Document:

EX-10.1

 

Exhibit 10.1

FIRST AMENDMENT AGREEMENT

     This FIRST AMENDMENT AGREEMENT (this “Amendment”) is made as of the 1st day of
April, 2006, among:

     (a) AGILYSYS, INC., an Ohio corporation (“Agilysys”);

     (b) each other US Borrower, as defined in the Credit Agreement;

     (c) each Foreign Borrower, as defined in the Credit Agreement, (each such Foreign Borrower,
together with each US Borrower shall be referred to herein, collectively, as “Borrowers” and,
individually, each a “Borrower”);

     (d) the Lenders, as defined in the Credit Agreement, as hereinafter defined;

     (e) LASALLE BANK NATIONAL ASSOCIATION, as lead arranger, book runner and administrative agent
for the Lenders under this Agreement (“Agent”);

     (f) NATIONAL CITY BANK, as syndication agent;

     (g) HARRIS N.A., as co-documentation agent;

     (h) CHARTER ONE BANK, N.A., as co-documentation agent; and

     (i) U.S. BANK NATIONAL ASSOCIATION, as managing agent.

     WHEREAS, Borrowers, Agent and the Lenders are parties to that certain Credit Agreement, dated
as of October 18, 2005, that provides, among other things, for loans and letters of credit
aggregating Two Hundred Million Dollars ($200,000,000), all upon certain terms and conditions (as
the same may from time to time be amended, restated or otherwise modified, the “Credit Agreement”);

     WHEREAS, Borrowers, Agent and the Lenders desire to amend the Credit Agreement to modify
certain provisions thereof and add certain provisions thereto;

     WHEREAS, each capitalized term used herein and defined in the Credit Agreement, but not
otherwise defined herein, shall have the meaning given such term in the Credit Agreement; and

     WHEREAS, unless otherwise specifically provided herein, the provisions of the Credit Agreement
revised herein are amended effective as of the date of this Amendment;

     NOW, THEREFORE, in consideration of the premises and of the mutual covenants herein and for
other valuable consideration, Borrowers, Agent and the Lenders agree as follows:

     1. Amendment to Definitions. Article I of the Credit Agreement is hereby amended to
correct a typographical error by deleting the definition of “Required Lenders” therefrom and
inserting in place thereof the following:

     “Required Lenders” shall mean the holders of at least fifty-one percent (51%), based
upon each Lender’s Commitment Percentage, of (a) the Total Commitment Amount, or, (b) after
the Commitment Period, the aggregate amount of the Revolving Credit Exposure; provided that,
if there shall be two or more Lenders, Required Lenders shall constitute at least two
Lenders.

 

 

     2. Amendment to Payment of Loans and Obligations. Section 2.6(c) of the Credit
Agreement is hereby amended to correct a typographical error by deleting the time “11:00 A.M.”
therefrom and inserting in place thereof the time “12:00 noon”.

     3. Amendment to Borrowing Covenant. Section 5.8 of the Credit Agreement is hereby
amended to delete subsection (j) therefrom and to insert in place thereof the following:

     (j) unsecured obligations owing with respect to any inventory financing agreement with
respect to any Foreign Subsidiary, not to exceed an aggregate amount of Twenty Million
Dollars ($20,000,000) at any time outstanding for all such Foreign Subsidiaries; and

     4. Additions to Investments, Loans and Guaranties Covenant. Section 5.11 of the
Credit Agreement is hereby amended to add the following new subparts (x) and (xi) at the end
thereto:

     (x) any investments made pursuant to that certain Relocation Management Agreement
between Agilysys and Corporate Relocation Management, Inc., executed by Agilysys on January
9, 2004, as amended from time to time, or any similar or related agreement by a Company, so
long as the aggregate amount of all such investments for all Companies shall not be in
excess of Two Million Dollars ($2,000,000) at any time outstanding; or

     (xi) any other loans, investments or guaranties by a Company, not otherwise permitted
by subparts (i) through (x) above, in an aggregate amount for all Companies not to exceed
Five Million Dollars ($5,000,000) at any time outstanding.

     5. Closing Items. Concurrently with the execution of this Amendment, Agilysys shall:

	 	(a)	 	cause each Guarantor of Payment to execute the attached Acknowledgement and Agreement; and
	 
	 	(b)	 	pay all legal fees and expenses of Agent in connection with this Amendment.

