Document:

Exhibit 4.1

	
  
 
  	
  
 
  	
  
 
  	
  
 
  	
  
 
  
	
  
 
  	
  
CLASS   E COMMON STOCK
  	
  
 
  	
  
Incorporated by Public   Instrument No. 9,526 executed before Notary Public Number Four of the   Circuit of Panama on November 30, 1977, record in the Public Registry Office   of Panama, Microfilm (Mercantile) Section at Microjacket 021666, Roll 1050,   Frame 0002, on January 19, 1978.
  	
  
[SHARES]
   
   
SPECIMEN
  
	
  
 
  	
  

  	
  
 
  	
  
 
  	
  
 
  
	
  Number
  	
  
BLADEX
  	
  
 
  	
  
The authorized capital of   Banco Latinoamericano de Exportaciones, S.A. (BLADEX) is One Hundred Eighty   Five Million shares divided as follows:
  	
  
 
  
	
  
 
  	
  

  	
  
 
  	
  
 
  	
  
 
  
	
   
 	
  
INCORPORATED   UNDER THE LAWS
   OF THE REPUBLIC OF PANAMA
  	
  
 
  	
  
 
  	
  
 
  
	
  
 
  	
  
 
  	
  
 
  	
  
Forty   Million Class A Common Stock no par value;
  	
  
 
  
	
  
 
  	
  
 
  	
  
 
  	
  
Forty   Million Class B Common Stock no par value;
  	
  
 
  
	
   
  	
  
 
  	
  
 
  	
  
One   Hundred Million Class E Common Stock no par value;
  	
  
 
  
	
  
 
  	
  
 
  	
  
 
  	
  
Five   Million Preferred Stock with a par value of US$10.00 each.
  	
  
 
  
	
  
 
  	
  
 
  	
  
 
  	
   
 	
  
 
  
	
  
 
  	
  
 
  	
  
 
  	
  
SEE   REVERSE FOR CERTAIN DEFINITIONS
   
CUSIP P16994 13 2
  	
  
 
  

	
  
 
  	
  
BANCO LATINOAMERICANO DE   EXPORTACIONES, S.A. (BLADEX)
  
	
  
 
  	
  
THIS CERTIFIES THAT
  
	
  
 
  	
  
 
  
	
  
 
  	
  
SPECIMEN
  
	
  
 
  	
  
 
  
	
  
 
  	
  
is the   owner of
  
	
  
 
  	
  
fully paid and non-assessable shares without par value of   the Class E Common Stock of Banco Latinoamericano de Exportaciones, S.A.   (BLADEX)

	
  
 
  	
  
 
  
	
  
 
  	
  
(hereinafter   called the Corporation) transferable on the books of the Corporation in   person or by duly authorized attorney upon the surrender of this certificate   properly endorsed.
  
	
   
  	
  
This   certificate and the shares represented hereby are issued and shall be held   subject to all the provisions of the Articles of Incorporation pursuant to   which the Corporation was formed and all amendments thereto and to the   By-Laws of the Corporation, copies of which are on file with the Corporation   and the Transfer Agent and to all of which the holder of this certificate by   the acceptance hereof assents and agrees. A summary of such rights,   privileges and restrictions is provided on the back of this certificate.
  
	
  
 
  	
  
This certificate is not valid until countersigned and   registered by the Transfer Agent and Registrar.
  
	
  
 
  	
  
Witness the facsimile seal of the Corporation and the   facsimile signatures of its duly authorized officers.
  
