    By: GS Advisors V, L.L.C.,
                                        its managing limited partner

                                    By:  /s/ Andrew Wolff
                                       ----------------------------------------
                                    Name:  Andrew Wolff
                                    Title: Managing Director and Vice President

                                    GS CAPITAL PARTNERS V INSTITUTIONAL, L.P.

                                    By:   GS Advisors V, L.L.C.,
                                          its general partner

                                    By:  /s/ Andrew Wolff
                                       ----------------------------------------
                                    Name:  Andrew Wolff
                                    Title: Managing Director and Vice President<PAGE>
                                                                    Exhibit 10.1

                      MINDRAY MEDICAL INTERNATIONAL LIMITED
                              SHARE INCENTIVE PLAN

                                     PREFACE

      This Plan is divided into two separate equity programs: (1) the option
grant program set forth in Section 5 under which Eligible Persons (as defined in
Section 3) may, at the discretion of the Administrator, be granted Options, and
(2) the share award program set forth in Section 6 under which Eligible Persons
may, at the discretion of the Administrator, be awarded restricted or
unrestricted Ordinary Shares. Section 2 of this Plan contains the general rules
regarding the administration of this Plan. Section 3 sets forth the requirements
for eligibility to receive an Award grant under this Plan. Section 4 describes
the authorized shares of the Company that may be subject to Awards granted under
this Plan. Section 7 contains other provisions applicable to all Awards granted
under this Plan. Section 8 provides definitions for certain capitalized terms
used in this Plan and not otherwise defined herein.

1.    PURPOSE OF THE PLAN.

      The purpose of this Plan is to promote the success of the Company and the
interests of its shareholders by providing a means through which the Company may
grant equity-based incentives to attract, motivate, retain and reward certain
officers, employees, directors and other eligible persons and to further link
the interests of Award recipients with those of the Company's shareholders
generally.

2.    ADMINISTRATION.

      2.1   ADMINISTRATOR. This Plan shall be administered by and all Awards
under this Plan shall be authorized by the Administrator. The "ADMINISTRATOR"
means the Board or one or more committees appointed by the Board or another
committee (within its delegated authority) to administer all or certain aspects
of this Plan. Any such committee shall be comprised solely of one or more
directors or such number of directors as may be required under applicable law. A
committee may delegate some or all of its authority to another committee so
constituted. The Board or a committee comprised solely of directors may also
delegate, to the extent permitted by the Companies Law (2004 Revision) of the
Cayman Islands and any other applicable law, to one or more officers of the
Company, its powers under this Plan (a) to designate the officers and employees
of the Company and its Affiliates who will receive grants of Awards under this
Plan, and (b) to determine the number of shares subject to, and the other terms
and conditions of, such Awards. The Board may delegate different levels of
authority to different committees with administrative and grant authority under
this Plan. Unless otherwise provided in the Memorandum and Articles of
Association of the Company or the applicable charter of any Administrator: (a) a
majority of the members of the acting Administrator shall constitute a quorum,
and (b) the vote of a majority of the members present assuming the presence of a
quorum or the unanimous written consent of the members of the Administrator
shall constitute action by the acting Administrator.
<PAGE>
      With respect to awards intended to satisfy the requirements for
performance-based compensation under Section 162(m) of the Code, this Plan shall
be administered by a committee consisting solely of two or more outside
directors (as this requirement is applied under Section 162(m) of the Code);
provided, however, that the failure to satisfy such requirement shall not affect
the validity of the action of any committee otherwise duly authorized and acting
in the matter. Award grants, and transactions in or involving awards, intended
to be exempt under Rule 16b-3 under the Exchange Act, must be duly and timely
authorized by the Board or a committee consisting solely of two or more
non-employee directors (as this requirement is applied under Rule 16b-3
promulgated under the Exchange Act). To the extent required by any applicable
listing agency, this Plan shall be administered by a committee composed entirely
of independent directors (within the meaning of the applicable listing agency).

      2.2   PLAN AWARDS; INTERPRETATION; POWERS OF ADMINISTRATOR. Subject to the
express provisions of this Plan, the Administrator is authorized and empowered
to do all things it deems necessary or desirable in connection with the
authorization of Awards and the administration of this Plan (in the case of a
committee or delegation to one or more officers, within the authority delegated
to that committee or person(s)), including, without limitation, the authority
to:

            (a)   determine eligibility and, from among those persons determined
                  to be eligible, the particular Eligible Persons who will
                  receive Awards;

            (b)   grant Awards to Eligible Persons, determine the price and
                  number of securities to be offered or awarded to any of such
                  persons, determine the other specific terms and conditions of
                  Awards consistent with the express limits of this Plan,
                  establish the installments (if any) in which such Awards will
                  become exercisable or will vest (which may include, without
                  limitation, performance and/or time-based schedules) or
                  determine that no delayed exercisability or vesting is
                  required, establish any applicable performance targets, and
                  establish the events of termination or reversion of such
                  Awards;

            (c)   approve the forms of Award Agreements, which need not be
                  identical either as to type of Award or among Participants;

            (d)   construe and interpret this Plan and any Award Agreement or
                  other agreements defining the rights and obligations of the
                  Company, its Affiliates, and Participants under this Plan,
                  make factual determinations with respect to the administration
                  of this Plan, further define the terms used in this Plan, and
                  prescribe, amend and rescind rules and regulations relating to
                  the administration of this Plan or the Awards;

            (e)   cancel, modify, or waive the Company's rights with respect to,
                  or modify, discontinue, suspend, or terminate any or all
                  outstanding Awards, subject to any required consent under
                  Section 7.7.4;

            (f)   accelerate or extend the vesting or exercisability or extend
                  the term of any or all outstanding Awards (within the maximum
                  ten-year term of Awards

                                      -2-                   Share Incentive Plan
<PAGE>
                  under Sections 5.4.2 and 6.5) in such circumstances as the
                  Administrator may deem appropriate (including, without
                  limitation, in connection with a termination of employment or
                  services or other events of a personal nature);

            (g)   determine Fair Market Value for purposes of this Plan and
                  Awards;

            (h)   determine the duration and purposes of leaves of absence that
                  may be granted to Participants without constituting a
                  termination of their employment for purposes of this Plan; and

            (i)   determine whether, and the extent to which, adjustments are
                  required pursuant to Section 7.3 hereof and authorize the
                  termination, conversion, substitution or succession of awards
                  upon the occurrence of an event of the type described in
                  Section 7.3.

      2.3   BINDING DETERMINATIONS. Any action taken by, or inaction of, the
Company, any Affiliate, the Board or the Administrator relating or pursuant to
this Plan and within its authority hereunder or under applicable law shall be
within the absolute discretion of that entity or body and shall be conclusive
and binding upon all persons. Neither the Board nor the Administrator, nor any
member thereof or person acting at the direction thereof, shall be liable for
any act, omission, interpretation, construction or determination made in good
faith in connection with this Plan (or any Award), and all such persons shall be
entitled to indemnification and reimbursement by the Company in respect of any
claim, loss, damage or expense (including, without limitation, attorneys' fees)
arising or resulting therefrom to the fullest extent permitted by law and/or
under any directors and officers liability insurance coverage that may be in
effect from time to time.

      2.4   RELIANCE ON EXPERTS. In making any determination or in taking or not
taking any action under this Plan, the Administrator or the Board, as the case
may be, may obtain and may rely upon the advice of experts, including employees
of and professional advisors to the Company. No director, officer or agent of
the Company or any of its Affiliates shall be liable for any such action or
determination taken or made or omitted in good faith.

      2.5   DELEGATION. The Administrator may delegate ministerial,
non-discretionary functions to individuals who are officers or employees of the
Company or any of its Affiliates or to third parties.

3.    ELIGIBILITY.

      Awards may be granted under this Plan only to those persons that the
Administrator determines to be Eligible Persons. An "ELIGIBLE PERSON" means any
person who qualifies as one of the following at the time of grant of the
respective Award:

      (a)   an officer (whether or not a director) or employee of the Company or
            any of its Affiliates;

      (b)   any member of the Board; or

                                      -3-                   Share Incentive Plan
<PAGE>
      (c)   any director of one of the Company's Affiliates, or any individual
            consultant or advisor who renders or has rendered bona fide services
            (other than services in connection with the offering or sale of
            securities of the Company or one of its Affiliates, as applicable,
            in a capital raising transaction or as a market maker or promoter of
            that entity's securities) to the Company or one of its Affiliates.

      An advisor or consultant may be selected as an Eligible Person pursuant to
clause (c) above only if such person's participation in this Plan would not
adversely affect (1) the Company's eligibility to rely on the Rule 701 exemption
from registration under the Securities Act for the offering of shares issuable
under this Plan by the Company, or (2) the Company's compliance with any other
applicable laws.

      An Eligible Person may, but need not, be granted one or more Awards
pursuant to Section 5 and/or one or more Awards pursuant to Section 6. An
Eligible Person who has been granted an Award under this Plan may, if otherwise
eligible, be granted additional Awards under this Plan if the Administrator so
determines. However, a person's status as an Eligible Person is not a commitment
that any Award will be granted to that person under this Plan. Furthermore, an
Eligible Person who has been granted an Award under Section 5 is not necessarily
entitled to an Award under Section 6, or vice versa, unless otherwise expressly
determined by the Administrator.

      Each Award granted under this Plan must be approved by the Administrator
at or prior to the grant of the Award.

4.    SHARES SUBJECT TO THE PLAN.

      4.1   SHARES AVAILABLE. Subject to the provisions of Section 7.3.1, the
shares that may be delivered under this Plan will be the Company's authorized
but unissued Ordinary Shares. The Ordinary Shares issued and delivered may be
issued and delivered for any lawful consideration.

      4.2   SHARE LIMITS. Subject to the provisions of Section 7.3.1 and further
subject to the share counting rules of Section 4.3, the maximum number of
Ordinary Shares that may be delivered pursuant to Awards granted under this Plan
will not exceed 15,000,000 shares (the "SHARE LIMIT") in the aggregate. As
required under U.S. Treasury Regulation Section 1.422-2(b)(3)(i), in no event
will the number of Ordinary Shares that may be delivered pursuant to Incentive
Stock Options granted under this Plan exceed the Share Limit.

      4.3   REPLENISHMENT AND REISSUE OF UNVESTED AWARDS. To the extent that an
Award is settled in cash or a form other than Ordinary Shares, the shares that
would have been delivered had there been no such cash or other settlement shall
not be counted against the shares available for issuance under this Plan. No
Award may be granted under this Plan unless, on the date of grant, the sum of
(a) the maximum number of Ordinary Shares issuable at any time pursuant to such
Award, plus (b) the number of Ordinary Shares that have previously been issued
pursuant to Awards granted under this Plan, plus (c) the maximum number of
Ordinary Shares that may be issued at any time after such date of grant pursuant
to Awards that are outstanding on such date, does not exceed the Share Limit.
Ordinary Shares that are subject to or underlie Options granted

                                      -4-                   Share Incentive Plan
<PAGE>
under this Plan that expire or for any reason are canceled or terminated without
having been exercised (or Ordinary Shares subject to or underlying the
unexercised portion of such Options in the case of Options that were partially
exercised), as well as Ordinary Shares that are subject to Share Awards made
under this Plan that are forfeited to the Company or otherwise repurchased by
the Company prior to the vesting of such shares for a price not greater than the
original purchase or issue price of such shares (as adjusted pursuant to Section
7.3.1) will again, except to the extent prohibited by law or applicable listing
or regulatory requirements (and subject to any applicable limitations of the
Code in the case of Awards intended to be Incentive Stock Options), be available
for subsequent Award grants under this Plan. Shares that are exchanged by a
Participant or withheld by the Company as full or partial payment in connection
with any Award under this Plan, as well as any shares exchanged by a Participant
or withheld by the Company or one of its Affiliates to satisfy the tax
withholding obligations related to any Award, shall be available for subsequent
awards under this Plan. The foregoing adjustments to the share limits of this
Plan are subject to any applicable limitations under Section 162(m) of the Code
with respect to awards intended as performance-based compensation thereunder.

      4.4   RESERVATION OF SHARES. The Company shall at all times reserve a
number of Ordinary Shares sufficient to cover the Company's obligations and
contingent obligations to deliver shares with respect to Awards then outstanding
under this Plan.

5.    OPTION GRANT PROGRAM.

      5.1   OPTION GRANTS IN GENERAL. Each Option shall be evidenced by an Award
Agreement in the form approved by the Administrator. The Award Agreement
evidencing an Option shall contain the terms established by the Administrator
for that Option, as well as any other terms, provisions, or restrictions that
the Administrator may impose on the Option or any Ordinary Shares subject to the
Option; in each case subject to the applicable provisions and limitations of
this Section 5 and the other applicable provisions and limitations of this Plan.
The Administrator may require that the recipient of an Option promptly execute
and return to the Company his or her Award Agreement evidencing the Option. In
addition, the Administrator may require that the spouse of any married recipient
of an Option also promptly execute and return to the Company the Award Agreement
evidencing the Option granted to the recipient or such other spousal consent
form that the Administrator may require in connection with the grant of the
Option.

      5.2   TYPES OF OPTIONS. The Administrator will designate each Option
granted under this Plan to a U.S. resident as either an Incentive Stock Option
or a Nonqualified Option, and such designation shall be set forth in the
applicable Award Agreement. Any Option granted under this Plan to a U.S.
resident that is not expressly designated in the applicable Award Agreement as
an Incentive Stock Option will be deemed to be designated a Nonqualified Option
under this Plan and not an "incentive stock option" within the meaning of
Section 422 of the Code. Incentive Stock Options shall be subject to the
provisions of Section 5.5 in addition to the provisions of this Plan applicable
to Options generally. The Administrator may designate any Option granted under
this Plan to a non-U.S. resident in accordance with the rules and regulations
applicable to options in the jurisdiction in which such person is a resident.
The Administrator may, in its discretion, designate any Option as an Early
Exercise Option pursuant to Section 5.9.

                                      -5-                   Share Incentive Plan
<PAGE>
      5.3   OPTION PRICE.

            5.3.1 Pricing Limits. Subject to the following provisions of this
            Section 5.3.1, the Administrator will determine the purchase price
            per share of the Ordinary Shares covered by each Option (the
            "exercise price" of the Option) at the time of the grant of the
            Option, which exercise price will be set forth in the applicable
            Award Agreement. In no case will the exercise price of an Option be
            less than the greater of:

                  (a)   the par value of the Ordinary Shares;

                  (b)   in the case of a Nonqualified Option and subject to
                        clause (d) below, 85% of the Fair Market Value of the
                        Common Stock on the date of grant;

                  (c)   in the case of an Incentive Stock Option and subject to
                        clause (d) below, or as otherwise required by applicable
                        law, 100% of the Fair Market Value of the Ordinary
                        Shares on the date of grant; or

                  (d)   in the case of an Incentive Stock Option granted to a
                        Participant described in Section 5.6, 110% of the Fair
                        Market Value of the Ordinary Shares on the date of
                        grant.

            5.3.2 Payment Provisions. The Company will not be obligated to
            deliver certificates for the Ordinary Shares to be purchased on
            exercise of an Option unless and until it receives full payment of
            the exercise price therefor, all related withholding obligations
            under Section 7.6 have been satisfied, and all other conditions to
            the exercise of the Option set forth herein or in the Award
            Agreement have been satisfied. The purchase price of any Ordinary
            Shares purchased on exercise of an Option must be paid in full at
            the time of each purchase in such lawful consideration as may be
            permitted or required by the Administrator, which may include,
            without limitation, one or a combination of the following methods:

                  (a)   cash, check payable to the order of the Company, or
                        electronic funds transfer;

                  (b)   notice and third party payment in such manner as may be
                        authorized by the Administrator;

                  (c)   the delivery of previously owned Ordinary Shares;

                  (d)   by a reduction in the number of Ordinary Shares
                        otherwise deliverable pursuant to the Award;

                  (e)   subject to such procedures as the Administrator may
                        adopt, pursuant to a "cashless exercise"; or

                                      -6-                   Share Incentive Plan
<PAGE>
                  (f)   if authorized by the Administrator or specified in the
                        applicable Award Agreement, by a promissory note of the
                        Participant consistent with the requirements of Section
                        5.3.3.

