Document:

Restricted Stock and Deferred Compensation Plan for Non-Employee Directors

 Exhibit 10.3 
 INTERNATIONAL PAPER COMPANY 
 RESTRICTED STOCK AND 
 DEFERRED COMPENSATION PLAN 
 FOR
NON-EMPLOYEE DIRECTORS 
 Effective May 11, 2009 
  

 INTERNATIONAL PAPER COMPANY 
 RESTRICTED STOCK AND DEFERRED COMPENSATION PLAN 
 FOR NON-EMPLOYEE DIRECTORS

 1. Purpose and Effective Date of Plan 
 This plan
shall be known as the International Paper Company Restricted Stock and Deferred Compensation Plan for Non-Employee Directors (the “Plan”). The purpose of the Plan is to enable International Paper Company (“International Paper”)
to attract and retain persons of outstanding competence to serve as non-employee directors of International Paper, and to permit such non-employee directors to defer receipt of all or a portion of their annual retainer and committee fees, payable in
cash or restricted shares of International Paper common stock, for services in 2005 and thereafter. 
 Prior to January 1, 2007, equity compensation to
non-employee directors was governed by the International Paper Company Restricted Stock Plan for Non-Employee Directors, originally effective January 1, 1988; and, deferrals of cash and equity compensation by non-employee directors were
governed by the International Paper Company Nonfunded Deferred Compensation Plan for Directors, originally effective December 11, 1973. Effective January 1, 2007, these two plans were combined into this Plan and renamed the International
Paper Company Restricted Stock and Deferred Compensation Plan for Non-Employee Directors. 
 The Plan was amended, effective January 1, 2008, to conform
the date used to determine the number of shares awarded for the fixed dollar value of compensation to the last business day immediately preceding the first day of the Performance Year. This was intended to conform the date used to determine the
number of shares for the equity retainer under Section 3 with the date that has been used to determine the number of shares for the cash retainer under Section 4. 
 Effective May 11, 2009, this plan became a subplan of the International Paper Company 2009 Incentive Compensation Plan (“ICP”), consisting of a program for the grant of restricted stock under Article 9
of the ICP and referenced under Section 4.3 of the ICP. 
 This Plan is a non-funded, non-qualified deferred compensation plan that is intended to
comply with Section 409A of the Internal Revenue Code of 1986, as amended (the “Code”). The Plan is not subject to full protection under the Employee Retirement Income Security Act of 1974, as amended (“ERISA”). 

2. Eligibility 
 Participation in this Plan is limited to persons
who serve as members of the Board of Directors (the “Board”) of International Paper and who are not employees of International Paper or its subsidiaries (“Participants”). An employee-director who retires from employment with
International Paper (and its subsidiaries) shall become eligible to participate in this Plan upon his or her re-election as a non-employee director. 
  

 1 

 3. Equity Compensation 
 (a) Awards of restricted common stock of International Paper are made to each Participant on an annual basis on the day of the Annual Meeting of Shareowners of International Paper in an amount equal to: (i) a fixed dollar value
determined by the independent members of the Board based on a review of competitive market practices of International Paper’s comparator peer group of companies for compensation analysis (the “Compensation Comparator Group”), divided
by (ii) the closing market price of common stock of International Paper as reported for the New York Stock Exchange Composite Transactions on the last business day immediately preceding the first day of the Performance Year. The fixed dollar
value for the annual restricted stock awards shall be set forth on Exhibit A hereto, as approved and changed from time to time by the independent members of the Board. 
 (b) For purposes of this Plan, a “Performance Year” shall mean the approximately one-year period beginning on the date of the Annual Meeting of Shareowners of International Paper for a given year and ending
on the last business day immediately preceding the next Annual Meeting of Shareowners of International Paper. 
 (c) A Participant who is elected by the
Board to fill a vacancy during a Performance Year shall receive a number of shares of restricted common stock representing a pro rata portion of the number of shares of restricted common stock awarded to non-employee directors for the
Performance Year in which such Participant is elected, determined by dividing the number of full months of eligible service during the Performance Year by the number twelve (12). 
 (d) Each award of restricted shares under this Plan shall be immediately registered in book entry form in the name of the Participant but shall be expressly subject to all of the restrictions, service provisions, and
all other terms and conditions set forth in Section 6 of this Plan and the terms and conditions of the ICP, of which this Plan is a subplan. In the event of any actual or alleged conflict between the provisions of the ICP and the provisions of
this Plan as it relates to restricted shares, the provisions of the ICP shall be controlling and determinative. 
 4. Cash Compensation 
 (a) Each non-employee director of the Board shall receive an annual cash retainer (“Cash Retainer Fee”) in an amount determined by the independent members of
the Board. Each non-employee director who serves as Chair of a standing committee of the Board, or as a member of a committee designated by the Board to have member fees, shall receive an additional annual cash retainer (“Committee Fee”,
which together with the Cash Retainer Fee shall be referred to as “Cash Compensation”). The amount of the Cash Compensation shall be determined by the independent members of the Board based on a review of competitive market practices of
the International Paper’s Compensation Comparator Group. The Cash Retainer Fee and Committee Fees shall be set forth on Exhibit A hereto, as approved and changed from time to time by the independent members of the Board, 
 (b) Each non-employee director of the Board may elect, in the form and manner prescribed by International Paper, to receive shares of restricted stock of International
Paper in lieu of all or a portion of his or her Cash Compensation. A non-employee director who elects to receive 

  

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shares of restricted stock in lieu of Cash Compensation will receive a number of shares of restricted stock determined by dividing (A) the sum of
(i) the portion of Cash Compensation elected to be received in the form of restricted stock, plus (ii) an additional 20% of the Cash Retainer Fee, by (B) the closing market price of common stock of International Paper as reported for
the New York Stock Exchange Composite Transactions on the last business day immediately preceding the first day of the Performance Year. 
 5. Deferral
Elections 
 (a) Prior to the first day of a calendar year, non-employee directors may elect to defer in the form of restricted stock units
(“RSUs”) receipt of all or a portion of shares of restricted stock or Cash Compensation for services on the Board in the following Performance Year by filing an initial deferral election notice in the manner and form prescribed by
International Paper (the “Initial Deferral Election Notice”). 
 (b) Non-employee directors
newly elected to the Board may submit an Initial Deferral Election Notice by the 30th day after becoming eligible to participate in the Plan; but
such deferral election shall be applicable only with respect to compensation earned after the filing of such Initial Deferral Election Notice. 
 (c)
Notwithstanding the foregoing, an Initial Deferral Election Notice may not be completed during a period when directors and officers of International Paper are restricted from trading in shares of International Paper common stock, referred to as a
“Black-out Period.” 
 (d) Deferral elections are effective for one Performance Year only and do not carry over from year to year. Participants
must submit a new Initial Deferral Election Notice prior to the first day of each calendar year in order to defer compensation to be earned in the next Performance Year. 
 (e) An Initial Deferral Election Notice may change the percentage to be deferred only with respect to compensation payable on a prospective basis, and may not change the percentage to be deferred with respect to a
prior year’s election. 
 6. Restrictions, Removal of Restrictions, and Terms and Conditions of Awards of Restricted Shares 
 (a) A Participant shall have the right to receive all dividends and other distributions made with respect to restricted shares registered in his or her name, and shall
have the right to vote or execute proxies with respect to such registered restricted shares, unless and until such shares are forfeited pursuant to the provisions of this Plan. 
 (b) A Participant shall have the right to elect, in the form and manner prescribed by International Paper, the manner in which dividends on shares of restricted stock shall be paid to the Participant (i.e., in cash or
reinvested in additional shares of restricted stock). 
 (c) As indicated above, restricted stock awards under the Plan will normally be issued in book-entry
form until the provisions of the Plan relating to removal of the restrictions have been satisfied. If stock certificates are issued for shares of restricted stock, such certificates shall be 

  

 3 

 
endorsed with a legend referring to the restrictions imposed by this Plan. Possession of the certificates of shares shall be retained by the Corporate
Secretary of International Paper until the provisions of the Plan relating to removal of the restrictions have been satisfied. After the expiration of the restricted period, stock certificates without such legend shall be delivered to the
Participant or his or her designee upon request. 
 (d) Shares of restricted stock may not be sold, assigned, pledged or otherwise transferred by the
Participant unless and until all of the restrictions imposed by this Plan have been removed pursuant to the provisions of this Plan. 
 (e) Shares of
restricted stock awarded under this Plan on and after May 7, 2002, shall become free of restrictions and non-forfeitable on the first anniversary of the date of the award of the restricted shares. Notwithstanding the foregoing, shares of
restricted stock awarded under this Plan shall become free of restrictions and non-forfeitable upon the occurrence of one of the following events: 
  

	 	(i)	the Participant’s death or disability; 

  

	 	(ii)	mandatory retirement at the end of the calendar year during which the Participant reaches mandatory retirement age, pro rated for the number of months of service for the Performance
Year in which retirement occurs; or 

  

	 	(iii)	resignation or failure to stand for re-election with the consent of the Board (which shall mean approval by at least 80% of the directors voting, with the affected director
abstaining), or any failure to be reelected after being duly nominated. In the event of a resignation with consent during the first year in which an award is received, the number of shares with respect to which the restrictions shall be removed will
be a pro rata portion of shares originally awarded determined by dividing the number of months served during the first year of the award by the number twelve (12). 