	
  
 
  	
  
 
  
	
  
Dated:
  	
  
SPECIMEN
  

	
  COUNTERSIGNED AND REGISTERED:
  	
  
 
  	
  
 
  	
  
 
  
	
  
THE BANK OF NEW YORK,   (NEW YORK)
  	
  
 
  	
  
 
  	
  
 
  	
  
 
  
	
  
BY
  	
  
TRANSFER AGENT
   AND REGISTRAR
  	
  
 
  	
  
 
  	
  
 
  
	
  
 
  	
  
[BLADEX SEAL]
  
	
  
 
  	
   
 
	
  
 
  	
  
 
  	
  
 
  	
  
 
  	
  
 
  
	
   
  	
  
AUTHORIZED SIGNATURE
  	
  
/s/ Ricardo Arango
  	
  
 
  	
  
/s/ Jaime Rivera
  
	
  
 
  	
  
 
  	
  

  	
  
 
  	
  

  
	
  
 
  	
  
 
  	
  
SECRETARY
  	
  
 
  	
  
CHIEF EXECUTIVE OFFICER
  

SUMMARY OF RIGHTS, PRIVILEGES AND RESTRICTIONS

          Ownership Restrictions:  Class A Shares may be issued only to the central banks and other governmental banks and institutions of Latin American countries.  Class B Shares may be issued only to commercial banks and financial institutions. Class E Shares may be issued to any person or institution.

            Each of the Class A and B Shares may be transferred only among those institutions which are eligible to own such Class of Shares.  Class E Shares are freely transferable.

          Preemptive Rights:  The Articles of Incorporation of the Corporation, as the same are in full force and effect from time to time (the “Articles of Incorporation”), provide that, under certain conditions, each holder of the Class A and B Shares has a preemptive right to subscribe for additional Shares of the same Class issued by the Corporation as a result of an increase of capital. Holders of Class E Shares have no preemptive rights.

            Conversion Rights:  Subject to certain conditions and limitations set forth in the Articles of Incorporation, the holders of Class B Shares have the right to convert their Class B Shares into Class E Shares.

            Voting Rights:  Each Share of Common Stock shall be entitled to one vote at all stockholders meetings, except with respect to the election of Directors, in which case the Articles of Incorporation provide for cumulative voting per Class. Resolutions may be adopted by a majority vote of those Shares of Common Stock present at a meeting.  The Articles of Incorporation provide, however, that for the adoption of certain important resolutions, the majority vote of the Shares of Common Stock present at the meeting and the vote of three-fourths of the issued and outstanding Class A Shares will be required.

            Election of Directors:  The shareholders of each Class shall elect the number of directors that they are entitled to appoint in accordance with the provisions of the Articles of Incorporation of the Corporation.  Each Class of Shares votes separately as a Class and is entitled to cumulative voting for the election of Directors.  Directors elected by the holders of a Class of Shares may be removed only by the holders of such Class of Shares.  The holders of Preferred Stock shall not be entitled to elect Directors, except that, under certain circumstances, the holders of Preferred Stock will be entitled to elect one Director, as provided in the Articles of Incorporation.  

            Dividends:  Subject to the conditions in the Articles of Incorporation, the holders of the Shares of Common Stock are entitled to receive dividends, when declared and paid by the Board of Directors.  The Preferred Stock has a minimum cumulative preferred dividend of 8% per annum.  No cash dividend may be paid on the Common Stock for any fiscal year until the Corporation has paid the minimum preferred dividend on Preferred Stock for that year and any prior years.  If the cash dividend paid on the Common Stock is greater than 8% of their deemed par value, the Preferred Stock will receive a dividend equivalent to the same percentage.

          The foregoing is a summary of the general terms and conditions applicable to the holders of Common Stock, and it does not purport to replace or supersede the specific conditions set forth in the Articles of Incorporation and By-Laws of the Corporation, as the same are in full force and effect from time to time (the “By-Laws”).  A reading of the Articles of Incorporation and By-Laws is, therefore, necessary in order to fully appreciate the terms, conditions and restrictions which may be applicable in each case.  The Articles of Incorporation are deemed to be fully incorporated herein by reference.  The Corporation will furnish to any shareholder, upon request and without charge, a full statement of the designations, relative rights, preferences and limitations of the shares of each class and series authorized to be issued, so far as the same have been determined.

