Document:

Exhibit 10.15

 

JUMPTV.COM INC.

 

RESTRICTED SHARE PLAN

 

1.              Purpose of the Plan

 

1.1                               The purpose of the restricted share plan (the
“Plan”) for employees and consultants of
JumpTV.com Inc. (the “Corporation”)
or of any of the Subsidiaries of the Corporation is to secure for the
Corporation and its shareholders the benefit of an incentive to partake in
share ownership by employees and consultants of the Corporation and its
Subsidiaries, as the case may be.  For
the purposes of the Plan, “Subsidiaries”
shall mean (i) any legal entity of which the Corporation is the holder or
the beneficial holder, at the time of the granting of the Restricted Shares,
directly or indirectly, otherwise than by way of security only, of securities
to which  are attached over 50% of the
votes enabling it to elect the majority of the directors of such entity as well
as any subsidiary of such legal entity, and (ii) any legal entity in which
the Corporation or a subsidiary of the Corporation holds or beneficially holds
at least 50% of the voting rights or in which it has a majority interest and of
which the Corporation or a subsidiary of the Corporation manages the
operations.

 

2.              Definitions

 

For the purposes of this Plan, the following
terms shall have the following meanings:

 

“Award” means
the Restricted Shares granted to an Eligible Participant under the Plan on an
Award Date, evidenced by an Award Agreement and subject to the terms and
conditions of the Plan and the Award Agreement;

 

“Award Agreement”
means an agreement, substantially in the form of the agreement set out in
Schedule 1 to this Plan, entered into by an Eligible Participant and the
Corporation pursuant to which an Award is granted to the Eligible Participant
in accordance with the Plan, and containing such additional terms and
conditions not inconsistent with the Plan as the Board or the Committee shall
deem desirable;

 

“Award Date” means the date on which an Award is granted,
which date may be on or, if determined by the Board or the Committee at the
time of grant, after the date that the Board or the Committee resolves to grant
the Award;

 

“Board” means the board of directors of the
Corporation;

 

“Change of Control” shall have the meaning set forth in Section 6.1;

 

“Committee” shall have the meaning set forth in Section 3;

 

“consultant” means, as defined in National Instrument
45-106 Prospectus and Registration Exemptions (or
a successor instrument), for an issuer, a person other than an employee,
executive officer, or director of the issuer or of a related entity of the issuer,
that:

 

(i)                                     is engaged to provide services to the issuer
or a related entity of the issuer, other than services provided in relation to
a distribution;

 

(ii)                                  provides the services under a written
contract with the issuer or a related entity of the issuer, and

 

(iii)                             spends or will spend a significant amount of
time and attention on the affairs and business of the issuer or a related
entity of the issuer

 

 

and
includes, for an individual consultant, a corporation of which the individual
consultant is an employee or shareholder, and a partnership of which the
individual consultant is an employee or partner;

 

“Corporation”
means JumpTV.com, Inc.;

 

“Exchange”
means the stock exchange or quotation system on which the Corporation’s Shares
are listed, if any;

 

“Eligible Participant” means any employee or consultant of
the Corporation designated by the Board or the Committee as eligible to
participate in the Plan;

 

“Insider” has
the meaning ascribed thereto in the Securities Act
(Ontario);

 

“JumpTV Market Value” means on any given date:

 

(i)                                     the closing price per share of the Shares on
the Exchange on the business day next preceding such date;

 

(ii)                                  if there is no sale of the Shares on the
Exchange at its close on such business day, then the last bid price per share
of the Shares on the Exchange on such business day; or

 

(iii)                               if the Shares are not listed on a recognized
stock exchange or quoted on the over-the-counter market, then the price per
share per Class A Share determined by the Board in good faith;

 

“Plan” means
the Restricted Share Plan of the Corporation;

 

“Restricted Share” means a restricted share granted under the Plan pursuant to a
particular award agreement and “Restricted Shares” shall
have a corresponding meaning;

 

“Restricted Share Holder” shall have the meaning set forth in Section 5.2;

 

“Shares” means
the Class A shares of the Corporation or such other class of voting shares
of the Corporation for which the Class A shares may hereafter be converted
or exchanged;

 

“Subsidiaries”
shall have the meaning set forth in Section 1;

 

“Vesting Date” shall
have the meaning set forth in Section 5.3.

