Document:

Exhibit 10.2

 

	
   

  	
   

  	
  Tuesday Morning Corporation

  	
   

  	
   

  
	
  Notice of Grant of Stock Options

  	
   

  	
  ID: 75-2398532

  	
   

  	
   

  
	
  and Option Agreement

  	
   

  	
  6250
  LBJ Freeway

  	
   

  	
   

  
	
   

  	
   

  	
  Dallas,
  Texas 75240

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Employee

  	
   

  	
  Option Number:

  	
   

  	
  000000XX

  
	
  1234 Elm Street

  	
   

  	
  Plan:

  	
   

  	
  XXXX

  
	
  Any Town, ST 12345

  	
   

  	
  ID:

  	
   

  	
  xxx

  

 

 

Effective x/xx/xxxx, you have been granted
a(n) Non-Qualified Stock Option to buy xx,xxx.xxxx shares of Tuesday Morning
Corporation (the Company) stock at $xx.xxxxx per share.

 

The total option price of the shares granted
is $xxx,xxx.xx.

 

Shares in each period will become fully
vested on the date shown.

 

	
  Shares

  	
   

  	
  Vest Type

  	
   

  	
  Full Vest

  	
   

  	
  Expiration

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  xx,xxx.xxxx

  	
   

  	
  xxxxxxxx

  	
   

  	
  x/xx/xxxx

  	
   

  	
  x/xx/xxxx

  	
   

  

 

 

By
your signature and the Company’s signature below, you and the Company agree that
these options are granted under and governed by the terms and conditions of the
Company’s Stock Option Plan as amended and the Option Agreement, all of which
are attached and made a part of this document.

 

	
   

  	
   

  	
   

  
	
  Tuesday
  Morning Corporation

  	
  Date

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  Employee

  	
  Date

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  Date:

  	
   

  	
   

  
	
   

  	
  Time:EXHIBIT 4.1

 

R U L E S

 

OF

 

THE TNT PERFORMANCE SHARE
PLAN

 

 

Adopted by the Supervisory
Board of TNT N.V. on 25 October 2002 and amended by the Supervisory

Board of TNT N.V. on 18 February 2004 and 24 February 2005

 

 

Ernst & Young LLP

 

1 More London Place

 

London

 

SE1 2AF

 

 

TNT PERFORMANCE SHARE PLAN

 

Contents

 

	
  Rule

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
  1

  	
   

  	
  Definitions and
  interpretation

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
  2

  	
   

  	
  Grant of Allocations

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
  3

  	
   

  	
  Restrictions
  on the grant of Allocations

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
  4

  	
   

  	
  Conditions
  attaching to Allocations

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
  5

  	
   

  	
  Achievement of
  Performance Condition

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
  6

  	
   

  	
  Issues arising at Vesting

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
  7

  	
   

  	
  Lapse of Allocations

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
  8

  	
   

  	
  Cessation/transfer
  of employment before the Vesting Date

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
  9

  	
   

  	
  Cash equivalent

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
  10

  	
   

  	
  Takeovers and
  liquidations

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
  11

  	
   

  	
  Variation of share
  capital

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
  12

  	
   

  	
  Administration

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
  13

  	
   

  	
  General

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
  14

  	
   

  	
  Amendments to these Rules

  	
   

  

 

1

 

RULES

 

of the

 

TNT PERFORMANCE SHARE PLAN

 

1.             Definitions and
Interpretation

 

In this Plan, the
following words shall, where the context so permits, have the following
meanings:-

 

	
  Expression

  	
   

  	
  Meaning

  
	
   

  	
   

  	
   

  
	
  “AEX-Stock Exchange”

  	
   

  	
  Euronext Amsterdam N.V. (formerly Amsterdam Exchanges N.V.);

  
	
   

  	
   

  	
   

  
	
  “AGM”

  	
   

  	
  the Annual General Meeting of shareholders of the Company;

  
	
   

  	
   

  	
   

  
	
  “Allocation”

  	
   

  	
  a Share Award or a SAR or a Cash Award granted to an Eligible
  Employee pursuant to the Plan on terms such that the Vesting of the Shares or
  Cash Sum (as the case may be) is conditional upon the Performance Conditions
  being satisfied before the Vesting Date and the relevant Participant
  remaining an Eligible Employee until the Vesting Date;

  
	
   

  	
   

  	
   