     6. Representations and Warranties. (a) Each Borrower has the legal power and
authority to execute and deliver this Amendment; (b) the officers executing this Amendment have
been duly authorized to execute and deliver the same and bind each Borrower with respect to the
provisions hereof; (c) the execution and delivery hereof by each Borrower and the performance and
observance by each Borrower of the provisions hereof do not violate or conflict with the
organizational agreements of such Borrower or any law applicable to such Borrower or result in a
breach of any provision of or constitute a default under any other agreement, instrument or
document binding upon or enforceable against such Borrower; (d) no Default or Event of Default
exists under the Credit Agreement, nor will any occur immediately after the execution and delivery
of this Amendment or by the performance or observance of any provision hereof; (e) no Borrower is
aware of any claim or offset against, or defense or counterclaim to, such Borrower’s obligations or
liabilities under the Credit Agreement or any Related Writing; and (f) this Amendment constitutes a
valid and binding obligation of each Borrower in every respect, enforceable in accordance with its
terms.

     7. References to Credit Agreement. Each reference that is made in the Credit
Agreement or any Related Writing shall hereafter be construed as a reference to the Credit
Agreement as amended hereby. Except as herein otherwise specifically provided, all terms and
provisions of the Credit Agreement are confirmed and ratified and shall remain in full force and
effect and be unaffected hereby. This Amendment is a Related Writing.

     8. Waiver. Each Borrower, by signing below, hereby waives and releases Agent and the
Lenders and their respective directors, officers, employees, attorneys, affiliates and subsidiaries
from any and all claims, offsets, defenses and counterclaims of which such Borrower is aware, such
waiver and release being with full knowledge and understanding of the circumstances and effect
thereof and after having consulted legal counsel with respect thereto.

 

 

     9. Counterparts. This Amendment may be executed in any number of counterparts, by
different parties hereto in separate counterparts and by facsimile signature, each of which when so
executed and delivered shall be deemed to be an original and all of which taken together shall
constitute but one and the same agreement.

     10. Headings. The headings, captions and arrangements used in this Amendment are for
convenience only and shall not affect the interpretation of this Amendment.

     11. Severability. Any term or provision of this Amendment held by a court of
competent jurisdiction to be invalid or unenforceable shall not impair or invalidate the remainder
of this Amendment and the effect thereof shall be confined to the term or provision so held to be
invalid or unenforceable.

     12. Governing Law. The rights and obligations of all parties hereto shall be governed
by the laws of the State of Ohio, without regard to principles of conflicts of laws.

[Remainder of page intentionally left blank.]

 

 

     JURY TRIAL WAIVER. BORROWERS, THE LENDERS AND AGENT, TO THE EXTENT PERMITTED BY
LAW, EACH HEREBY WAIVES ANY RIGHT TO HAVE A JURY PARTICIPATE IN RESOLVING ANY DISPUTE, WHETHER
SOUNDING IN CONTRACT, TORT OR OTHERWISE, AMONG BORROWERS, THE LENDERS AND AGENT, OR ANY THEREOF,
ARISING OUT OF, IN CONNECTION WITH, RELATED TO, OR INCIDENTAL TO THE RELATIONSHIP ESTABLISHED AMONG
THEM IN CONNECTION WITH THIS AMENDMENT OR ANY NOTE OR OTHER INSTRUMENT, DOCUMENT OR AGREEMENT
EXECUTED OR DELIVERED IN CONNECTION HEREWITH OR THE TRANSACTIONS RELATED THERETO.

     IN WITNESS WHEREOF, the parties have executed and delivered this First Amendment Agreement in
Cleveland, Ohio as of the date first set forth above.

	 	 	 	 	 
	 	AGILYSYS, INC.

 	 
	 	By:  	/s/ Martin F. Ellis
 	 
	 	 	Martin F. Ellis 	 
	 	 	Executive Vice President, Treasurer and
Chief Financial Officer 	 

	 	 	 	 	 
	 	LASALLE BANK NATIONAL ASSOCIATION, 

as Agent and as a Lender

 	 
	 	By:  	/s/ Brian H. Gallagher
 	 
	 	 	Name:  	Brian H. Gallagher 	 
	 	 	Title:  	Vice President 	 

	 	 	 	 	 
	 	NATIONAL CITY BANK, as Syndication

Agent and as a Lender

 	 
	 	By:  	/s/ Matthew J. Gavsman
 	 
	 	 	Name:  	Matthew J. Gavsman 	 
	 	 	Title:  	Assistant Vice President 	 

Signature Page 1 of 3

of the Amendment Agreement

 