 

3.              Administration

 

The
Plan shall be administered by the Corporation’s Board (the “Board”) or, if determined by the Board, by a compensation
committee of the Board (the “Committee”).  The Board or the Committee shall have full and
complete latitude to select those who are Eligible Participants, grant Awards
under the Plan, interpret the Plan and to establish the rules and
regulations applying to it and to make all other determinations it deems
necessary or useful for the administration of the Plan, including without
limiting the scope of the foregoing provided that such interpretations, rules,
regulations and determinations shall be consistent with the relevant policy
statements of the competent securities authorities and the rules of the
Exchanges.

 

4.              Shares Subject to the Plan

 

The Shares subject to the Plan are the class
A shares of the Corporation.  A maximum
of 1,000,000 Restricted Shares may be awarded pursuant to the Plan.  The total number of Shares that may be issued

 

 

pursuant to the vesting of an Award of
Restricted Shares in accordance with the terms of the Plan shall not exceed
1,000,000 Shares, subject to the adjustment under Section 7.  All of the Shares which could have been
issued pursuant to an Award which Award has been cancelled, expired, forfeited
or terminated without having been exercised in full or settled in cash or
Shares (treasury or purchased in the secondary market) of the Corporation shall
not become reserved Shares for the purposes of Restricted Shares that may be
subsequently awarded under the terms of the Plan.  No fractional Shares shall be issued under
the Plan and all fractional interests shall be rounded up to the nearest whole
number of Shares.

 

5.              Grant of Restricted Share Awards

 

5.1                               Grant of Awards

 

The
Board or the Committee shall from time to time designate the Eligible
Participants to whom a grant of Restricted Shares shall be made and shall
determine the number of Restricted Shares granted under each Award.  The Board or the Committee shall further have
discretion to establish at the time of grant, within the restrictions set forth
in the Plan, the Award Date, the Vesting Date and other particulars applicable
to an Award granted hereunder.

 

5.2                               Award Agreement

 

Upon
the grant of an Award, the Corporation will deliver to the Eligible Participant
selected to receive such Award an Award Agreement dated as of the Award Date,
containing the terms of the Award and executed by the Corporation, and upon
delivery to the Corporation of the Award Agreement executed by the Eligible
Participant in question, the Eligible Participant in question will be a
Restricted Share Holder under the Plan and, subject to vesting, have the right
to receive the Shares (or, at the Corporation’s option, cash equal to the
JumpTV Market Value of such Shares on the Vesting Date) on the terms set out in
the Award Agreement and in the Plan.

 

5.3                               Vesting Date

 

The Vesting Date of an Award will be
determined in accordance with the Board or the Committee instructions issued at
the time of grant (the “Vesting Date”),
and will be subject to the provisions of section 5.4 relating to expiry and to
the Restricted Share Holder having been in active employment or consultancy, as
applicable, throughout the intervening period from the Award Date.  Where a Restricted Share Holder fails to
remain in active employment or consultancy for any period between the Award
Date and the Vesting Date, that Vesting Date shall be extended by a period
equal to the aggregate of those periods of inactive employment.

 

5.4                               Expiry of Awards

 

(a)          Unless otherwise determined by the Board or the Committee at or after
the time of grant where vesting of an Award is subject to the attainment of
performance objectives, such Award, or part thereof, shall expire on  the Vesting Date if such performance
objectives have not been attained.

 

(b)         Any Award, whether or not subject to the attainment of performance
objectives, shall expire immediately and be forfeited and be of no further
force and effect on the date upon which the Restricted Share Holder ceases to
be an employee or consultant, as the case may be, of the Corporation for any
reason, unless otherwise determined by the Board or the Committee at or after
the time of the grant.

 

5.5                               Non-Assignable

 

An Award will not be assignable; however, the
Board or the Committee may determine at the time of grant or thereafter that
any Restricted Share is assignable, to the extent permitted by applicable law,
in whole or in part and in such circumstances and under such conditions as
specified by the Board or the 

 

 

Committee. 
Notwithstanding the foregoing, in the case where a Restricted Share
Holder dies his or her legal representative shall have the rights of such
Restricted Share Holder under the Plan and the Award Agreement for a period of
90 days following the death of the Restricted Share Holder, following which,
all Restricted Shares that have not vested shall terminate.