  
	
  “Associated Company”

  	
   

  	
  a company of which the Company does not have Control but in which the
  Company is a direct or indirect shareholder;

  
	
   

  	
   

  	
   

  
	
  “the Auditors”

  	
   

  	
  the auditors for the time being of the Company;

  
	
   

  	
   

  	
   

  
	
  “Calculation Date”

  	
   

  	
  the earlier of:  

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  (a)       the third anniversary of the
  Date of Grant; or

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  (b)      the date of cessation of
  employment where ceasing for a reason under Rule 8.1 only;

  

 

2

 

	
  “Cash Award”

  	
   

  	
  the right to receive a Cash Sum and Interest granted pursuant to this
  Plan;

  
	
   

  	
   

  	
   

  
	
  “Cash Sum”

  	
   

  	
  a cash amount payable under a Cash Award or a SAR

  
	
   

  	
   

  	
   

  
	
  “the Company”

  	
   

  	
  TNT N.V. registered in The Netherlands;

  
	
   

  	
   

  	
   

  
	
  “Control”

  	
   

  	
  in relation to a corporate body, the power of a person or legal
  entity to secure:

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  (a)  by means of the holding of shares
  or the possession of voting rights in or relating to that or any other
  corporate body; or

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  (b) by virtue of any powers
  conferred by the articles of association or other document regulating that or
  any other corporate body;

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  means that the affairs of the first mentioned corporate body are
  conducted in accordance with the wishes of that person or legal entity

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  it being understood that any corporate body where the Company owns
  directly or indirectly 50% or more of the shares or voting rights is under
  Control of the Company;

  
	
   

  	
   

  	
   

  
	
  “Date of Grant”

  	
   

  	
  in respect of any Allocation the date upon which that Allocation is
  granted;

  
	
   

  	
   

  	
   

  
	
  “Dealing Day”

  	
   

  	
  any weekday (excluding a Saturday or Sunday) which is not a
  statutory, public or bank holiday in The Netherlands, the United Kingdom,
  Germany or the United States of America;

  
	
   

  	
   

  	
   

  
	
  “Eligible Employee”

  	
   

  	
  any executive director or employee of a Participating Company;

  

 

3

 

	
  “Grantor”

  	
   

  	
  (a)  on the instructions of the
  Supervisory Board the Company; or 

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  (b) on the instructions of the
  Supervisory Board the Participating Company by which the relevant Eligible
  Employee or Participant (as the context permits) is employed; or

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  (c)  with the consent of the Supervisory
  Board, any other person who grants an Allocation under this Plan;

  
	
   

  	
   

  	
   

  
	
  “Grant Period”

  	
   

  	
  the period from and including the day after the day of the
  announcement of the final results for a financial year of the Company up
  until and including the day after day of the announcement of the half year
  results for the following financial year

  
	
   

  	
   

  	
   

  
	
  “Interest”

  	
   

  	
  interest payable to a Participant on a Cash Sum relating to a Cash
  Award only at Vesting at the rate determined at the Date of Grant;

  
	
   

  	
   

  	
   

  
	
  “Management”

  	
   

  	
  (a)  where the Eligible Employee or
  Participant concerned is a member of the board of management of the Company,
  the Supervisory Board; 

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  (b) where the Eligible Employee or
  Participant concerned is not a member of the board of management of the Company,
  the board of management of the Company or a duly authorised committee thereof
  or an officer of the Company with duly delegated authority;

  
	
   

  	
   

  	
   

  
	
  “Market Value”

  	
   

  	
  (a)  on any day when the Shares are
  listed on the AEX-Stock Exchange the middle market quotation of a Share as
  derived from the Official Price List of the AEX-Stock Exchange; 

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  (b) on any day when the Shares are
  not listed on the AEX-Stock Exchange, the market value as determined by the
  Auditors;

  
	
   

  	
   

  	
   

  
	
  “Open Period”

  	
   

  	
  any period which is not a Prohibited Period for a Participant;

  

 

4

 

	
  “Participant”

  	
   

  	
  an Eligible Employee to whom an Allocation has been granted under
  this Plan, or (where the context so requires) his legal personal
  representative(s);

  
	
   

  	
   

  	
   

  
	
  “Participating Company”

  	
   

  	
  the Company and any other company of which the Company has Control;

  
	
   

  	
   

  	
   

  
	