 

	 	 	 	 	 
	 	HARRIS N.A., as Co-Documentation Agent

and as a Lender

 	 
	 	By:  	/s/ Thad Rasche
 	 
	 	 	Name:  	Thad Rasche 	 
	 	 	Title:  	Director 	 
	 	

CHARTER ONE BANK, N.A.,

as Co-Documentation Agent and as a Lender

 	 
	 	By:  	/s/ Michael Dolson
 	 
	 	 	Name:  	Michael Dolson 	 
	 	 	Title:  	Vice President 	 

	 	 	 	 	 
	 	U.S. BANK NATIONAL ASSOCIATION,

as Managing Agent and as a Lender

 	 
	 	By:  	/s/ Frances W. Josephic
 	 
	 	 	Name:  	Frances W. Josephic 	 
	 	 	Title:  	Vice President 	 

	 	 	 	 	 
	 	JPMORGAN CHASE BANK, N.A.

 	 
	 	By:  	/s/ Anthony Galea
 	 
	 	 	Name:  	Anthony Galea 	 
	 	 	Title:  	Associate 	 

	 	 	 	 	 
	 	PNC BANK, NATIONAL ASSOCIATION

 	 
	 	By:  	/s/ Lisa Anderson
 	 
	 	 	Name:  	Lisa Anderson 	 
	 	 	Title:  	Assistant Vice President 	 

Signature Page 2 of 3

of the Amendment Agreement

 

	 	 	 	 	 
	 	FIFTH THIRD BANK

 	 
	 	By:  	/s/ Roy C. Lanctot
 	 
	 	 	Name:  	Roy C. Lanctot 	 
	 	 	Title:  	Vice President 	 

	 	 	 	 	 
	 	FIRSTMERIT BANK, N.A.

 	 
	 	By:  	/s/ Kenneth L. Johnson
 	 
	 	 	Name:  	Kenneth L. Johnson 	 
	 	 	Title:  	Vice President 	 

	 	 	 	 	 
	 	HSBC BANK USA, NATIONAL ASSOCIATION

 	 
	 	By:  	/s/ Robert J. McArdle
 	 
	 	 	Name:  	Robert J. McArdle 	 
	 	 	Title:  	Vice President 	 

Signature
Page 3 of 3

of the Amendment Agreement

 

 

ACKNOWLEDGMENT AND AGREEMENT

The undersigned consents and agrees to and acknowledges the terms of the foregoing First
Amendment Agreement dated as of April 1, 2006. The undersigned further agrees that the obligations
of the undersigned pursuant to the Guaranty of Payment executed by the undersigned are hereby
ratified and shall remain in full force and effect and be unaffected hereby.

The undersigned hereby waives and releases Agent and the Lenders and their respective directors,
officers, employees, attorneys, affiliates and subsidiaries from any and all claims, offsets,
defenses and counterclaims of any kind or nature, absolute and contingent, of which the undersigned
is aware or should be aware, such waiver and release being with full knowledge and understanding of
the circumstances and effect thereof and after having consulted legal counsel with respect thereto.

JURY TRIAL WAIVER. THE UNDERSIGNED, TO THE EXTENT PERMITTED BY LAW, HEREBY WAIVES ANY
RIGHT TO HAVE A JURY PARTICIPATE IN RESOLVING ANY DISPUTE, WHETHER SOUNDING IN CONTRACT, TORT OR
OTHERWISE, AMONG BORROWERS, AGENT, THE LENDERS AND THE UNDERSIGNED, OR ANY THEREOF, ARISING OUT OF,
IN CONNECTION WITH, RELATED TO, OR INCIDENTAL TO THE RELATIONSHIP ESTABLISHED AMONG THEM IN
CONNECTION WITH THIS AMENDMENT OR ANY NOTE OR OTHER INSTRUMENT, DOCUMENT OR AGREEMENT EXECUTED OR
DELIVERED IN CONNECTION HEREWITH OR THE TRANSACTIONS RELATED THERETO.