 

5.6                               No Implied Rights

 

A Restricted Share Holder will only have
rights as a shareholder of the Corporation with respect to those of the
Restricted Shares, if any, that the Restricted Share Holder has received upon
vesting of an Award in accordance with its terms.

 

Nothing in this Plan or in any Award
Agreement will confer or be construed as conferring on a Restricted Share
Holder any right to remain as an employee or consultant of the Corporation, or
an Eligible Participant the right to be granted Awards hereunder.

 

5.7                               Settlement of the Award

 

Unless an Award has expired
in accordance with sections 5.4, the Corporation shall, as soon as practicable
and within the time permitted by legislation after the Vesting Date:

 

(a)          issue from treasury the number of Shares represented by such vested Award
and direct its transfer agent to issue a certificate in the name of the
Restricted Share Holder of such vested Award (or, if deceased, his legal
representative) which will be issued as fully paid and non-assessable Shares;
or

 

(b)         purchase the number of Shares represented by such vested Award on the
secondary market for delivery to the Restricted Share Holder of such vested
Award (or, if deceased, his legal representative) provided that the vesting and
settlement of such Award occurs on or before the date that is within three
years from the end of the calendar year of the date of grant of such Award; or

 

(c)          unless the Award Agreement provides otherwise, pay to the Restricted
Share Holder of such vested Award (or, if deceased, his legal representative),
an amount in cash equal to the JumpTV Market Value on the Vesting Date of the
Shares represented thereby provided that the vesting and settlement of such
Award occurs on or before the date that is within three years from the end of
the calendar year of the date of grant of such Award.

 

Whether an Award is settled in accordance with sections 5.7(a), (b) or
(c) shall be at the entire discretion of the Corporation upon
recommendation from the Compensation Committee, if any.

 

6.              Change of Control

 

6.1                               For the purposes of this section
6, “Change of Control” shall mean:

 

6.1.1                                             the acquisition by any person or entity, or
any persons or entities acting jointly or in concert, whether directly or
indirectly, of voting securities of the Corporation which together with all
other voting securities of the Corporation held by such persons or entities,
constitute, in the aggregate, fifty percent (50%) or more of the votes attached
to all outstanding voting securities of the Corporation.

 

6.1.2                                             an amalgamation, arrangement or other form of
business combination of the Corporation with another entity which results in
the holders of voting securities of that other entity holding, in the
aggregate, fifty percent (50%) or more of the votes attached to all outstanding
voting securities of the entity resulting from the business combination; or

 

 

6.1.3                                             the sale, lease or exchange of all or
substantially all of the property of the Corporation to another person or
entity, other than in the ordinary course of business of the Corporation or any
of its Subsidiaries.

 

6.2                               For greater certainty, the initial public
offering of the Corporation’s shares shall not be construed as a “Change of
Control” for the purposes of Section 6.1 above.

 

6.3                               There shall be no automatic vesting of
unvested Restricted Shares held by a Participant in connection with a Change of
Control unless otherwise agree in an employment or consulting agreement;
however, the Board or the Committee shall have, in their sole discretion, the
power to accelerate the time at which any or all Restricted Shares held by any
or all Participants may vest or the time during which any Restricted Shares
granted hereunder will become fully vested including, without limitation, in
connection with a Change of Control.

 

6.4                               All unvested Restricted Shares held by a
Participant shall vest immediately in the event that such Participant’s
employment or consultancy is terminated at any time prior to the expiry date of
such Restricted Shares by virtue of, or in connection with, a Change of
Control, except in the case of termination for cause of such Eligible
Participant’s employment or consultancy (in which case the Restricted Shares
shall not vest).

 

7.              Effects of Alteration of Share
Capital

 

In the event of any change
in the number of outstanding Shares of the Corporation by reason of any stock
dividend, stock split, recapitalization, merger, consolidation, combination or
exchange of Shares or other similar change, subject to the prior approval of
the competent regulatory authorities, an equitable adjustment shall be made by
the Board or the Committee in the maximum number or kind of Shares issuable
under the Plan or subject to outstanding Restricted Shares.  Such adjustment will be definitive and
mandatory for the purposes of the Plan.