  “Performance Condition”

  	
   

  	
  such performance condition determined by the Management in relation
  to an Allocation in accordance with Rule 4;

  
	
   

  	
   

  	
   

  
	
  “Performance Period”

  	
   

  	
  the period of three calendar years commencing with the calendar year
  in which the Allocation is granted or such other period as is determined by
  the Management;

  
	
   

  	
   

  	
   

  
	
  “the Plan”

  	
   

  	
  this plan as from time to time constituted by the Rules which shall be
  known as the “TNT Performance Share Plan” or such other name as the
  Supervisory Board may from time to time decide;

  
	
   

  	
   

  	
   

  
	
  “Plan Period”

  	
   

  	
  the period commencing with the date of adoption of the Plan by the
  Supervisory Board and ending on the tenth anniversary of that date of
  adoption;

  
	
   

  	
   

  	
   

  
	
  “Prohibited Period”

  	
   

  	
  any period which is a Closed Period under the TNT rules concerning
  Inside Information and any period outside the Closed Period when a
  Participant is prohibited from Executing Transactions in Shares under the TNT
  rules concerning Inside Information;

  
	
   

  	
   

  	
   

  
	
  “Quarter”

  	
   

  	
  means a period lasting three months, beginning on any specified date:

  
	
   

  	
   

  	
   

  
	
  “Rules”

  	
   

  	
  these rules of the Plan and any addenda adopted by the Supervisory
  Board, as amended from time to time;

  
	
   

  	
   

  	
   

  
	
  “Share”

  	
   

  	
  an ordinary share in the capital of the Company;

  
	
   

  	
   

  	
   

  
	
  “Share Award”

  	
   

  	
  a right to receive Shares granted pursuant to this Plan;

  

 

5

 

	
  “Stock Appreciation Right”

  (“SAR”)

  	
   

  	
  a right pursuant to this Plan to receive a Cash Sum calculated by
  reference to a specific number of Shares in accordance with a formula
  determined at the Date of Grant;

  
	
   

  	
   

  	
   

  
	
  “Supervisory Board”

  	
   

  	
  the supervisory board of the Company or a duly authorised committee
  thereof or an officer of the Company with duly delegated authority;

  
	
   

  	
   

  	
   

  
	
  “the TNT Group”

  	
   

  	
  TNT and its subsidiaries from time to time;

  
	
   

  	
   

  	
   

  
	
  “the TNT Rules concerning

  Inside Information “

  	
   

  	
  the insider trading rules of the Company (latest version);

  

 

6

 

	
  “Vest”

  	
   

  	
  in relation to

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  (a)  a Share Award – the transfer to the Participant
  or to such person as the Participant may direct of the Shares comprising the
  Share Award pursuant to these Rules

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  (b) a SAR – the transfer to the Participant
  or his nominee of the Cash Sum comprising the SAR pursuant to these Rules;

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  (c)  a Cash Award – the transfer to the Participant
  or his nominee of the Cash Sum comprising the Cash Award and the Interest on
  the Cash Sum pursuant to these Rules;

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  (and “Vesting” shall be construed accordingly); and

  
	
   

  	
   

  	
   

  
	
  “Vesting Date”

  	
   

  	
  the date on which the Shares (or Cash Sum or Cash Sum and Interest)
  are transferred to a Participant.

  
	
   

  	
   

  	
   

  
	
  “Vesting Period”

  	
   

  	
  the period which shall start on the Date of Grant and end on the
  Vesting Date provided that:   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  (a)  If the Calculation Date is in an
  Open Period for a particular Participant then the Vesting Period for his
  Allocation shall end no later than the 30th day after the
  Calculation Date; or

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  (b) If the Calculation Date is in a
  Prohibited Period for a particular Participant then the Vesting Period for
  his Allocation shall end no later than the 30th day after the
  start of the next Open Period for that particular Participant.

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  Provided that when determining the 30 days in (a) and (b) above, days
  may only be counted if they are in an Open Period for that particular
  Participant. For the avoidance of doubt the 30 days could be counted over one
  or more successive Open Periods if there are insufficient days in the Open
  Period(s).