                  In no event shall any shares newly-issued by the Company be
            issued for less than the minimum lawful consideration for such
            shares or for consideration other than consideration permitted by
            applicable law. In the event that the Administrator allows a
            Participant to exercise an Award by delivering Ordinary Shares
            previously owned by such Participant and unless otherwise expressly
            provided by the Administrator, any shares delivered which were
            initially acquired by the Participant from the Company (upon
            exercise of an option or otherwise) must have been owned by the
            Participant for at least six months as of the date of delivery or
            such other period, if any, as the Administrator prescribes based on
            accounting or other applicable rules then in effect. Ordinary Shares
            used to satisfy the exercise price of an Option (whether
            previously-owned shares or shares otherwise deliverable pursuant to
            the terms of the Option) shall be valued at their Fair Market Value
            on the date of exercise. Unless otherwise expressly provided in the
            applicable Award Agreement, the Administrator may eliminate or limit
            a Participant's ability to pay the purchase or exercise price of any
            Award by any method other than cash payment to the Company. The
            Administrator may take all actions necessary to alter the method of
            Option exercise and the exchange and transmittal of proceeds with
            respect to Participants resident in the People's Republic of China
            ("PRC") not having permanent residence in a country other than the
            PRC in order to comply with applicable PRC foreign exchange and tax
            regulations.

            5.3.3 Acceptance of Notes to Finance Exercise. The Company may, with
            the Administrator's approval in each specific case, accept one or
            more promissory notes from any Eligible Person in connection with
            the exercise of any Option; provided that any such note shall be
            subject to the following terms and conditions:

                  (a)   The principal of the note shall not exceed the amount
                        required to be paid to the Company upon the exercise,
                        purchase or acquisition of one or more Awards under this
                        Plan and the note shall be delivered directly to the
                        Company in consideration of such exercise, purchase or
                        acquisition.

                  (b)   The initial term of the note shall be determined by the
                        Administrator; provided that the term of the note,
                        including extensions, shall not exceed a period of five
                        years.

                  (c)   The note shall provide for full recourse to the
                        Participant and shall bear interest at a rate determined
                        by the Administrator, but not less than the interest
                        rate necessary to avoid the imputation of interest under
                        the Code and to avoid any adverse accounting
                        consequences in connection with the exercise, purchase
                        or acquisition.

                                      -7-                   Share Incentive Plan
<PAGE>
                  (d)   If the employment or services of the Participant by or
                        to the Company and its Affiliates terminates, the unpaid
                        principal balance of the note shall become due and
                        payable on the 30th business day after such termination;
                        provided, however, that if a sale of the shares acquired
                        on exercise of the Option would cause such Participant
                        to incur liability under Section 16(b) of the Exchange
                        Act, the unpaid balance shall become due and payable on
                        the 10th business day after the first day on which a
                        sale of such shares could have been made without
                        incurring such liability assuming for these purposes
                        that there are no other transactions (or deemed
                        transactions) in securities of the Company by the
                        Participant subsequent to such termination.

                  (e)   If required by the Administrator or by applicable law,
                        the note shall be secured by a pledge of any shares or
                        rights financed thereby or other collateral, in
                        compliance with applicable law.

                  The terms, repayment provisions, and collateral release
            provisions of the note and the pledge securing the note shall
            conform with all applicable rules and regulations, including any
            applicable law, as then in effect.

      5.4   VESTING; TERM; EXERCISE PROCEDURE.

            5.4.1 Vesting. Except as provided in Section 5.9, an Option may be
            exercised only to the extent that it is vested and exercisable. The
            Administrator will determine the vesting and/or exercisability
            provisions of each Option (which may be based on performance
            criteria, passage of time or other factors or any combination
            thereof), which provisions will be set forth in the applicable Award
            Agreement. Unless the Administrator otherwise expressly provides,
            once exercisable an Option will remain exercisable until the
            expiration or earlier termination of the Option.

            5.4.2 Term. Each Option shall expire not more than 8 years after its
            date of grant. Each Option will be subject to earlier termination as
            provided in or pursuant to Sections 5.7 and 7.3. Any payment of cash
            or delivery of shares in payment of or pursuant to an Option may be
            delayed until a future date if specifically authorized by the
            Administrator in writing and by the Participant.

            5.4.3 Exercise Procedure. Any exercisable Option will be deemed to
            be exercised when the Company receives written notice of such
            exercise from the Participant (on a form and in such manner as may
            be required by the Administrator), together with any required
            payment made in accordance with Section 5.3 and Section 7.6 and any
            written statement required pursuant to Section 7.5.1.

            5.4.4 Fractional Shares/Minimum Issue. Fractional share interests
            will be disregarded, but may be accumulated. The Administrator,
            however, may

                                      -8-                   Share Incentive Plan
<PAGE>
            determine that cash, other securities, or other property will be
            paid or transferred in lieu of any fractional share interests. No
            fewer than 100 shares (subject to adjustment pursuant to Section
            7.3.1) may be purchased on exercise of any Option at one time unless
            the number purchased is the total number at the time available for
            purchase under the Option.

      5.5   LIMITATIONS ON GRANT AND TERMS OF INCENTIVE STOCK OPTIONS.

            5.5.1 US$100,000 Limit. To the extent that the aggregate Fair Market
            Value of shares with respect to which incentive stock options first
            become exercisable by a Participant in any calendar year exceeds
            US$100,000, taking into account both Ordinary Shares subject to
            Incentive Stock Options under this Plan and shares subject to
            incentive stock options under all other plans of the Company or any
            of its Affiliates, such options will be treated as nonqualified
            options. For this purpose, the Fair Market Value of the shares
            subject to options will be determined as of the date the options
            were awarded. In reducing the number of options treated as incentive
            stock options to meet the US$100,000 limit, the most recently
            granted options will be reduced (recharacterized as nonqualified
            options) first. To the extent a reduction of simultaneously granted
            options is necessary to meet the US$100,000 limit, the Administrator
            may, in the manner and to the extent permitted by law, designate
            which Ordinary Shares are to be treated as shares acquired pursuant
            to the exercise of an incentive stock option.

            5.5.2 Other Code Limits. Incentive Stock Options may only be granted
            to individuals that are employees of the Company or one of its
            Affiliates and satisfy the other eligibility requirements of the
            Code. Any Award Agreement relating to Incentive Stock Options will
            contain or shall be deemed to contain such other terms and
            conditions as from time to time are required in order that the
            Option be an "incentive stock option" as that term is defined in
            Section 422 of the Code.

            5.5.3 ISO Notice of Sale Requirement. Any Participant who exercises
            an Incentive Stock Option shall give prompt written notice to the
            Company of any sale or other transfer of the Ordinary Shares
            acquired on such exercise if the sale or other transfer occurs
            within (a) one year after the exercise date of the Option, or (b)
            two years after the grant date of the Option.

      5.6   LIMITS ON 10% HOLDERS. No Incentive Stock Option may be granted to
any person who, at the time the Incentive Stock Option is granted, owns (or is
deemed to own under Section 424(d) of the Code) outstanding shares of the
Company (or any of its Affiliates) possessing more than 10% of the total
combined voting power of all classes of shares of the Company (or any of its
Affiliates), unless the exercise price of such Incentive Stock Option is at
least 110% of the Fair Market Value of the shares subject to the Incentive Stock
Option and such Incentive Stock Option by its terms is not exercisable after the
expiration of eight years from the date such Incentive Stock Option is granted.

      5.7   EFFECTS OF TERMINATION OF EMPLOYMENT ON OPTIONS.

                                      -9-                   Share Incentive Plan
<PAGE>
            5.7.1 Dismissal for Cause. Unless otherwise provided in the Award
            Agreement and subject to earlier termination pursuant to or as
            contemplated by Section 5.4.2 or 7.3, if a Participant's employment
            by or service to the Company or any of its Affiliates is terminated
            by such entity for Cause, the Participant's Option will terminate on
            the Participant's Severance Date, whether or not the Option is then
            vested and/or exercisable and the Participant with forfeit all
            rights associated with such Option.

            5.7.2 Death or Disability. Unless otherwise provided in the Award
            Agreement (consistent with applicable securities laws) and subject
            to earlier termination pursuant to or as contemplated by Section
            5.4.2 or 7.3, if a Participant's employment by or service to the
            Company or any of its Affiliates terminates as a result of the
            Participant's death or Total Disability:

                  (a)   the Participant (or his or her Personal Representative
                        or Beneficiary, in the case of the Participant's Total
                        Disability or death, respectively), will have until the
                        date that is 12 months after the Participant's Severance
                        Date to exercise the Participant's Option (or portion
                        thereof) to the extent that it was vested and
                        exercisable on the Severance Date;

                  (b)   the Option, to the extent not vested and exercisable on
                        the Participant's Severance Date, shall terminate on the
                        Severance Date; and

                  (c)   the Option, to the extent exercisable for the 12-month
                        period following the Participant's Severance Date and
                        not exercised during such period, shall terminate at the
                        close of business on the last day of the 12-month
                        period.

            5.7.3 Other Terminations of Employment Prior to the Public Offering
            Date. Unless otherwise provided in the Award Agreement (consistent
            with applicable securities laws) and subject to earlier termination
            pursuant to or as contemplated by Section 5.4.2 or 7.3, if a
            Participant's employment by or service to the Company or any of its
            Affiliates terminates prior to the Public Offering Date for any
            reason other than a termination by such entity for Cause or because
            of the Participant's death or Total Disability, the Company shall
            have the right to repurchase within 3 months after the Participant's
            Severance Date all Options held by the Participant at the fair
            market value of the Options as determined by the Company.

            Should the Company elect to repurchase such Participant's Options,
            the Company shall notify the Participant within one month of the
            Participant's Severance Date. Should the Company elect not to
            exercise such right to repurchase:

                  (a)   the Participant will have until the date that is 12
                        months after the receipt of the Participant's Severance
                        Date to exercise his or her

                                      -10-                  Share Incentive Plan
<PAGE>
                        Option (or portion thereof) to the extent that it was
                        vested and exercisable on the Severance Date;

                  (b)   the Option, to the extent not vested and exercisable on
                        the Participant's Severance Date, shall terminate on the
                        Severance Date; and

                  (c)   the Option, to the extent exercisable for the 12-month
                        period following the Participant's Severance Date and
                        not exercised during such period, shall terminate at the
                        close of business on the last day of the 12-month
                        period.

            5.7.4 Terminations of Employment After Public Offering Date.
                  Notwithstanding the foregoing provisions of Section 5.7.3,
                  unless otherwise provided in the Award Agreement (consistent
                  with applicable securities laws) and subject to earlier
                  termination pursuant to or as contemplated by Section 5.4.2 or
                  7.3, if a Participant's employment by or service to the
                  Company or any of its Affiliates terminates for any reason
                  (other than a termination by such entity for Cause or because
                  of the Participant's death or Total Disability) at any time
                  after the Public Offering Date:

                  (a)   the Participant will have until the date that is 12
                        months after the Participant's Severance Date to
                        exercise his or her Nonqualified Option (or portion
                        thereof) to the extent that it was vested and
                        exercisable on the Severance Date;

                  (b)   the Nonqualified Option, to the extent not vested and
                        exercisable on the Participant's Severance Date, shall
                        terminate on the Severance Date; and

                  (c)   the Nonqualified Option, to the extent exercisable for
                        the 12-month period following the Participant's
                        Severance Date and not exercised during such period,
                        shall terminate at the close of business on the last day
                        of the 12-month period.

      5.8   OPTION REPRICING/CANCELLATION AND REGRANT/WAIVER OF RESTRICTIONS.
Subject to Section 4 and Section 7.7 and the specific limitations on Options
contained in this Plan, the Administrator from time to time may authorize,
generally or in specific cases only, for the benefit of any Eligible Person, any
adjustment in the exercise price, the vesting schedule, the number of shares
subject to, or the term of, an Option granted under this Plan by cancellation of
an outstanding Option and a subsequent regranting of the Option, by amendment,
by substitution of an outstanding Option, by waiver or by other legally valid
means. Such amendment or other action may result in, among other changes, an
exercise price that is higher or lower than the exercise price of the original
or prior Option, provide for a greater or lesser number of Ordinary Shares
subject to the Option, or provide for a longer or shorter vesting or exercise
period.

                                      -11-                  Share Incentive Plan
<PAGE>
      5.9   EARLY EXERCISE OPTIONS. The Administrator may, in its discretion,
designate any Option as an Early Exercise Option which, by express provision in
the applicable Award Agreement, may be exercised prior to the date such Option
has vested. If the Participant elects to exercise all or a portion of an Early
Exercise Option before it is vested, the Ordinary Shares acquired under the
Option which are attributable to the unvested portion of the Option shall be
Restricted Shares. The applicable Award Agreement will specify the extent (if
any) to which and the time (if ever) at which the Participant will be entitled
to dividends, voting and other rights in respect of such Restricted Shares prior
to vesting, and the restrictions imposed on such shares and the conditions of
release or lapse of such restrictions. Unless otherwise expressly provided in
the applicable Award Agreement, such Restricted Shares shall be subject to the
provisions of Sections 6.6 through 6.9, below.

      5.10  SECTION 162(m) PERFORMANCE-BASED AWARDS. Without limiting the
generality of the foregoing, Share Awards may be, and options granted with an
exercise or base price not less than the fair market value of an Ordinary Share
(a "QUALIFYING OPTION") typically will be, granted as Awards intended to satisfy
the requirements for "performance-based compensation" within the meaning of
Section 162(m) of the Code ("PERFORMANCE-BASED AWARDS"). The grant, vesting,
exercisability or payment of Performance-Based Awards may depend on the degree
of achievement of one or more performance goals relative to a pre-established
targeted level or level using one or more of the Business Criteria set forth
below (on an absolute or relative basis) for the Company on a consolidated basis
or for one or more of the Company's subsidiaries, segments, divisions or
business units, or any combination of the foregoing. Any Qualifying Option shall
be subject only to the requirements of Section 5.10.1 and 5.10.3 in order for
such award to satisfy the requirements for "performance-based compensation"
under Section 162(m) of the Code. Any other Performance-Based Award shall be
subject to all of the following provisions of this Section 5.10.

      5.10.1 CLASS; ADMINISTRATOR. The eligible class of persons for
             Performance-Based Awards under this Section 5.10 shall be officers
             and employees of the Corporation or one of its Subsidiaries. The
             Administrator approving Performance-Based Awards or making any
             certification required pursuant to Section 5.10.4 must be
             constituted as provided in Section 2.1 for Awards that are intended
             as performance-based compensation under Section 162(m) of the Code.