 

8.              Amendment and Termination

 

8.1                               Subject to the requisite shareholder and
regulatory approvals set forth under subparagraphs 8.1(a) and (b) below,
the Board or the Committee may from time to time amend or revise the terms of
the Plan or may discontinue the Plan at any time provided however that no
amendment or revision may, without the consent of a Restricted Share Holder, in
any manner adversely affect his or her rights under any Award, therefore
granted under the Plan.

 

(a)          The Board or the Committee may, subject to receipt of requisite
shareholder and regulatory approval, make the following amendments to the Plan:

 

(i)                                     any amendment to the number of securities
issuable under the Plan, including an increase to a fixed maximum number of
securities or a change from a fixed maximum number of securities to a fixed
maximum percentage.  A change to a fixed
maximum percentage which was previously approved by shareholders will not
require additional shareholder approval; and

 

(ii)                                 any change to the definition of the Eligible
Participants which would have the potential of broadening or increasing Insider
participation.

 

(b)         The Board or the Committee may, subject to receipt of requisite
regulatory approval, where required, in its sole discretion make all other
amendments to the Plan that are not of the type contemplated in subparagraph
8.1(a) above including, without limitation:

 

(i)                                     amendments of a “housekeeping” nature;

 

(ii)                                  a change to the vesting provisions of a
Restricted Share or the Plan;

 

 

(iii)                             a change to the termination provisions of a
Restricted Share or the Plan which does not entail an extension beyond the
original expiry date; and

 

(iv)                              amendments to comply with foreign laws.

 

(c)          Notwithstanding the provisions of subparagraph 8.1(b), the Corporation
shall additionally obtain requisite shareholder approval in respect of
amendments to the Plan that are contemplated pursuant to section subparagraph
8.1(b), to the extent such approval is required by any applicable laws or
regulations.

 

8.2                               The shareholders’ approval of an amendment
may be given by way of confirmation at the next meeting of shareholders after
the amendment is made, provided that no Shares are issued pursuant to the
amended terms prior thereto.

 

9.              General Provisions

 

9.1                               The Corporation’s obligation to grant Awards
or issue Shares under the terms of the Plan is subject to all of the applicable
laws, regulations or rules of any governmental regulatory agency or other
competent authority in respect of the issuance or distribution of securities
and to the rules of any stock exchange on which the Shares of the
Corporation are listed or quoted for trading. 
Each Restricted Share Holder shall agree to comply with such laws,
regulations and rules and to provide to the Corporation any information or
undertaking required to comply with such laws, regulations and rules.

 

9.2                               The participation in the Plan of an employee
or consultant of the Corporation or any of its Subsidiaries shall be entirely
optional and shall not be interpreted as conferring upon an employee or
consultant of the Corporation or any of its subsidiaries any right or privilege
whatsoever, except for the rights and privileges set out expressly in the
Plan.  Neither the Plan nor any act that
is done under the terms of the Plan shall be interpreted as restricting the
right of the Corporation or any of its Subsidiaries to terminate the employment
or consultancy, as applicable, of an employee or consultant at any time.  For the purposes of the Plan a Restricted
Share Holder shall cease to be an employee or consultant of the Corporation on
the date on which the Corporation gives the Restricted Share Holder notice of
termination (or receives notice of resignation) employment or consultancy, as
applicable.

 

9.3                               No employee or consultant of the Corporation
or any of its Subsidiaries shall acquire the automatic right to be granted one
or more Restricted Shares under the terms of the Plan by reason of any previous
grant of Restricted Shares under the terms of the Plan.

 

9.4                               The Plan does not provide for any guarantee
in respect of any loss or profit that may result from fluctuations in the price
of the Shares.

 

9.5                               (i)            The Corporation and its Subsidiaries shall
assume no responsibility as regards the tax consequences that participation in
the Plan will have for an employee or consultant the Corporation or any of its
Subsidiaries and such persons are urged to consult their own independent tax
advisors in such regard.

