Document:

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                                                                     EXHIBIT 4.1

NUMBER
TRMM
COMMON STOCK
[LOGO]
TRM CORPORATION
INCORPORATED UNDER THE LAWS OF THE STATE OF OREGON
[SHARES]
SEE REVERSE FOR CERTAIN DEFINITIONS AND A STATEMENT AS TO THE RIGHTS,
PREFERENCES, PRIVILEGES AND RESTRICTIONS OF SHARES
CUSIP 872636 10 5
THIS CERTIFIES THAT
IS THE OWNER OF
FULLY PAID AND NON-ASSESSABLE SHARES OF THE COMMON STOCK, NO PAR VALUE, OF TRM
CORPORATION transferable on the books of the Corporation by the holder hereof in
person or by duly authorized attorney upon surrender of this Certificate
properly endorsed. 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:
/s/
SECRETARY
/s/
PRESIDENT AND CHIEF EXECUTIVE OFFICER
COUNTERSIGNED AND REGISTERED:
REGISTRAR AND TRANSFER COMPANY
TRANSFER AGENT AND REGISTRAR
BY:
AUTHORIZED SIGNATURE

A statement of the powers, designations, preferences and relative,
participating, optional or other special rights of each class of stock or series
thereof and the qualifications, limitations or restrictions of such preferences
and/or rights as established, from time to time, by the Articles of
Incorporation of the Corporation and by any certificate of determination, the
number of shares constituting each class and series, and the designations
thereof, may be obtained by the holder upon request and without charge from the
Transfer Agent of the Corporation at its offices in Boise, Idaho.
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
TEN ENT - as tenants by the entireties
JT TEN - as joint tenants with right of survivorship and not as tenants in
common
UNIF GIFT MIN ACT- (Cust) Custodian (Minor) under Uniform Gifts to Minors Act
(State)
UNIF TRF MIN ACT- (Cust) Custodian (until age ) under Uniform Transfers (Minor)
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 common stock represented by the within Certificate, and do hereby
irrevocably constitute and appoint
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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 4.4

                               STATS CHIPPAC LTD.
                        SUBSTITUTE EQUITY INCENTIVE PLAN

         1. Purposes of the Plan. Pursuant to that certain Agreement and Plan of
Merger and Reorganization, dated as of February 10, 2004 (the "Merger
Agreement"), among ST Assembly Test Services Ltd., a Singapore public company
limited by shares ("STATS"), Camelot Merger, Inc. and ChipPAC, Inc., a Delaware
corporation ("ChipPAC"), ChipPAC will become a wholly owned subsidiary of STATS.
Under the terms of the Merger Agreement STATS agreed to grant Substitute Options
(as hereinafter defined) in substitution for the Options (as hereinafter
defined) that were outstanding and unexercised immediately prior to the
Effective Time (as defined in the Merger Agreement) on substantially the same
terms in all material respects as were applicable to the Options that were
substituted with the Substitute Options. The Merger Agreement also provides for
the change of the name of the combined company, effective as of the Effective
Time, to "STATS ChipPAC Ltd." This STATS ChipPAC Ltd. Substitute Equity
Incentive Plan (the "Plan") of STATS ChipPAC Ltd., a Singapore public company
limited by shares (the "Company"), which is designed to provide for the grant of
Substitute Options to holders of Options in accordance with the terms of the
Merger Agreement, shall not become effective until the Effective Time.

         2. Definitions. Unless otherwise defined herein, the following
definitions shall apply:

          (a) "Administrator" means the Board or any of its Committees as shall
     be administering the Plan, in accordance with Section 4 of the Plan.

          (b) "Applicable Laws" means the requirements relating to the
     administration of equity-based compensation plans under the laws of the
     Republic of Singapore, U.S. state corporate laws, U.S. federal and state
     securities laws, the Code, any stock exchange or quotation system on which
     the Shares or ADSs are listed or quoted and the applicable laws of any
     other country or jurisdiction where Substitute Options are, or will be,
     granted under the Plan.