 None of the shares of restricted stock awarded under this Plan prior to May 7, 2002 shall become free of restrictions and non-forfeitable until the termination of the Participant’s service as a director of
International Paper. Accordingly, such shares shall become non-forfeitable upon the occurrence of one of the following events: 
  

	 	(i)	the Participant’s death or disability; 

  

	 	(ii)	the mandatory retirement at the end of the calendar year during which the Participant reaches mandatory retirement age; or 

  

	 	(iii)	 resignation or failure to stand for re-election with the consent of the Board (which shall mean approval by at least 80% of the directors voting, with the affected
director abstaining), or any failure to be reelected after being duly nominated. In the event of a resignation with consent during a term, the number of shares with respect to which the restrictions will be removed will be a pro rata portion
of shares originally awarded determined by dividing the period of the director’s term 

  

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served to the effective date of resignation by the original term for which the director was elected or appointed. 

 Termination of service as a director for any reason other than those specified in this Section 7(e), including, without limitation, any involuntary termination
effected by Board action, shall result in forfeiture of the restricted shares. 
 In accordance with the International Paper Corporate Governance Principles,
directors shall retire effective December 31 of the year in which the director attains age 70, if the director was elected or appointed to the Board for the first time after July 13, 1999, or December 31 of the year in which the
director attains the age of 72 for all other directors. 
 (f) In the event of a “change in control” of International Paper (as defined below), the
Board may accelerate the removal of all restrictions relating to all or an equal portion of the outstanding restricted shares. Termination of Board service resulting from a change of control will result in immediate lapse of the forfeiture
provisions relating to all of the affected director’s restricted shares. In any situation involving acceleration of the removal of restrictions relating to the awarded shares upon a change of control, the Board may elect to repurchase such
shares at the then fair market price instead of releasing the shares to the Participant owning such shares. For purposes of this Plan, a “change in control” of International Paper shall mean a change in control of a nature that would be
required to be reported in response to Item 1(a) of Form 8-K promulgated under the Securities Exchange Act of 1934, as amended (“Exchange Act”); provided that, without limitation, such a change in control shall be deemed to have
occurred if (a) any “person” (as such term is used in Sections 13(d) and 14(d)(2) of the Exchange Act other than company benefit plans) except a transaction that is approved by the Board in accordance with the standards set forth in
section 7-17 of the New York Business Corporation Law or any successor provision is or becomes the beneficial owner, directly or indirectly, of securities of International Paper representing 30% or more of the combined voting power of International
Paper’s then outstanding securities, or (b) during any period of two consecutive years, individuals who at the beginning of such period constitute the Board of Directors of International Paper cease for any reason to constitute at least a
majority thereof unless the election, or the nomination for election, by shareholders of each new director was approved by a vote of at least two-thirds of the directors then still in office who were directors at the beginning of the period.

 (g) All shares with respect to which the restrictions are not removed in accordance with the provisions of this Plan shall be forfeited and shall revert
to the Treasury of International Paper. 
 (h) All awarded shares shall remain subject to the Plan’s restrictions prohibiting sales or transfer of such
shares during the period of time while the Participant continues to serve as a director of International Paper, and all certificates of shares shall be endorsed with a legend referring to such restriction; in addition, the issuance or delivery of
any shares may be postponed for such period as may be required to comply with any applicable requirements of any national securities exchange or any requirements under any other law or regulation applicable to the issuance or delivery of such
shares, and International Paper shall not be obligated to issue or deliver any such shares if the issuance or delivery thereof shall constitute a violation of any provision of any law or any regulation of any governmental authority or any national
securities exchange. 
  

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 7. Restrictions, Removal of Restrictions, and Terms and Conditions of Awards of Restricted Share Units 

(a) All amounts deferred in the form of RSUs shall be issued pursuant to and shall be subject to the terms and condition of the ICP. In the event of any actual or
alleged conflict between the provisions of the ICP and the provisions of this Plan as it relates to RSUs, the provisions of the ICP shall be controlling and determinative. All such RSUs shall be credited to a bookkeeping account on behalf of the
Participant. Such account shall be credited with a number of RSUs (calculated to the nearest thousandth of a unit) computed by dividing: (i) the value of the Cash Compensation and restricted stock deferred for the Performance Year by
(ii) the closing market price of common stock of International Paper as reported for the New York Stock Exchange Composite Transactions on the last business day immediately preceding the first day of the Performance Year. 
 (b) RSUs may not be sold, assigned, pledged or otherwise transferred by the Participant. If any such assignment is made, International Paper may disregard such
assignment and may discharge its obligation hereunder by making payment as though no such assignment had been made. 
 (c) A Participant has an interest as
an unsecured creditor in the cash value represented by the RSUs in his or her account, but has no interests or rights in any common stock of International Paper or dividends, and has no right to elect delivery of shares of common stock of
International Paper. 
 (d) RSUs shall vest annually upon the last day of the Performance Year, pro rated for the number of months of service in such
Performance Year. 
 (e) Whenever a dividend is declared on the common stock of International Paper, the number of RSUs in the Participant’s account
shall be increased by the result of the following calculation: 
  

	 	(i)	the number of RSUs in the Participant’s account multiplied by any cash dividend declared by International Paper on a share of its common stock, divided by the closing market
price of such common stock on the business day immediately prior to the related dividend payment date as reported for New York Stock Exchange Composite Transactions; and/or 

  

	 	(ii)	the number of RSUs in the Participant’s account on the related dividend payment date multiplied by any stock dividend declared by International Paper on a share of its common
stock. In the event of any change in the number or kind of outstanding shares of common stock of International Paper including a stock split or splits (other than a stock dividend as provided above) an equitable and proportionate adjustment shall be
made in the number of RSUs credited to the Participant’s account, as provided in the ICP. 

 (f) A statement shall be delivered to each
Participant in this Plan annually setting forth the amount deferred, the amount of RSUs credited to the Participant’s account, the amount of any payments made during the year, and the closing market price of International Paper common stock
used for determining the number of RSUs earned and credited through dividend 

  

 6 

 
equivalents. 
 8. Time and Method of Payment of RSUs 

 (a) After a Participant ceases to be a director of International Paper (and has incurred a “separation from service” as defined in
Section 409A of the Code and applicable regulations), payment of RSUs shall be made in the form of a lump sum cash payment payable in January of the next calendar year following the year in which the Participant terminates service as a
director. 
 (b) The amount payable to the Participant shall be equal to (i) the number of RSUs credited to the Participant’s account multiplied by
(ii) the closing price of common stock of International Paper as reported for the New York Stock Exchange Composite Transactions on the last business day of the calendar year in which the Participant terminates service as a director.

 9. Amendment or Termination of Plan 
 International
Paper reserves the right to amend, modify or terminate this Plan at any time by action of the Board, provided (a) no amendment shall be made more than once every six months, other than to comport with changes in the Code, ERISA, or the rules
thereunder; (b) that such action shall not adversely affect any Participant’s rights under the provisions of this Plan with respect to awards of restricted stock or RSUs that were made prior to such action; (c) that such amendment is
consistent with Section 409A of the Code and any regulations promulgated thereunder; and (d) that no modification of this Plan shall be made which shall increase the aggregate number of shares available for award under this Plan without
the approval of the shareowners of International Paper. 
 10. Source of Funds for Payment of RSUs 
 Any benefit payments to Participants pursuant to the Plan shall be paid from the general assets of International Paper. Participants shall have the status of general
unsecured creditors of International Paper and the Plan constitutes a mere promise by International Paper to make benefit payments in the future. Any contract, policy or other asset which International Paper may utilize to assure themselves of the
funds to provide the benefits under the Plan shall not serve in any way as security for the payment of Plan benefits and International Paper shall not be under any obligation whatsoever to purchase or maintain any contract, policy or other asset to
provide the benefits payable under the Plan. 
 11. Administration of Plan 
 This Plan shall be administered by the Senior Vice President, Human Resources of International Paper (the “Administrator”). All decisions which are made by the Administrator with respect to interpretation of
the terms of the Plan, with respect to the restrictions, terms and conditions of the restricted shares, and with respect to any questions or disputes arising under this Plan, shall be final and binding on International Paper and the Participants
(and their heirs or beneficiaries). 
  

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 12. Changes in Stock and Adjustment of Number under the Plan 
 In the event of any stock dividend, split-up, reclassification or other analogous change in capitalization or any distribution (other than regular cash dividends) to
holders of International Paper’s common stock, the number of shares awarded and earned under this Plan, and the aggregate number of shares covered by this Plan shall be equitably and proportionately adjusted by the Administrator to take account
of such change, all in accordance with the terms of the ICP. 
 13. Designation of Beneficiary 
 A Participant may file with the Administrator a designation of beneficiary or beneficiaries on a form approved by the Administrator (which designation may be changed or
revoked by the Participant’s sole action) to receive distribution of all or a designated portion of the Participant’s restricted stock account and/or RSUs under this Plan upon the death of the Participant. If no beneficiary has been
designated or survives the Participant, then the account shall be distributed as directed by the executor or administrator of the Participant’s estate. 
  

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 EXHIBIT A 
 NON-EMPLOYEE DIRECTOR COMPENSATION 
 AS OF MAY 11, 2009 
 UNDER THE 

NON-EMPLOYEE RESTRICTED STOCK AND DEFERRED
COMPENSATION PLAN 
 The following compensation amounts are effective for the Performance Year beginning May 11, 2009,
and shall remain in effect for future Performance Years until changed by the independent members of the Board. 
  

			
	 Type of Fee
	  	 Approved Program
 (2009-2010)

	 Board Fees
	  	
		
	 Cash Retainer
	  	  $80,000
		
	 Equity Retainer
	  	$120,000
		
	 Committee Fees
	  	
		
	 Audit and Finance Committee Chair
	  	  $25,000
		
	 Audit and Finance Committee Member
	  	  $10,000
		
	 Management Development & Compensation
 Committee Chair
	  	  $15,000
		
	 Governance Committee Chair
	  	  $15,000
		
	 Public Policy and Environment Chair
	  	  $10,000

  

 9Intelsat Global, Ltd. 2008 Share Incentive Plan.