 

(ii)         Eligible Participants are solely liable for any taxes or penalties
which may be payable to Canada Revenue Agency under the Income Tax
Act (Canada) or any other taxing authority in respect of the
granting of Awards and the sale of such shares 
acquired upon the vesting of an Award and the delivery of Shares or cash
pursuant to an award is contingent upon satisfaction of applicable withholding
requirements and applicable taxes may be withheld from any cash payment in
settlement of an Award.

 

 

9.6                               The Plan and any Restricted Shares granted
under the terms of the Plan shall be governed and interpreted according to the
laws of the province of Ontario and the laws of Canada applicable thereto.

 

9.7                               The Plan shall be effective as of September 2,
2005.

 

 

JUMPTV.COM INC.

 

SCHEDULE 1

 

FORM OF AWARD AGREEMENT

RESTRICTED SHARE PLAN

 

This Award Agreement is entered
into between JumpTV.com Inc. (the “Corporation”)
and the Restricted Share Holder named below pursuant to the Restricted Share
Plan of the Corporation (the “Plan”), a copy of which is attached hereto, and
confirms that:

 

1.               on 
                                                  
(the “Award Date”);

 

2.               ____________________________
(the “Restricted Share Holder”);

 

3.               was
granted                                                         
 non-assignable Restricted Shares
(the “Award”);

 

4.               [vesting
of the Award shall be subject to the attainment of the following performance
objectives];

 

	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  

 

[or]

 

[vesting of the Award will not be subject to the attainment of
performance objectives]

 

5.               the
Award shall vest at 5:00 p.m., eastern time                               
(the “Vesting Date”) provided, however, that
if you are not actively employed continuously from the Award Date to the
Vesting Date, a later Vesting Date shall apply as set out in the Plan;

 

all
on the terms and subject to the conditions set out in the Plan.

 

By
signing this agreement, the Participant:

 

(i)                                     acknowledges that he or she has read and
understands the Plan and that he or she will abide by its terms and conditions;

 

(ii)                                  agrees that a Restricted Share does not carry
any voting rights;

 

(iii)                               recognizes that during the period between
granting of an Award and the Vesting Date of the Award (or settlement thereof)
the value of the Restricted Share may be subject to stock market fluctuations
and the Corporation accepts no responsibility for any fluctuations in the value
of an Award;

 

(iv)                              recognizes that, at the sole discretion of
the Corporation, the Plan can be administered by a designee of the Corporation
by virtue of paragraph 3 and any communication from or to the designee shall be
deemed to be from or to the Corporation;

 

(v)                                 acknowledges that the Corporation and its
subsidiaries assume no responsibility as regards to the tax consequences that
participation in the Plan will have for the Participant and the Participant is
urged to consult its own tax advisor in such regard; and

 

(vi)                              acknowledges that they are solely liable for
any taxes or penalties which may be payable to Canada Revenue Agency under the Income Tax Act (Canada) or any other taxing authority in 

 

 

respect of the grant of an
Award and the delivery of shares or cash pursuant to an Award is contingent
upon satisfaction of applicable withholding requirements and applicable taxes
may be withheld from any such payment in settlement of an Award.

 

I hereby DESIGNATE                                                          
(PRINTED LETTERS) as my beneficiary, to receive any payments under the Plan
in the event of my death provided, however, that if the above-named beneficiary
predeceases me, such payments shall be made to my estate.

 

(This designation hereby
revokes any designation previously made for the purpose of the Plan and can
be revoked at any time by written notice to the Compensation &
Benefits Department of the Corporation).

 

IN WITNESS WHEREOF the Corporation and the Restricted Share
Holder have executed this Award Agreement as of                                                   .

 

JUMPTV.COM INC.

 

	
  By:

  	
   

  	
   

  	
   

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  Name of Restricted Share
  Holder

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  Signature of Restricted
  Share Holder

  	
   

  	
  WitnessExhibit 10.16

 

AMENDED AND RESTATED DIRECTORS’ COMPENSATION
PLAN

JUMPTV INC.

 

ARTICLE I

PURPOSE AND INTERPRETATION

 

1.             Plan

 

This
compensation plan (the “Plan”) supersedes any and all prior plans relating to
the issuance of Common Shares to Directors by JumpTV in lieu of cash payments.