            Class E Shares may not be sold or transferred except as permitted by applicable securities law including in compliance with the registration requirements for sale or transfer of such shares under the United States Securities Act of 1933, as amended (the “Securities Act”) or in reliance upon exemptions from the registration requirements for sale or transfer of such shares under the Securities Act.

            The following abbreviations, when used in the inscription on the face of this certificate, shall be construed as though they were written out in full according to applicable laws or regulations:

	
  TEN COM 
  	
  
–
  	
  
as tenants in common
  	
  
 
  	
  
UNIF GIFT MIN ACT    –  ________________ Custodian__________
  
	
  
TEN ENT 
  	
  
–
  	
  
as tenants by the entireties
  	
  
 
  	
  
                                                      (Cust)                                 (Minor)

  
	
  
JT TEN 
  	
  
–
  	
  
as joint tenants with right of survivorship and not   as tenants in common
  	
  
 
  	
  
                                        under   Uniform Gifts to Minors
                                           Act   _____________________
                                                                  (State)
  

Additional abbreviations may also be used though not in the above list.

For value received, ____________________________________________________ hereby sell, assign and transfer unto

	
  
 
  	
  
 
  
	
  
PLEASE INSERT SOCIAL   SECURITY OR OTHER
  	
  
 
  
	
  
IDENTIFYING NUMBER OF   ASSIGNEE
  	
  
 
  
	
   
 	
  
 
  
	
  

  	
  
 
  

	 
	
  

  
	
  
(PLEASE PRINT OR   TYPEWRITE NAME AND ADDRESS, INCLUDING ZIP CODE, OF ASSIGNEE)
  
	
  
 
  
	
  

  
	 
	
  

  

___________________________________________________________________________________________shares of the capital stock represented by the within Certificate, and do hereby irrevocably constitute and appoint

________________________________________________________________________________________Attorney to transfer the said stock on the books of the within named Corporation with full power of substitution in the premises.

	
  
Dated:_______________________
  	
  
 
  	
  
 
  
	
  
 
  	
  
 
  	
  
 
  
	
  
 
  	
  
 
  	
  

  
	
  
 
  	
  
NOTICE
  	
  
THE SIGNATURE TO THIS ASSIGNMENT MUST CORRESPOND   WITH THE NAME AS WRITTEN UPON THE FACE OF THE CERTIFICATE IN EVERY   PARTICULAR, WITHOUT ALTERATION OR ENLARGEMENT OR ANY CHANGE WHATEVER.Exhibit 4.2

BLADEX 2003 RESTRICTED STOCK PLAN

TABLE OF CONTENTS

	
  
 
  	
  
 
  	
  
Page
  
	
  
 
  	
  
 
  	
   
 
	
  
1.
  	
  
Definitions
  	
  
1
  
	
  
 
  	
  
 
  	
   
 
	
  
2.
  	
  
Effective Date and   Termination of Plan
  	
  
2
  
	
  
 
  	
  
 
  	
   
 
	
  3.
  	
  
Award of Restricted Stock
  	
  
2
  
	
  
 
  	
  
 
  	
   
 
	
  
4.
  	
  
Certain Restrictions
  	
  
3
  
	
  
 
  	
  
 
  	
   
 
	
  
5.
  	
  
Tax Withholding
  	
  
4
  
	
  
 
  	
  
 
  	
   
 
	
  
6.
  	
  
Regulations and Approvals
  	
  
4
  
	
  
 
  	
  
 
  	
   
 
	
  7.
  	
  
Interpretation and   Amendments; Other Rules
  	
  
5
  
	
  
 
  	
  
 
  	
   
 
	
  
8.
  	
  
Changes in Capital   Structure
  	
  
5
  
	
  
 
  	
  
 
  	
   
 
	
  
9.
  	
  
Notices
  	
  
6
  
	
  
 
  	
  
 
  	
   
 
	
  
10.
  	
  
No Rights to Employment or   Other Service
  	
  
6
  
	
  
 
  	
  
 
  	
   
 
	
  11.
  	