 Exhibit 10.1 
 INTELSAT GLOBAL, LTD. 
 2008 SHARE INCENTIVE PLAN 
 (Amended and Restated as of May 6, 2009) 
 Effective February 4, 2008 

 TABLE OF CONTENTS 
  

			
	 	  	Page
	 1. Establishment, Purpose and Types of Awards
	  	1
		
	 2. Definitions
	  	1
	 Affiliate
	  	1
	 Applicable Exchange
	  	1
	 Awards
	  	1
	 BC Investors
	  	1
	 Board
	  	1
	 Cause
	  	1
	 Change in Control
	  	2
	 Class A Shares
	  	2
	 Class B Shares
	  	2
	 Class B Repurchase Price
	  	2
	 Closing
	  	2
	 Closing Date
	  	2
	 Code
	  	2
	 Committee
	  	2
	 Common Shares
	  	2
	 Disability
	  	3
	 Disaffiliation
	  	3
	 Exchange Act
	  	3
	 Fair Market Value
	  	3
	 Grant Agreement
	  	4
	 Grant Date
	  	4
	 Incentive Share Options
	  	4
	 Individual Agreement
	  	4
	 Initial Public Offering
	  	4
	 Investor Group
	  	4
	 Investors
	  	4
	 Liquidation Value
	  	4
	 Listing Event
	  	5
	 Listing Rules
	  	5
	 Management Group
	  	5
	 Management Shareholders Agreement
	  	5
	 Nonqualified Share Options
	  	5
	 Offering Regulations
	  	5
	 Parent
	  	5
	 Participant
	  	5
	 Performance Award
	  	5
	 Performance Measure
	  	5
	 Performance Period
	  	6
	 Permitted Holder
	  	6

			
	 Person
	  	6
	 Phantom Shares
	  	6
	 Regulation S
	  	6
	 Restricted Shares
	  	6
	 Rollover Awards
	  	6
	 Rule 16b-3
	  	6
	 Securities Act
	  	6
	 Shares
	  	6
	 Share Option
	  	6
	 Share Purchase Agreement
	  	7
	 Share Appreciation Rights
	  	7
	 Silver Lake
	  	7
	 Subsidiary
	  	7
	 Termination of Employment
	  	7
	 Total and Permanent Disability
	  	7
		
	 3. Administration
	  	7
	 (a) Procedure
	  	7
	 (b) Secondary Committees and Sub-Plans
	  	8
	 (c) Powers of the Committee
	  	8
	 (d) Limited Liability
	  	9
	 (e) Indemnification
	  	9
	 (f) Effect of Committee’s Decision
	  	9
	 (g) Grant Agreements
	  	9
		
	 4. Shares Available Under the Plan
	  	10
		
	 5. Participation
	  	11
		
	 6. Share Options
	  	11
	 (a) Grant of Option
	  	11
	 (b) Exercise Price
	  	11
	 (c) Payment
	  	11
	 (d) Terms of Options
	  	12
	 (e) Restrictions on Incentive Share Options
	  	12
	 (f) Other Terms and Conditions
	  	13
		
	 7. Restricted Shares and Restricted Share Units
	  	13
	 (a) In General
	  	13
	 (b) Vesting Conditions and Other Restrictions
	  	13
	 (c) Share Issuance and Shareholder Rights
	  	13
		
	 8. Share Appreciation Rights and Phantom Shares
	  	14
	 (a) Award of Share Appreciation Rights
	  	14
	 (b) Restrictions of Tandem Share Appreciation Rights
	  	15
	 (c) Amount of Payment upon Exercise of Share Appreciation Rights
	  	15
	 (d) Form of Payment upon Exercise of Share Appreciation Rights
	  	15

			
	 (e) Phantom Shares
	  	15
		
	 9. Performance Awards
	  	16
		
	 10. Withholding and Reporting of Taxes
	  	16
		
	 11. Transferability
	  	17
		
	 12. Adjustments; Corporate Transactions
	  	17
		
	 13. Termination and Amendment
	  	17
	 (a) Amendment or Termination by the Board
	  	17
	 (b) Amendments by the Committee
	  	18
	 (c) Amendments to Awards
	  	18
		
	 14. Non-Guarantee of Employment
	  	18
		
	 15. Written Agreement
	  	18
		
	 16. Non-Uniform Determinations
	  	18
		
	 17. Listing and Registration
	  	18
		
	 18. Compliance with Securities Law
	  	19
		
	 19. No Trust or Fund Created
	  	19
		
	 20. No Limit on Other Compensation Arrangements
	  	19
		
	 21. No Restriction of Corporate Action
	  	20
		
	 22. Governing Law
	  	20
		
	 23. Plan Subject to Charter and Bye-Laws
	  	20
		
	 24. Effective Date; Termination Date
	  	20
		
	 25. Section 409A
	  	20

 INTELSAT GLOBAL, LTD. 
 2008 SHARE INCENTIVE PLAN 
 1. Establishment, Purpose and Types of Awards 
 Intelsat Global, Ltd (formerly known as Serafina Holdings Limited and referred to herein as the “Company”) hereby establishes the
Intelsat Global, Ltd. 2008 Share Incentive Plan (the “Plan”). The purpose of the Plan is to promote the long-term growth and profitability of the Company by (1) providing incentives to improve shareholder value and to
contribute to the growth and financial success of the Company, and (ii) enabling the Company and its Subsidiaries to attract, retain and reward the best available persons for positions of substantial responsibility. 
 The Plan permits the granting of Awards in the form of Incentive Share Options, Nonqualified Share Options, Restricted Shares, Restricted Share Units,
Share Appreciation Rights, Phantom Shares and Performance Awards in each case as such term is defined below, and any combination of the foregoing. 
 The Plan was originally adopted on February 1, 2008 and is hereby amended and restated as of May 6, 2009. Effective as of May 6, 2009, all “rollover” Class A Restricted Shares and “rollover” Options
originally awarded pursuant to the Intelsat Holdings, Ltd. 2005 Share Incentive Plan, as amended, and set forth on Schedule 1 hereto (collectively, the “Rollover Awards”) shall be governed solely by the Plan and/or the applicable
Grant Agreement hereunder. 
 2. Definitions 
 Under this Plan, except where the context otherwise indicates, the following definitions apply: 
 (a) “Affiliate”
and “Associate” shall have the meanings contemplated by Rule 12b-2 of the Exchange Act (or any successor rule). 
 (b)
“Applicable Exchange” means a securities exchange, the Nasdaq Stock Market or a similar exchange or market. 
 (c)
“Awards” shall mean Incentive Share Options, Nonqualified Share Options, Restricted Shares, Restricted Share Units, Share Appreciation Rights, Phantom Shares and Performance Awards and any combination of the foregoing. 

(d) “BC Investors” shall have the meaning set forth in the Management Shareholder’s Agreement. 
 (e) “Board” shall mean the Board of Directors of the Company. 
 (f) “Cause” means, unless otherwise provided in a Grant Agreement, (i) “Cause” as defined in any Individual Agreement to
which the applicable Participant is a party as of the date of grant of an applicable Award, or (ii) if there is no such Individual Agreement or if it does not define Cause: (A) conviction of the Participant for committing a felony under
federal law or the law of the state in which such action occurred, (B) dishonesty in the course of fulfilling the 

 
Participant’s employment duties, (C) willful and deliberate failure on the part of the Participant to perform such Participant’s employment
duties in any material respect, or (D) before a Change in Control, such other events as shall be determined by the Committee. 
 (g)
“Change in Control” shall mean (i) the acquisition by any individual, entity or group (within the meaning of Section 13(d)(3) or 14(d)(2) of the Exchange Act), other than any Permitted Holder (or any person or group that
is an Affiliate or associate of a Permitted Holder), of beneficial ownership (within the meaning of Rule 13d-3 promulgated under the Exchange Act) of more than 50%, indirectly or directly, of the voting securities of the Company (other than any
acquisition by any employee benefit plan (or related trust) sponsored or maintained by the Company or any of its Subsidiaries) or (ii) consummation of an amalgamation, a merger or consolidation of the Company or any direct or indirect
Subsidiary thereof with any other entity or a sale or other disposition of all or substantially all of the assets of the Company following which the voting securities of the Company that are outstanding immediately prior to such transaction cease to
represent (either by remaining outstanding or by being converted into voting securities of the surviving entity (or the entity that owns substantially all of the Company’s assets either directly or through one or more subsidiaries) or any
Parent or other Affiliate thereof) at least 50% of the combined voting power of the securities of the Company or, if the Company is not the surviving entity, such surviving entity (or the entity that owns substantially all of the Company’s
assets either directly or through one or more subsidiaries) or any Parent or other Affiliate thereof, outstanding immediately after such transaction, except that no Change of Control shall occur under this clause (ii) if such amalgamation,
merger or consolidation is with any of those certain Person(s) described in the resolutions of the Compensation Committee of the Board dated December 29, 2008. 
 (h) “Class A Shares” shall mean Class A common shares of the Company, par value U.S. $.001 per share. 
 (i) “Class B Shares” shall mean Class B common shares of the Company, par value U.S. $.001 per share. 
 (j) “Class B Repurchase Price” shall mean, with respect to determining the Fair Market Value of a Class B Share for purposes of Sections 4, 5, 8, 9 and 11 of the
Management Shareholders Agreement and the repurchase provisions of any Class B Restricted Share Agreement, the Liquidation Value per Class B Share. 
 (k) “Closing” shall have the meaning set forth in the Share Purchase Agreement. 
 (l) “Closing
Date” shall have the meaning set forth in the Share Purchase Agreement. 
 (m) “Code” shall mean the United States
Internal Revenue Code of 1986, as amended, and any regulations issued thereunder. 
 (n) “Committee” shall mean the Board or
a committee of the Board appointed pursuant to Section 3 of the Plan to administer the Plan. 
 (o) “Common Shares”
shall mean, collectively, Class A Shares and Class B Shares. 
  