	 	 	 	 	 
	AGILYSYS NV, LLC 

 	 	 
	By:  	/s/ Maurice W. Lashley
 	 	 
	 	Maurice W. Lashley 	 	 
	 	President, Chairman and
General Manager 	 	 
	 

Signature
page to the

Acknowledgement and AgreementExhibit 4.1

     

    Exhibit
      4.1

     

     

     

     

     

     

    
      _______________________________________________

    

     

    THE
      GLOBAL SOURCES

    EQUITY
      COMPENSATION (2007) MASTER PLAN

    _______________________________________________

    

     

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    
 

    CONTENTS

    
      	
              No.

            	
              Section

            	
              Page

            
	
              1.

               

            	
              Name
                of the Plan

               

            	
              1

               

            
	
              2.

               

            	
              Purpose
                of the Plan

               

            	
              1

               

            
	
              3.

               

            	
              Shares
                Subject to the Plan

               

            	
              1

               

            
	
              4.

               

            	
              Eligible
                Persons

               

            	
              1

               

            
	
              5.

               

            	
              No
                Payment

               

            	
              2

               

            
	
              6.

               

            	
              Non-transferability

               

            	
              2

               

            
	
              7.

               

            	
              Adjustments

               

            	
              2

               

            
	
              8.

               

            	
              Vesting
                of Shares and forfeiture of unvested Shares

               

            	
              2

               

            
	
              9.

               

            	
              Transfer
                of Shares

               

            	
              3

               

            
	
              10.

               

            	
              Plan
                Duration

               

            	
              4

               

            
	
              11.

               

            	
              Administration

               

            	
              4

               

            
	
              12.

               

            	
              Government
                Regulations

               

            	
              4

               

            
	
              13.

               

            	
              Costs
                and Expenses

               

            	
              4

               

            
	
              14.

               

            	
              Amendment
                or Termination of the Plan

               

            	
              4

               

            
	
              15.

               

            	
              Limitation
                of Liability

               

            	
              5

               

            
	
              16.

               

            	
              Governing
                Law and Jurisdiction

               

            	
              5

               

            

    

    

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    

    THE
      GLOBAL SOURCES

     

    EQUITY
      COMPENSATION (2007) MASTER PLAN

     

    1.  Name
      of the Plan

     

    
      	1.1  	
              This
                equity compensation plan shall be known as “The Global Sources Equity
                Compensation (2007) Master Plan” (the “Plan”).

            

    

     

    
      	2.  	
              Purpose
                of the Plan

            

    

     

    
      	2.1  	
              Under
                this Plan, grants (“Grants”),
                or individually a grant (“Grant”),
                of common shares of One United States Cent (US$0.01) par value each
                (the
                “Shares”)
                of Global Sources Ltd. (the “Company”),
                may be awarded from time to time to Global Sources Team Members (as
                defined in Section 4.1 below), by the Plan Committee (as defined
                in
                Section 3.3 below); provided however that the total number of all
                Shares
                awarded pursuant to such Grants shall not exceed three million (3,000,000)
                in the aggregate.

            

    

     

    
      	3.  	
              Shares
                Subject to the Plan

            

    

     

    
      	3.1  	
              All
                Shares under a Grant, which have been awarded in accordance with
                the
                provisions of this Plan, shall be issued by the Company to Appleby
                Trust
                (Bermuda) Limited (“Trustee”)
                to be held by it as trustee of a trust to be known as “The Global Sources
                Equity Compensation Trust 2007” (the “Trust”),
                and shall be eligible for transfer (and shall be transferred) by
                the
                Trustee to the respective Global Sources Team Members who have received
                Grants pursuant to this Plan (each a “Grantee”,
                and collectively the “Grantees”),
                subject to and in accordance with the applicable vesting rules and
                other
                applicable provisions of this Plan (including but not limited to
                the
                provisions of Section 7 below with regard to any adjustments (if
                applicable)).

            

    

     

    
      	3.2  	
              Shares
                which are not awarded under this Plan shall be available for the
                award of
                any future Grant or Grants under this Plan or any subsequent equity
                compensation plans.

            

    

     

    
      	3.3  	
              The
                document for the establishment of the Trust (“Trust
                Document”)
                shall provide for a plan committee (“Plan
                Committee”)
                to determine the award and allocation of Grants, Shares and other
                related
                benefits to the Grantees. The Plan Committee shall be constituted
                by the
                Company pursuant to the Trust Document, and shall consist of not
                less than
                three (3) and not more than five (5) individuals to be appointed
                by the
                Company’s board of directors. The details of the Plan Committee’s powers,
                functions and terms of reference shall be set out in the Trust
                Document.