          (c) "ADS" means an American Depositary Share issued pursuant to the
     deposit agreement, dated as of February 8, 2000, as may be amended from
     time to time, by and among STATS, Citibank, N.A., as depositary, and the
     holders from time to time of ADSs (evidenced by American Depositary
     Receipts). Each ADS represents the right to receive ten Shares.

          (d) "Board" means the Board of Directors of the Company.

          (e) "Change in Control" means the occurrence of any of the following
     events following the Effective Time:

               (i) When any "person" as defined in Section 3(a)(9) of the
          Exchange Act and as used in Sections 13(d) and 14(d) thereof,
          including a "group" as defined in Section 13(d) of the Exchange Act
          but excluding the Company and any Subsidiary and any employee benefit
          plan sponsored or maintained by the

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          Company or any Subsidiary (including any trustee of such plan acting
          as trustee), directly or indirectly, becomes the "beneficial owner"
          (as defined in Rule 13d-3 under the Exchange Act, as amended from time
          to time), after the effective date of the Plan, of securities of the
          Company representing 50 percent or more of the combined voting power
          of the Company's then outstanding securities;

               (ii) When, during any period of 24 consecutive months during the
          existence of the Plan, the individuals who, at the beginning of such
          period, constitute the Board (the "Incumbent Directors") cease for any
          reason other than death to constitute at least a majority thereof,
          provided, however, that a director who was not a director at the
          beginning of such 24-month period shall be deemed to have satisfied
          such 24-month requirement (and be an Incumbent Director) if such
          director was elected by, or on the recommendation of or with the
          approval of, at least two-thirds of the directors who then qualified
          as Incumbent Directors either actually (because they were directors at
          the beginning of such 24-month period) or by prior operation of this
          provision; or

               (iii) The approval by the shareholders of the Company of a
          transaction involving the acquisition of the Company by an entity
          other than the Company or a Subsidiary through purchase of assets, by
          merger, or otherwise.

          Anything in this Plan to the contrary notwithstanding, none of the
     transactions contemplated in connection with the Merger Agreement shall
     constitute a Change in Control under this Plan.

          (f) "ChipPAC Board" means the board of directors of ChipPAC.

          (g) "ChipPAC Share" means a share of class A common stock, par value
     $0.01 per share, of ChipPAC.

          (h) "Code" means the United States Internal Revenue Code of 1986, as
     amended, and the rules and regulations promulgated thereunder.

          (i) "Committee" means a committee appointed by the Board in accordance
     with Section 4 of the Plan.

          (j) "Consultant" means any person, including an advisor, engaged by
     the Company or a Parent or Subsidiary of the foregoing to render services
     to such entity.

          (k) "Director" means a person who was a member of the ChipPAC Board
     during the period that the Former Plan was in effect and is appointed or
     elected a member of the Board.

          (l) "Disability" means total and permanent disability as defined in
     Section 22(e)(3) of the Code.

          (m) "Effective Time" has the meaning ascribed to it in Section 1
     hereof.

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          (n) "Employee" means any person, including Officers and Directors,
     employed by the Company or any Parent or Subsidiary of the Company. A
     Service Provider shall not cease to be an Employee in the case of (i) any
     leave of absence approved by the Company (or the Parent or Subsidiary to
     the extent the Employee was employed by either of these entities) or (ii)
     transfers between locations of the Company or between the Company, its
     Parent, any Subsidiary, or any successor. For purposes of Incentive Stock
     Options, no such leave may exceed 90 days, unless reemployment upon
     expiration of such leave is guaranteed by statute or contract. If
     reemployment upon expiration of a leave of absence approved by the Company
     (or the Parent or Subsidiary to the extent the Employee was employed by
     either of these entities) is not so guaranteed, on the 181st day of such
     leave any Incentive Stock Option held by the Optionee shall cease to be
     treated as an Incentive Stock Option and shall be treated for tax purposes
     as a Nonstatutory Stock Option. Neither service as a Director nor payment
     of a Director's fee by the Company shall be sufficient to constitute
     "employment" by the Company.

          (o) "ESOP" means the STATS ChipPAC Ltd. Share Option Plan, as may be
     amended from time to time.

          (p) "Exchange Act" means the United States Securities Exchange Act of
     1934, as amended, and the rules and regulations promulgated thereunder.