  

 

7

 

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

 

2.             Grant of Allocations

 

2.1       Subject to Rules 3 and 4, the
Grantor shall grant an Allocation to a Participant by a resolution of the
Grantor. The Grantor shall procure that details relating to the Allocation will
be made available to each Participant within 30 days of the Date of Grant by one
(or more) of the following methods:

 

2.1.1        by electronic mail; and/or

 

2.1.2        by web-based electronic record or
records; and/or

 

2.1.3        by paper certificate

 

2.2       The details referred to in Rule
2.1 are as follows:

 

2.2.1        the identity of the Grantor;

 

2.2.2        the Date of Grant;

 

2.2.3        whether the Allocation is a Share
Award, or a SAR, or a Cash Award;

 

2.2.4        the number and class of Shares in
the case of a Share Award;

 

2.2.5        the number and class of Shares and
the formula by reference to which the Cash Sum is determined in the case of a
SAR;

 

2.2.6        the amount of the Cash Sum and the
rate of Interest payable on the Cash Sum on Vesting in the case of a Cash
Award; and

 

2.2.7        a brief description of any
Performance Conditions applying to the Allocation.

 

2.3       For the avoidance of doubt Participants
are not required to pay for the grant of an Allocation.

 

3.             Restrictions on the grant
of Allocations

 

3.1.      Subject to Rule 3.2 the Grantor
may only grant an Allocation to an Eligible Employee during the Plan Period.

 

3.2.      The Grantor may only grant an
Allocation annually during the Grant Period Provided that a grant of an
Allocation may be made at any other time during the Plan Period only if:

 

3.2.1.       the Management considers the
circumstances to be exceptional to do so; or

 

8

 

3.2.2.       the Management considers it
necessary for a newly appointed Eligible Employee.

 

3.3.      The grant of the Allocation is
normally intended to take place on the first Dealing Day after the day of
announcement of the first quarter results of the Company.

 

3.4.      The Supervisory Board will take
account of any issues arising under the TNT rules concerning Inside Information
when instructing the Grantor which type of Allocation to grant to a
Participant. For the avoidance of doubt the Supervisory Board has the
discretion to instruct the Grantor that a Participant may be granted a different
type of Allocation each year depending on the circumstances at the relevant
time.

 

3.5.      No Allocation shall be granted to
an Eligible Employee at a time when the Eligible Employee is within one year of
retirement of his or her contractual retirement date.

 

3.6.      An Allocation shall not be
charged, pledged or otherwise encumbered. 
Any purported assignment, charge, disposal or dealing with the rights
and/or interests of the Participant under the Plan shall render the Allocation
void, unless the transfer is on the death of the Participant.

 

4.             Conditions attaching to
Allocations

 

4.1.      Each and every Allocation shall be
made on terms that subject as provided in Rules 8 and 10, the Vesting of the
Allocation is dependent upon both of the following conditions being satisfied
at the Vesting Date:

 

4.1.1.       that the Participant continues to
be an Eligible Employee from the Date of Grant up until the Vesting Date; and

 

4.1.2.       subject as provided in Rule 10,
the Vesting of the Allocation is dependent upon the satisfaction of the
Performance Condition.

 

4.2.      Any Performance Condition and the determination of the
Performance Period shall relate to the performance of the Company or any other
Participating Company or the relevant Participant (as the case may be) judged
according to such objective criteria as the Supervisory Board shall from time
to time determine.

 

4.3.      If in relation to an Allocation
there occurs any event or events which causes the Supervisory Board to consider
that:

 

4.3.1.           an amended Performance Condition
would be a fairer measure of the performance of the Company or any other
Participating Company or the relevant Participant (as the case may be); or

 

4.3.2.           an amended Performance Condition
would provide a more effective incentive to the relevant Participant

 

the Supervisory Board may amend the Performance Condition in such
manner as it in its absolute discretion determines.  Any such amendment shall be binding on the
relevant Participant.  The Supervisory
Board shall

 

9

 

within 30 days of amending the Performance Condition notify the
Participant in writing giving details of the amended Performance Condition.

 

4.4.      The Management may determine that any
Allocation shall be subject to such additional and/or modified terms and
conditions relating to its grant and/or Vesting as may be necessary to comply
with or take account of any securities, exchange control or taxation, laws,
regulations or changes in legislation or practice of any territory which may
have application to the relevant Eligible Employee, Participant or the TNT
Group, provided such supplemental terms, conditions, rules or procedures would
not materially deviate from these Rules, in which case, the prior approval of
the Supervisory Board must be obtained.