      5.10.2 PERFORMANCE GOALS. The specific performance goals for
             Performance-Based Awards (other than Qualifying Options) shall be,
             on an absolute or relative basis, established based on one or more
             of the following business criteria ("BUSINESS CRITERIA") as
             selected by the Administrator in its sole discretion: earnings per
             share (before or after dividends), cash flow (which means cash and
             cash equivalents derived from either net cash flow from operations
             or net cash flow from operations, financing and investing
             activities), total shareholder return, stock price, gross revenue,
             revenue growth, market capitalization, total enterprise value,
             economic value added, debt leverage, operating income (before or
             after taxes), net earnings (before or after interest, taxes,
             depreciation and/or amortization), operating profit, market share,
             productivity, attainment of strategic and

                                      -12-                  Share Incentive Plan
<PAGE>
             operational initiatives, return on equity or on assets or on net
             investment or on capital, cost containment or reduction, or any
             combination thereof. These terms are used as applied under
             generally accepted accounting principles or in the financial
             reporting of the Company or of its Subsidiaries. To qualify Awards
             as performance-based under Section 162(m), the applicable Business
             Criterion (or Business Criteria, as the case may be) and specific
             performance goal or goals ("targets") must be established and
             approved by the Administrator during the first 90 days of the
             performance period (and, in the case of performance periods of less
             than one year, in no event after 25% or more of the performance
             period has elapsed) and while performance relating to such
             target(s) remains substantially uncertain within the meaning of
             Section 162(m) of the Code. Performance targets shall be adjusted
             to mitigate the unbudgeted impact of material, unusual or
             nonrecurring gains and losses, accounting changes or other
             extraordinary events not foreseen at the time the targets were set
             unless the Administrator provides otherwise at the time of
             establishing the targets. The applicable performance measurement
             period may not be less than three months nor more than 10 years.

      5.10.3 MAXIMUM PERFORMANCE-BASED AWARD. Grants of Qualifying Options to
             any one participant in any one calendar year shall be subject to
             the limit set forth in Section 4.2. The maximum number of shares of
             Ordinary Shares which may be delivered pursuant to Performance-
             Based Awards (other than Qualifying Options) that are granted to
             any one participant in any one calendar year shall not exceed
             1,500,000 shares, either individually or in the aggregate, subject
             to adjustment as provided in Section 7.3. Awards that are cancelled
             during the year shall be counted against these limits to the extent
             permitted by Section 162(m) of the Code.

      5.10.4 CERTIFICATION OF PAYMENT. Before any Performance-Based Award under
             this Section 5.10 (other than Qualifying Options) is paid and to
             the extent required to qualify the award as performance-based
             compensation within the meaning of Section 162(m) of the Code, the
             Administrator must certify in writing that the performance
             target(s) and any other material terms of the Performance-Based
             Award were in fact timely satisfied.

      5.10.5 RESERVATION OF DISCRETION. The Administrator will have the
             discretion to determine the restrictions or other limitations of
             the individual awards granted under this Section 5.10 including the
             authority to reduce awards, payouts or vesting or to pay no awards,
             in its sole discretion, if the Administrator preserves such
             authority at the time of grant by language to this effect in its
             authorizing resolutions or otherwise.

      5.10.6 EXPIRATION OF GRANT AUTHORITY. As required pursuant to Section
             162(m) of the Code and the regulations promulgated thereunder, the
             Administrator's authority to grant new awards that are intended to
             qualify as performance-based compensation within the meaning of
             Section

                                      -13-                  Share Incentive Plan
<PAGE>
             162(m) of the Code (other than Qualifying Options) shall terminate
             upon the first meeting of the Company's shareholders that occurs in
             the fifth year following the year in which the Company's
             shareholders first approve this Plan.

6.    SHARE AWARD PROGRAM.

      6.1   SHARE AWARDS IN GENERAL. Each Share Award shall be evidenced by an
Award Agreement in the form approved by the Administrator. The Award Agreement
evidencing a Share Award shall contain the terms established by the
Administrator for that Share Award, as well as any other terms, provisions, or
restrictions that the Administrator may impose on the Share Award; in each case
subject to the applicable provisions and limitations of this Section 6 and the
other applicable provisions and limitations of this Plan. The Administrator may
require that the recipient of a Share Award promptly execute and return to the
Company his or her Award Agreement evidencing the Share Award. In addition, the
Administrator may require that the spouse of any married recipient of a Share
Award also promptly execute and return to the Company the Award Agreement
evidencing the Share Award granted to the recipient or such other spousal
consent form that the Administrator may require in connection with the grant of
the Share Award.

      6.2   TYPES OF SHARE AWARDS. The Administrator shall designate whether a
Share Award shall be a Restricted Share Award, and such designation shall be set
forth in the applicable Award Agreement.

      6.3   PURCHASE PRICE.

            6.3.1 Pricing Limits. Subject to the following provisions of this
            Section 6.3, the Administrator will determine the purchase price per
            share of the Ordinary Shares covered by each Share Award at the time
            of grant of the Award. In no case will such purchase price be less
            than the greatest of:

                  (a)   the par value of the Ordinary Shares;

                  (b)   85% of the Fair Market Value of the Ordinary Shares on
                        the date of grant, or at the time the purchase is
                        consummated; or

                  (c)   100% of the Fair Market Value of the Ordinary Shares on
                        the date of grant, or at the time the purchase is
                        consummated, in the case of any person who owns shares
                        possessing more than 10% of the total combined voting
                        power of all classes of shares of the Company or one of
                        its Affiliates.

            6.3.2 Payment Provisions. The Company will not be obligated to
            record in the Company's register of members, or issue certificates
            evidencing, Ordinary Shares awarded under this Section 6 unless and
            until it receives full payment of the purchase price therefor and
            all other conditions to the purchase, as determined by the
            Administrator, have been satisfied, at which point the relevant
            shares shall be issued and noted in the Company's register of
            members. The purchase price of

                                      -14-                  Share Incentive Plan
<PAGE>
            any shares subject to a Share Award must be paid in full at the time
            of the purchase in such lawful consideration as may be permitted or
            required by the Administrator, which may include, without
            limitation, one or a combination of the methods set forth in clauses
            (a) through (f) in Section 5.3.2 and/or past services rendered to
            the Company or any of its Affiliates.

      6.4   VESTING. The restrictions imposed on the Ordinary Shares subject to
a Restricted Share Award (which may be based on performance criteria, passage of
time or other factors or any combination thereof) will be set forth in the
applicable Award Agreement.

      6.5   TERM. A Share Award shall either vest or be forfeited not more than
10 years after the date of grant. Each Share Award will be subject to earlier
termination as provided in or pursuant to Sections 6.8 and 7.3. Any payment of
cash or delivery of shares in payment for a Share Award may be delayed until a
future date if specifically authorized by the Administrator in writing and by
the Participant.

      6.6   SHARE CERTIFICATES; FRACTIONAL SHARES. Share certificates evidencing
Restricted Shares will bear a legend making appropriate reference to the
restrictions imposed hereunder and will be held by the Company or by a third
party designated by the Administrator until the restrictions on such shares have
lapsed, the shares have vested in accordance with the provisions of the Award
Agreement and Section 6.4, and any related loan has been repaid. Fractional
share interests will be disregarded, but may be accumulated. The Administrator,
however, may determine that cash, other securities, or other property will be
paid or transferred in lieu of any fractional share interests.

      6.7   DIVIDEND AND VOTING RIGHTS. Unless otherwise provided in the
applicable Award Agreement, a Participant receiving Restricted Shares will be
entitled to cash dividend and voting rights for all Restricted Shares issued
even though they are not vested, but such rights will terminate immediately as
to any Restricted Shares which cease to be eligible for vesting.

      6.8   TERMINATION OF EMPLOYMENT; RETURN TO THE COMPANY. Unless the
Administrator otherwise expressly provides, Restricted Shares subject to an
Award that remain subject to vesting conditions that have not been satisfied by
the time specified in the applicable Award Agreement (which may include, without
limitation, the Participant's Severance Date), will not vest and will be
reacquired by the Company in such manner and on such terms as the Administrator
provides, which terms shall include return or repayment of the lower of (a) the
Fair Market Value of the Restricted Shares at the time of the termination, or
(b) the original purchase price of the Restricted Shares, without interest, to
the Participant to the extent not prohibited by law. The Award Agreement shall
specify any other terms or conditions of the repurchase if the Award fails to
vest. Any other Stock Award that has not been exercised as of a Participant's
Severance Date shall terminate on that date unless otherwise expressly provided
by the Administrator in the applicable Award Agreement.

      6.9   WAIVER OF RESTRICTIONS. Subject to Sections 4 and 7.7 and the
specific limitations on Share Awards contained in this Plan, the Administrator
from time to time may authorize, generally or in specific cases only, for the
benefit of any Eligible Person, any adjustment in the vesting schedule, or the
restrictions upon or the term of, a Share Award granted under this Plan

                                      -15-                  Share Incentive Plan
<PAGE>
by amendment, by substitution of an outstanding Share Award, by waiver or by
other legally valid means.

7.    PROVISIONS APPLICABLE TO ALL AWARDS.

      7.1   RIGHTS OF ELIGIBLE PERSONS, PARTICIPANTS AND BENEFICIARIES.

            7.1.1 Employment Status. No person shall have any claim or rights to
            be granted an Award (or additional Awards, as the case may be) under
            this Plan, subject to any express contractual rights (set forth in a
            document other than this Plan) to the contrary.

            7.1.2 No Employment/Service Contract. Nothing contained in this Plan
            (or in any other documents under this Plan or related to any Award)
            shall confer upon any Eligible Person or Participant any right to
            continue in the employ or other service of the Company or any of its
            Affiliates, constitute any contract or agreement of employment or
            other service or affect an employee's status as an employee at will,
            nor shall interfere in any way with the right of the Company or any
            Affiliate to change such person's compensation or other benefits, or
            to terminate his or her employment or other service, with or without
            cause at any time. Nothing in this Section 7.1.2, or in Section 7.3
            or 7.15, however, is intended to adversely affect any express
            independent right of such person under a separate employment or
            service contract. An Award Agreement shall not constitute a contract
            of employment or service.

            7.1.3 Plan Not Funded. Awards payable under this Plan will be
            payable in Ordinary Shares or from the general assets of the
            Company, and (except as to the share reservation provided in Section
            4.4) no special or separate reserve, fund or deposit will be made to
            assure payment of such Awards. No Participant, Beneficiary or other
            person will have any right, title or interest in any fund or in any
            specific asset (including Ordinary Shares, except as expressly
            provided) of the Company or any of its Affiliates by reason of any
            Award hereunder. Neither the provisions of this Plan (or of any
            related documents), nor the creation or adoption of this Plan, nor
            any action taken pursuant to the provisions of this Plan will
            create, or be construed to create, a trust of any kind or a
            fiduciary relationship between the Company or any of its Affiliates
            and any Participant, Beneficiary or other person. To the extent that
            a Participant, Beneficiary or other person acquires a right to
            receive payment pursuant to any Award hereunder, such right will be
            no greater than the right of any unsecured general creditor of the
            Company.

            7.1.4 Charter Documents. The Memorandum and Articles of Association
            of the Company, as may lawfully be amended from time to time, may
            provide for additional restrictions and limitations with respect to
            the Ordinary Shares (including additional restrictions and
            limitations on the voting or transfer of Ordinary Shares) or
            priorities, rights and preferences as to securities and interests
            prior in rights to the Ordinary Shares. To the extent that these
            restrictions and

                                      -16-                  Share Incentive Plan
<PAGE>
            limitations are greater than those set forth in this Plan or any
            Award Agreement, such restrictions and limitations shall apply to
            any Ordinary Shares acquired pursuant to the exercise of Awards and
            are incorporated herein by this reference.

      7.2   NO TRANSFERABILITY; LIMITED EXCEPTION TO TRANSFER RESTRICTIONS.

            7.2.1 Limit On Exercise and Transfer. Unless otherwise expressly
            provided in (or pursuant to) this Section 7.2, by applicable law and
            by the Award Agreement, as the same may be amended:

                  (a)   all Awards are non-transferable and will not be subject
                        in any manner to sale, transfer, anticipation,
                        alienation, assignment, pledge, encumbrance or charge;

                  (b)   Awards will be exercised only by the Participant; and

                  (c)   amounts payable or shares issuable pursuant to an Award
                        will be delivered only to (or for the account of), and,
                        in the case of Ordinary Shares, registered in the name
                        of, the Participant.

                  In addition, the shares shall be subject to the restrictions
            set forth in the applicable Award Agreement.

            7.2.2 Further Exceptions to Limits On Transfer. The exercise and
            transfer restrictions in Section 7.2.1 will not apply to:

                  (a)   transfers to the Company;

                  (b)   transfers by gift or domestic relations order to one or
                        more "family members" (as that term is defined in SEC
                        Rule 701 promulgated under the Securities Act) of the
                        Participant;

                  (c)   the designation of a Beneficiary to receive benefits if
                        the Participant dies or, if the Participant has died,
                        transfers to or exercises by the Participant's
                        Beneficiary, or, in the absence of a validly designated
                        Beneficiary, transfers by will or the laws of descent
                        and distribution; or

                  (d)   if the Participant has suffered a disability, permitted
                        transfers or exercises on behalf of the Participant by
                        the Participant's duly authorized legal representative.

                  Notwithstanding anything else in this Section 7.2.2 to the
            contrary, but subject to compliance with all applicable laws,
            Incentive Stock Options and Restricted Share Awards will be subject
            to any and all transfer restrictions under the Code applicable to
            such awards or necessary to maintain the intended tax consequences
            of such Awards. Notwithstanding clause (b) above but subject to
            compliance with all applicable laws, any contemplated transfer by
            gift or

                                      -17-                  Share Incentive Plan
<PAGE>
            domestic relations order to one or more "family members" of a
            Participant as referenced in clause (b) above is subject to the
            condition precedent that the transfer be approved by the
            Administrator in order for it to be effective. The Administrator
            may, in its sole discretion, withhold its approval of any such
            proposed transfer.

      7.3   ADJUSTMENTS; CHANGES IN CONTROL.

            7.3.1 Adjustments. Adjustments. Upon (or, as may be necessary to
            effect the adjustment, immediately prior to): any reclassification,
            recapitalization, stock split (including a stock split in the form
            of a stock dividend) or reverse stock split; any merger,
            combination, consolidation, or other reorganization; any spin-off,
            split-up, or similar extraordinary dividend distribution in respect
            of the Ordinary Shares (whether in the form of securities or
            property); or any exchange of Ordinary Shares or other securities of
            the Company, or any similar, unusual or extraordinary corporate
            transaction in respect of the Ordinary Shares; then the
            Administrator shall equitably and proportionately adjust

            (1) the number and type of shares of Ordinary Shares (or other
            securities) that thereafter may be made the subject of awards
            (including the specific share limits, maximums and numbers of shares
            set forth elsewhere in this Plan),

            (2) the number, amount and type of shares of Ordinary Shares (or
            other securities or property) subject to any outstanding Awards,

            (3) the grant, purchase, or exercise price of any outstanding
            Awards, and/or

            (4) the securities, cash or other property deliverable upon exercise
            or payment of any outstanding Awards.

                  The equitable and proportionate adjustments contemplated by
            the first paragraph of this Section 7.3.1 shall be automatically
            made in connection with any stock split, stock dividend or reverse
            stock split without any further action being required of the
            Administrator. Without limiting the generality of Section 2.3, any
            good faith determination by the Administrator as to whether an
            adjustment is required in the circumstances pursuant to this Section
            7.3.1, and the extent and nature of any such adjustment, shall be
            conclusive and binding on all persons.