          (q) "Exchange Ratio" means the numeral 8.7.

          (r) "Fair Market Value" means, as of any date, the value of Shares
     determined as follows:

               (i) If the Shares are listed on any established stock exchange or
          a national market system, including, without limitation, The Nasdaq
          National Market or The Nasdaq SmallCap Market of The Nasdaq Stock
          Market, the Fair Market Value shall be the closing sales price for the
          Shares (or the closing bid, if no sales were reported) as quoted on
          such exchange or system for the last market trading day prior to the
          time of determination, as reported in The Wall Street Journal or such
          other source as the Administrator deems reliable;

               (ii) If the Shares are regularly quoted by a recognized
          securities dealer but selling prices are not reported, the Fair Market
          Value shall be the mean between the high bid and low asked prices for
          the Shares on the last market trading day prior to the time of
          determination, as reported in The Wall Street Journal or such other
          source as the Administrator deems reliable; or

               (iii) In the absence of an established market for the Shares, the
          Fair Market Value shall be determined in good faith by the
          Administrator.

          (s) "Former Plan" means the ChipPAC, Inc. 2000 Equity Incentive Plan.

          (t) "Incentive Stock Option" means an Option intended to qualify as an
     incentive stock option within the meaning of Section 422 of the Code, or a
     Substitute Option

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     granted in substitution for an Option that was granted as an Incentive
     Stock Option, as applicable given the context.

          (u) "Incumbent Directors" shall have the meaning set forth in Section
     2(f)(2).

          (v) "Nonstatutory Stock Option" means an Option or a Substitute
     Option, as applicable given the context, not intended to qualify as an
     Incentive Stock Option.

          (w) "Notice of Grant" means a written or electronic notice evidencing
     certain terms and conditions of an individual Option. The Notice of Grant
     is part of the Option Agreement.

          (x) "Officer" means a person who was an officer, within the meaning of
     Section 16 of the Exchange Act and the rules and regulations promulgated
     thereunder, of ChipPAC during the period that the Former Plan was in
     effect, and who is an officer of the Company at the Effective Time.

          (y) "Option" means an option to purchase ChipPAC Shares granted under
     the Former Plan that is outstanding and unexercised immediately prior to
     the Effective Time that shall be eligible for substitution with a
     Substitute Option granted in accordance with the terms of this Plan.

          (z) "Option Agreement" means an agreement between ChipPAC and an
     Optionee evidencing the terms and conditions of an individual grant of an
     Option. The Option Agreement is subject to the terms and conditions of the
     Plan.

          (aa) "Option Exchange Program" means a program designed in any
     structure whereby outstanding Substitute Options are surrendered in
     exchange for Substitute Options with a lower exercise price.

          (bb) "Optioned Shares" means the Shares subject to a Substitute
     Option.

          (cc) "Optionee" means the holder of an outstanding Substitute Option
     granted under the Plan.

          (dd) "Parent" means a "parent corporation," whether now or hereafter
     existing, as defined in Section 424(e) of the Code.

          (ee) "Plan" means this STATS ChipPAC Ltd. Substitute Equity Incentive
     Plan, as amended from time to time.

          (ff) "Service Provider" means an Employee, Director or Consultant.

          (gg) "Share" means an ordinary share of STATS ChipPAC Ltd., par value
     S$0.25 per share.

          (hh) "Subsidiary" means a "subsidiary corporation," whether now or
     hereafter existing, as defined in Section 424(f) of the Code.

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          (ii) "Substitute Option" means an option granted pursuant to the terms
     of the Plan in substitution for an Option and representing the right to
     receive, upon exercise thereof, a number of Shares equal to the product of
     the number of ChipPAC Shares subject to the Option substituted with the
     Substitute Option, multiplied by the Exchange Ratio (rounded down to the
     nearest whole Share).

          (jj) "Substitute Option Notice" means the written or electronic notice
     that shall be delivered to a holder of an Option informing the holder that
     his or her Option shall be substituted with a Substitute Option and
     providing information regarding the number of Shares for which the Option
     is exercisable and the exercise price applicable to the Substitute Option.
     The Substitute Option Notice shall become part of the Option Agreement and
     shall supersede the applicable terms contained in the Notice of Grant and
     Option Agreement entered into with the holder of the Option, including,
     without limitation, the number of Shares subject to, and the exercise price
     of, the Option, all as set forth in the Substitute Option Notice.