  
Exculpation and   Indemnification
  	
  
6
  
	
  
 
  	
  
 
  	
   
 
	 12.
	 Captions
	 6

	  
	  
	 

	
  
13.
  	
  
    Governing Law
  	
  
6
  

-i-

BLADEX 2003 RESTRICTED STOCK PLAN

           BANCO LATINOAMERICANO DE EXPORTACIONES, S.A., a corporation organized under the laws of the Republic of Panama wishes to compensate its Directors for their services to the Company, to induce these Directors to remain with the Company, and to provide them with long-term incentives for sustained high levels of performance.  In furtherance thereof, the Bladex`s 2003 Restricted Stock Plan is designed to provide Restricted Stock to Directors of the Company.

	
  
     
  	
  
    1.
  	
  
    Definitions.
  
	
   
  	
  
 
  	
  
 
  
	
  
 
  	
  
Whenever used herein, the   following terms shall have the meanings set forth below:
  
	
  
 
  	
  
 
  
	
  
           “Award   Agreement” means a written agreement in a form approved by the Committee   to be entered into by the Company and the Director regarding the award of   Restricted Stock as provided in Section 3.
  
	
  
 
  
	
  
 
  	
  
“Award Date” has   the meaning set forth in Section 3.
  
	
  
 
  	
  
 
  
	
  
 
  	
  
“Board” means the   Board of Directors of the Company.
  
	
  
 
  	
  
 
  
	
   
  	
  
“Cause” means the   occurrence of one of the following:
  
	
  
 
  	
  
 
  
	
  
 
  	
  
(i)          the   commission by the Director of an act of deliberately criminal or fraudulent   misconduct in the line of duty to the Company or any of its Subsidiaries   (including but not limited to, fraud, misappropriation, embezzlement or the   willful violation of any material law, rule, regulation, or cease and desist   order applicable to the Director, the Company or any of its Subsidiaries), or   a deliberate, willful breach of fiduciary duty owed by the Director to the   Company or any of its Subsidiaries; or
  
	
  
 
  	
  
 
  
	
  
 
  	
  
(ii)          intentional,   continued failure by the Director to perform stated duties (including but not   limited to chronic absenteeism), gross negligence, or gross incompetence in   the performance of stated duties.
  
	
  
 
  	
  
 
  
	
  
 
  	
  
“Code” means the   Internal Revenue Code of 1986, as amended.
  
	
   
  	
  
 
  
	
  
 
  	
  
“Committee” means   the Nomination and Compensation Committee of the Board.
  
	
  
 
  	
  
 
  
	
  
           “Company”   or “Bladex” means Banco Latinoamericano de Exportaciones, S.A, a   corporation organized under the laws of the Republic of Panama.
  
	
  
 
  
	
  
           “Disability”   means the inability of an individual to perform the services normally   rendered by such individual due to any physical or mental impairment that can   be expected to persist for a continuous period for 12 months or more or to   result in death, as determined by the Committee on the basis of appropriate   medical evidence.
  

	
  
           “Director”   means a non-employee director of the Company or one of its Subsidiaries, and   a non-employee officer (“dignatario”) of the Company or one of its   Subsidiaries who in the judgment of the Committee can contribute   significantly to the growth and successful operations of the Company or a   Subsidiary; provided, however, that whenever a Director declines its benefits   under this Plan in favor of its employer pursuant to Section 3 hereof, such   employer shall be deemed, mutatis mutandis, the Director for   purposes of this Plan.
  
	
   
  
	
  
 
  	
  
“Exchange Act”   means the Securities Exchange Act of 1934, as amended.
  
	
  
 
  	
  
 
  
	
  
           “Fair   Market Value” per Share as of a particular date means (i) if Shares   are then listed on a national stock exchange, the closing sales price per   Share on the exchange for the last preceding date on which there was a sale   of Shares on such exchange, as determined by the Committee; (ii) if   Shares are not then listed on a national stock exchange but are then traded   on an over-the-counter market, the average of the closing bid and asked   prices for the Shares in such over-the-counter market for the last preceding   date on which there was a sale of such Shares in such market, as determined   by the Committee; or (iii) if Shares are not then listed on a national   stock exchange or traded on an over-the-counter market, such value as the   Committee in its discretion may in good faith determine; provided that, where   the Shares are so listed or traded, the
Committee may make discretionary   determinations where the Shares have not been traded for 10 trading days.
  