 2 

 (p) “Disability” means (i) “Disability” as defined in any Individual
Agreement to which the Participant is a party as of the date of grant of an applicable Award, (ii) if there is no such Individual Agreement or it does not define “Disability,” (A) permanent and total disability as determined
under the Company’s long-term disability plan applicable to the Participant, or (B) if there is no such plan applicable to the Participant, “Disability” as determined by the Committee. 
 (q) “Disaffiliation” means a Subsidiary of the Company ceasing to be a Subsidiary for any reason (including, without limitation, as a
result of a public offering, or a spinoff or sale by the Company, of the shares of the Subsidiary) or a sale of a division of the Company. 
 (r) “Exchange Act” shall mean the U.S. Securities Exchange Act of 1934, as amended from time to time. 
 (s)
“Fair Market Value” 
 (i) with respect to the Class A Shares, the “Fair Market Value” for any
purpose on a particular date shall mean: 
 (ii) if there is an Initial Public Offering or a Listing Event on such date, the
price at which the Class A Shares are offered in the Initial Public Offering or listed in the Listing Event; 
 (iii) if
the Class A Shares are traded on an Applicable Exchange on any such date following the date of an Initial Public Offering or a Listing Event, the average of the selling price for Class A Shares on all trading days within the period
commencing thirty (30) days before the relevant date and ending on such date weighted based on the volume of trading of the Class A Shares on each trading day during such period; or 
 (iv) if there has not been an Initial Public Offering or a Listing Event, or if the Class A Shares are not traded on an Applicable
Exchange on such date, the fair market value as determined in good faith by the Committee; provided, that, at the election of the Committee, prior to an Initial Public Offering or a Listing Event, the Committee may presume that the Fair
Market Value of the Class A Shares as of a specific date is equal to the Fair Market Value of the Class A Shares as of the date of the most recent valuation thereof, as adjusted for dividends, distributions and other extraordinary events
not otherwise reflected in such Fair Market Value; and provided, further, that the parties acknowledge and agree that the Fair Market Value of the Common Shares shall be determined hereunder without the application of any minority interest
discount or lack of marketability discount. 
 (v) with respect to the Class B Shares, the “Fair Market Value” for
any purpose on a particular date shall mean the fair market value as determined in good faith by the Committee in its sole discretion with reference to the most recent valuation of the Class B Shares requested by the Committee and performed by an
independent valuation consultant or appraiser of nationally recognized standing, and with such adjustment for dividends, distributions and other extraordinary events not otherwise reflected in such fair 

  

 3 

 
market value as the Committee, acting in good faith, in its sole discretion deems appropriate; provided, that the parties acknowledge and agree that
the Fair Market Value of the Class B Shares shall be determined hereunder with the application of any minority interest discount or lack of marketability discount that is consistent with the minority interest discount or lack of marketability
discount applied in a determination of Fair Market Value of the Class B Shares in connection with any applicable grant of Class B Restricted Shares. 
 (t) “Grant Agreement” shall mean a written or electronic agreement (which may include an Individual Agreement) between the Company and a grantee memorializing the terms and conditions of an Award
granted pursuant to the Plan. 
 (u) “Grant Date” shall mean the date on which the Committee acts to grant an Award to a
grantee or such other date as the Committee shall so designate at the time of taking such action. 
 (v) “Incentive Share
Options” shall mean Share Options that meet the requirements of Code Section 422. 
 (w) “Individual
Agreement” means an employment, consulting or similar agreement between a Participant and the Company and/or one of its Subsidiaries, entered into on or after February 4, 2008. 
 (x) “Initial Public Offering” shall mean the first underwritten public offering of the Class A Shares (i) pursuant to an
effective registration statement under the Securities Act (other than a registration relating solely to a transaction under Rule 145 of the Securities Act (or any successor thereto) or to an employee benefit plan of the Company) or (ii) that is
exempt from the registration requirements of the Securities Act pursuant to Regulation S (whether or not such offering also relies on the exemption provided by Rule 144A under the Securities Act), and that has the effect of listing such shares on
any designated offshore securities market (as such term is defined in Regulation S) pursuant to the Offering Regulations or the Listing Rules of the relevant jurisdiction, in either such case after which such Class A Shares representing at
least 20% of the outstanding common equity securities of the Company are publicly held and listed for trading on or quoted on an Applicable Exchange. 
 (y) “Investor Group” shall mean the BC Investors and Silver Lake. 
 (z)
“Investors” shall mean each member of the Investor Group. 
 (aa) “Liquidation Value” with respect to each
Common Share shall mean the value assigned to each such Common Share by the Committee based on (i) the Committee’s good faith determination of the total fair value of the Company as a going concern in its entirety on any certain date,
taking into account such factors it considers fair and reasonable under the circumstances (but without regard to any minority interest or lack of marketability discounts) and (ii) following such determination of the fair value of the Company,
the calculation of the amount that would be paid to each holder of Common Shares if an amount equal to such fair value of the Company was distributed on such certain date by the Company in complete liquidation of the Company pursuant to the rights
and preferences set forth in the Company’s Second Amended and Restated Bye-Laws (giving effect to applicable orders of priority and the provisions of agreements relating to the Common Shares). 
  

 4 

 (bb) “Listing Event” shall mean an amalgamation, merger or other consolidation of the
Company with another entity that is publicly traded in a manner such that thereafter the surviving entity’s common equity securities are listed for trading on or quoted on an Applicable Exchange. 
 (cc) “Listing Rules” shall mean, with respect to the relevant stock exchange, the listing rules of such stock exchange or relevant
governmental or other authority in the jurisdiction of such stock exchange, as in effect from time to time. 
 (dd) “Management
Group” shall mean the group consisting of the directors, executive officers and other management personnel of the Company or any Parent of the Company, as the case may be, on the Closing Date together with (i) any new directors whose
election by such boards of directors or whose nomination for election by the shareholders of the Company or any Parent of the Company, as applicable, was approved by a vote of a majority of the directors of the Company, then still in office who were
either directors on the Closing Date or whose election or nomination was previously so approved and (ii) executive officers and other management personnel of the Company hired at a time when the directors on the Closing Date together with the
directors so approved constituted a majority of the directors of the Company. 
 (ee) “Management Shareholders Agreement”
shall mean that certain Management Shareholders Agreement by and among the Company, the Investors and the other shareholders named therein dated as of February 4, 2008, as amended from time to time. 
 (ff) “Nonqualified Share Options” shall mean Share Options that do not meet the requirements of Code Section 422. 
 (gg) “Offering Regulations” shall mean, with respect to the governmental or other relevant authority that regulates the offering of
securities in a particular jurisdiction, the rules and regulations, as in effect from time to time, of such governmental or other relevant authority. 
 (hh) “Parent” shall mean, with respect to any Person, any other Person of which such Person is a direct or indirect Subsidiary. 
 (ii) “Participant” shall mean a prospective or actual director, officer or full-time or part-time employee of the Company or any
Subsidiary of the Company, who is granted an Award under the Plan. 
 (jj) “Performance Award” shall mean an Award under
Section 9 hereof. 
 (kk) “Performance Measure” shall mean the following performance measures selected by the Committee
to measure performance of the Company or any Subsidiary or other business division of same for a Performance Period, whether in absolute or relative terms: basic or diluted earnings per share; earnings per share growth; revenue; operating income;
net income (either before or after taxes); earnings and/or net income before interest and taxes; earnings and/or net income before interest, taxes, depreciation and amortization; Consolidated EBITDA (as such 

  

 5 

 
term or similar term is used in the debt instruments of the Company or its Subsidiaries); return on capital; return on equity; return on assets; net cash
provided by operations; free cash flow; backlog; share price; economic profit; economic value; total shareholder return; gross margins, and/or costs, and such other performance measures as may be selected by the Committee. 
 (ll) “Performance Period” means a period over which the achievement of targets for Performance Measures is determined. 
 (mm) “Permitted Holder” shall mean (i) an Investor or an Affiliate of an
Investor, (ii) the Management Group, (iii) a Person or group that was an Affiliate of the Company immediately prior to the acquisition in question, or (iv) any Person or group (within the meaning of Section 13(d)(3) or 14(d)(2)
of the Exchange Act) the members of which include any of the Permitted Holders specified in clauses (i), (ii) and/or (iii) above and that (directly or indirectly) hold or acquire beneficial ownership of the voting securities of the Company
(a “Permitted Holder Group”), so long as no Person or other “group” (other than Permitted Holders specified in clauses (i)—(iii) above) owns of record more than 50% on a fully diluted basis of the voting securities
held by such Permitted Holder Group. Any one or more Persons or groups whose acquisition of beneficial ownership constitutes a Change of Control in respect of which a Change of Control Offer, as defined in the Indenture governing Intelsat
Intermediate Holding Company, Ltd.’s 9  1/2 % Senior Discount Notes Due 2015, is made in accordance with the requirements of
such indenture will thereafter, together with its (or their) Affiliates, constitute an additional Permitted Holder or Permitted Holders, as applicable. 
 (nn) “Person” shall mean an individual, partnership, corporation, limited liability company, business trust, joint stock company, trust, unincorporated association, joint venture, governmental
authority or other entity of whatever nature. 
 (oo) “Phantom Shares” shall mean Awards under Section 8(e).