         3. Shares Subject to the Plan. Subject to the provisions of Section 12
of the Plan, the maximum aggregate number of Shares that may be subject to
Substitute Options and sold under the Plan is approximately 73 million Shares,
which is an aggregate number that is intended to be equal to or greater than the
product of the aggregate number of ChipPAC Shares subject to all Options
outstanding and unexercised immediately prior to the Effective Time, multiplied
by the Exchange Ratio. If any Substitute Options expire unexercised or unpaid or
are canceled, terminated or forfeited in any manner without the issuance of
Shares or payment thereunder, the Shares with respect to which such Substitute
Options were granted shall become available for issuance pursuant to options or
other awards under the ESOP. In addition, Shares that are not made subject to
Substitute Options hereunder shall become available for issuance pursuant to
options or other awards under the ESOP. The Shares may be authorized, but
unissued Shares.

         If a Substitute Option expires or becomes unexercisable without having
been exercised in full, or is surrendered pursuant to an Option Exchange
Program, the unpurchased Shares that were subject thereto shall become available
for future grant or sale under the ESOP; provided, however, that Shares that
have actually been issued under the Plan upon exercise of a Substitute Option
shall not be returned to the Plan and shall not become available for future
distribution under the Plan.

         4. Administration of the Plan.

         (a) Procedure.

               (i) Multiple Administrative Bodies. The Plan may be administered
          by different Committees with respect to different groups of Service
          Providers.

               (ii) Other Administration. Other than as provided above, the
          Former Plan and this Plan shall be administered by (A) the Board or
          (B) a Committee, which committee shall be constituted to satisfy
          Applicable Laws.

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          (b) Powers of the Administrator. Subject to the provisions of the
     Plan, and in the case of a Committee, subject to the specific duties
     delegated by the Board to such Committee, the Administrator shall have the
     authority, in its discretion:

               (i) to determine the Fair Market Value, in accordance with
          Section 2 (q) hereof;

               (ii) to determine the number of Shares to be covered by each
          Substitute Option granted hereunder in accordance with the provisions
          of the Merger Agreement;

               (iii) to approve forms of agreement and other documents for use
          under the Plan;

               (iv) to determine the terms and conditions, not inconsistent with
          the terms of the Plan, of any Substitute Option granted hereunder;

               (v) to institute an Option Exchange Program;

               (vi) to construe and interpret the terms of the Plan and awards
          granted pursuant to the Plan;

               (vii) to prescribe, amend and rescind rules and regulations
          relating to the Plan, including rules and regulations relating to
          sub-plans established for the purpose of qualifying for preferred tax
          treatment under tax laws of jurisdictions other than in the United
          States;

               (viii) to modify or amend each Substitute Option (subject to
          Section 14(c) of the Plan), including the discretionary authority to
          extend the post-termination exercisability period of Substitute
          Options longer than is otherwise provided for in the Plan;

               (ix) to the extent permitted under Applicable Law, to allow
          Optionees to satisfy withholding tax obligations by electing to have
          the Company withhold from the Shares or ADSs to be issued upon
          exercise of a Substitute Option that number of Shares having a Fair
          Market Value equal to the amount required to be withheld. The Fair
          Market Value of the Shares to be withheld shall be determined on the
          date that the amount of tax to be withheld is to be determined. All
          elections by an Optionee to have Shares withheld for this purpose
          shall be made in such form and under such conditions as the
          Administrator may deem necessary or advisable;

               (x) to authorize any person to execute on behalf of the Company
          any instrument required to effect the grant of a Substitute Option
          previously granted by the Administrator; and

               (xi) to make all other determinations deemed necessary or
          advisable for administering the Plan.

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          (c) Effect of Administrator's Decision. The Administrator's decisions,
     determinations and interpretations shall be final, binding and conclusive
     on all Optionees and any other holders of Substitute Options.