 

Purpose

 

The
purpose of this Plan is to advance the interests of JumpTV by (i) encouraging
its Directors to acquire Common Shares, thereby, increasing the proprietary
interests of such persons in JumpTV and aligning the interests of such persons
with the interests of JumpTV’s shareholders generally; and (ii) preserving
JumpTV’s cash for other corporate purposes.

 

Administration

 

(a)          This Plan will be administered by the Board or a Committee of the Board
duly appointed for this purpose by the Board and consisting of not less than 2
Directors.  If a Committee is appointed
for this purpose, all references to the term “Board” will be deemed to be
references to the Committee.

 

(b)         Subject to the limitations of this Plan, the Board has the authority: (i) to
grant Common Shares to Directors under the Plan; (ii) to determine the
terms, including the limitations, restrictions and conditions, if any, upon
such grants; (iii) to interpret this Plan and to adopt, amend and rescind
such administrative guidelines and other rules and regulations relating to
this Plan as it may from time to time deem advisable, subject to required prior
approval by any applicable regulatory authority; and (iv) to make all
other determinations and to take all other actions in connection with the
implementation and administration of this Plan as it may deem necessary or
advisable.  The Board’s guidelines,
rules, regulations, interpretations and determinations will be conclusive and
binding upon all parties.

 

Interpretation

 

For
the purposes herein, the following terms have the meanings ascribed thereto as
follows:

 

a)              “Board of Directors”
or “Board” means the board of directors of
JumpTV;

 

b)             “Chairman” means the
Chairman of a committee of JumpTV;

 

c)              “Committee” means an
independent committee (within the meaning of applicable securities laws) of the
Board of JumpTV;

 

d)             “Common Shares” means
the common share in the share capital of JumpTV;

 

e)              “Director” means a
person who is elected or appointed as a director of JumpTV from time to time;

 

f)                “Insider” means:

 

 

a.               an insider as defined in the Securities Act (Ontario), other than a person who falls
within that definition solely by virtue of being a director or senior officer
of a Subsidiary; and

 

b.              an associate, as defined in the Securities Act (Ontario), of any person who is an Insider by
virtue of (i) above;

 

g)             “JumpTV” means
JumpTV Inc.;

 

h)             “Management Director” means
a Management Director of JumpTV;

 

i)                 “Non-Management Director” means a Director who is not otherwise an
officer, employee or consultant of JumpTV;

 

j)                 “Options” means an option to purchase securities of
JumpTV issued by JumpTV from treasury; and

 

k)              “Plan” means this
incentive compensation plan.

 

Words
importing the singular number include the plural and vice versa and words
importing the masculine gender include the feminine.

 

This
Plan is to be governed by and interpreted in accordance with the laws of the
Province of Ontario and the federal laws of Canada applicable therein.

 

1.4                               Numbers

 

The
maximum number of Common Shares available to be issued by JumpTV to
Non-Management Directors under the Plan is 500,000.

 

ARTICLE 2

DIRECTORS PLAN

 

2.1          Directors’ Remuneration

 

The
Compensation Committee has approved remuneration for each Non-Management Director
whereby Non-Management Directors are paid an annual retainer of US$10,000 and a
fee of US$500 per Board meeting and Committee meeting attendance.  Each Committee Chairman will receive an
additional annual fee of US$5,000 for acting in such capacity.  Each Non-Management Director has been granted
Options to purchase Common Shares, with such Options vesting at a rate of 1/48th per month.  Non-Management Directors are reimbursed for
any out-of-pocket travel expenses incurred in order to attend meetings.  Management Directors of JumpTV are not
currently entitled to any compensation for attending meetings of the Board of
Committees.

 

2.2          Issuance of Common Shares

 

The
Non-Management Directors of JumpTV shall receive at least 50% of their annual
retainers and Board and Committee meeting fees by way of issuance of Common
Shares and may elect to receive up to 100% of their retainers and fees in
Common Shares in lieu of cash compensation.