 (pp) “Regulation S” shall mean Regulation S (or any successor provisions) under the Securities Act. 
 (qq) “Restricted Shares” and “Restricted Share Units” shall mean Awards under Section 7. 
 (rr) “Rollover Awards” shall have the meaning set forth in Section 1. 
 (ss) “Rule 16b-3” shall mean Rule 16b-3 as in effect under the Exchange Act on the effective date of the Plan, or any successor
provision prescribing conditions necessary to exempt the issuance of securities under the Plan (and further transactions in such securities) from Section 16(b) of the Exchange Act, or any successor provision. 
 (tt) “Securities Act” shall mean the U.S. Securities Act of 1933, as amended. 
 (uu) “Shares ” shall mean the Class A Shares and the Class B Shares. 
 (vv) “Share Option” shall mean a Nonqualified Share Option or an Incentive Share Option. 
  

 6 

 (ww) “Share Purchase Agreement” shall mean that certain Share Purchase Agreement dated
as of June 19, 2007, by and among the Company and Serafina Acquisition Limited, a Bermuda exempted company, Intelsat Holdings, Ltd., a Bermuda company, and the shareholders signatory thereto. 
 (xx) “Share Appreciation Rights” shall mean Awards under Section 8(a) to (d). 
 (yy) “Silver Lake” shall have the meaning set forth in the Management Shareholder’s Agreement. 
 (zz) “Subsidiary” and “Subsidiaries” shall mean any corporation, partnership, joint venture or other entity during any
period in which at least a 50% voting, equity or profits interest is owned, directly or indirectly, by the Company or any successor to the Company. 
 (aaa) “Termination of Employment” means the termination of the applicable Participant’s employment with, or performance of services for, the Company and any of its Subsidiaries provided that in each case such
“Termination of Employment” constitutes a “separation from service” within the meaning of Treasury Regulation Section 1.409A-1(h). Unless otherwise determined by the Committee, if a Participant’s employment with the
Company and its Subsidiaries terminates but such Participant continues to provide services to the Company and its Subsidiaries in a non-employee capacity, such change in status shall not be deemed a Termination of Employment. Unless otherwise
determined by the Committee, a Participant employed by, or performing services for, a Subsidiary or a division of the Company and its Subsidiaries shall be deemed to incur a Termination of Employment if, as a result of a Disaffiliation, such
Subsidiary, or division ceases to be a Subsidiary or division, as the case may be, and the Participant does not immediately hereafter become an employee of, or service provider for, the Company or another Subsidiary. Temporary absences from
employment because of illness, vacation or leave of absence and transfers among the Company and its Subsidiaries shall not be considered Terminations of Employment. 
 (bbb) “Total and Permanent Disability” shall mean disabled for purposes of any long-term disability plan under which the Participant is eligible, and, if none, for purposes of Code
Section 22(e)(3). 
 3. Administration 
 (a) Procedure. The Plan shall be administered by the Board. In the alternative, the Board may delegate authority to the Compensation Committee of the Board to administer the Plan on behalf of the Board or such other Committee as the
Compensation Committee may designate, subject to such terms and conditions as the Board may prescribe. Following such time as any Shares are registered under Section 12(b) or 12(g) of the Exchange Act, and subject to any applicable transition
rules, such Committee shall consist of not less than two (2) members of the Board (or such greater number as may be required by applicable law or the rules of an Applicable Exchange), each of whom shall be a “non employee director”
within the meaning of Rule 16b-3 or any successor rule or similar import, and an “outside director” within the meaning of Code Section 162(m) and the regulations promulgated thereunder and, to the extent required by an Applicable
Exchange, an “outside director” within the meaning of such Applicable 

  

 7 

 
Exchange. The Board may delegate to such Committee any or all of its duties and powers under the Plan. The Committee shall continue to administer the Plan on
behalf of the Board until otherwise directed by the Board. 
 (b) Secondary Committees and Sub-Plans. The Board may, in its sole
discretion, bifurcate the duties and powers of the Committee by establishing one or more secondary Committees to which certain duties and powers of the Board hereunder are delegated (each of which shall be regarded as a “Committee” under
the Plan with respect to such duties and powers), or delegate all of its duties and powers hereunder to a single Committee. Additionally, if permitted by applicable law, the Board or Committee may delegate any or all of its duties and powers
hereunder to the Chief Executive Officer and/or to other senior officers of the Company subject to such conditions and limitations as the Board or Committee shall prescribe. However, only the Committee described under Section 3(a) may designate
and grant Awards to Participants who are subject to Section 16 of the Exchange Act. The Committee shall also have the power to establish sub-plans (which may be included as appendices to the Plan or the respective Grant Agreements), which may
constitute separate schemes, for the purpose of establishing schemes which meet any special tax or regulatory requirements of countries other than the United States. Any such interpretations, rules, administration and sub-plans shall be consistent
with the basic purposes of the Plan. 
 (c) Powers of the Committee. The Committee shall have all the powers vested in it by the terms
of the Plan, such powers to include authority, in its sole and absolute discretion, to grant Awards under the Plan, prescribe Grant Agreements evidencing such Awards and establish programs for granting Awards. The Committee shall have full power and
authority to take all other actions necessary to carry out the purpose and intent of the Plan, including, but not limited to, the authority to: 
 (i) determine the Participants to whom, and the time or times at which Awards shall be granted; 
 (ii) determine the types of Awards to be granted; 
 (iii) determine the number of Shares and/or amount of cash to be
covered by or used for reference purposes for each Award; 
 (iv) to determine the terms and conditions of each Award granted
hereunder, based on such factors as the Committee shall determine, including without limitation establishing in its discretion performance criteria that must be satisfied before an Award vests and/or becomes payable, the term during which an Award
is exercisable, and the period, if any, following a grantee’s Termination of Employment with the Company or any of its Subsidiaries during which the Award shall remain exercisable; 
 (v) subject to Section 13, to modify, amend or adjust the terms and conditions of any Award, at any time or from time to time;

 (vi) to adopt, alter and repeal such administrative rules, guidelines and practices governing the Plan as it shall from
time to time deem advisable; 
  

 8 

 (vii) to interpret the terms and provisions of the Plan and any Award issued under the
Plan (and any agreement relating thereto); 
 (viii) to establish any “blackout” period that the Committee in its
sole discretion deems necessary or advisable; 
 (ix) to otherwise administer the Plan; 
 (x) accelerate the time in which an Award may be exercised or in which an Award becomes payable and waive or accelerate the lapse, in
whole or in part, of any restriction or condition with respect to an Award; 
 (xi) establish objectives and conditions,
including targets for Performance Measures, if any, for earning Awards and determining whether Awards will be paid after the end of a Performance Period; and 
 (xii) subject to the provisions of Section 409A of the Code, permit the deferral of, or require a Participant to defer such
Participant’s receipt of, the delivery of Shares and/or cash under an Award that would otherwise be due to such Participant and establish rules and procedures for such payment deferrals. 
 The Committee shall have full power and authority to administer and interpret the Plan and to adopt such rules, regulations, agreements, guidelines and instruments for
the administration of the Plan as the Committee deems necessary, desirable or appropriate in accordance with the Bye-Laws of the Company. 
 (d) Limited Liability. To the maximum extent permitted by law, no member of the Board or Committee or its delegate shall be liable for any action taken or decision made in good faith relating to the Plan or any Award thereunder.

 (e) Indemnification. The members of the Board and Committee and any delegate shall be indemnified by the Company in respect of all
their activities under the Plan in accordance with the procedures and terms and conditions set forth in the Bye-Laws of the Company. The foregoing right of indemnification shall not be exclusive of any other rights of indemnification to which such
persons may be entitled under the Company’s Memorandum of Association, as a matter of law, or otherwise. 
 (f) Effect of
Committee’s Decision. All actions taken and decisions and determinations made by the Committee or a delegate on all matters relating to the Plan pursuant to the powers vested in it hereunder shall be in the Committee’s or its
delegate’s sole and absolute discretion and, except as may be otherwise provided in any Grant Agreement, shall be conclusive and binding on all parties concerned, including the Company, its shareholders, any Participants in the Plan and any
other employee of the Company, and their respective successors in interest. 
 (g) Grant Agreements. The terms and conditions of each
Award, as determined by the Committee, shall be set forth in a written Grant Agreement, which shall be delivered to the Participant receiving such Award upon, or as promptly as is reasonably practicable following, 

  