            7.3.2 Consequences of a Change in Control Event. Subject to Sections
            7.3.4 through 7.3.6, upon (or, as may be necessary to effectuate the
            purposes of this acceleration, immediately prior to) the occurrence
            of a Change in Control Event:

                  (a)   each Option will become immediately vested and
                        exercisable, and

                  (b)   Restricted Shares will immediately vest free of
                        forfeiture restrictions and/or restrictions giving the
                        Company the right to repurchase the shares at their
                        original purchase price;

                                      -18-                  Share Incentive Plan
<PAGE>
            provided, however, that such acceleration provision shall not apply,
            unless otherwise expressly provided by the Administrator, with
            respect to any Award to the extent that the Administrator has made
            other provision for the substitution, assumption, exchange or other
            continuation or settlement of the Award, or the Award would
            otherwise continue in accordance with its terms, in the
            circumstances.

                  The foregoing Change in Control Event provisions shall not in
            any way limit the authority of the Administrator to accelerate the
            vesting of one or more Awards (as to all or only a portion of any
            Award) in such circumstances (including, but not limited to, a
            Change in Control Event) as the Administrator may determine to be
            appropriate, regardless of whether accelerated vesting of all or a
            portion of the Award(s) is otherwise required or contemplated by the
            foregoing in the circumstances.

            7.3.3 Early Termination of Awards. Upon the occurrence of a Change
            in Control Event, each then outstanding Award (whether or not vested
            and/or exercisable but after giving effect to any accelerated
            vesting required in the circumstances pursuant to Sections 7.3.2,
            7.3.4, 7.3.5 and 7.3.6) shall terminate upon the related Change in
            Control Event, subject to any provision that has been expressly made
            by the Administrator, through a plan of reorganization or otherwise,
            for the survival, substitution, assumption, exchange or other
            continuation or settlement of such Award and provided that, in the
            case of Options that will not survive or be substituted for,
            assumed, exchanged, or otherwise continued or settled in the Change
            in Control Event, the holder of such Award shall be given reasonable
            advance notice of the impending termination and a reasonable
            opportunity to exercise his or her outstanding and vested Options
            (the vested portion of such Options determined after giving effect
            to any accelerated vesting required in the circumstances pursuant to
            Sections 7.3.2, 7.3.4, 7.3.5 and 7.3.6) in accordance with their
            terms before the termination of the Awards (except that in no case
            shall more than ten days' notice of accelerated vesting and the
            impending termination be required and any acceleration may be made
            contingent upon the actual occurrence of the event). For purposes of
            this Section 7.3, an Award shall be deemed to have been "assumed" if
            (without limiting other circumstances in which an Award is assumed)
            the Award continues after the Change in Control Event, and/or is
            assumed and continued by a Parent (as such term is defined in the
            definition of Change in Control Event) following a Change in Control
            Event, and confers the right to purchase or receive, as applicable
            and subject to vesting and the other terms and conditions of the
            Award, for each Ordinary Share subject to the Award immediately
            prior to the Change in Control Event, the consideration (whether
            cash, shares, or other securities or property) received in the
            Change in Control Event by the shareholders of Company for each
            Ordinary Share sold or exchanged in such transaction (or the
            consideration received by a majority of the shareholders
            participating in such transaction if the shareholders were offered a
            choice of consideration); provided, however, that if the
            consideration offered for an Ordinary Share in the transaction is
            not solely the ordinary or common shares of a successor Company or a
            Parent,

                                      -19-                  Share Incentive Plan
<PAGE>
            the Board may provide for the consideration to be received upon
            exercise or payment of the Award, for each share subject to the
            Award, to be solely ordinary or common shares (as applicable) of the
            successor Company or a Parent equal in Fair Market Value to the per
            share consideration received by the shareholders participating in
            the Change in Control Event.

            7.3.4 Other Acceleration Rules. Any acceleration of Awards pursuant
            to this Section 7.3 shall comply with applicable legal requirements
            and, if necessary to accomplish the purposes of the acceleration or
            if the circumstances require, may be deemed by the Administrator to
            occur a limited period of time not greater than 30 days before the
            event that triggered such acceleration. Without limiting the
            generality of the foregoing, the Administrator may deem an
            acceleration to occur immediately prior to the applicable event
            and/or reinstate the original terms of an Award if an event giving
            rise to an acceleration does not occur. The Administrator may
            override the provisions of this Section 7.3 as to any Award by
            express provision in the applicable Award Agreement and may accord
            any Participant a right to refuse any acceleration, whether pursuant
            to the Award Agreement or otherwise, in such circumstances as the
            Administrator may approve. The portion of any Incentive Stock Option
            accelerated in connection with a Change in Control Event or any
            other action permitted hereunder shall remain exercisable as an
            Incentive Stock Option only to the extent the applicable US$100,000
            limitation on Incentive Stock Options is not exceeded. To the extent
            exceeded, the accelerated portion of the Option shall be exercisable
            as a Nonqualified Option.

            7.3.5 Possible Rescission of Acceleration. If the vesting of an
            Award has been accelerated expressly in anticipation of an event or
            upon shareholder approval of an event and the Administrator later
            determines that the event will not occur, the Administrator may
            rescind the effect of the acceleration as to any then outstanding
            and unexercised or otherwise unvested Awards.

            7.3.6 Golden Parachute Limitation. Notwithstanding anything else
            contained in this Section 7.3 to the contrary, in no event shall an
            Award be accelerated under this Section 7.3 to an extent or in a
            manner which would not be fully deductible by the Company or one of
            its Affiliates for federal income tax purposes because of Section
            280G of the Code, nor shall any payment hereunder be accelerated to
            the extent any portion of such accelerated payment would not be
            deductible by the Company or one of its Affiliates because of
            Section 280G of the Code. If a holder of an Award would be entitled
            to benefits or payments hereunder and under any other plan or
            program that would constitute "parachute payments" as defined in
            Section 280G of the Code, then the holder may by written notice to
            the Company designate the order in which such parachute payments
            will be reduced or modified so that the Company or one of its
            Affiliates is not denied federal income tax deductions for any
            "parachute payments" because of Section 280G of the Code.
            Notwithstanding the foregoing, if a Participant is a party to an
            employment or other agreement with the Company or one of its
            Affiliates, or is a participant in a severance program sponsored by
            the Company or one of its

                                      -20-                  Share Incentive Plan
<PAGE>
            Affiliates that contains express provisions regarding Section 280G
            and/or Section 4999 of the Code (or any similar successor
            provision), the Section 280G and/or Section 4999 provisions of such
            employment or other agreement or plan, as applicable, shall control
            as to any Awards held by that Participant (for example, and without
            limitation, a Participant may be a party to an employment agreement
            with the Company or one of its Affiliates that provides for a
            "gross-up" as opposed to a "cut-back" in the event that the Section
            280G thresholds are reached or exceeded in connection with a change
            in control and, in such event, the Section 280G and/or Section 4999
            provisions of such employment agreement shall control as to any
            Awards held by that Participant).

      7.4   TERMINATION OF EMPLOYMENT OR SERVICES.

            7.4.1 Events Not Deemed a Termination of Employment. Unless the
            Administrator otherwise expressly provides with respect to a
            particular Award, if a Participant's employment by or service to the
            Company or an Affiliate terminates but immediately thereafter the
            Participant continues in the employ of or service to another
            Affiliate or the Company, as applicable, the Participant shall be
            deemed to have not had a termination of employment or service for
            purposes of this Plan and the Participant's Awards. Unless the
            express policy of the Company or the Administrator otherwise
            provides, a Participant's employment relationship with the Company
            or any of its Affiliates shall not be considered terminated solely
            due to any sick leave, military leave, or any other leave of absence
            authorized by the Company or any Affiliate or the Administrator;
            provided that, unless reemployment upon the expiration of such leave
            is guaranteed by contract or law, such leave is for a period of not
            more than three months. In the case of any Participant on an
            approved maternity leave absence, such Participant's employment
            relationship with the Company or any of its Affiliates, such three
            month limit shall not apply, so long as such Participant commences
            reemployment immediately upon the expiration of the maternity leave
            period agreed to by the Company and such Participant. In the case of
            any Participant on an approved leave of absence, continued vesting
            of the Award while on leave from the employ of or service with the
            Company or any of its Affiliates will be suspended until the
            Participant returns to service, unless the Administrator otherwise
            provides or applicable law otherwise requires. In no event shall an
            Award be exercised after the expiration of the term of the Award set
            forth in the Award Agreement.

            7.4.2 Effect of Change of Affiliate Status. For purposes of this
            Plan and any Award, if an entity ceases to be an Affiliate, a
            termination of employment or service will be deemed to have occurred
            with respect to each Eligible Person in respect of such Affiliate
            who does not continue as an Eligible Person in respect of another
            Affiliate that continues as such after giving effect to the
            transaction or other event giving rise to the change in status.

            7.4.3 Administrator Discretion. Notwithstanding the provisions of
            Section 5.7 or 6.8, in the event of, or in anticipation of, a
            termination of employment or

                                      -21-                  Share Incentive Plan
<PAGE>
            service with the Company or any of its Affiliates for any reason,
            the Administrator may accelerate the vesting and exercisability of
            all or a portion of the Participant's Award, and/or, subject to the
            provisions of Sections 5.4.2 and 7.3, extend the exercisability
            period of the Participant's Option upon such terms as the
            Administrator determines and expressly sets forth in or by amendment
            to the Award Agreement.

            7.4.4 Termination of Consulting or Affiliate Services. If the
            Participant is an Eligible Person solely by reason of clause (c) of
            Section 3, the Administrator shall be the sole judge of whether the
            Participant continues to render services to the Company or any of
            its Affiliates, unless a written contract or the Award Agreement
            otherwise provides. If, in these circumstances, the Company or any
            Affiliate notifies the Participant in writing that a termination of
            the Participant's services to the Company or any Affiliate has
            occurred for purposes of this Plan, then (unless the contract or the
            Award Agreement otherwise expressly provides), the Participant's
            termination of services with the Company or Affiliate for purposes
            of this Plan shall be the date which is 10 days after the mailing of
            the notice by the Company or Affiliate or, in the case of a
            termination for Cause, the date of the mailing of the notice.

      7.5   COMPLIANCE WITH LAWS.

            7.5.1 General. This Plan, the granting and vesting of Awards under
            this Plan, and the offer, issuance and delivery of Ordinary Shares,
            the acceptance of promissory notes and/or the payment of money under
            this Plan or under Awards are subject to compliance with all
            applicable laws, rules and regulations and to such approvals by any
            listing, regulatory or governmental authority as may, in the opinion
            of counsel for the Company, be necessary or advisable in connection
            therewith. The person acquiring any securities under this Plan will,
            if requested by the Company, provide such assurances and
            representations to the Company as the Administrator may deem
            necessary or desirable to assure compliance with all applicable
            legal and accounting requirements.

            7.5.2 Compliance with Securities Laws. No Participant shall sell,
            pledge or otherwise transfer Ordinary Shares acquired pursuant to an
            Award or any interest in such shares except in accordance with the
            express terms of this Plan and the applicable Award Agreement. Any
            attempted transfer in violation of this Section 7.5 shall be void
            and of no effect. Without in any way limiting the provisions set
            forth above, no Participant shall make any disposition of all or any
            portion of Ordinary Shares acquired or to be acquired pursuant to an
            Award, except in compliance with all applicable federal and state
            securities laws and unless and until:

                  (a)   there is then in effect a registration statement under
                        the Securities Act covering such proposed disposition
                        and such disposition is made in accordance with such
                        registration statement;

                                      -22-                  Share Incentive Plan
<PAGE>
                  (b)   such disposition is made in accordance with Rule 144
                        under the Securities Act; or

                  (c)   such Participant notifies the Company of the proposed
                        disposition and furnishes the Company with a statement
                        of the circumstances surrounding the proposed
                        disposition, and, if requested by the Company, furnishes
                        to the Company an opinion of counsel acceptable to the
                        Company's counsel, that such disposition will not
                        require registration under the Securities Act and will
                        be in compliance with all applicable state securities
                        laws.

                  Notwithstanding anything else herein to the contrary, neither
            the Company or any Affiliate has any obligation to register the
            Ordinary Shares or file any registration statement under either
            federal or state securities laws, nor does the Company or any
            Affiliate make any representation concerning the likelihood of a
            public offering of the Ordinary Shares or any other securities of
            the Company or any Affiliate.

            7.5.3 Share Legends. All certificates evidencing Ordinary Shares
            issued or delivered under this Plan shall bear the following legends
            and/or any other appropriate or required legends under applicable
            laws:

                  "OWNERSHIP OF THIS CERTIFICATE, THE SHARES EVIDENCED BY THIS
                  CERTIFICATE AND ANY INTEREST THEREIN ARE SUBJECT TO
                  SUBSTANTIAL RESTRICTIONS ON TRANSFER UNDER APPLICABLE LAW AND
                  UNDER AGREEMENTS WITH THE COMPANY, INCLUDING RESTRICTIONS ON
                  SALE, ASSIGNMENT, TRANSFER, PLEDGE OR OTHER DISPOSITION."

                  "THE SHARES ARE SUBJECT TO THE COMPANY'S RIGHT OF FIRST
                  REFUSAL AND CALL RIGHTS TO REPURCHASE THE SHARES UNDER THE
                  COMPANY'S SHARE INCENTIVE PLAN AND AGREEMENTS WITH THE COMPANY
                  THEREUNDER, COPIES OF WHICH ARE AVAILABLE FOR REVIEW AT THE
                  OFFICE OF THE SECRETARY OF THE COMPANY."

                  "THE SECURITIES REPRESENTED HEREBY HAVE NOT BEEN REGISTERED OR
                  QUALIFIED UNDER THE SECURITIES ACT OF 1933, AS AMENDED
                  ("ACT"), NOR HAVE THEY BEEN REGISTERED OR QUALIFIED UNDER THE
                  SECURITIES LAWS OF ANY STATE. NO TRANSFER OF SUCH SECURITIES
                  WILL BE PERMITTED UNLESS A REGISTRATION STATEMENT UNDER THE
                  ACT IS IN EFFECT AS TO SUCH TRANSFER, THE TRANSFER IS MADE IN
                  ACCORDANCE WITH RULE 144 UNDER THE ACT, OR IN THE OPINION OF
                  COUNSEL TO THE COMPANY, REGISTRATION UNDER THE ACT IS
                  UNNECESSARY IN ORDER

                                      -23-                  Share Incentive Plan
<PAGE>
                  FOR SUCH TRANSFER TO COMPLY WITH THE ACT AND WITH APPLICABLE
                  STATE SECURITIES LAWS."

            7.5.4 Delivery of Financial Statements. The Company shall deliver
            annually to Participants such financial statements of the Company as
            are required to satisfy applicable securities laws.

            7.5.5 Confidential Information. Any financial or other information
            relating to the Company obtained by Participants in connection with
            or as a result of this Plan or their Awards shall be treated as
            confidential.

      7.6   TAX WITHHOLDING.

            7.6.1 Tax Withholding. Upon any exercise, vesting, or payment of any
            Award or upon the disposition of Ordinary Shares acquired pursuant
            to the exercise of an Incentive Stock Option prior to satisfaction
            of the holding period requirements of Section 422 of the Code, the
            Company or any of its Affiliates shall have the right at its option
            to:

                  (a)   require the Participant (or the Participant's Personal
                        Representative or Beneficiary, as the case may be) to
                        pay or provide for payment of at least the minimum
                        amount of any taxes which the Company or Affiliate may
                        be required to withhold with respect to such Award event
                        or payment;

                  (b)   deduct from any amount otherwise payable (in respect of
                        an Award or otherwise) in cash to the Participant (or
                        the Participant's Personal Representative or
                        Beneficiary, as the case may be) the minimum amount of
                        any taxes which the Company or Affiliate may be required
                        to withhold with respect to such Award event or payment;
                        or

                  (c)   reduce the number of Ordinary Shares to be delivered by
                        (or otherwise reacquire shares held by the Participant
                        at least 6 months) the appropriate number of Ordinary
                        Shares, valued at their then Fair Market Value, to
                        satisfy the minimum withholding obligation.