	
  
 
  
	
  
           “Plan”   means Bladex’s 2003 Restricted Stock Plan, as set forth herein and as the   same may from time to time be amended.
  
	
  
 
  
	
   
  	
  
“Restricted Stock”   means an award of Shares that are subject to restrictions hereunder.
  
	
  
 
  	
  
 
  
	
  
 
  	
  
“Securities Act”   means the Securities Act of 1933, as amended.
  
	
  
 
  	
  
 
  
	
  
 
  	
  
“Shares” means   class E shares of common stock of the Company.
  
	
  
 
  	
  
 
  
	
  
           “Subsidiary”   means any corporation (other than the Company) that is a “subsidiary   corporation” with respect to the Company under Section 424(f) of the   Code.  In the event the Company   becomes a subsidiary of another company, the provisions hereof applicable to   subsidiaries shall, unless otherwise determined by the Committee, also be   applicable to any Company that is a “parent corporation” with respect to the   Company under Section 424(e) of the Code.
  
	
  
 
  
	
   
  	
  
    2.
  	
  
    Effective   Date and Termination of Plan.
  
	
  
 
  	
  
 
  	
  
 
  
	
  
           The   effective date of the Plan is July 19, 2003, the date on which the Plan was   originally approved by the Board.  The   “anniversary” of the Plan shall be July 19 of each year. The Plan shall   terminate on, and no Restricted Stock shall be granted hereunder on or after,   the 10-year anniversary of the approval of the Plan by the Board; provided,   however, that the Board may at any time prior to that date terminate the   Plan.
  

	
  
     
  	
  
    3.
  	
  
    Award of   Restricted Stock.
  
	
  
 
  	
  
 
  	
  
 
  
	
             Each   Director of the Company shall be awarded as of the effective date and   thereafter as of  each anniversary of   the Plan (an “Award Date”) a number of Shares of Restricted Stock equal to   the number that results from dividing US$10,000 by the Fair Market Value of   the Shares on the effective date as of which such Shares are so awarded;   provided, however, that the Director who is also the Chairman of the Board   shall receive a number of Shares of Restricted Stock equal to the number that   results from dividing US$15,000 by the Fair Market Value of the Shares on the   effective date as of which such Shares are so awarded.  Directors who are not allowed under the   terms of their employment to accept Shares of Restricted Stock under this   Plan may assign their benefits under this Plan to their employing   institution.   
  

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No fractional Shares of Restricted Stock will be issued. The Committee shall   determine as of each Award Date the persons who are to be considered   Directors and the exact number of Shares of Restricted Stock which each such   Director shall be awarded pursuant to the Plan.  Shares issued hereunder may consist, in whole or in part, of   authorized and unissued shares or treasury shares. Each time Shares are   awarded to a Director pursuant to this Plan, the Company and the Director   shall enter into an Award Agreement, which shall contain such terms,   provisions and conditions not inconsistent with the terms of this Plan as   shall be determined by the Committee.
  
	
  
 
  
	
   
  	
  
    4.
  	
  
    Certain   Restrictions.
  
	
  
 
  	
  
 
  	
  
 
  
	
  
           (a)      In   the discretion of the Committee, each Director may be issued a stock   certificate in respect of Shares of Restricted Stock awarded under the Plan.  A “book entry” (by computerized or manual   entry) shall be made in the share register of the Company or its agent to   evidence an award of Restricted Stock. Each certificate, if any, shall be   registered in the name of the Director and may include any legend which the   Committee deems appropriate to reflect any restrictions on transfer hereunder   or under the Award Agreement, or as the Committee may otherwise deem   appropriate, and, without limiting the generality of the foregoing, shall   bear a legend referring to the terms, conditions, and restrictions applicable   to such award, substantially in the following form:
  
	 
	  
	  

	 
	  
	  The transferability of this certificate and the shares of stock represented hereby are subject to the terms and conditions (including forfeiture) of the Bladex’s 2003 Restricted Stock Plan and an Award Agreement entered into between the registered owner and the Company on ____________.  Copies of such Plan and Award Agreement are on file in the offices of the Company in Panama City, Panama.
	 