 

4.5.      In exercising its powers under Rule 4.4 and
subject to obtaining the prior approval of the Supervisory Board (if necessary)
the Management may:

 

4.5.1.           require a Participant or Eligible
Employee to make such declarations or take such other action (if any) as may be
required for the purpose of any securities, exchange control, taxation or other
laws of any territory which may be applicable to him at the Date of Grant and/or
on Vesting; and

 

4.5.2.           adopt any supplemental rules or
procedures governing the grant and/or Vesting in relation to an Allocation, as
may be required for the purpose of any securities, exchange control, taxation
or other laws of any territory which may be applicable to an Eligible Employee
or Participant, including taking such steps as may be necessary to ensure that
any tax, social security or similar payments required to be paid or
administered by the TNT Group in connection with such Allocation are paid or
administered in accordance with the laws or rules applicable.

 

5.             Achievement of Performance
Condition

 

5.1.      Before the Vesting Date the Supervisory
Board shall determine whether the Performance Condition relating to the
relevant Allocation has been satisfied.

 

5.2.      To the extent that the Performance
Condition has been satisfied as determined under Rule 5.1 and if Rule 4.1.1 has
been satisfied the relevant Allocation shall Vest in the Vesting Period,
subject to Rules 6, 7, 8, 9 and 10.

 

6.             Issues arising at Vesting 

 

6.1.      Any liability of a Participant to
taxation or social security contributions (or equivalent) in respect of an
Allocation shall be for the account of the relevant Participant.

 

6.1.1.       The transfer of the relevant Shares or Cash
Sum and/or Interest (as the case may be) shall be conditional on the Participant
complying with arrangements specified by the Grantor for the payment of any
taxation (including without limitation the deduction of tax at source) and/or
social security contributions (or equivalent). 
The Grantor or

 

10

 

any other Participating
Company which employs a Participant shall be entitled to make arrangements for
the sale of some or all of the Shares or retain some or all of the Cash Amount
(as the case may be) to satisfy such Participant’s tax liability and/or
liability to social security contributions (or equivalent).

 

6.1.2.       Each Participant agrees to indemnify the
Grantor, the Company and every Participating Company against any tax or social
security claim of whatever nature or any other liability or obligation incurred
by the Grantor, the Company or any Participating Company which relates to the
liability of a Participant in the Plan to taxation or social security
contributions (or equivalent).

 

6.1.3.       Any liability of the Grantor, the Company or
any Participating Company to make employer social security contributions for
its own account in respect of Allocations provided under the Plan, shall not be
the liability of the Participant.

 

6.2.      Shares allotted under this Plan
shall rank pari passu in all respects with the Shares of the same class for the
time being in issue save as regards any rights attaching to such Shares by
reference to a record date prior to the date of allotment and in the case of a
transfer of existing Shares the transferee shall not acquire any rights
attaching to such Shares by reference to a record date prior to the date of
such transfer.

 

6.3.      If and so long as the Shares are
listed on the AEX-Stock Exchange or any other stock exchange, the Company shall
apply for any Shares allotted under this Plan to be admitted to the list of
such exchange.

 

6.4.      For the avoidance of doubt the
Participant does not have to make any payment for the Vesting of an Allocation.

 

7.             Lapse of Allocations

 

7.1.      An Allocation will lapse without
notice on the earliest of the following:-

 

7.1.1.           the date of cessation of
employment of a Participant other than in circumstances where the Vesting of
Allocations is permitted under Rules 8.1 or Rule 8.3. For the avoidance of
doubt any Allocation granted within one year of the Participant’s contractual
retirement age shall lapse on the date of cessation of employment, and an
Allocation will lapse to the extent it has not Vested pursuant to Rule 8.3 at
the end of the relevant Vesting Period;

 

7.1.2.           any of the dates specified in Rule
10 for such lapse; and

 

7.1.3.           the date on which a resolution is
passed or an order is made by the Court for the compulsory winding up of the
Company.