                  In any case where a tax is required to be withheld (including
            taxes in the PRC where applicable) in connection with the delivery
            of Ordinary Shares under this Plan (including the sale of Ordinary
            Shares as may be required to comply with foreign exchange rules in
            the PRC for Participants resident in the PRC), the Administrator may
            in its sole discretion (subject to Section 7.5) grant (either at the
            time of the Award or thereafter) to the Participant the right to
            elect, pursuant to such rules and subject to such conditions as the
            Administrator may establish, to have the Company reduce the number
            of shares to be delivered by (or otherwise reacquire) the
            appropriate number of shares, valued in a consistent manner at their
            Fair Market Value or at the sales price in accordance with
            authorized procedures

                                      -24-                  Share Incentive Plan
<PAGE>
            for cashless exercises, necessary to satisfy the minimum applicable
            withholding obligation on exercise, vesting or payment. In no event
            shall the shares withheld exceed the minimum whole number of shares
            required for tax withholding under applicable law. The Company may,
            with the Administrator's approval, accept one or more promissory
            notes from any Eligible Person in connection with taxes required to
            be withheld upon the exercise, vesting or payment of any award under
            this Plan; provided that any such note shall be subject to terms and
            conditions established by the Administrator and the requirements of
            applicable law.

            7.6.2 Tax Loans. If so provided in the Award Agreement or otherwise
            authorized by the Administrator, the Company may, to the extent
            permitted by law, authorize a loan to an Eligible Person in the
            amount of any taxes that the Company or any of its Affiliates may be
            required to withhold with respect to Ordinary Shares received (or
            disposed of, as the case may be) pursuant to a transaction described
            in Section 7.6.1. Such a loan will be for a term and at a rate of
            interest and pursuant to such other terms and conditions as the
            Company may establish, subject to compliance with applicable law.
            Such a loan need not otherwise comply with the provisions of Section
            5.3.3.

      7.7   PLAN AND AWARD AMENDMENTS, TERMINATION AND SUSPENSION.

            7.7.1 Board Authorization. The Board may, at any time, terminate or,
            from time to time, amend, modify or suspend this Plan, in whole or
            in part. No Awards may be granted during any period that the Board
            suspends this Plan.

            7.7.2 Shareholder Approval. To the extent then required by
            applicable law or any applicable listing agency, or deemed necessary
            or advisable by the Board, any amendment to this Plan shall be
            subject to shareholder approval.

            7.7.3 Amendments to Awards. Without limiting any other express
            authority of the Administrator under (but subject to) the express
            limits of this Plan, the Administrator by agreement or resolution
            may waive conditions of or limitations on Awards to Participants
            that the Administrator in the prior exercise of its discretion has
            imposed, without the consent of a Participant, and (subject to the
            requirements of Sections 2.2 and 7.7.4) may make other changes to
            the terms and conditions of Awards.

            7.7.4 Limitations on Amendments to Plan and Awards. No amendment,
            suspension or termination of this Plan or amendment of any
            outstanding Award Agreement shall, without written consent of the
            Participant, affect in any manner materially adverse to the
            Participant any rights or benefits of the Participant or obligations
            of the Company under any Award granted under this Plan prior to the
            effective date of such change. Notwithstanding the foregoing, no
            consent of the Participant shall be required for termination of any
            Participant's Option in the case of termination for cause of such
            Participant's employment as provided for in Section 5.7.1 hereof.
            Changes, settlements and other actions contemplated by

                                      -25-                  Share Incentive Plan
<PAGE>
            Section 7.3 shall not be deemed to constitute changes or amendments
            for purposes of this Section 7.7.

      7.8   PRIVILEGES OF SHARE OWNERSHIP. Except as otherwise expressly
authorized by the Administrator or this Plan or in the Award Agreement, a
Participant will not be entitled to any privilege of share ownership as to any
Ordinary Shares not actually delivered to and held of record by the Participant.
No adjustment will be made for dividends or other rights as a shareholder for
which a record date is prior to such date of delivery.

      7.9   SHARE-BASED AWARDS IN SUBSTITUTION FOR AWARDS GRANTED BY OTHER
COMPANY. Awards may be granted to Eligible Persons in substitution for or in
connection with an assumption of employee share options, share appreciation
rights, restricted shares or other share-based awards granted by other entities
to persons who are or who will become Eligible Persons in respect of the Company
or one of its Affiliates, in connection with a distribution, merger,
amalgamation or other reorganization by or with the granting entity or an
affiliated entity, or the acquisition by the Company or one of its Affiliates,
directly or indirectly, of all or a substantial part of the shares or assets of
the employing entity. The Awards so granted need not comply with other specific
terms of this Plan, provided the Awards reflect only adjustments giving effect
to the assumption or substitution consistent with the conversion applicable to
the Ordinary Shares in the transaction and any change in the issuer of the
security. Any shares that are delivered and any Awards that are granted by, or
become obligations of, the Company, as a result of the assumption by the Company
of, or in substitution for, outstanding awards previously granted by an acquired
company (or previously granted by a predecessor employer (or direct or indirect
parent thereof) in the case of persons that become employed by the Company or
one of its Affiliates in connection with a business or asset acquisition or
similar transaction) shall not be counted against the Share Limit or other
limits on the number of shares available for issuance under this Plan.

      7.10  EFFECTIVE DATE OF THE PLAN. This Plan is effective upon the
Effective Date, subject to approval by the shareholders of the Company within
twelve months after the date the Board approves this Plan.

      7.11  TERM OF THE PLAN. Unless earlier terminated by the Board, this Plan
will terminate at the close of business on the day before the 10th anniversary
of the Effective Date. After the termination of this Plan either upon such
stated expiration date or its earlier termination by the Board, no additional
Awards may be granted under this Plan, but previously granted Awards (and the
authority of the Administrator with respect thereto, including the authority to
amend such Awards) shall remain outstanding in accordance with their applicable
terms and conditions and the terms and conditions of this Plan.

      7.12  GOVERNING LAW/SEVERABILITY/PLAN CONSTRUCTION.

            7.12.1 Choice of Law. This Plan, the Awards, all documents
            evidencing Awards and all other related documents will be governed
            by, and construed in accordance with, the laws of the Cayman
            Islands.

                                      -26-                  Share Incentive Plan
<PAGE>
            7.12.2 Severability. If it is determined that any provision of this
            Plan or an Award Agreement is invalid and unenforceable, the
            remaining provisions of this Plan and/or the Award Agreement, as
            applicable, will continue in effect provided that the essential
            economic terms of this Plan and the Award can still be enforced.

            7.12.3 Plan Construction.

                  (a)         Rule 16b-3. It is the intent of the Company that
                        the awards and transactions permitted by awards be
                        interpreted in a manner that, in the case of
                        participants who are or may be subject to Section 16 of
                        the Exchange Act, qualify, to the maximum extent
                        compatible with the express terms of the award, for
                        exemption from matching liability under Rule 16b-3
                        promulgated under the Exchange Act. Notwithstanding the
                        foregoing, the Company shall have no liability to any
                        participant for Section 16 consequences of awards or
                        events under awards if an award or event does not so
                        qualify.

                  (b)         Section 162(m).

                              (i) Awards described in Section 5.10 that are
                        either granted or become vested, exercisable or payable
                        based on attainment of one or more performance goals
                        related to the Business Criteria, as well as Qualifying
                        Options granted to persons described in Section 5.10,
                        that are approved by a committee composed solely of two
                        or more outside directors (as this requirement is
                        applied under Section 162(m) of the Code) shall be
                        deemed to be intended as performance-based compensation
                        within the meaning of Section 162(m) of the Code unless
                        such committee provides otherwise at the time of grant
                        of the Award. It is the further intent of the Company
                        that (to the extent the Company or one of its
                        Subsidiaries or awards under this Plan may be or become
                        subject to limitations on deductibility under Section
                        162(m) of the Code) any such awards and any other
                        Performance-Based Awards under Section 5.10 that are
                        granted to or held by a person subject to Section 162(m)
                        will qualify as performance-based compensation or
                        otherwise be exempt from deductibility limitations under
                        Section 162(m).

                              (ii) To the extent that the "reliance period"
                        described in IRS Treasury Regulation Section
                        1.162-27(f)(2) is applicable, none of the provisions
                        pertaining to Performance-Based Awards described herein
                        shall apply until the expiration of such reliance
                        period, except as necessary to permit such awards to so
                        comply.

      7.13  CAPTIONS. Captions and headings are given to the sections and
subsections of this Plan solely as a convenience to facilitate reference. Such
headings will not be deemed in any

                                      -27-                  Share Incentive Plan
<PAGE>
way material or relevant to the construction or interpretation of this Plan or
any provision thereof.

      7.14  NON-EXCLUSIVITY OF PLAN. Nothing in this Plan will limit or be
deemed to limit the authority of the Board or the Administrator to grant awards
or authorize any other compensation, with or without reference to the Ordinary
Shares, under any other plan or authority.

      7.15  NO RESTRICTION ON CORPORATE POWERS. The existence of this Plan, the
Award Agreements, and the Awards granted hereunder, shall not limit, affect or
restrict in any way the right or power of the Board or the shareholders of the
Company to make or authorize: (a) any adjustment, recapitalization,
reorganization or other change in the Company's or any Affiliate's capital
structure or its business; (b) any merger, amalgamation, consolidation or change
in the ownership of the Company or any Affiliate; (c) any issue of bonds,
debentures, capital, preferred or prior preference shares ahead of or affecting
the Company's authorized shares or the rights thereof; (d) any dissolution or
liquidation of the Company or any Affiliate; (e) any sale or transfer of all or
any part of the Company or any Affiliate's assets or business; or (f) any other
corporate act or proceeding by the Company or any Affiliate. No Participant,
Beneficiary or any other person shall have any claim under any Award or Award
Agreement against any member of the Board or the Administrator, or the Company
or any employees, officers or agents of the Company or any Affiliate, as a
result of any such action.

      7.16  OTHER COMPANY COMPENSATION OR BENEFIT PROGRAMS. Payments and other
benefits received by a Participant under an Award made pursuant to this Plan
shall not be deemed a part of a Participant's compensation for purposes of the
determination of benefits under any other employee welfare or benefit plans or
arrangements, if any, provided by the Company or any Affiliate, except where the
Administrator or the Board expressly otherwise provides or authorizes in
writing. Awards under this Plan may be made in addition to, in combination with,
as alternatives to or in payment of grants, awards or commitments under any
other plans or arrangements of the Company or any Affiliate.

8.    DEFINITIONS.

      "ADMINISTRATOR" has the meaning given to such term in Section 2.1.

      "AFFILIATE" means (a) any corporation (other than the Company) in an
unbroken chain of corporations ending with the Company if, at the time of the
determination, each of the corporations other than the Company owns shares
possessing fifty percent (50%) or more of the total combined voting power of all
classes of shares in one of the other corporations in such chain, or (b) any
corporation (other than the Company) in an unbroken chain of corporations
beginning with the Company if, at the time of the determination, each of the
corporations other than the last corporation in the unbroken chain owns shares
possessing fifty percent (50%) or more of the total combined voting power of all
classes of shares in one of the other corporations in such chain

      "AWARD" means an award of any Option or Share Award, or any combination
thereof, whether alternative or cumulative, authorized by and granted under this
Plan.

                                      -28-                  Share Incentive Plan
<PAGE>
      "AWARD AGREEMENT" means any writing, approved by the Administrator,
setting forth the terms of an Award that has been duly authorized and approved.
An Award Agreement shall be deemed an Ordinary Shares purchase agreement under
the Company's Memorandum and Articles of Association. An Award Agreement shall
be deemed an Ordinary Shares purchase agreement under the Company's Memorandum
and Articles of Association.

      "AWARD DATE" means the date upon which the Administrator took the action
granting an Award or such later date as the Administrator designates as the
Award Date at the time of the grant of the Award.

      "BENEFICIARY" means the person, persons, trust or trusts designated by a
Participant, or, in the absence of a designation, entitled by will or the laws
of descent and distribution, to receive the benefits specified in the Award
Agreement and under this Plan if the Participant dies, and means the
Participant's executor or administrator if no other Beneficiary is designated
and able to act under the circumstances.

      "BOARD" means the Board of Directors of the Company.

      "CAUSE" with respect to a Participant means (unless otherwise expressly
provided in the applicable Award Agreement, or another applicable contract with
the Participant that defines such term for purposes of determining the effect
that a "for cause" termination has on the Participant's options and/or share
awards) a termination of employment or service based upon a finding by the
Company or any of its Affiliates, acting in good faith and based on its
reasonable belief at the time, that the Participant:

      (a)   has been negligent in the discharge of his or her duties to the
            Company or any Affiliate, has refused to perform stated or assigned
            duties or is incompetent in or (other than by reason of a disability
            or analogous condition) incapable of performing those duties;

      (b)   has been dishonest or committed or engaged in an act of theft,
            embezzlement or fraud, a breach of confidentiality, an unauthorized
            disclosure or use of inside information, customer lists, trade
            secrets or other confidential information;

      (c)   has breached a fiduciary duty, or willfully and materially violated
            any other duty, law, rule, regulation or policy of the Company or
            any of its Affiliates; or has been convicted of, or plead guilty or
            nolo contendere to, a felony or misdemeanor (other than minor
            traffic violations or similar offenses);

      (d)   has materially breached any of the provisions of any agreement with
            the Company or any of its Affiliates;

      (e)   has engaged in unfair competition with, or otherwise acted
            intentionally in a manner injurious to the reputation, business or
            assets of, the Company or any of its Affiliates; or

                                      -29-                  Share Incentive Plan
<PAGE>
      (f)   has improperly induced a vendor or customer to break or terminate
            any contract with the Company or any of its Affiliates or induced a
            principal for whom the Company or any Affiliate acts as agent to
            terminate such agency relationship.

      A termination for Cause shall be deemed to occur (subject to reinstatement
upon a contrary final determination by the Administrator) on the date on which
the Company or any Affiliate first delivers written notice to the Participant of
a finding of termination for Cause.