	
   
  	
  
 
  	
  
 
  
	
  
           (b)     The   Committee shall require that any stock certificates evidencing such Shares be   held in custody by the Company until the restrictions thereon shall have   lapsed, and may in its discretion require that, as a condition of any   Restricted Stock award, the Director shall have delivered a stock power,   endorsed in blank, relating to the stock covered by such award.  If and when such restrictions so lapse,   any stock certificates shall be delivered by the Company to the recipient or   his or her designee.
  
	
  
 
  
	
  
           (c)     Unless   otherwise provided by the Committee, the Shares of Restricted Stock awarded   pursuant to the Plan shall be subject to the following restrictions and   conditions:
  
	
  
 
  
	
  
 
  	
  
(i)      Subject   to the provisions of the Plan and the Award Agreements, during a period   commencing with the effective date of such award and ending on the date the   period of forfeiture with respect to such Shares lapses, the Director shall   not be permitted voluntarily or involuntarily to sell, transfer, pledge,   anticipate, alienate, encumber or assign Shares of Restricted Stock awarded   under the Plan (or have such Shares attached or garnished).  Subject to the provisions of the Award   Agreements and clauses (iii) and (iv) below, the period of forfeiture with   respect to Shares granted hereunder shall lapse on the fifth anniversary of the effective date of grant.
  
	
   
  	
  
 
  
	
  
 
  	
  
(ii)     Except   as provided in the foregoing clause (i), the Director shall have, in respect   of the Shares of Restricted Stock, all of the rights of a stockholder of the   Company, including the right to vote the Shares, and the right to receive any   cash dividends, which dividends shall be held by the Company (unsegregated as   a part of its general assets) until the period of forfeiture lapses (and   shall be forfeited if the underlying Shares are forfeited). Certificates for   shares of Stock (not subject to restrictions) shall be delivered to the   Director promptly after, and only after, the period of forfeiture shall lapse   without forfeiture in respect of such Shares of Restricted Stock.
  

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(iii)    Subject   to the provisions of the Award Agreement, if the Director’s service as a   Director with the Company and/or a Subsidiary is terminated by the Company   and/or such Subsidiary for Cause, during the applicable period of forfeiture,   then all Shares awarded still subject to restriction shall thereupon, and   with no further action, be forfeited by the Director. Subject to the   provisions of the Award Agreement, if the Director’s service as a Director   with the Company and/or a Subsidiary is terminated by the Director ́s   voluntary resignation to his office, during the applicable period of   forfeiture, then all Shares awarded during the current three-year term for   which the Director was elected which are still subject to restriction shall   thereupon, and with no further action, be forfeited by the Director.
  
	
   
  	
  
 
  
	
  
 
  	
  
(iv)    In   the event the Director’s service as a Director with the Company and/or a  Subsidiary (A) is terminated on account of   death or Disability, or (B) ceases or is terminated other than (1) because of   termination by the Company and/or such    Subsidiary for Cause, or (2) on account of the Director’s voluntary   resignation to his office, during the applicable period of forfeiture, then   restrictions will immediately lapse on all Restricted Stock granted to the   applicable Director. For the sake of clarity, it is understood that, for   purposes of the Plan, a termination of service (x) at the request of the   Board, where such termination is in connection with a reduction of the number   of members of the Board, or (y) as a result of a Class A Director terminating   his association with the governmental agency which nominated him pursuant to   Article 12 of the Articles of Incorporation of the Company, or (z) as
a   result of the Director becoming an employee of the Company, shall be treated   as an involuntary termination by the Company without Cause, and all   restrictions shall then immediately lapse on all Restricted Stock granted to   the applicable Director.
  