         5. Eligibility. Each holder of an Option shall be granted a Substitute
Option in accordance with the terms and conditions of this Plan, including the
terms set forth in the Substitute Option Notice.

         6. Limitations.

          (a) Each Option shall have been designated in the Option Agreement as
     either an Incentive Stock Option or a Nonstatutory Stock Option. However,
     notwithstanding such designation, to the extent that the aggregate Fair
     Market Value of the Shares with respect to which Incentive Stock Options
     are exercisable for the first time by the Optionee during any calendar year
     (under all plans of the Company and any Parent or Subsidiary) exceeds
     US$100,000, such Substitute Options shall be treated as Nonstatutory Stock
     Options. For purposes of this Section 6(a), Incentive Stock Options shall
     be taken into account in the order in which they were granted. The Fair
     Market Value of the Shares shall be determined as of the time the Option
     with respect to such Shares was granted.

          (b) Neither the Plan nor any Substitute Option shall confer upon an
     Optionee any right with respect to continuing the Optionee's relationship
     as a Service Provider with the Company, nor shall they interfere in any way
     with the Optionee's right or the Company's right to terminate such
     relationship at any time, with or without cause.

         7. Term of Plan. Subject to Section 18 hereof, the Plan shall become
effective upon approval by the shareholders of the Company of the Board adoption
of the Plan. It shall continue in effect for a term of the shorter of ten (10)
years and the period ending on the date that each Substitute Option has been
exercised, unless terminated earlier under Section 14 hereof.

         8. Term of Substitute Option. The term of a Substitute Option shall be
the same term applicable to the Option substituted with the Substitute Option
and that is stated in the Option Agreement, subject to the limitations in this
Section 8. In the case of a Substitute Option substituted for an Option, which
was granted as an Incentive Stock Option, the term of the Substitute Option
shall be ten (10) years, measured from the date of grant of the Option so
substituted or such shorter term as may be provided in the Option Agreement. In
the case of a Substitute Option substituted for an Option, which was granted as
an Incentive Stock Option, to an Optionee who at the time of the grant of the
Option so substituted owned ChipPAC Shares representing more than ten percent
(10%) of the total combined voting power of all classes of shares of ChipPAC or
any Parent or Subsidiary of ChipPAC, the term of the Substitute Option shall be
five (5) years, measured from the date of grant of the Option so substituted or
such shorter term as may be provided in the Option Agreement. In the case of a
Substitute Option granted to a person who was not an Employee at the time of the
grant of the Substitute Option, the term of the Substitute Option shall be five
(5) years, measured from the date of grant of the Substitute Option or such
shorter term as may be provided in the Option Agreement.

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         9. Substitute Option Exercise Price and Consideration.

          (a) Substitute Option Exercise Price. The per Share exercise price of
     a Substitute Option shall be equal to the quotient (rounded up to the
     nearest cent) arrived at by dividing the per ChipPAC Share exercise price
     applicable to the Option substituted with the Substitute Option, by the
     Exchange Ratio; provided, however, that the per Share exercise price of a
     Substitute Option shall in no event be less than the par value of a Share.

          (b) Exercise Dates. Subject to Section 8 hereof, the Substitute Option
     shall be exercisable at the same time and within the same periods
     applicable to the Option that was substituted with the Substitute Option.

          (c) Form of Consideration. The acceptable form of consideration for
     exercising a Substitute Option, including the method of payment shall be
     the same form of consideration and method of payment applicable to the
     Option substituted with the Substitute Option. In the case of an Incentive
     Stock Option, the Administrator shall have determined the acceptable form
     of consideration at the time of grant. Such consideration may consist
     entirely of:

               (i) cash;

               (ii) check;

               (iii) promissory note;

               (iv) to the extent permitted under Applicable Law, other Shares
          which (A) in the case of Shares acquired upon exercise of a Substitute
          Option, have been owned by the Optionee for more than six months on
          the date of surrender, and (B) have a Fair Market Value on the date of
          surrender equal to the aggregate exercise price of the Shares as to
          which the Substitute Option shall be exercised;

               (v) consideration received by the Company under a cashless
          exercise program implemented by the Company in connection with the
          Plan;

               (vi) a reduction in the amount of any Company liability to the
          Optionee, including any liability attributable to the Optionee's
          participation in any Company-sponsored deferred compensation program
          or arrangement;

               (vii) any combination of the foregoing methods of payment; or

               (viii) such other consideration and method of payment for the
          issuance of Shares to the extent permitted by Applicable Laws.