 9 

 
the grant of such Award. The effectiveness of an Award shall be subject to the Grant Agreement’s being signed by the Company and/or the Participant
receiving the Award unless specifically so provided by the Committee. Grant Agreements may be amended only in accordance with Section 13 hereof. 
 4. Shares Available Under the Plan 
 (a) Subject to Section 4(b) and to the adjustments as provided in Section 12
of the Plan, the aggregate number of Shares that may be delivered or purchased or used for reference purposes (with respect to Share Appreciation Rights or Phantom Shares) with respect to Awards granted under the Plan, including with respect to
Incentive Share Options, shall not exceed an aggregate of 1,689,975; provided, however, that no more than 946,386 Shares may be issued in the form of Class B Shares (and, for the avoidance of doubt, unless otherwise determined by the
Committee, Class B Shares may only be issued pursuant to Restricted Share Awards, and not in connection with Incentive Share Options, Nonqualified Share Options, Restricted Share Units, Share Appreciation Rights, Phantom Shares or Performance
Awards). Except as set forth in Section 4(b): (i) if any Award, or portion of an Award, issued under the Plan, expires or terminates unexercised, becomes unexercisable or is forfeited or otherwise terminated, surrendered or canceled as to
any Shares without the delivery by the Company (or, in the case of Restricted Shares, without vesting) of Shares or if any Award is settled in cash and not in Shares, the Shares subject to such Award shall thereafter be available for further Awards
under the Plan; (ii) if the exercise price of any Share Option and/or the tax withholding obligations relating to any Award are satisfied by delivering Shares to the Company (by either actual delivery or by attestation), only the number of
Shares issued net of the Shares delivered or attested to shall be deemed delivered for purposes of the limits set forth in this Section 4(a); and (iii) to the extent any Shares subject to an Award are withheld to satisfy the exercise price
(in the case of a Share Option) and/or the tax withholding obligations relating to such Award, such Shares shall not be deemed to have been delivered for purposes of the limits set forth in this Section 4(a). 
 (b) Notwithstanding Section 4(a) and subject to the adjustments as provided in Section 12 of the Plan, an additional 438,827 Class A
Shares shall be available for issuance under the Plan pursuant to the exercise or vesting of Rollover Awards. Notwithstanding Section 4(a): (i) no Shares subject to any Rollover Award, or portion of a Rollover Award, that expires or
terminates unexercised, becomes unexercisable or is forfeited or otherwise terminated, surrendered or canceled as to any Shares without the delivery by the Company (or, in the case of Restricted Shares, without vesting) of Shares or settled in cash
and not in Shares, (whether on, prior to or following the date of this Amendment and Restatement of the Plan) shall thereafter be available for further Awards under the Plan; (ii) if the exercise price of any Rollover Award and/or the tax
withholding obligations relating to any Rollover Award (whether on, prior to or following the date of this Amendment and Restatement of the Plan) are satisfied by delivering Shares to the Company (by either actual delivery or by attestation), all
Shares subject to such Rollover Award shall be deemed delivered for purposes of the limits set forth in this Section 4(b); and (iii) to the extent any Shares subject to a Rollover Award are withheld to satisfy the exercise price and/or the
tax withholding obligations relating to such Rollover Award (whether on, prior to or following the date of this Amendment and Restatement of the Plan), all such Shares shall be deemed to have been delivered for purposes of the limits set forth in
this Section 4(b). 
  

 10 

 (c) Shares available under the Plan may be, in any combination, authorized but unissued Shares and Shares
that are repurchased in the market, and canceled by the Company. In no event will any Award, or portion of an Award, issued under the Plan result in the issuance of Shares for an amount less than their underlying aggregate par value. 
 5. Participation 
 Participation in the Plan shall be
open to all prospective and actual officers and other regular full-time and part-time employees and all prospective and actual directors of the Company, or of any Subsidiary of the Company, as may be selected by the Committee from time to time.
Notwithstanding the foregoing, participation in the Plan with respect to Awards of Incentive Share Options shall be limited to employees of the Company or of any Subsidiary of the Company. 
 Awards may be granted to such Participants and for or with respect to such number of Shares as the Committee shall determine, subject to the limitations
in Section 4(a). A grant of any type of Award made in any one year to a Participant shall neither guarantee nor preclude a further grant of that or any other type of Award to such person in that year or subsequent years. Notwithstanding any
other provision of the Plan, the number of voting shares issuable to any Participant shall not exceed five percent (5%) of the issued share capital of the Company; provided that an Award may be granted that will result in a Participant holding
in excess of five percent (5%) of the issued share capital of the Company if such Award has received the approval of the Bermuda Monetary Authority. 
 6. Share Options 
 Subject to the other applicable provisions of the Plan, the Committee may from time to time grant to
Participants Awards of Nonqualified Share Options and/or Incentive Share Options. The Share Option granted shall be subject to the following terms and conditions. 
 (a) Grant of Option. The grant of a Share Option shall be evidenced by a Grant Agreement, executed by the Company and the grantee, stating the number of Class A Shares subject to the Share Option evidenced
thereby, the exercise price and the terms and conditions of such Share Option, in such form as the Committee may from time to time determine. 
 (b) Exercise Price. The price per Class A Share payable upon the exercise of each Share Option shall not be less than one hundred percent (100%) of the Fair Market Value of the Class A Shares on the Grant Date.

 (c) Payment. Share Options may be exercised in whole or in part by payment of the exercise price of the Class A Shares to be
acquired in accordance with the provisions of the Grant Agreement, and/or such rules and regulations as the Committee may have prescribed, and/or such determinations, orders, or decisions as the Committee may have made. Payment may be made in cash
(or cash equivalents acceptable to the Committee) or to the extent permitted by the Committee and permitted by applicable law, in Class A Shares, or by such other means as the Committee may prescribe. The Fair Market Value of Class A
Shares delivered on exercise of Share Options shall be determined as of the date of exercise. 
  

 11 

 If the Class A Shares are registered under Section 12(b) or 12(g) of the Exchange Act, the
Committee, subject to applicable law and such limitations as it may determine, may authorize payment of the exercise price, in whole or in part, by delivery of a properly executed exercise notice, together with irrevocable instructions, to:
(i) a brokerage firm to deliver promptly to the Company the aggregate amount of sale or loan proceeds to pay the exercise price and any withholding tax obligations that may arise in connection with the exercise, and (ii) the Company to
deliver the certificates for such purchased Class A Shares directly to such brokerage firm. 
 (d) Terms of Options. The term
during which each Share Option may be exercised shall be determined by the Committee; provided, however, that in no event shall a Share Option be exercisable more than ten years from the date it is granted unless otherwise determined
by the Committee. Prior to the exercise of the Share Option and delivery of the Class A Share certificates represented thereby, the grantee shall have none of the rights of a shareholder with respect to any Class A Shares represented by an
outstanding Share Option. 
 (e) Restrictions on Incentive Share Options. Incentive Share Option Awards granted under the Plan shall
comply in all respects with Code Section 422 and, as such, shall meet the following additional requirements: 
 (i)
Grant Date. An Incentive Share Option must be granted within ten (10) years of the earlier of the Plan’s adoption by the Board of Directors or approval by the Company’s shareholders. 
 (ii) Exercise Price and Term. The exercise price of an Incentive Share Option shall not be less than one hundred percent
(100%) of the Fair Market Value of the Class A Shares on the date the Share Option is granted and the term of the Share Option shall not exceed ten years. Also, the exercise price of any Incentive Share Option granted to a grantee who owns
(within the meaning of Code Section 422(b)(6), after the application of the attribution rules in Code Section 424(d)) more than ten percent (10%) of the total combined voting power of all classes of shares of the Company or any
Subsidiary of the Company shall be not less than one hundred ten percent (110%) of the Fair Market Value of the Class A Shares on the grant date and the term of such Share Option shall not exceed five years. 
 (iii) Maximum Grant. The aggregate Fair Market Value (determined as of the Grant Date) of Class A Shares of the Company with
respect to which all Incentive Share Options first become exercisable by any grantee in any calendar year under this or any other plan of the Company and its Subsidiaries may not exceed One Hundred Thousand Dollars (U.S. $100,000) or such other
amount as may be permitted from time to time under Code Section 422. To the extent that such aggregate Fair Market Value shall exceed One hundred Thousand Dollars (U.S. $100,000), or other applicable amount, such Share Options to the extent of
the Class A Shares in excess of such limit shall be treated as Nonqualified Share Options. In such case, the Company may designate the Class A Shares that are to be treated as Class A Shares acquired pursuant to the exercise of an
Incentive Share Option. 
  

 12 

 (iv) Grantee. Incentive Share Options shall only be issued to employees of the
Company or of a Subsidiary of the Company. 
 (v) Designation. No Share Option shall be an Incentive Share Option
unless so designated by the Committee at the time of grant or in the Grant Agreement evidencing such Share Option. 
 (vi)
Shareholder Approval. No Share Option issued under the Plan shall be an Incentive Share Option unless the Plan is approved by the shareholders of the Company within twelve (12) months of its adoption by the Board in accordance with the
Bye-Laws of the Company and governing law relating to such matters. 
 (f) Other Terms and Conditions. Share Options may contain such
other provisions, not inconsistent with the provisions of the Plan, as the Committee shall determine appropriate from time to time. 
 7. Restricted
Shares and Restricted Share Units 
 (a) In General. Subject to the other applicable provisions of the Plan and applicable law, the
Committee may at any time and from time to time grant Restricted Shares or Restricted Share Units to Participants, in such amounts and subject to such vesting conditions, other restrictions and conditions for removal of restrictions as it
determines. Unless determined otherwise by the Committee or set forth otherwise in any Award Agreement, Participants receiving Restricted Shares or Restricted Share Units are not required to pay the Company cash consideration therefore (except as
may be required for applicable tax withholding). 
 (b) Vesting Conditions and Other Restrictions. Each Award for Restricted Shares
and Restricted Share Units shall be evidenced by a Grant Agreement or other documentation that specifies the applicable vesting conditions and other restrictions, if any, on such Award, the duration of such restrictions, and the time or times at
which such restrictions shall lapse with respect to all or a specified number of the Restricted Shares that are part of the Award. Notwithstanding the foregoing, the Committee may reduce or shorten the duration of any vesting or other restriction
applicable to any Restricted Shares or Restricted Share Units awarded to any grantee under the Plan. 
 (c) Share Issuance and Shareholder
Rights. 
 (i) Restricted Shares. Share certificates with respect to Shares granted pursuant to a Restricted Share
Award may be issued, and/or Shares may be registered, at the time of grant of the Restricted Share Award, subject to repurchase for the aggregate par value of the repurchased Shares if the Restricted Shares do not vest or other restrictions do not
lapse. Any Share certificates shall bear an appropriate legend with respect to the restrictions applicable to such Restricted Share Award and the grantee may be required to deposit the certificates with the Company during the period of any
restriction thereon and to execute a blank share power or other instrument of transfer therefore. No portion of Restricted Shares may be sold, transferred, assigned, pledged or otherwise encumbered or disposed of by the Participant until such
portion of Restricted Shares becomes vested, and any purported sale, transfer, assignment, pledge, 

  