 

2.3          Calculation for Shares

 

Every
year, in the months of June and December, and by no later than the 15th day of June and December,
as the case may be, JumpTV will send a notice (the “Notice”) to each
Non-Management Director, that will solicit from such Director the amount of
such Director’s cash 

 

 

compensation
it wishes to receive in Common Shares, as more particularly described and set
forth below:

 

a)              each June and December, a Non-Management
Director will receive at least US$2,500 of the Non-Management Director’s annual
base compensation and 50% of all accrued Board and Committee meeting fees in
Common Shares in full satisfaction of such amounts owing.  A Non-Management Director may elect to
receive additional Common Shares in lieu of cash compensation owing by JumpTV
to the Non-Management Director at that time and will be required to advise
JumpTV of the Non-Management Director’s election to receive additional Common
Shares by no later than 5 business days after receipt of the Notice; and

 

b)             each June and December, a Committee
Chairman will receive at least US$3,750 of the Chairman’s annual base
compensation and 50% of all accrued board meeting fees in Common Shares in full
satisfaction of such amounts owing.  A
Committee Chairman may elect to receive additional Common Shares in lieu of
cash compensation owing by JumpTV to the Committee Chairman at that time and
will be required to advise JumpTV of the Committee Chairman’s election to
receive additional Common Shares by no later than 5 business days after receipt
of the Notice.

 

The
number of Common Shares to be issued to each Non-Management Director will be
determined by dividing the dollar value of the retainers and fees to be paid in
Common Shares by the closing price of the Common Shares on the payment date.

 

ARTICLE 3

GENERAL

 

3.1          Non-Exclusivity

 

Nothing
contained herein will prevent the Board from adopting other or additional
compensation arrangements for the benefit of any Director of JumpTV, subject to
any required regulatory or shareholder approval.

 

3.2          Cessation of Entitlement under
the Plan

 

Upon
ceasing to become a Director, a Director will no longer be eligible to receive
Common Shares under this Plan and any amounts owing to such Director shall be
paid in cash.

 

3.3          Amendment and Termination

 

The
Board shall have the power and authority, without notice or shareholder
approval, at any time and from time to time, to suspend or terminate the Plan
and to establish the rules and regulations relating to the Plan and to
make all determinations necessary or advisable for administration of the
Plan.  Without limiting the foregoing,
the Board shall have the authority to amend the Plan as follows without seeking
shareholder approval:

 

(a)          an amendment to the transferability or assignability of a Common Share
including for estate settlement purposes;

 

(b)         the addition of payments, other than by issuance of Common Shares, to
be made under this Plan;

 

(c)          amendments as may be necessary to comply with applicable law or the
requirement of any applicable regulatory authority or stock exchange;

 

(d)         an amendment to correct or rectify any ambiguity, defective provision,
error or omission in the Plan;

 

 

(e)          an amendment to change the provisions relating to the administration of
the Plan; and

 

(f)            to make any other amendment to the Plan that
does not require Shareholder approval by virtue of the provisions of the Plan,
applicable laws or relevant regulatory or stock exchange requirements.

 

Any
amendment of the Plan in respect of the following shall become effective only
upon shareholder approval thereof, such approval to be obtained in accordance
with applicable corporate and securities laws and the rules of the stock
exchanges on which the Corporation’s Common Shares are listed:

 

(a)          an increase in the benefits accrued to participants under the Plan;

 

(b)         an increase in the maximum number of Common Shares issuable under the
Plan; and

 

(c)          any modification to the requirements for participation under the Plan.

 

3.4          Compliance with Legislation: Governing Law

 

The
obligation of JumpTV to issue and deliver Common Shares in accordance with this
Directors’ Plan is subject to applicable securities law, stock exchange or
market on which the Common Shares trade, any trading black-out periods
prescribed by JumpTV and the receipt of any approvals that may be required from
any regulator or market having jurisdiction over the securities of JumpTV.  If Common Shares cannot be issued by JumpTV
hereunder for any reason whatsoever, the obligation of JumpTV to issue such
Common Shares shall be suspended until such time as it is practicable for
JumpTV to issue such Common Shares.  The
Directors’ Plan shall be governed by and construed in accordance with the laws
of the Province of Ontario.

 

3.5          Effective Date

 

This
Plan will become effective immediately upon approval of the Board, subject to
any required regulatory and shareholder approval.

 

3.6          Record Keeping

 

JumpTV
shall maintain a register in which shall be recorded:

 

(a)          the
name and address of each Non-Management Director in this Plan; and

 

(b)         the
number of Common Shares issues to all Non-Management Directors in this Plan.

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