            

    

     

    
      	4.  	
              Eligible
                Persons

            

    

     

    
      	4.1  	
              In
                this Plan, a “Global
                Sources Team Member”
                shall mean any person who is at the time of a Grant (made pursuant
                to this
                Plan) employed or engaged (“eligibly
                employed”)
                as an employee, director or consultant
                of:-

            

    

     

    
      	(a)  	
              the
                Company or any of its subsidiaries (the Company and its subsidiaries
                being
                hereinafter collectively referred to as the “Global
                Sources Group”);
                or

            

    

     

    
      	(b)  	
              any
                independent contractor of any Global Sources Group entity, as determined
                by the Plan Committee from time to time (“Other
                Relevant Entity”).

            

    

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    

     

    
      	4.2  	
              Global
                Sources Team Members are eligible to be
                Grantees.

            

    

     

    
      	4.3  	
              The
                award of Grants shall be determined by resolution of the Plan Committee.
                The Plan Committee shall also be entitled to determine who amongst
                the
                various potentially eligible Grantees shall actually be awarded Shares
                under a Grant; the number of Shares which may be awarded to a Grantee
                under a Grant; the applicable periods, schedules, installments, rules,
                regulations, terms and conditions for the vesting of Shares awarded
                to
                Grantees under a Grant (“Vesting
                Rules”);
                and such other related benefits and matters, and such other rules
                and
                regulations for the carrying out of the Plan, as may be deemed fit
                or
                appropriate by the Plan Committee (to the extent not inconsistent
                with the
                provisions of this Plan) (“Other
                Rules/Matters”).

            

    

     

    
      	5.  	
              No
                Payment

            

    

     

    
      	5.1  	
              There
                shall be no payment by a Grantee for Shares awarded under a
                Grant.

            

    

     

    
      	6.  	
              Non-transferability

            

    

     

    
      	6.1  	
              Any
                Grant and any Shares awarded thereunder (whether unvested or vested)
                shall
                be non-transferable by the Grantee, except in accordance with the
                provisions of Section 9 below.

            

    

     

    
      	7.  	
              Adjustments

            

    

     

    
      	7.1  	
              If
                the outstanding Shares then subject to this Plan are changed into
                or
                exchanged for a different number or kind of shares or securities,
                as a
                result of one (1) or more reorganisations, recapitalisations, stock
                splits, reverse stock splits, stock dividends or the like, appropriate
                adjustments shall be made in the number and/or type of shares or
                securities for which Shares pursuant to Grants then outstanding under
                this
                Plan may thereafter be vested.

            

    

     

    
      	8.  	
              Vesting
                of Shares and forfeiture of unvested
                Shares

            

    

     

    
      	8.1  	
              Shares
                under a Grant awarded pursuant to this Plan shall vest in the Grantee
                in
                accordance with the applicable Vesting Rules, subject however to
                the
                provisions of Section 8.2 below.

            

    

     

    
      	8.2  	
              In
                the case of any Grant awarded
                hereunder:

            

    

     

    
      	(a)  	
              if
                a
                Grantee ceases to be eligibly employed by any Global Sources Group
                entity
                or any Other Relevant Entity, for any reason whatsoever, other than
                because of “normal retirement” (as defined in Section 8.3 below) (in which
                case the provisions of this Section 8.2(a) shall apply), or death
                or
                disability (in which case, the provisions of Section 8.2(b) below
                shall
                apply), all rights and entitlement of the Grantee to the vesting
                of Shares
                which have been awarded pursuant to the Grant, but which have not
                yet
                vested at the date of the Grantee ceasing to be eligibly employed,
                shall
                automatically terminate and be forfeited, concurrently with such
                cessation
                of eligible employment; or

            

    

     

    
      	(b)  	
              if
                the Grantee shall die, become disabled, or take normal retirement
                while
                eligibly employed by a Global Sources Group entity or Other Relevant
                Entity, or, in the case of death, the person or persons to whom the
                Grantee’s rights under the Grant shall have lawfully passed (whether by
                will, or by the applicable laws of succession or otherwise), shall
                retain
                the same rights of vesting, with respect to Shares already awarded
                pursuant to the Grant but not yet vested at the time of death, disablement
                or normal retirement (as the 

            

    

     

    
      
        
        

      

      
        -2-

        
          

        

      

      
        
        

      

    

    case
      may
      be), as would have been available if the Grantee had continued to be eligibly
      employed.