 

11

 

8.             Cessation/transfer of employment
before the Vesting Date

 

8.1.      If a Participant ceases to be an
Eligible Employee before the Vesting Date by reason of the following:

 

8.1.1.           death;

 

8.1.2.           disability, injury or ill-health
(evidenced to the satisfaction of the Management);

 

8.1.3.           redundancy;

 

8.1.4.           retirement at contractual
retirement age (but only in respect of Allocations granted one year or more
prior to the Participant’s contractual retirement date);

 

8.1.5.           the Participant entering into a
contract of employment with an Associated Company;

 

8.1.6.           early retirement with the
agreement of the Management (but only in respect of Allocations granted one
year or more prior to the date of early retirement); and

 

8.1.7.           any other reason which the Management
considers reasonably justifies the continuance of an Allocation,

 

then an Allocation shall not lapse by reason of such cessation and may Vest
in accordance with Rule 8.3.

 

8.2.      If a Participant ceases to be an
Eligible Employee before the Vesting Date for a reason other than those set out
in Rule 8.1, an Allocation will lapse without further notice on the date of
cessation and without any compensation.

 

8.3.      Where an employee ceases
employment as set out in Rule 8.1 the Management will, in its absolute
discretion, determine the extent (if any) to which an Allocation will Vest and
the Shares or the Cash Sum (as the case may be) be transferred within the
Vesting Period.  In making this
determination, the Management will have regard to any post termination
covenants (or similar conditions) applying to the employee pursuant to his
contract of employment immediately before his cessation of employment, and the
Management may determine the extent (if any) to which an Allocation will Vest
and the Shares or the Cash Sum (as the case may be) be transferred in
accordance with the calculation set out in Rule 8.3.1, but will not be limited
to this method of calculation:

 

8.3.1.           the calculation determining the
number of Shares or the amount of the Cash Sum (as the case may be) which shall
Vest in accordance with Rule 8.3 where cessation of employment occurred before
the third anniversary of the Date of Grant, where

 

S = Number of Shares or the amount of the Cash Sum (as the case may be)
calculated by the Management determining to what extent the Performance
Condition has been satisfied using the latest available three monthly figures
as at the date of cessation

 

12

 

Q = Number of complete Quarters in the period commencing on the Date of
Grant and ending on the date of cessation.

 

S x (Q/12) = number of Shares or the amount of the Cash Sum which shall
Vest

 

8.4.      Any transfer of the Shares or the
Cash Sum (as the case may be) under this Rule 8 shall be subject to Rules 6.1
and 6.3.

 

9.             Cash equivalent

 

9.1.      Where
an Allocation (other than a Cash Award) granted under this Plan has not yet
Vested, the Management may determine that, in substitution of the Vesting of
the Allocation, and in full and final satisfaction of such right, he shall be
paid by way of additional emoluments or such other method as the Management may
in its absolute discretion decide, an amount equal to the cash equivalent of
the Allocation.

 

9.2.      As
soon as reasonably practicable after the Management has determined pursuant to
this Rule 9 that a Participant shall be paid the cash equivalent the Company
shall pay to him, or procure the payment to him of, the relevant amount in
cash; and

 

9.3.      Where
any cash equivalent is payable in accordance with this Rule 9, there shall be
deducted from it such amounts on account of tax or similar liabilities as may
be required by the law of any relevant jurisdiction, or as the Management may
reasonably consider to be necessary or desirable.

 

10.          Takeovers and liquidations

 

10.1.

 

10.1.1.         If any person obtains Control of the Company, the Supervisory Board may
in its discretion allow all or part of the Allocations to Vest on the date on
which Control of the Company passes. 
Allocations will lapse at the end of the period of 6 months following
such date.

 

10.1.2.         For the purposes of this Rule 10 a person shall be deemed to have
obtained Control of the Company if he and others acting in concert with him
have together obtained Control of it.

 

10.2.    If the Company passes a resolution
for voluntary winding up or statutory merger or demerger the Management with
the consent of the Supervisory Board may in its discretion allow some or all or
part of the subsisting Allocations to Vest either

 

10.2.1.         on the date on which the
resolution is passed or

 

10.2.2.         prior to the passing of the resolution
in the case of a Share Award, but conditionally on its being passed, to the
extent that the Participants will be entitled to share in the assets of the
Company with the other shareholders on the same basis as if they had been the

 

13

 

registered holders of the relevant Shares
immediately prior to the passing of the resolution.

 

10.2.3.         Allocations will lapse at the end
of the period of 6 months following the winding up resolution.

 

10.3.    Any transfer of the Shares or the
Cash Sum (as the case may be) under this Rule 10 shall be subject to Rules 6.1
and 6.3.