      "CHANGE IN CONTROL EVENT" means any of the following:

(a)   The acquisition by any individual, entity or group (within the meaning of
      Section 13(d)(3) or 14(d)(2) of the Exchange Act (a "PERSON")) of
      beneficial ownership (within the meaning of Rule 13d-3 promulgated under
      the Exchange Act) of more than 50% of either (1) the then-outstanding
      shares of Ordinary Shares of the Company (the "OUTSTANDING COMPANY
      ORDINARY Shares") or (2) the combined voting power of the then-outstanding
      voting securities of the Company entitled to vote generally in the
      election of directors (the "OUTSTANDING COMPANY VOTING SECURITIES");
      provided, however, that, for purposes of this clause (a), the following
      acquisitions shall not constitute a Change in Control Event; (A) any
      acquisition directly from the Company, (B) any acquisition by the Company,
      (C) any acquisition by any employee benefit plan (or related trust)
      sponsored or maintained by the Company or any affiliate of the Company or
      a successor, (D) any acquisition by any entity pursuant to a transaction
      that complies with clauses (c)(1), (2) and (3) below, and (E) any
      acquisition by a Person who owned more than 50% of either the Outstanding
      Company Ordinary Shares or the Outstanding Company Voting Securities as of
      the Effective Date or an affiliate of any such Person;

(b)   A change in the Board or its members such that individuals who, as of the
      later of the Effective Date or the date that is two years prior to such
      change (the later of such two dates is referred to as the "MEASUREMENT
      DATE"), constitute the Board (the "INCUMBENT BOARD") cease for any reason
      to constitute at least a majority of the Board; provided, however, that
      any individual becoming a director subsequent to the Measurement Date
      whose election, or nomination for election by the Company's shareholders,
      was approved by a vote of at least two-thirds of the directors then
      comprising the Incumbent Board (including for these purposes, the new
      members whose election or nomination was so approved, without counting the
      member and his predecessor twice) shall be considered as though such
      individual were a member of the Incumbent Board, but excluding, for this
      purpose, any such individual whose initial assumption of office occurs as
      a result of an actual or threatened election contest with respect to the
      election or removal of directors or other actual or threatened
      solicitation of proxies or consents by or on behalf of a Person other than
      the Board;

(c)   Consummation of a reorganization, merger, statutory share exchange or
      consolidation or similar corporate transaction involving the Company or
      any of its Subsidiaries, a sale or other disposition of all or
      substantially all of the assets of the Company, or the acquisition of
      assets or stock of another entity by the Company or any of its
      Subsidiaries (each, a "BUSINESS COMBINATION"), in each case unless,
      following such Business Combination, (1) all or substantially all of the
      individuals and entities that were the beneficial owners of

                                      -30-                  Share Incentive Plan
<PAGE>
      the Outstanding Company Ordinary Shares and the Outstanding Company Voting
      Securities immediately prior to such Business Combination beneficially
      own, directly or indirectly, more than 50% of the then-outstanding shares
      of common stock and the combined voting power of the then-outstanding
      voting securities entitled to vote generally in the election of directors,
      as the case may be, of the entity resulting from such Business Combination
      (including, without limitation, an entity that, as a result of such
      transaction, owns the Company or all or substantially all of the Company's
      assets directly or through one or more subsidiaries (a "PARENT")) in
      substantially the same proportions as their ownership immediately prior to
      such Business Combination of the Outstanding Company Common Stock and the
      Outstanding Company Voting Securities, as the case may be, (2) no Person
      (excluding any entity resulting from such Business Combination or a Parent
      or any employee benefit plan (or related trust) of the Company or such
      entity resulting from such Business Combination or Parent) beneficially
      owns, directly or indirectly, more than 50% of, respectively, the
      then-outstanding shares of common stock of the entity resulting from such
      Business Combination or the combined voting power of the then-outstanding
      voting securities of such entity, except to the extent that the ownership
      in excess of 50% existed prior to the Business Combination, and (3) at
      least a majority of the members of the board of directors or trustees of
      the entity resulting from such Business Combination or a Parent were
      members of the Incumbent Board (determined pursuant to clause (b) above
      using the date that is the later of the Effective Date or the date that is
      two years prior to the Business Combination as the Measurement Date) at
      the time of the execution of the initial agreement or of the action of the
      Board providing for such Business Combination; or

      provided, however, that a transaction shall not constitute a Change in
      Control Event if it is in connection with the underwritten public offering
      of the Company's securities.

      "CODE" means the Internal Revenue Code of 1986 of the United States, as
amended from time to time.

      "COMPANY" means Mindray Medical International Limited, an exempted company
organized under the Companies Law (2004 Revision) of the Cayman Islands, and its
successors.

      "EARLY EXERCISE OPTION" shall mean an Option eligible for exercise prior
to vesting in accordance with the provisions of Section 5.9 of this Plan. An
Early Exercise Option may be a Nonqualified Option or an Incentive Stock Option,
as designated by the Administrator in the applicable Award Agreement.

      "EFFECTIVE DATE" means the date the Board approved this Plan.

      "ELIGIBLE PERSON" has the meaning given to such term in Section 3 of this
Plan.

      "EXCHANGE ACT" means the U.S. Securities Exchange Act of 1934, as amended
from time to time.

                                      -31-                  Share Incentive Plan
<PAGE>
      "FAIR MARKET VALUE," for purposes of this Plan and unless otherwise
determined or provided by the Administrator in the circumstances, means as
follows:

      (a)   If the Ordinary Shares are listed or admitted to trade on a national
            securities exchange (the "EXCHANGE"), the Fair Market Value shall
            equal the closing price of an Ordinary Share as reported on the
            composite tape for securities on the Exchange for the date in
            question, or, if no sales of Ordinary Shares were made on the
            Exchange on that date, the closing price of an Ordinary Share as
            reported on said composite tape for the next preceding day on which
            sales of Ordinary Shares were made on the Exchange. The
            Administrator may, however, provide with respect to one or more
            Awards that the Fair Market Value shall equal the last closing price
            of an Ordinary Share as reported on the composite tape for
            securities listed on the Exchange available on the date in question
            or the average of the high and low trading prices of an Ordinary
            Share as reported on the composite tape for securities listed on the
            Exchange for the date in question or the most recent trading day.

      (b)   If the Ordinary Shares are not listed or admitted to trade on a
            national securities exchange, the Fair Market Value shall equal the
            last price of an Ordinary Share as furnished by the National
            Association of Securities Dealers, Inc. (the "NASD") through the
            NASDAQ National Market Reporting System (the "NATIONAL MARKET") for
            the date in question, or, if no sales of Ordinary Shares were
            reported by the NASD through the National Market on that date, the
            last price of an Ordinary Share as furnished by the NASD through the
            National Market for the next preceding day on which sales of
            Ordinary Shares were reported by the NASD. The Administrator may,
            however, provide with respect to one or more Awards that the Fair
            Market Value shall equal the last closing price of an Ordinary Share
            as furnished by the NASD through the National Market available on
            the date in question or the average of the high and low trading
            prices of an Ordinary Share as furnished by the NASD through the
            National Market for the date in question or the most recent trading
            day.

      (c)   If the Ordinary Shares are not listed or admitted to trade on a
            national securities exchange and is not reported on the National
            Market Reporting System, the Fair Market Value shall equal the mean
            between the bid and asked price for an Ordinary Share on such date,
            as furnished by the NASD or a similar organization.

      (d)   If the Ordinary Shares are not listed or admitted to trade on a
            national securities exchange, are not reported on the National
            Market Reporting System and if bid and asked prices for the shares
            are not furnished by the NASD or a similar organization, the Fair
            Market Value shall be the value as reasonably determined by the
            Administrator for purposes of the Award in the circumstances,
            consistent with applicable law.

      The Administrator also may adopt a different methodology for determining
Fair Market Value with respect to one or more Awards if a different methodology
is necessary or advisable to secure any intended favorable tax, legal or other
treatment for the particular Award(s) (for

                                      -32-                  Share Incentive Plan
<PAGE>
example, and without limitation, the Administrator may provide that Fair Market
Value for purposes of one or more Awards will be based on an average of closing
prices (or the average of high and low daily trading prices) for a specified
period preceding the relevant date).

      Any determination as to Fair Market Value made pursuant to this Plan shall
be determined without regard to any restriction other than a restriction which,
by its terms, will never lapse, and shall be conclusive and binding on all
persons with respect to Awards granted under this Plan.

      "INCENTIVE STOCK OPTION" means an Option that is designated and intended
as an "incentive stock option" within the meaning of Section 422 of the Code,
the award of which contains such provisions (including but not limited to the
receipt of shareholder approval of this Plan, if the award is made prior to such
approval) and is made under such circumstances and to such persons as may be
necessary to comply with that section.

      "NONQUALIFIED OPTION" means an Option that is not an "incentive stock
option" within the meaning of Section 422 of the Code and includes any Option
designated or intended as a Nonqualified Option and any Option designated or
intended as an Incentive Stock Option that fails to meet the applicable legal
requirements thereof.

      "OPTION" means an option to purchase Ordinary Shares granted under Section
5 of this Plan. The Administrator will designate any Option granted to an
employee of the Company or an Affiliate as a Nonqualified Option or an Incentive
Stock Option and may also designate any Option as an Early Exercise Option.

      "ORDINARY SHARES" means the Company's ordinary shares, par value HK$0.001
per share, and such other securities or property as may become the subject of
Awards, or become subject to Awards, pursuant to an adjustment made under
Section 7.3.1 of this Plan.

      "PARTICIPANT" means an Eligible Person who has been granted and holds an
Award under this Plan.

      "PERSONAL REPRESENTATIVE" means the person or persons who, upon the
disability or incompetence of a Participant, has acquired on behalf of the
Participant, by legal proceeding or otherwise, the power to exercise the rights
or receive benefits under this Plan by virtue of having become the legal
representative of the Participant.

      "PLAN" means this Mindray Medical International Limited Share Incentive
Plan, as it may hereafter be amended from time to time.

      "PUBLIC OFFERING DATE" means the date the Ordinary Shares are first
registered under the Exchange Act and listed or quoted on a recognized national
securities exchange or in the NASDAQ National Market Quotation System.

      "RESTRICTED SHARES" means Ordinary Shares awarded to a Participant under
this Plan, subject to payment of such consideration and such conditions on
vesting (which may include, among others, the passage of time, specified
performance objectives or other factors) and such transfer and other
restrictions as are established in or pursuant to this Plan and the related
Award

                                      -33-                  Share Incentive Plan
<PAGE>
Agreement, to the extent such remain unvested and restricted under the terms of
the applicable Award Agreement.

      "RESTRICTED SHARE AWARD" means an award of Restricted Shares. "SECURITIES
ACT" means the U.S. Securities Act of 1933, as amended from time to time.

      "SEVERANCE DATE" with respect to a particular Participant means, unless
otherwise provided in the applicable Award Agreement:

      (a)   if the Participant is an Eligible Person under clause (a) of Section
            3 and the Participant's employment by the Company or any of its
            Affiliates terminates (regardless of the reason), the last day that
            the Participant is actually employed by the Company or such
            Affiliate (unless, immediately following such termination of
            employment, the Participant is a member of the Board or, by express
            written agreement with the Company or any of its Affiliates,
            continues to provide other services to the Company or any Affiliate
            as an Eligible Person under clause (c) of Section 3, in which case
            the Participant's Severance Date shall not be the date of such
            termination of employment but shall be determined in accordance with
            clause (b) or (c) below, as applicable, in connection with the
            termination of the Participant's other services);

      (b)   if the Participant is not an Eligible Person under clause (a) of
            Section 3 but is an Eligible Person under clause (b) thereof, and
            the Participant ceases to be a member of the Board (regardless of
            the reason), the last day that the Participant is actually a member
            of the Board (unless, immediately following such termination, the
            Participant is an employee of the Company or any of its Affiliates
            or, by express written agreement with the Company or any of its
            Affiliates, continues to provide other services to the Company or
            any Affiliate as an Eligible Person under clause (c) of Section 3,
            in which case the Participant's Severance Date shall not be the date
            of such termination but shall be determined in accordance with
            clause (a) above or (c) below, as applicable, in connection with the
            termination of the Participant's employment or other services);

      (c)   if the Participant is not an Eligible Person under clause (a) or
            clause (b) of Section 3 but is an Eligible Person under clause (c)
            thereof, and the Participant ceases to provide services to the
            Company or any of its Affiliates as determined in accordance with
            Section 7.4.4 (regardless of the reason), the last day that the
            Participant actually provides services to the Company or such
            Affiliate as an Eligible Person under clause (c) of Section 3
            (unless, immediately following such termination, the Participant is
            an employee of the Company or any of its Affiliates or is a member
            of the Board, in which case the Participant's Severance Date shall
            not be the date of such termination of services but shall be
            determined in accordance with clause (a) or (b) above, as
            applicable, in connection with the termination of the Participant's
            employment or membership on the Board).

                                      -34-                  Share Incentive Plan
<PAGE>
      "SHARE AWARD" means an award of Ordinary Shares under Section 6 of this
Plan. A Share Award may be a Restricted Share Award or an award of unrestricted
Ordinary Shares.

      "TOTAL DISABILITY" means a "total and permanent disability" within the
meaning of Section 22(e)(3) of the Code and, with respect to Awards other than
Incentive Stock Options, such other disabilities, infirmities, afflictions, or
conditions as the Administrator may include.

                                      -35-                  Share Incentive Plan
<PAGE>

                                    FORM OF
                      MINDRAY MEDICAL INTERNATIONAL LIMITED
                              SHARE INCENTIVE PLAN
                                OPTION AGREEMENT

      THIS OPTION AGREEMENT (this "OPTION AGREEMENT") dated _______________ by
and between Mindray Medical International Limited, an exempted company organized
under the Companies Law (2004 Revision) of the Cayman Islands (the "COMPANY"),
and __________________________ (the "PARTICIPANT") evidences the option (the
"OPTION") granted by the Company to the Participant as to the number of the
Company's Ordinary Shares, par value HK$0.001 per share, first set forth below.

NUMBER OF ORDINARY SHARES: (1) ________          AWARD DATE:  ____________, 2006

EXERCISE PRICE PER SHARE: (1)  US$________ EXPIRATION DATE: (2) __________, 2014

TYPE OF OPTION (check one):  Nonqualified Option____  Incentive Stock Option___

VESTING (2) The Option shall become vested as set forth on the
attached Exhibit A.

      The Option is granted under the Mindray Medical International Limited
Share Incentive Plan (the "PLAN") and subject to the Terms and Conditions of
Option (the "TERMS") attached to this Option Agreement (incorporated herein by
this reference) and to the Plan. The Option has been granted to the Participant
in addition to, and not in lieu of, any other form of compensation otherwise
payable or to be paid to the Participant. Capitalized terms are defined in the
Plan if not defined herein. The parties agree to the terms of the Option set
forth herein. The Participant acknowledges receipt of a copy of the Terms, the
Plan and the Option Questions & Answers for the Plan, specifically acknowledges
and agrees to Section 14 of the Terms, and agrees to maintain in confidence all
information provided to him/her in connection with the Option.

<TABLE>
<S>                                    <C>
"PARTICIPANT"                          MINDRAY MEDICAL INTERNATIONAL LIMITED
                                       an exempted company organized under the
                                       Companies Law (2004 Revision) of the
                                       Cayman Islands
_______________________
Signature

_______________________                By:________________________
Print Name

_______________________                Its:________________________
Identification Number
                                       Address:

                                       _____________________________

                                       _____________________________

_______________________                _____________________________
Address

-----------------------
</TABLE>

(1)   Subject to adjustment under Section 7.3.1 of the Plan.

(2)   Subject to early termination under Section 5.6 or 7.3 of the Plan.

                                       1
<PAGE>
                         TERMS AND CONDITIONS OF OPTION

1.    VESTING; LIMITS ON EXERCISE.

      The Option shall vest and become exercisable as set forth on the cover
page of this Option Agreement. The Option may be exercised only to the extent
the Option is vested and exercisable.

      -     Cumulative Exercisability. To the extent that the Option is vested
            and exercisable, the Participant has the right to exercise the
            Option (to the extent not previously exercised), and such right
            shall continue, until the expiration or earlier termination of the
            Option.

      -     No Fractional Shares. Fractional share interests shall be
            disregarded, but may be cumulated.

      -     Minimum Exercise. No fewer than 100 Ordinary Shares (subject to
            adjustment under Section 7.3.1 of the Plan) may be purchased at any
            one time, unless the number purchased is the total number at the
            time exercisable under the Option.

      -     ISO Value Limit. If the Option is designated as an Incentive Stock
            Option (an "ISO"), as indicated on the cover page of this Option
            Agreement, and if the aggregate fair market value of the shares with
            respect to which ISOs (whether granted under the Option or
            otherwise) first become exercisable by the Participant in any
            calendar year exceeds US$100,000, as measured on the applicable
            Award Dates, the limitations of Section 5.5.1 of the Plan shall
            apply and to such extent the Option will be rendered a Nonqualified
            Option.