	
  
 
  	
  
 
  
	
  
     
  	
  
    5.
  	
  
    Tax   Withholding.
  
	
  
 
  	
  
 
  	
  
 
  
	
             The   Committee may, in its discretion, require the Director to pay to the Company   at the time the restrictions on any Restricted Stock lapse (or other income   recognition event, such as election under Section 83(b) of the Code) the   amount that the Committee deems necessary to satisfy the Company’s obligation   to withhold federal, state or local income or other taxes incurred by reason   of the such lapsing (or other such event).    Upon the restrictions lapsing (or such other event), the Director may,   if approved by the Committee in its discretion, make a written election to have   Shares withheld by the Company from the Shares otherwise to be released from   restriction, or to deliver previously owned Shares (not subject to   restrictions hereunder), in order to satisfy the liability for such   withholding taxes.  In the event that   the Director makes, and the

 Committee
permits, such an election, the number   of Shares so withheld or delivered shall have an aggregate Fair Market Value   on the date of exercise sufficient to satisfy the applicable withholding   taxes. Notwithstanding anything contained in the Plan to the contrary, the   Director’s satisfaction of any tax-withholding requirements imposed by the   Committee shall be a condition precedent to the release of any restrictions   as may otherwise be provided hereunder, and the failure of the Director to   satisfy such requirements with respect to the lapsing of restrictions on   Restricted Stock (or another income recognition event) shall cause the   applicable Restricted Stock to be forfeited.
  
	
  
 
  
	
  
     
  	
  
    6.
  	
  
    Regulations   and Approvals.
  
	
  
 
  	
  
 
  	
  
 
  
	
             (a)     The   Committee may make such changes to the Plan as may be necessary or   appropriate to comply with the rules and regulations of any government   authority or to obtain tax benefits applicable to restricted stock.
  
	
  
 
  
	
  
           (b)     Each   grant of Restricted Stock is subject to the requirement that, if at any time   the Committee determines, in its discretion, that the listing, registration   or qualification of Shares issuable pursuant to the Plan is required by any   securities exchange or under any state or federal law, or the consent or   approval of any governmental regulatory body is necessary or desirable as a   condition of, or in connection with, the issuance of Shares of Restricted   Stock or other Shares, no payment shall be made or Shares issued or grant of   Restricted Stock made, in whole or in part, unless listing, registration,   qualification, consent or approval has been effected or obtained free of any   conditions in a
manner acceptable to the Committee.
  

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           (c)     In   the event that the disposition of Shares acquired pursuant to the Plan is not   covered by a then current registration statement under the Securities Act,   and is not otherwise exempt from such registration, such Shares shall be   restricted against transfer to the extent required under the Securities Act,   and the Committee may require any individual receiving Shares pursuant to the   Plan, as a condition precedent to receipt of such Shares, to represent to the   Company in writing that such Shares will be disposed of only if registered   for sale under the Securities Act or if there is an available exemption for   such disposition, and may provide for a legending of such Shares to that
effect.
  
	
   
  	
  
 
  	
  
 
  
	
  
     
  	
  
    7.
  	
  
    Interpretation   and Amendments; Other Rules.
  
	
  
 
  	
  
 
  	
  
 
  
	
  