 13 

 
encumbrance or disposition shall be void and unenforceable against the Company. If Share certificates have been issued with a legend as provided above, then
as soon as administratively practicable after the lapsing of the restrictions with respect to any Restricted Shares, the Company shall deliver to the Participant or his or her personal representative, in book-entry or certificate form, the formerly
Restricted Shares that do not bear any restrictive legend making reference to a Grant Agreement. Such Shares shall be free of restrictions, except for any restrictions required under Federal securities laws, other applicable law and the Management
Shareholders Agreement. Except as otherwise provided by the Committee or in an applicable Grant Agreement, during the period of restriction following issuance of Restricted Share certificates, the grantee shall have all of the rights of a holder of
Shares, including but not limited to the right to receive dividends (or amounts equivalent to dividends) and to vote with respect to the Restricted Shares. The Committee, in its discretion, may provide that any dividends or distributions paid with
respect to Shares subject to the unvested portion of a Restricted Share Award will be subject to the same restrictions as the Restricted Shares to which such dividends or distributions relate, and that cash dividends may be held in custody or
otherwise by the Company. 
 (ii) Restricted Share Units. Class A Share certificates for the Class A Shares
subject to a Restricted Share Unit shall be issued, and/or Class A Shares shall be registered, upon vesting and lapse of any other restrictions with respect to the issuance of Class A Shares under such Award. The grantee will not be
entitled to vote such Class A Shares or to any of the other rights of shareholders during the period prior to issuance of the certificates for such Class A Shares and/or the registration of the Class A Shares. An Award of Restricted
Share Units may provide the Participant with the right to receive amounts equivalent to dividends and distributions paid with respect to Class A Shares subject to the Award while the Award is outstanding, which payments may, in the
Committee’s discretion, either be made currently or credited to an account for the Participant, and may be settled in cash or Class A Shares, all as determined by the Committee. Unless otherwise determined by the Committee or in an
applicable Grant Agreement with respect to a particular Award, each outstanding Restricted Share Unit shall accrue such dividend equivalents, which amounts will be paid only when and if the Restricted Share Unit (on which such dividend equivalents
were accrued) vests and becomes payable. To the extent that a Restricted Share Unit does not vest or is repurchased for the aggregate par value, any accrued and unpaid dividend equivalents shall be forfeited. 
 8. Share Appreciation Rights and Phantom Shares 
 (a)
Award of Share Appreciation Rights. Subject to the other applicable provisions of the Plan, the Committee may at any time and from time to time grant Share Appreciation Rights to Participants, either on a free-standing basis (without regard
to or in addition to the grant of a Share Option) or on a tandem basis (related to the grant of an underlying Share Option), as it determines. Share Appreciation Rights granted in tandem with or in addition to a Share Option may be granted either at
the same time as the Share Option or at a later time; provided, however, that a tandem Share Appreciation Right shall not be granted with respect to any outstanding Incentive Share Option Award without the consent of the grantee. Share
Appreciation Rights 

  

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shall be evidenced by Grant Agreements, executed by the Company and the grantee, stating the number of Class A Shares subject to the Share Appreciation
Right evidenced thereby and the terms and conditions of such Share Appreciation Right, in such form as the Committee may from time to time determine. The term during which each Share Appreciation Right may be exercised shall be determined by the
Committee. Unless otherwise determined by the Committee, in no event shall a Share Appreciation Right be exercisable more than ten years from the date it is granted. The grantee shall have none of the rights of a shareholder with respect to any
Class A Shares represented by a Share Appreciation Right. 
 (b) Restrictions of Tandem Share Appreciation Rights. Share
Appreciation Rights granted in tandem with Share Options shall be exercisable only to the same extent and subject to the same conditions as the Share Options related thereto are exercisable. The Committee may, in its discretion, prescribe additional
conditions to the exercise of any such tandem Share Appreciation Right. 
 (c) Amount of Payment upon Exercise of Share Appreciation
Rights. Unless otherwise determined by the Committee in a Grant Agreement at the time of grant, each Share Appreciation Right shall entitle the grantee to receive, subject to the provisions of the Plan and the Grant Agreement, a payment having
an aggregate value equal to the product of (i) the excess of (A) the Fair Market Value on the exercise date of one Class A Share over (B) the base price per Class A Share specified in the Grant Agreement (which shall be no
less than the Fair Market Value of a Class A Share on the Grant Date), times (ii) the number of Class A Shares specified by the Share Appreciation Right, or portion thereof, that is exercised, In the case of exercise of a tandem Share
Appreciation Right, such payment shall be made in exchange for the surrender of the unexercised related Share Option (or applicable portion or portions thereof). 
 (d) Form of Payment upon Exercise of Share Appreciation Rights. Payment by the Company of the amount receivable upon or following any exercise of a Share Appreciation Right may be made by the delivery of
Class A Shares or cash, or any combination of Class A Shares and cash, as determined in the sole discretion of the Committee from time to time. If upon settlement of the exercise of a Share Appreciation Right a grantee is to receive a
portion of such payment in Class A Shares, the number of Class A Shares shall be determined by dividing such portion by the Fair Market Value of a Class A Share on the exercise date. No fractional Class A Shares shall be used for
such payment and the Committee shall determine whether cash shall be given in lieu of such fractional Class A Shares or whether such fractional Class A Shares shall be eliminated. 
 (e) Phantom Shares. The grant of Phantom Shares shall be evidenced by a Grant Agreement, executed by the Company and the grantee that incorporates
the terms of the Plan and states the number of Phantom Shares evidenced thereby and the terms and conditions of such Phantom Shares in such form as the Committee may from time to time determine. Phantom Shares granted to a Participant shall be
credited to a bookkeeping reserve account solely for accounting purposes and shall not require a segregation of any of the Company’s assets. Each Phantom Share shall represent the value of one Share. Phantom Shares shall become payable in whole
or in part in such form, at such time or times and pursuant to such conditions in accordance with the provisions of the Grant Agreement, and/or such rules and regulations as the Committee may prescribe, and/or such determinations, orders or
decisions as the Committee may 

  

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make. Except as otherwise provided in the applicable Grant Agreement, the grantee shall have none of the rights of a shareholder with respect to any
Class A Shares represented by a Phantom Share as a result of the grant of a Phantom Share to the grantee. Phantom Shares may contain such other provisions, not inconsistent with the provisions of the Plan, as the Committee shall determine
desirable or appropriate from time to time. 
 9. Performance Awards 
 The Committee, in its discretion, may establish targets for Performance Measures for selected Participants and authorize the granting, vesting, payment and/or delivery of Performance Awards in the form of Incentive
Share Options, Nonqualified Share Options, Restricted Shares, Restricted Share Units, Share Appreciation Rights, Phantom Shares and/or cash to such Participants upon achievement of such targets for Performance Measures during a Performance Period.
The Committee, in its discretion, shall determine the Participants eligible for Performance Awards, the targets for Performance Measures to be achieved during each Performance Period, and the type, amount, and terms and conditions of any Performance
Awards. Performance Awards may be granted either alone or in addition to other Awards made under the Plan. 
 10. Withholding and Reporting of Taxes 

 The Company may require, as a condition to the grant of any Award under the Plan, vesting or exercise pursuant to such Award or to the
delivery of certificates for or registration of Shares issued or payments of cash to a grantee pursuant to the Plan or a Grant Agreement, that the grantee pay to the Company (or the applicable Subsidiary), in cash or, if approved by the Company (or
the applicable Subsidiary), in Shares, including Shares acquired upon grant of the Award or exercise of the Award, valued at Fair Market Value on the date as of which the withholding tax liability is determined, an amount sufficient to satisfy any
federal, state, local or foreign taxes of any kind (including the Participant’s FICA obligation) required by law to be withheld with respect to any taxable event under the Plan. The Company (or the applicable Subsidiary), to the extent
permitted or required by law, shall have the right to deduct from any payment of any kind (including salary or bonus) otherwise due to a grantee any federal, state or local taxes of any kind or any applicable taxes or other required withholding of
any other jurisdiction required by law to be withheld with respect to the grant, vesting, exercise or payment of or under any Award under the Plan or a Grant Agreement, or to retain or sell a sufficient number of the Shares to be issued to such
grantee to cover any such taxes. The Company or any of its Subsidiaries shall comply with any applicable tax reporting requirements of any jurisdiction imposed on it by law with respect to the granting, vesting, exercise and/or payment of Awards.
Notwithstanding any other provision of the Plan, the number of Shares which may be withheld with respect to the issuance, vesting, exercise or payment of any Award in order to satisfy the Participant’s federal, state, and local income and
payroll tax liabilities with respect to the issuance, vesting, exercise or payment of the Award shall be limited to the number of Shares which have a Fair Market Value on the date of withholding equal to the aggregate amount of such liabilities
based on the minimum statutory withholding rates for federal, state, local and foreign income tax and payroll tax purposes that are applicable to such supplemental taxable income. 
  