     

    
      	8.3  	
              For
                the purposes hereof, “normal
                retirement”
                shall mean retirement (from active employment or engagement) by the
                person
                eligibly employed:-

            

    

     

    
      	(a)  	
              on
                or after the normal retirement date specified in the applicable pension
                plan or other applicable retirement policy;
                or

            

    

     

    
      	(b)  	
              if
                there is no such applicable pension plan or other applicable retirement
                policy, on or after such normal retirement age as may be prescribed
                by the
                Plan Committee (if and to the extent not in contravention of any
                minimum
                retirement age prescribed by the applicable law, if any, otherwise
                the
                minimum retirement age for the purposes of this subsection (b) shall
                be
                that prescribed by the applicable law instead);
                or

            

    

     

    
      	(c)  	
              where,
                notwithstanding that such retirement occurred before the relevant
                date
                referred to in subsection (a) or (b) above, the Plan Committee considers
                (in its sole and absolute discretion) that such retirement shall
                be
                treated as a “normal
                retirement”
                for the purposes of this Section 8.

            

    

     

    
      	9.  	
              Transfer
                of Shares

            

    

     

    
      	9.1  	
              Upon
                award of a Grant, the Shares awarded to each Grantee under such Grant
                shall not vest in the Grantee, but shall be issued by the Company
                to the
                Trustee and held by the Trustee for the Grantee and shall only be
                transferred by the Trustee to the Grantee in accordance with the
                Vesting
                Rules prescribed by the Plan Committee, subject however to the provisions
                of this Section 9 and any other applicable provisions of this
                Plan.

            

    

     

    
      	9.2  	
              At
                the time when Shares (awarded pursuant to a Grant) are to vest in
                a
                Grantee pursuant to the Vesting Rules, the Grantee may direct the
                Trustee
                to transfer such Shares to such person as the Grantee directs; provided
                that, in the event of the Grantee directing the Trustee to transfer
                the
                Shares to someone other than the Grantee, the Grantee shall be responsible
                for (i) any and all compliance with applicable laws and regulations
                pertaining to such transfer and the eligibility of such other person
                to
                accept such transfer and to receive and hold the transferred Shares;
                and
                (ii) any and all obligations, liabilities or taxes incurred as a
                consequence of, or arising from or in connection with, such direction
                and
                transfer.

            

    

     

    
      	9.3  	
              If
                Grantee ceases to be eligibly employed by reason of death, disability
                or
                normal retirement, before Shares (awarded pursuant to a Grant) have
                vested
                in a Grantee pursuant to the Vesting Rules, then the Grantee (or
                the
                personal representative of the Grantee as the case may be) may direct
                the
                Trustee to transfer to the Grantee (or the personal representative,
                as the
                case may be), or to such person as the Grantee (or the personal
                representative of the Grantee, as the case may be) directs, such
                Shares,
                at the time when such Shares are to vest pursuant to the Vesting
                Rules;
                provided that, in the event of the Grantee (or the personal representative
                of the Grantee, as the case may be) directing the Trustee to transfer
                the
                Shares to someone other than the Grantee, the Grantee (or the personal
                representative of the Grantee, as the case may be) shall be responsible
                for (i) any and all compliance with applicable laws and regulations
                pertaining to such transfer and the eligibility of such other person
                to
                accept such transfer and to receive and hold the transferred Shares;
                and
                (ii) any and all obligations, liabilities or taxes incurred as a
                consequence of, or arising from or in connection with, such direction
                and
                transfer.

            

    

     

    
      
        
        

      

      
        -3-

        
          

        

      

      
        
        

      

    

    

     

    
      	10.  	
              Plan
                Duration

            

    

     

    
      	10.1  	
              This
                Plan shall commence on 1 January 2007 (“Commencement
                Date”)
                and shall expire on 31 December 2012 (“Expiration
                Date”),
                unless terminated earlier in accordance with the provisions of this
                Plan.

            

    

     

    
      	10.2  	
              No
                Grants may be awarded after the expiration or termination of this
                Plan.

            

    

     

    
      	11.  	
              Administration

            

    

     

    
      	11.1  	
              This
                Plan shall be managed and administered by the Trustee, subject always
                to
                the directions of the Plan Committee as provided under the Trust
                Document.