2.    CONTINUANCE OF EMPLOYMENT/SERVICE REQUIRED; NO EMPLOYMENT/SERVICE
      COMMITMENT.

      The vesting schedule requires continued employment or service through each
applicable vesting date as a condition to the vesting of the applicable
installment of the Option and the rights and benefits under this Option
Agreement. Employment or service for only a portion of the vesting period, even
if a substantial portion, will not entitle the Participant to any proportionate
vesting or avoid or mitigate a termination of rights and benefits upon or
following a termination of employment or services as provided in Section 4 below
or under the Plan.

      Nothing contained in this Option Agreement or the Plan constitutes a
continued employment or service commitment by the Company or any of its
Affiliates, affects the Participant's status, if he or she is an employee, as an
employee at will who is subject to termination without cause, confers upon the
Participant any right to remain employed by or in service to the Company or any
Affiliate, interferes in any way with the right of the Company or any Affiliate
at any time to terminate such employment or service, or affects the right of the
Company or any Affiliate to increase or decrease the Participant's other
compensation.

                                       2
<PAGE>
3.    METHOD OF EXERCISE OF OPTION.

      The Option shall be exercisable by the delivery to the Secretary of the
Company (or such other person as the Administrator may require pursuant to such
administrative exercise procedures as the Administrator may implement from time
to time) of:

      -     an executed Exercise and Ordinary Share Purchase Agreement (stating
            the number of Ordinary Shares to be purchased pursuant to the
            Option) in substantially the form attached hereto as Exhibit B or
            such other form as the Administrator may require from time to time
            (the "EXERCISE AGREEMENT");

      -     payment in full for the Exercise Price of the shares to be
            purchased, in cash or by electronic funds transfer to the Company,
            or by certified or cashier's check payable to the order of the
            Company subject to such specific procedures or directions as the
            Administrator may establish;

      -     any written statements or agreements required pursuant to Section
            7.5.1 of the Plan; and

      -     satisfaction of the tax withholding provisions of Section 7.6.1 of
            the Plan.

      The Administrator also may, but is not required to, authorize a non-cash
payment alternative specified below at or prior to the time of exercise. In
which case, the Exercise Price and/or applicable withholding taxes, to the
extent so authorized, may be paid in full or in part by:

      -     delivery to the Company of Ordinary Shares already owned by the
            Participant, valued at their Fair Market Value on the exercise date,
            provided, however, that to the extent required to avoid adverse
            accounting treatment (as determined by the Administrator) any shares
            acquired directly from the Company (upon exercise of an option or
            otherwise) must have been owned by the Participant for at least six
            (6) months before the date of such exercise;

      -     if the Ordinary Shares are then registered under the Exchange Act
            and listed or quoted on a recognized national securities exchange or
            in the NASDAQ National Market Quotation System, delivery to the
            Company of irrevocable instructions to a broker to, upon exercise of
            the Option, promptly sell a sufficient number of Ordinary Shares
            acquired upon exercise of the Option and deliver to the Company the
            amount necessary to pay the Exercise Price (and, if applicable, the
            amount of any related tax withholding obligations);

      -     delivery to the Company of a note meeting the requirements of
            Section 5.3.3 of the Plan (or, in the case of tax loans, Section
            7.6.2 of the Plan); and/or

      -     a reduction in the number of shares otherwise deliverable by the
            Company pursuant to the Option.

                                       3
<PAGE>
      An Option will qualify as an ISO only if it meets all of the applicable
requirements of the Code. If the Option is designated as an ISO, the Option may
be rendered a Nonqualified Option if the Administrator permits the use of one or
more of the non-cash payment alternatives referenced above.

      Notwithstanding anything else contained herein to the contrary, due to
certain foreign exchange regulations in the People's Republic of China ("PRC"),
the Administrator may, at its discretion, limit the method of Option exercise to
a cashless method for Participants resident in the PRC not having permanent
residence in a country other than the PRC ("PRC PARTICIPANTS"). Such discretion
includes and is not limited to the required exchange of proceeds by the
Administrator into Renminbi for transmittal to PRC Participants, deductions for
fees associated with the exchange, and deductions for PRC taxes, as may be
necessary to comply with applicable PRC foreign exchange and tax regulations.

      The Participant (and his/her spouse, if any) hereby acknowledges and
confirms that the delivery to the Company of a duly signed Power of Attorney for
use in connection with the foreign exchange registration for overseas investment
by natural persons of the PRC in substantially the form attached hereto as
Exhibit C (or in such form and substance as may be required by then applicable
PRC law) is a condition to the Participant receiving the Shares upon the
exercise of the applicable installment of the Option and the rights and benefits
under this Option Agreement, and the Participant undertakes to take, or cause to
be taken, such other actions as reasonably requested by the Company in order to
complete such foreign exchange registration.

4.    EARLY TERMINATION OF OPTION.

      The Option, to the extent not previously exercised, and all other rights
in respect thereof, whether vested and exercisable or not, shall terminate and
become null and void prior to the Expiration Date in the event of:

      -     the termination of the Participant's employment or services as
            provided in Section 5.7 of the Plan, or

      -     the termination of the Option pursuant to Section 7.3 of the Plan.

      Notwithstanding any post-termination exercise period provided for herein
or in the Plan, an Option will qualify as an ISO only if it is exercised within
the applicable exercise periods for ISOs under, and meets all of the other
requirements of, the Code. If the Option is designated as an ISO and is not
exercised within the applicable exercise periods for ISOs or does not meet such
other requirements, the Option will be rendered a Nonqualified Option.

5.    NON-TRANSFERABILITY AND OTHER RESTRICTIONS.

      The Option and any other rights of the Participant under this Option
Agreement or the Plan are nontransferable and exercisable only by the
Participant, except as set forth in Section 7.2 of the Plan. Any Ordinary Shares
issued on exercise of the Option are subject to substantial restrictions on
transfer, and are subject to call, rights of first refusal, and other rights in
favor of the Company as set forth herein and in the Exercise Agreement.

                                        4
<PAGE>
6.    SECURITIES LAW COMPLIANCE.

      The Participant acknowledges that the Option and the Ordinary Shares are
not being registered under the Securities Act, based, in part, in reliance upon
an exemption from registration under Securities and Exchange Commission Rule 701
promulgated under the Securities Act, and a comparable exemption from
qualification under applicable state securities laws, as each may be amended
from time to time. The Participant, by executing this Option Agreement, hereby
makes the following representations to the Company and acknowledges that the
Company's reliance on federal and state securities law exemptions from
registration and qualification is predicated, in substantial part, upon the
accuracy of these representations:

      -     The Participant is acquiring the Option and, if and when he/she
            exercises the Option, will acquire the Ordinary Shares solely for
            the Participant's own account, for investment purposes only, and not
            with a view to or an intent to sell, or to offer for resale in
            connection with any unregistered distribution, all or any portion of
            the shares within the meaning of the Securities Act and/or any
            applicable state securities laws.

      -     The Participant has had an opportunity to ask questions and receive
            answers from the Company regarding the terms and conditions of the
            Option and the restrictions imposed on any Ordinary Shares purchased
            upon exercise of the Option. The Participant has been furnished
            with, and/or has access to, such information as he or she considers
            necessary or appropriate for deciding whether to exercise the Option
            and purchase Ordinary Shares. However, in evaluating the merits and
            risks of an investment in the Ordinary Shares, the Participant has
            and will rely upon the advice of his/her own legal counsel, tax
            advisors, and/or investment advisors.

      -     The Participant is aware that the Option may be of no practical
            value, that any value it may have depends on its vesting and
            exercisability as well as an increase in the Fair Market Value of
            the underlying Ordinary Shares to an amount in excess of the
            Exercise Price, and that any investment in ordinary shares of a
            closely held entity such as the Company is non-marketable,
            non-transferable and could require capital to be invested for an
            indefinite period of time, possibly without return, and at
            substantial risk of loss.

      -     The Participant understands that any Ordinary Shares acquired on
            exercise of the Option will be characterized as "restricted
            securities" under the federal securities laws, and that, under such
            laws and applicable regulations, such securities may be resold
            without registration under the Securities Act only in certain
            limited circumstances, including in accordance with the conditions
            of Rule 144 promulgated under the Securities Act, as presently in
            effect, with which the Participant is familiar.

      -     The Participant has read and understands the restrictions and
            limitations set forth in the Plan, this Option Agreement (including
            these Terms), and the Exercise Agreement, which are imposed on the
            Option and any Ordinary Shares which may be acquired upon exercise
            of the Option.

                                       5
<PAGE>
      -     At no time was an oral representation made to the Participant
            relating to the Option or the purchase of Ordinary Shares and the
            Participant was not presented with or solicited by any promotional
            meeting or material relating to the Option or the Ordinary Shares.

7.    LOCK-UP AGREEMENT.

      Neither the Participant (nor any permitted transferee) may, directly or
indirectly, offer, sell or transfer or dispose of any of the Ordinary Shares
acquired upon exercise of the Option (the "SHARES") or any interest therein (or
agree to do any thereof) (collectively, a "Transfer") during the period
commencing as of 14 days prior to and ending 180 days, or such lesser period of
time as the relevant underwriters may permit, after the effective date of a
registration statement covering any public offering of the Company's securities
of which the Participant has notice. (The term "Participant" includes, where the
context so requires, any permitted direct or indirect transferee of the
Participant.) The Participant shall agree and consent to the entry of stop
transfer instructions with the Company's transfer agent against the Transfer of
the Company's securities beneficially owned by the Participant and shall conform
the limitations hereunder and under the Exercise Agreement by agreement with and
for the benefit of the relevant underwriters by a lock-up agreement or other
agreement in customary form. Notwithstanding anything else herein to the
contrary, this Section 7 shall not be construed so as to prohibit the
Participant from participating in a registration or a public offering of the
Ordinary Shares with respect to any shares which he or she may hold at that
time, provided, however, that such participation shall be at the sole discretion
of the Board.

8.    LIMITED CALL RIGHT; MANDATORY SALE; TRANSFER RESTRICTIONS.

      8.1 COMPANY'S CALL RIGHT. The Company shall have the right (but not the
obligation), subject to the terms and conditions of this Section 8, to
repurchase in one or more transactions in connection with the Participant's
termination of employment by or services to the Company or any of its
Affiliates, and the Participant (or any permitted transferee) shall be obligated
to sell any of the Shares acquired upon exercise of the Option at the Repurchase
Price (as defined below) (the "CALL RIGHT"). To exercise the Call Right, the
Company must give written notice thereof to the Participant (the "CALL NOTICE").
The Call Notice is irrevocable by the Company and must (a) be in writing and
signed by an authorized officer of the Company, (b) set forth the Company's
intent to exercise the Call Right and contain the total number of Shares to be
sold to the Company pursuant to the Call Right, (c) be mailed or delivered in
accordance with Section 11, and (d) be so mailed or delivered during the Notice
Period (determined in accordance with the following sentence). The "NOTICE
PERIOD" shall:

      (a)   commence on the Participant's Severance Date (determined in
            accordance with the Plan); and

      (b)   terminate on the date that is ninety (90) days after the
            Participant's Severance Date (or, if later, ninety (90) days after
            the Participant acquired the shares from the Company upon exercise
            of the Option).

                                       6
<PAGE>
      8.2 REPURCHASE PRICE. The price per Share to be paid by the Company upon
settlement of the Company's Call Right (the "REPURCHASE Price") shall equal the
Fair Market Value of a Share determined as of the date of the Call Notice.

      8.3 CLOSING. The closing of any repurchase under this Section 8 shall be
at a date to be specified by the Company, such date to be no later than 30 days
after the date of the Call Notice. The purchase price shall be paid at the
closing in the form of a check or by cancellation of money purchase indebtedness
against surrender by the Participant of a share certificate evidencing the
Shares with duly endorsed share powers. No adjustments (other than pursuant to
Section 7.3.1 of the Plan) shall be made to the purchase price for fluctuations
in the fair market value of the Ordinary Shares after the date of the Call
Notice.

      8.4 TERMINATION OF CALL RIGHT. The Company's Call Right shall terminate to
the extent that it is not exercised prior to the Public Offering Date.

      8.5 ASSIGNMENT. Notwithstanding anything to the contrary, the Company may
assign any or all of its rights under this Section 8 to one or more shareholders
of the Company.

9.    RIGHT OF FIRST REFUSAL.

      The Company shall have a right of first refusal, as set forth below, to
purchase the Shares acquired upon exercise of the Option before the Shares (or
any interest in them) can be validly transferred to any other person or entity.

      9.1 NOTICE OF INTENT TO SELL. Before there can be a valid sale or transfer
of any Shares (or any interest in them) by any holder thereof, the holder shall
first give notice in writing to the Company, mailed or delivered in accordance
with the provisions of Section 11, of his or her intention to sell or transfer
such Shares (the "OPTION NOTICE").

      The Option Notice shall specify the identity of the proposed transferee,
the number of Shares to be sold or transferred to the transferee, the price per
Share and the terms upon which such holder intends to make such sale or
transfer. If the payment terms for the Shares described in the Option Notice
differ from delivery of cash or a check at closing, the Company shall have the
option, as set forth herein, of purchasing the Shares for cash (or a cash
equivalent) at closing in an amount which the Company determines is a fair value
equivalent of that payment. The determination of a fair value equivalent shall
be made in the Company's best judgment and such determination shall be mailed or
delivered to the selling or transferring shareholder (the "COMPANY'S NOTICE")
within ten (10) days of its receipt of the Option Notice. Should the selling or
transferring shareholder disagree with the Company's determination of a fair
value equivalent, he or she shall have the right (the "RETRACTION Right") to
retract the proposed sale or transfer to a third party and the offer of Shares
to the Company pursuant to the Option Notice (such retraction to be made in
writing and mailed or delivered in accordance with the provisions of Section
11). If the shareholder again proposes to sell or transfer the Shares, the
shareholder shall again offer such Shares to the Company pursuant to the terms
of this Section 9 prior to any sale or transfer.

      9.2 OPTION TO PURCHASE. Subject to the selling shareholder's Retraction
Right, during the 60-day period commencing upon receipt of the Option Notice by
the Company (the

                                       7
<PAGE>
"OPTION PERIOD"), the Company shall have an option to purchase any or all of the
Shares specified in the Option Notice at the price offered therein (the "RIGHT
OF FIRST REFUSAL").

      9.3 PURCHASE OF SHARES. Not more than thirty (30) days after receipt of
the Option Notice, the Company shall give written notice to the shareholder
desiring to sell or transfer Shares of the number of such Shares to be purchased
(or, if no Shares are to be purchased, stating such fact) by the Company
pursuant to the terms of this Section 9 (the "PURCHASE NOTICE"). Purchases
pursuant to this Section 9 shall be consummated within thirty (30) days after
delivery of the Purchase Notice to the selling shareholder, but in no event
later than the expiration of the Option Period. The purchase price shall be paid
at the closing in cash, by check, by cancellation of indebtedness, or, if the
payment terms set forth in the Option Notice differ from payment in cash or by
check at closing, in accordance with the payment terms set forth in the Option
Notice (or payment of the amount set forth in the Company's Notice in cash, by
cancellation of indebtedness, or by check). The purchase price shall be paid
against surrender by the selling shareholder of a share certificate evidencing
the number of Shares specified in the Option Notice, with duly endorsed share
powers.