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 11. Transferability 
 No Award granted under the Plan shall be transferable by a grantee otherwise than by will or the laws of descent and distribution. Unless otherwise determined by the Committee in accordance with the provisions of the
immediately preceding sentence, an Award may be exercised during the lifetime of the grantee, only by the grantee or, during the period the grantee is under a legal disability, by the grantee’s guardian or legal representative. Notwithstanding
the foregoing, an Award other than an Incentive Share Option may, in the Committee’s sole discretion, be transferable by gift or domestic relations order to (i) the grantee’s child, stepchild, grandchild, parent, stepparent,
grandparent, spouse, former spouse, sibling, niece, nephew, mother-in-law, father-in-law, daughter-in-law, son-in-law, brother-in-law or sister-in-law, including adoptive relationships (such persons, “Family Members”), (ii) a company,
partnership, limited liability company or other business entity whose only shareholders, partners or members, as applicable are the grantee and/or Family Members, or (iii) a trust in which the grantee and/or Family Members have all of the
beneficial interests, and subsequent to any such transfer any Award may be exercised by any such transferee. 
 12. Adjustments; Corporate Transactions

 In the event of (i) a share dividend, share split, reverse share split, share combination, or recapitalization, an extraordinary
dividend or similar event affecting the capital structure of the Company (other than, for the avoidance of doubt, a normal cash dividend), or (ii) a merger, consolidation, amalgamation, scheme of arrangement, acquisition of property or shares,
separation, spinoff, reorganization, share rights offering, liquidation, Disaffiliation, or similar event affecting the Company or any of its Subsidiaries (each, a “Corporate Transaction”), the Committee or the Board shall make such
substitutions or adjustments as it deems appropriate and equitable to, (A) the aggregate number and kind of Shares or other securities reserved for issuance and delivery under the Plan; (B) the number and kind of Shares or other securities
subject to outstanding Awards; and (C) the exercise price of outstanding Share Options and Share Appreciation Rights. In the case of Corporate Transactions, such adjustments may include, without limitation, (1) the cancellation of
outstanding Awards in exchange for payments of cash, property or a combination thereof having an aggregate value equal to the value of such Awards, as determined by the Committee or the Board in its sole discretion (it being understood that in the
case of a Corporate Transaction with respect to which holders of Shares receive consideration other than publicly traded equity securities of the ultimate surviving entity, any such determination by the Committee that the value of a Share Option or
Share Appreciation Right shall for this purpose be deemed to equal the excess, if any, of the value of the consideration being paid for each Share pursuant to such Corporate Transaction over the exercise price of such Share Option or Share
Appreciation Right shall conclusively be deemed valid); and (2) the substitution of other property of equal value (including, without limitation, cash or other securities of the Company and securities of entities other than the Company) for the
Shares subject to outstanding Awards. 
 13. Termination and Amendment 
 (a) Amendment or Termination by the Board. The Board, without further approval of the shareholders of the Company, may amend or terminate the Plan or any portion thereof at any 

  

 17 

 
time, except that no amendment shall become effective without approval of the shareholders of the Company if shareholder approval is necessary to comply with
any tax or regulatory requirement or rule of any Applicable Exchange. 
 (b) Amendments by the Committee. The Committee shall be
authorized to make minor or administrative amendments to the Plan as well as amendments to the Plan that may be dictated by requirements of U.S. federal or state laws or any foreign laws applicable to the Company or that may be authorized or made
desirable by such laws. 
 (c) Amendments to Awards. The Committee may amend any outstanding Award in any manner as provided in
Section 12. In addition, the Committee may otherwise modify or amend any outstanding Award to the extent that the Committee would have had the authority to make such Award as so amended; provided that the Committee shall not have the
power to terminate any outstanding unvested Awards, other than pursuant to the terms thereof, without the Participant’s prior written consent. 
 14.
Non-Guarantee of Employment 
 Nothing in the Plan or in any Grant Agreement thereunder shall confer any right on an employee to continue
in the employ of the Company or any Subsidiary of the Company or shall interfere in any way with the right of the Company or any Subsidiary of the Company to terminate an employee at any time. 
 15. Written Agreement 
 Each Grant Agreement entered
into between the Company and a grantee with respect to an Award granted under the Plan shall incorporate the terms of this Plan and shall contain such provisions, not inconsistent with the provisions of the Plan, as may be established by the
Committee. The Committee may require, as a condition to the grant of any Award under the Plan, vesting or exercise pursuant to such Award or the delivery of certificates for or registration of Shares issued pursuant to the Plan or a Grant Agreement,
that the grantee or any other person exercising such Award become subject to the Management Shareholders Agreement. 
 16. Non-Uniform Determinations 

 The Committee’s determinations under the Plan (including without limitation determinations of the persons to receive Awards, the form,
amount and time of such Awards, the terms and provisions of such Awards and the agreements evidencing same) need not be uniform and may be made by it selectively among persons who receive, or are eligible to receive, Awards under the Plan, whether
or not such persons are similarly situated. 
 17. Listing and Registration 
 If the Company determines that the listing, registration or qualification upon any Applicable Exchange or under any law of Shares subject to any Award is
necessary or desirable as a condition of, or in connection with, the granting of same or the issue or purchase of Shares thereunder, no such Award may be exercised in whole or in part and no restrictions on such Award shall lapse, unless such
listing, registration or qualification is effected free of any conditions not acceptable to the Company. 
  

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 18. Compliance with Securities Law 
 The Company may require that a grantee, as a condition to exercise of an Award, and as a condition to the delivery of any share certificate, provide to the Company, at the time of each such exercise and each such
delivery, a written representation that the Shares being acquired shall be acquired by the grantee solely for investment and will not be sold or transferred without registration or the availability of an exemption from registration under the
Securities Act and applicable state securities laws and other applicable laws. The Company may also require that a grantee submit other written representations that will permit the Company to comply with federal and applicable state securities laws
in connection with the issuance of the Shares, including representations as to the knowledge and experience in financial and business matters of the grantee and the grantee’s ability to bear the economic risk of the grantee’s investment.
The Company may require that the grantee obtain a “purchaser representative” as that term is defined in applicable federal and state securities laws. Any Share certificates for Shares issued pursuant to this Plan may bear a legend
restricting transferability of the Shares unless such Shares are registered or an exemption from registration is available under the Securities Act and applicable securities laws of the states of the U.S. and other applicable laws and unless such
transfer is in accordance with the Management Shareholders Agreement. The Company may notify its transfer agent to stop any transfer of Shares not made in compliance with these restrictions. Shares shall not be issued with respect to an Award
granted under the Plan unless the exercise of such Award and the issuance and delivery of Share certificates for such Shares pursuant thereto shall comply with all relevant provisions of law, including, without limitation, the Securities Act, the
Exchange Act, the rules and regulations promulgated thereunder and the requirements of any Applicable Exchange, and shall be further subject to the approval of counsel for the Company with respect to such compliance to the extent such approval is
sought by the Committee. 
 19. No Trust or Fund Created 
 Neither the Plan nor any Award shall create or be construed to create a trust or separate fund of any kind or a fiduciary relationship between the Company and a grantee or any other person. To the extent that any
grantee or other person acquires a right to receive payments from the Company pursuant to an Award, such right shall be no greater than the right of any unsecured general creditor of the Company. 
 20. No Limit on Other Compensation Arrangements 
 Nothing contained in the Plan shall prevent the Company or any of its Subsidiaries from adopting or continuing in effect other compensation arrangements (whether such arrangements be generally applicable or applicable only in specific
cases), including without limitation the granting of Share Options, Restricted Shares, Restricted Share Units, Share Appreciation Rights or Phantom Share Units otherwise than under the Plan. 
  

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 21. No Restriction of Corporate Action 
 Nothing contained in the Plan shall be construed to limit or impair the power of the Company or any of its Subsidiaries to make adjustments,
reclassifications, reorganizations, or changes in its capital or business structure, or to amalgamate, merge or consolidate, liquidate, sell or transfer all or any part of its business or assets or, except as otherwise provided herein, or in a Grant
Agreement, to take other actions which it deems to be necessary or appropriate. No employee, beneficiary or other person shall have any claim against the Company or any of its Subsidiaries as a result of such action. 
 22. Governing Law 
 The validity, construction and
effect of the Plan, of Grant Agreements entered into pursuant to the Plan, and of any rules, regulations, determinations or decisions made by the Board or Committee relating to the Plan or such Grant Agreements, and the rights of any and all persons
having or claiming to have any interest therein or thereunder, shall be determined in accordance with applicable federal laws and the laws of Bermuda. Unless otherwise provided in the Grant Agreement, recipients of an Award under the Plan are deemed
to submit to the exclusive jurisdiction and venue of the courts of Bermuda, to resolve any and all issues that may arise out of or relate to the Plan or any related Grant Agreement. 
 23. Plan Subject to Charter and Bye-Laws 
 This Plan is subject to the Memorandum of Association and
Bye-Laws of the Company, as they may be amended from time to time. 
 24. Effective Date; Termination Date 
 The Plan is effective as of February 4, 2008. No Award shall be granted under the Plan after the close of business on the day immediately preceding
the tenth anniversary of the effective date of the Plan. Subject to other applicable provisions of the Plan, all Awards made under the Plan prior to such termination of the Plan shall remain in effect until such Awards have been satisfied or
terminated in accordance with the Plan and the terms of such Awards. 
 25. Section 409A 
 To the extent applicable, the Plan and Grant Agreements shall be interpreted in accordance with Section 409A of the Code and United States Department
of Treasury regulations and other interpretive guidance issued thereunder. Notwithstanding any provision of the Plan to the contrary, in the event that the Committee determines that any Share Option or other Award may be subject to Section 409A
of the Code, the Committee reserves the right (without any obligation to do so or to indemnify the Participant for any failure to do so) to adopt such amendments to the Plan and the applicable Grant Agreement or adopt other policies and procedures
(including amendments, policies and procedures with retroactive effect), or take any other actions, that the Committee determines are necessary or appropriate to (a) exempt the Share Option from Section 409A of the Code and/or preserve the
intended tax treatment of the benefits provided with respect to the Share Option, or (b) comply with the requirements of Section 409A of the Code and related Department of Treasury guidance and thereby avoid the application of penalty
taxes under such Section 409A. 
  

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 If any Participant is deemed to be a “specified employee” for purposes of
Section 409A(a)(2)(B)(i) of the Code at the time of his separation from service with the Company, to the extent delayed distributions with respect to any Award held by such Participant (after taking into account all exclusions applicable to
such distributions under Section 409A) is required in order to avoid a prohibited distribution under Section 409A(a)(2)(B)(i) of the Code, such distributions will not be made prior to the date which is six months after the
Participant’s separation from service (or, if earlier, the date of the Participant’s death). 
  

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