           The   Committee may make such rules and regulations and establish such procedures   for the administration of the Plan as it deems appropriate.  Without limiting the generality of the   foregoing, the Committee may (i) determine the extent, if any, to which   Shares (whether or not shares of Restricted Stock) shall be forfeited   (whether or not such forfeiture is expressly contemplated hereunder); (ii)   interpret the Plan and the Award Agreements hereunder, with such   interpretations to be conclusive and binding on all persons and otherwise   accorded the maximum deference permitted by law; and (iii) take any   other actions and make any other determinations or decisions that it deems   necessary or appropriate in connection with the Plan or the administration or   interpretation thereof. Unless otherwise expressly provided hereunder, the   Committee, with respect to any grant, may
exercise its discretion hereunder   at the time of the award or thereafter.    In the event of any dispute or disagreement as to the interpretation   of the Plan or of any rule, regulation or procedure, or as to any question,   right or obligation arising from or related to the Plan, the decision of the   Committee shall be final and binding upon all persons. The Board may amend   the Plan as it shall deem advisable, except that no amendment may adversely   affect a Director with respect to Restricted Stock previously granted unless   such amendments are required in order to comply with applicable laws;   provided that the Board may not make any amendment in the Plan that would, if   such amendment were not approved by the holders of the common stock, cause   the Plan to fail to comply with any requirement of applicable law or   regulation, unless and until the approval of the holders of such Common Stock   is obtained.
  
	
   
  
	
  
     
  	
  
    8.
  	
  
    Changes   in Capital Structure.
  
	
  
 
  	
  
 
  	
  
 
  
	
  
           If   (i) the Company and/or one or more of its Subsidiaries shall at any time   be involved in a merger, consolidation, dissolution, liquidation,   reorganization, exchange of shares, sale of all or substantially all of the   assets or stock of the Company or such    Subsidiaries or a transaction similar thereto, (ii) any stock   dividend, stock split, reverse stock split, stock combination,   reclassification, recapitalization or other similar change in the capital   structure of the Company and/or one or more of  its Subsidiaries, or any distribution to holders of common   stock other than cash dividends, shall occur or (iii) any other event   shall occur which in the judgment of the Committee necessitates action by way   of adjusting the terms of the outstanding Restricted Stock, then the   Committee may forthwith take any such action as in its judgment shall be   necessary to
preserve the Directors’ rights substantially proportionate to   the rights existing prior to such event, in a manner consistent with the   intent hereof, including, without limitation, adjustments in the number and   kind of shares subject to grants of Restricted Stock.  The judgment of the Committee with respect   to any matter referred to in this Section 8 shall be conclusive and binding   upon each Director without the need for any amendment to the Plan.
  

5

	
  
     
  	
  
    9.
  	
  
    Notices.
  
	
  
 
  	
  
 
  	
  
 
  
	
  
           All   notices under the Plan shall be in writing, and if to the Company, shall be   delivered to the Board or mailed to its principal office, addressed to the   attention of the Board; and if to the Director, shall be delivered personally   or mailed to the Director at the address appearing in the records of the   Company.  Such addresses may be   changed at any time by written notice to the other party given in accordance   with this Section 9.
  
	
  
 
  
	
  
     
  	
  
    10.
  	
  
    No Rights   to Employment or Other Service.
  
	
  
 
  	
  
 
  	
  
 
  
	
             Nothing   in the Plan or in Restricted Stock granted pursuant to the Plan shall confer   on any individual any right to continue in the employ or other service of the   Company or its Subsidiaries or interfere in any way with the right of the   Company or its Subsidiaries and its shareholders to terminate the   individual’s employment or other service at any time.
  
	
  
 
  
	
  
     
  	
  
    11.
  	
  
    Exculpation   and Indemnification.
  
	
  
 
  	
  
 
  	
  
 
  
	
  
           To   the maximum extent permitted by law, the Company shall indemnify and hold   harmless the members of the Board and the members of the Committee from and   against any and all liabilities, costs and expenses incurred by such persons   as a result of any act or omission to act in connection with the performance   of such person’s duties, responsibilities and obligations under the Plan.
  
	
  
 
  
	
  
     
  	
  
    12.
  	
  
    Captions.
  
	
   
  	
   
  	
   
  
	
             The   use of captions in this Plan is for convenience.  The captions are not intended to provide substantive rights.
  
	
   
  
	
   
  	
  13.
  	
  Governing   Law.
  
	
   
  	
   
  	
   
  
	
             This   Plan shall be governed by, and interpreted in accordance with, the laws of   the Republic of Panama.
  

6

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