      9.4 ABILITY TO SELL UNPURCHASED SHARES. Unless all of the Shares referred
to in the Option Notice are to be purchased as indicated in the Purchase Notice,
the shareholder desiring to sell or transfer may dispose of any Shares referred
to in the Option Notice that are not to be purchased by the Company to the
person or persons specified in the Option Notice during a period of thirty (30)
days commencing upon his or her receipt of the Purchase Notice; provided,
however, that he or she shall not sell or transfer such Shares (a) at a lower
price or on terms more favorable to the Participant or transferee than those
specified in the Option Notice, and (b) to a person other than the person or
persons specified in the Option Notice; and provided further that such transfer
is consistent with the other provisions and limitations of the Plan, this Option
Agreement (including these Terms), and the Exercise Agreement. If the transfer
is not consummated within such thirty (30) day period, the shareholder shall
again offer such Shares to the Company pursuant to the terms of this Section 9
prior to any sale or transfer to the same or any other person.

      9.5 ASSIGNMENT. Notwithstanding anything to the contrary, the Company may
assign any or all of its rights under this Section 9 to one or more shareholders
of the Company.

      9.6 TERMINATION OF RIGHT OF FIRST REFUSAL. The Company's Right of First
Refusal shall terminate to the extent that it is not exercised prior to the
Public Offering Date.

10.   NO SHAREHOLDER RIGHTS FOLLOWING EXERCISE OF A CALL OR REPURCHASE.

      If the Participant (or any permitted transferee) holds Shares as to which
the Call Right or the Right of First Refusal has been exercised (in connection
with the termination of the Participant's employment or otherwise), the
Participant shall be entitled to the value of such shares in accordance with the
provisions of Section 8 or 9, as applicable, but (unless otherwise required by
law) shall no longer be entitled to participation in the Company or other rights
as a shareholder with respect to the shares subject to the call or repurchase.
To the maximum extent permitted by law, the Participant's rights following the
exercise of the Call Right or Right of First Refusal shall, with respect to the
call or repurchase and the Shares covered thereby, be

                                       8
<PAGE>
solely the rights that he or she has as a general creditor of the Company to
receive payment of the amount specified in Section 8 or 9, as applicable.

11.   NOTICES.

      Any notice required or permitted pursuant to this Option Agreement or the
Exercise Agreement shall be given in writing and shall be given either
personally or by sending it by express courier service, fax, electronic mail or
similar means to the address as shown below the signature of such party on the
signature page of this Option Agreement (or at such other address as such party
may designate by 15 days' advance written notice to the other parties to this
Option Agreement given in accordance with this Section). Where a notice is sent
by express courier service, service of the notice shall be deemed to be effected
by properly addressing, pre-paying and sending by express service through an
internationally-recognized courier a letter containing the notice, with a
confirmation of delivery, and to have been effected at the expiration of three
(3) days after the letter containing the same is sent as aforesaid. Where a
notice is sent by fax or electronic mail, service of the notice shall be deemed
to be effected by properly addressing, and sending such notice through a
transmitting organization, with a written confirmation of delivery, and to have
been effected on the day the same is sent as aforesaid.

12.   PLAN.

      The Option and all rights of the Participant under this Option Agreement
are subject to all of the terms and conditions of the Plan, incorporated herein
by this reference. The Participant agrees to be bound by the terms of the Plan
and this Option Agreement (including these Terms). The Participant acknowledges
having read and understood the Plan, the Option Questions & Answers for the
Plan, and this Option Agreement. Unless otherwise expressly provided in other
sections of this Option Agreement, provisions of the Plan that confer
discretionary authority on the Board or the Administrator do not and shall not
be deemed to create any rights in the Participant unless such rights are
expressly set forth herein or are otherwise in the sole discretion of the Board
or the Administrator so conferred by appropriate action of the Board or the
Administrator under the Plan after the date hereof.

13.   ENTIRE AGREEMENT.

      This Option Agreement (including these Terms and together with the form of
Exercise Agreement attached hereto) and the Plan together constitute the entire
agreement and supersede all prior understandings and agreements, written or
oral, of the parties hereto with respect to the subject matter hereof. The Plan,
this Option Agreement and the Exercise Agreement may be amended pursuant to
Section 7.7 of the Plan. Such amendment must be in writing and signed by the
Company. The Company may, however, unilaterally waive any provision hereof or of
the Exercise Agreement in writing to the extent such waiver does not adversely
affect the interests of the Participant hereunder, but no such waiver shall
operate as or be construed to be a subsequent waiver of the same provision or a
waiver of any other provision hereof.

14.   SATISFACTION OF ALL RIGHTS TO EQUITY.

      The Option is in complete satisfaction of any and all rights that the
Participant may have (under an employment, consulting, or other written or oral
agreement with the Company or any

                                       9
<PAGE>
of its Affiliates, or otherwise) to receive (1) options or share awards with
respect to the securities of the Company or any of its Affiliates, and/or (2)
any other equity or derivative security in or with respect to the Company or any
of its Affiliates. This Option Agreement supersedes the terms of all prior
understandings and agreements, written or oral, of the parties with respect to
such matters. The Participant shall have no further rights or benefits under any
prior agreement conveying any right with respect to any security or derivative
security in or with respect to the Company or any of its Affiliates.
Notwithstanding the foregoing, this Section 14 shall not adversely affect the
Participant's rights under any prior option or share award agreement under the
Plan (provided such agreement is expressly labeled as an option or share award
agreement under the Plan and is similar in form to this Option Agreement) which
has been signed by an authorized officer of the Company.

15.   GOVERNING LAW; LIMITED RIGHTS; SEVERABILITY.

      15.1. CAYMAN ISLANDS LAW; CONSTRUCTION. This Option Agreement and the
Exercise Agreement shall be governed by and construed and enforced in accordance
with the laws of the Cayman Islands without regard to conflict of law principles
thereunder. The terms of the Option grant have resulted from the negotiations of
the parties and each of the parties has had an opportunity to obtain and consult
with its own counsel. The language of all parts of the Plan, this Option
Agreement (including these Terms) and the Exercise Agreement shall in all cases
be construed as a whole, according to its fair meaning, and not strictly for or
against either of the parties.

      15.2. LIMITED RIGHTS. The Participant has no rights as a shareholder of
the Company with respect to the Option as set forth in Section 7.8 of the Plan.
The Option does not place any limit on the corporate authority of the Company as
set forth in Section 7.15 of the Plan.

15.3. ARBITRATION.

      (a) Any dispute, controversy or claim arising out of or in connection with
or relating to this Option Agreement, or the interpretation, breach, termination
or validity hereof, shall be resolved through arbitration. A dispute may be
submitted to arbitration upon the request of either party with written notice to
the other (the "NOTICE"). The arbitration shall be conducted in Hong Kong under
the auspices of the Hong Kong International Arbitration Centre (the "CENTRE").
There shall be a single arbitrator. If the parties do not agree on the
nomination of an arbitrator within thirty (30) days after the delivery of the
Notice to the other party, the appointment shall be made by the Secretary
General of the Centre.

      (b) The arbitration proceedings shall be conducted in English. The
arbitration tribunal shall apply the UNCITRAL Arbitration Rules as administered
by the Centre at the time of the arbitration. However, if such rules conflict
with the provisions of this Section 15.3, including the provisions concerning
the appointment of an arbitrator(s), the provisions of this Section 15.3 shall
prevail.

      (c) The arbitrators shall decide any dispute submitted by the parties
strictly in accordance with the substantive laws of the Cayman Islands and shall
not apply any other substantive law.

                                       10
<PAGE>
      (d) Each party shall cooperate with the other in making full disclosure of
and providing complete access to all information and documents requested by the
other in connection with such arbitration proceedings, subject only to any
confidentiality obligations binding on such party.

      (e) The costs of arbitration shall be borne by the losing party, unless
otherwise determined by the arbitration tribunal.

      (f) When any dispute occurs and when any dispute is under arbitration,
except for the matters in dispute, the parties shall continue to fulfill their
respective obligations and shall be entitled to exercise their rights under this
Agreement.

      (g) The award of the arbitration tribunal shall be final and binding upon
the parties, and the prevailing party may apply to a court of competent
jurisdiction for enforcement of such award.

      15.4. SEVERABILITY. If the arbitrator selected in accordance with Section
15.3 or a court of competent jurisdiction determines that any portion of this
Option Agreement, the Plan, or the Exercise Agreement is in violation of any
statute or public policy, then only the portions of this Option Agreement, the
Plan, or the Exercise Agreement, as applicable, which violate such statute or
public policy shall be stricken, and all portions of this Option Agreement, the
Plan, and the Exercise Agreement which do not violate any statute or public
policy shall continue in full force and effect. Furthermore, it is the parties'
intent that any court order striking any portion of this Option Agreement, the
Plan, and/or the Exercise Agreement should modify the stricken terms as narrowly
as possible to give as much effect as possible to the intentions of the parties
hereunder.

      15.5. SHAREHOLDER APPROVAL. Notwithstanding anything else contained herein
to the contrary, the Option and all rights of the Participant under this Option
Agreement are subject to approval of the Plan by the Company's shareholders
(such approval to be obtained in accordance with the terms of the Plan, the
Company's Memorandum and Articles of Association, and applicable law) within 12
months after the Effective Date of the Plan.

                  (Remainder of Page Intentionally Left Blank)

                                       11
<PAGE>
                                                                       EXHIBIT A

                      MINDRAY MEDICAL INTERNATIONAL LIMITED
                              SHARE INCENTIVE PLAN
                            PERFORMANCE-BASED VESTING

Your option shall be subject to vesting in four installments on each of the
first four anniversaries of the grant date, provided you remain continuously
employed by the Company on such dates. On each such anniversary, you shall vest
in the number of options corresponding to the score you received on your most
recent written evaluation from the human resources department, as follows:

Grant:  80 options total

<TABLE>
<S>                             <C>        <C>        <C>       <C>        <C>
HR Evaluation Score             5          4          3         2          1

Options Newly Vested
First Anniversary               24         20         15         5         0
Second Anniversary              24         20         15         5         0
Third Anniversary               24         20         15         5         0
Fourth Anniversary              24         20         15         5         0
</TABLE>

                                       1
<PAGE>
                                                                       EXHIBIT B

                      MINDRAY MEDICAL INTERNATIONAL LIMITED
                              SHARE INCENTIVE PLAN
                       OPTION EXERCISE AND ORDINARY SHARE
                               PURCHASE AGREEMENT

      The undersigned (the "PURCHASER") hereby irrevocably elects to exercise
his/her right, evidenced by that certain Option Agreement dated as of
____________________ (the "OPTION AGREEMENT") under the Mindray Medical
International Limited Share Incentive Plan (the "PLAN"), as follows:

      -     the Purchaser hereby irrevocably elects to purchase
            __________________ Ordinary Shares, par value US$0.001 per share
            (the "SHARES"), of Mindray Medical International Limited, an
            exempted company organized under the Companies Law (2004 Revision)
            of the Cayman Islands (the "COMPANY"), and

      -     such purchase shall be at the price of US$__________________ per
            share, for an aggregate amount of US$__________________ (subject to
            applicable withholding taxes pursuant to Section 7.6.1 of the Plan).

      Capitalized terms are defined in the Plan if not defined herein.

      1. DELIVERY OF SHARE CERTIFICATE. The Purchaser requests that a
certificate representing the Shares be registered to Purchaser and delivered to:
_______________________.

      2. INVESTMENT REPRESENTATIONS. The Purchaser acknowledges that the sale of
the Shares by the Purchaser is restricted by Securities and Exchange Commission
Rule 701. The Purchaser hereby affirms as made as of the date hereof the
representations in Section 6 of the "Terms and Conditions of Option" (which are
attached to and a part of the Option Agreement, the "TERMS") and such
representations are incorporated herein by this reference. The Purchaser
represents that he/she has no need for liquidity in this investment, has the
ability to bear the economic risk of this investment, and can afford a complete
loss of the purchase price for the Shares.

      The Purchaser acknowledges receipt of the Company's condensed consolidated
financial information.

      The Purchaser also understands and acknowledges (a) that the certificates
representing the Shares will be legended as provided for in Section 7.5.3 of the
Plan, and (b) that the Company has no obligation to register the Shares or file
any registration statement under federal or state securities laws.

      3. LIMITATION ON DISPOSITION AND OTHER RESTRICTIONS. The Shares are
subject to and the Purchaser hereby agrees to the following terms and conditions
of the sale of the Shares to the Purchaser:

                                   Exhibit B
<PAGE>
      -     any transfer of the Shares must comply with the restrictions on
            transfer set forth in Section 7.2 of the Plan and all applicable
            laws as set forth in Section 7.5 of the Plan;

      -     the Shares are subject to, and following any otherwise permitted
            transfer of the Shares, the Shares shall remain subject to and the
            transferee shall be bound by, the lock-up provisions set forth in
            Section 7 of the Terms, the Company's call right and right of first
            refusal set forth in Sections 8 and 9 of the Terms, the share legend
            requirements of Section 7.5.3 of the Plan, the foregoing provisions
            of this Section 3, and the arbitration provisions of Section 15.3 of
            the Terms; and

      -     as a condition to any otherwise permitted transfer of the Shares,
            the Company may require the transferee to execute a written
            agreement, in a form acceptable to the Administrator, that the
            transferee acknowledges and agrees to the foregoing terms and
            restrictions imposed on the Shares.

      4. PLAN AND OPTION AGREEMENT. The Purchaser acknowledges that all of
his/her rights are subject to, and the Purchaser agrees to be bound by, all of
the terms and conditions of the Plan and the Option Agreement (including the
Terms), both of which are incorporated herein by this reference. If a conflict
or inconsistency between the terms and conditions of this Exercise and Ordinary
Share Purchase Agreement and of the Plan or the Option Agreement shall arise,
the terms and conditions of the Plan and/or the Option Agreement shall govern.
The Purchaser acknowledges receipt of a copy of all documents referenced herein
(including the Terms and a disclosure statement) and acknowledges reading and
understanding these documents and having an opportunity to ask any questions
that he/she may have had about them. Any controversy or claim arising out of or
relating to this Exercise and Ordinary Share Purchase Agreement shall be
submitted to arbitration in accordance with Section 15.3 of the Terms, and
Cayman Islands law shall apply as provided in Section 15.1 of the Terms.

      5. ENTIRE AGREEMENT. This Exercise and Ordinary Share Purchase Agreement,
the Option Agreement (including the Terms), and the Plan together constitute the
entire agreement and supersede all prior understandings and agreements, written
or oral, of the parties hereto with respect to the subject matter hereof. The
Plan, the Option Agreement and this Exercise and Ordinary Share Purchase
Agreement may be amended pursuant to Section 7.7 of the Plan. Such amendment
must be in writing and signed by the Company. The Company may, however,
unilaterally waive any provision hereof or of the Option Agreement in writing to
the extent such waiver does not adversely affect the interests of the Purchaser
hereunder, but no such waiver shall operate as or be construed to be a
subsequent waiver of the same provision or a waiver of any other provision
hereof.

      6. NOTICE OF SALE OF ISO SHARES. If the Shares are being acquired upon
exercise of an Option intended to qualify as an Incentive Stock Option, the
Purchaser agrees that, upon any sale or other transfer of the Shares within
either one year of the date that they are acquired by the Purchaser or two years
after the Award Date set forth in the Option Agreement, the Purchaser shall
provide the notice required under Section 5.5.3 of the Plan.

                                       2
<PAGE>
<TABLE>
<S>                                  <C>
"PURCHASER"                                        ACCEPTED BY:
                                       MINDRAY MEDICAL INTERNATIONAL LIMITED

_______________________              an exempted company organized under the
Signature                            Companies Law (2004 Revision) of the
                                     Cayman Islands

_______________________              By:________________________
Print Name
                                     Its:________________________
_______________________
Date

                                     (To be completed by the company after
                                     the price (including applicable
                                     withholding taxes), value (if
                                     applicable) and receipt of funds is
                                     verified.)
</TABLE>

                                       3

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