            

    

     

    
      	11.2  	
              The
                interpretation and construction by the Plan Committee of any of the
                provisions of this Plan or of any Grants awarded hereunder shall
                be final
                and binding upon Grantees and their respective successors, unless
                otherwise determined by the Company’s board of directors, in which case
                such determination of the Company’s board of directors shall be final and
                binding.

            

    

     

    
      	11.3  	
              The
                Trustee, the Plan Committee, the Company’s board of directors and the
                Company shall not be liable for any action taken, or determination
                made,
                in good faith, in connection with this
                Plan.

            

    

     

    
      	11.4  	
              The
                Plan Committee may, subject to the provisions of this Plan, issue
                a
                certificate or other form or forms of instruments (including but
                not
                limited to any addendum, supplementary, ancillary, secondary or subsidiary
                document(s) to this Plan) as the Plan Committee may (in its sole
                and
                absolute discretion) determine, for the purposes of documenting and/or
                evidencing Grants awarded under this Plan, and the Vesting Rules
                and any
                Other Rules/Matters pertaining
                thereto.

            

    

     

    
      	11.5  	
              The
                Company or its board of directors may delegate any of its powers,
                rights,
                duties and/or responsibilities under this Plan to the Plan Committee,
                who
                may discharge the same with the authority and in the place and stead
                of
                the Company or its board of directors (as the case may
                be).

            

    

     

    
      	12.  	
              Government
                Regulations

            

    

     

    
      	12.1  	
              The
                Trustee shall not issue any Shares under any Grant upon the vesting
                thereof, unless and until all applicable licences, permissions and
                authorisations required to be granted by the Government of Bermuda,
                or by
                any authority or agency thereof, if any, shall have been duly
                received.

            

    

     

    
      	13.  	
              Costs
                and Expenses

            

    

     

    
      	13.1  	
              All
                costs and expenses with respect to the adoption of this Plan and
                in
                connection with the registration of Shares shall be borne by the
                Company;
                provided, however, that (except as otherwise specifically provided
                in this
                Plan or in any agreement between the Company and a Grantee), the
                Company
                shall not be obliged to pay any costs or expenses (including but
                not
                limited to any legal fees) incurred by any Grantee in connection
                with any
                Grant or Shares held or transferred by any
                Grantee.

            

    

     

    
      	14.  	
              Amendment
                or Termination of the
                Plan

            

    

     

    
      	14.1  	
              Subject
                to the provisions of Section 14.2 below, this Plan may be altered,
                amended, suspended or terminated by resolution of the Company’s board of
                directors (acting in their sole and absolute discretion); provided
                however
                that, except as otherwise provided in this Plan, no such action shall
                

            

    

     

    
      
        
        

      

      
        -4-

        
          

        

      

      
        
        

      

    

    deprive
      any Grantee, without his or her consent, of any of his/her rights under a Grant
      already awarded pursuant to this Plan.

     

    
      	14.2  	
              Save
                as herein provided, the Company’s board of directors shall not be entitled
                to take any action with respect to any of the following matters,
                except
                with the approval of a resolution of a majority of the shareholders
                of the
                Company in general meeting:

            

    

     

    
      	(a)  	
              any
                extension of the Expiration Date of this Plan;
                or

            

    

     

    
      	(b)  	
              any
                alteration of the class of persons eligible to be Grantees under
                this
                Plan.

            

    

     

    
      	14.3  	
              For
                the avoidance of doubt, no amendment of this Plan shall increase
                the
                duties and/or responsibilities of the Trustee without its
                consent.

            

    

     

    
      	15.  	
              Limitation
                of Liability

            

    

     

    
      	15.1  	
              No
                member of the Company’s board of directors or the Plan Committee, or any
                person authorised to act on their behalf, shall be personally liable
                for
                any action, determination or interpretation taken or made in good
                faith
                with respect to this Plan, and all members of the Company’s board of
                directors or the Plan Committee, and each and any person authorised
                to act
                on their behalf, shall, to the extent permitted by law, be fully
                indemnified and protected by the Company in respect of any such action,
                determination or interpretation.

            

    

     

    
      	16.  	
              Governing
                Law and Jurisdiction

            

    

     

    
      	16.1  	
              This
                Plan shall be governed by and interpreted and construed in accordance
                with
                the laws of Bermuda; and the Company, the Trustee, the Plan Committee
                (and
                its members), and each Grantee, hereby irrevocably submits to the
                jurisdiction of the courts of
                Bermuda.

            

    

     

    
-5-

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00112-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00112-of-00352.parquet"}]]