 

11.           Variation of share capital

 

11.1.    In
the event of any capitalisation, consolidation, sub-division or reduction of
the share capital of the Company and in respect of any discount element in any
rights issue or any other variation in the share capital of the Company an
Allocation may be varied in such manner as the Grantor with the approval of the
Supervisory Board shall determine.

 

11.2.    The
Grantor may take such steps as it considers necessary to notify Participants of
any adjustment made under Rule 11.1.

 

12.          Administration

 

12.1.    The
Plan shall be subject to the approval by the shareholders at the AGM in respect
of the members of the board of management of the Company.

 

12.2.    The Management
shall have power from time to time to make and vary such regulations (not being
inconsistent with these Rules) for the implementation and administration of the
Plan as it thinks fit.

 

12.3.    The decision of the Management
shall be final and binding in all matters relating to this Plan (other than in
the case of matters to be determined or confirmed by the Auditors in accordance
with this Plan).

 

12.4.    The costs of establishing and
administering this Plan shall be borne by the Grantor and/or the Participating
Companies.

 

12.5.    Unless
otherwise specified by the Grantor from time to time, any notification or other
notice which the Grantor is required to give or may desire to give to any
Eligible Employee or Participant pursuant to the Plan and any notification or
other notice which any Eligible Employee or Participant is required to give or
may desire to give to the Grantor pursuant to the Plan may be served by any
means of delivery (for example, but without limitation, by post, fax,
electronic mail or web-based electronic communication) properly addressed to
the recipient.

 

12.6.    Any
notice under Rule 12.5 shall be deemed to be properly served

 

(a)            once it has been received by the
recipient, or

 

(b)            in the absence of receipt by the
recipient, if evidence is produced of sending the notice (within a reasonable
time of request) at the time it would have been received, or

 

14

 

(c)            in the absence of receipt by the
recipient, if no evidence is produced of sending the notice (or is not produced
within a reasonable time of request) the Management shall determine in its
discretion (such discretion to be exercised fairly and reasonably) whether or
not the notice shall have been properly served and the time of delivery.

 

13.   General

 

13.1.    This Plan shall commence upon the
date of its approval by the Supervisory Board and shall (unless previously
terminated by it) terminate on the expiry of the Plan Period.  Upon termination (howsoever occurring) no
further Allocations may be granted but such termination shall be without
prejudice to any accrued rights in existence at the date thereof.

 

13.2.    The Company will ensure that
sufficient Shares will be available to satisfy the Vesting of Allocations where
the Allocations are Share Awards.

 

13.3.    Notwithstanding any other
provisions of this Plan:

 

13.3.1.         this Plan shall not form part of
any contract of employment between any Participating Company and any Eligible
Employee of any such company.  The rights
and obligations of any individual under the terms of his office or employment
with any Participating Company shall not be affected by his participation in
this Plan or any right which he may have to participate in it, and this Plan
shall afford such an individual no additional rights to compensation or damages
in consequence of the termination of such office or employment for any reason
whatsoever;

 

13.3.2.         no Participant shall be entitled
to any compensation or damages for any loss or potential loss which he may
suffer by reason of the Allocation not Vesting in consequence of the loss or
termination of his office or employment with any Participating Company for any
reason whatsoever;

 

13.3.3.         this Plan shall not give any person
any legal or equitable rights (other than those constituting the Allocations
themselves) against any Participating Company directly or indirectly, or give
rise to any cause of action at law or in equity against any Participating
Company.

 

13.3.4.         All Participants and Eligible
Employees agree as a condition of their participation in the Plan that any
personal data in relation to them may be held by any company in the TNT Group
and/or passed to any third party where necessary for the administration of the
Plan.

 

13.3.5.         This Plan and all Allocations
granted under it shall be governed by and construed in accordance with Dutch
law.

 

14.           Amendments to these Rules

 

14.1.    The Management may amend the
provisions of this Plan and the terms of the Allocations as it considers
necessary or desirable in order to:

 

15

 

(a)               benefit the administration of the Plan; or

 

(b)               comply with or take account of the provisions
of any proposed or existing legislation

 

without the need for the prior approval of the Supervisory Board or the
AGM.

 

14.2.    All other amendments to the
provisions of the Plan or to the terms of the Allocations shall only be
effective with the consent of the Supervisory Board.

 

14.3.    Any material changes to the Rules
regarding the members of the Board of Management of the Company shall require
approval of the AGM.

 

16

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