         10. Exercise of Substitute Option.

          (a) Procedure for Exercise; Rights as a Shareholder. (i) Each
     Substitute Option granted hereunder shall be exercisable according to the
     terms of the Plan and at such

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     times and under such conditions applicable to the Option substituted with
     the Substitute Option and set forth in the Option Agreement. Unless the
     Administrator provides otherwise, vesting of a Substitute Option granted
     hereunder shall be tolled during any unpaid leave of absence. A Substitute
     Option may not be exercised for a fraction of a Share.

               (ii) A Substitute Option shall be deemed exercised when the
          Company receives: (A) written or electronic notice of exercise (in
          accordance with the Option Agreement) from the person entitled to
          exercise the Substitute Option, and (B) full payment for the Shares
          with respect to which the Substitute Option is exercised. Full payment
          may consist of any consideration and method of payment authorized by
          the Administrator and permitted by the Option Agreement and the Plan.

               (iii) Anything in this Plan to the contrary notwithstanding, the
          holder of a Substitute Option may elect to receive ADSs in lieu of
          Shares upon the exercise of the Substitute Option, and upon such
          election, the holder of the Substitute Option shall receive a number
          of ADSs equal to the quotient that results from dividing the number of
          Shares for which a Substitute Option is exercisable, by the number 10
          (rounded down to the nearest whole ADS).

               (iv) Shares or ADSs issued upon exercise of a Substitute Option
          shall be issued in the name of the Optionee or, if requested by the
          Optionee, in the name of the Optionee and his or her spouse. Until the
          Shares or ADSs are issued (as evidenced by the appropriate entry on
          the books of the Company or of a duly authorized transfer agent of the
          Company), no right to vote or receive dividends or any other rights as
          a shareholder shall exist with respect to the Optioned Shares,
          notwithstanding the exercise of the Substitute Option. The Company
          shall issue (or cause to be issued) such Shares or ADSs promptly after
          the Substitute Option is exercised. No adjustment shall be made for a
          dividend or other right for which the record date is prior to the date
          the Shares or ADSs are issued, except as provided in Section 12
          hereof.

               (v) Exercising a Substitute Option in any manner shall decrease
          the number of Shares thereafter available, both for purposes of the
          Plan and for sale under the Substitute Option, by the number of Shares
          as to which the Substitute Option is exercised.

          (b) Termination of Relationship as a Service Provider. If an Optionee
     ceases to be a Service Provider, other than upon the Optionee's death,
     Disability or retirement, the Optionee may exercise his or her Substitute
     Option within such period of time as is specified with respect to the
     Option substituted with the Substitute Option and set forth in the Notice
     of Grant to the extent that the Substitute Option is vested on the date of
     termination (but in no event later than the expiration of the term of such
     Substitute Option as set forth in the Option Agreement). In the absence of
     a specified time in the Option Agreement, the Substitute Option shall
     remain exercisable for 30 days following the Optionee's termination (unless
     the Administrator determines a different length of

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     time). If, on the date of termination, the Optionee is not vested as to his
     or her entire Substitute Option, the Shares covered by the unvested portion
     of the Substitute Option shall become available for issuance under the
     ESOP. If, after termination, the Optionee does not exercise his or her
     Substitute Option within the time specified by the Administrator, the
     Substitute Option shall terminate, and the Shares covered by such
     Substitute Option shall become available for issuance under the ESOP.

          (c) Disability of Optionee. If an Optionee ceases to be a Service
     Provider as a result of the Optionee's Disability, the Optionee may
     exercise his or her Substitute Option within such period of time as is
     specified with respect to the Option substituted with the Substitute Option
     and set forth in the Notice of Grant to the extent the Substitute Option is
     vested on the date of termination (but in no event later than the
     expiration of the term of such Substitute Option as set forth in the Option
     Agreement). In the absence of a specified time in the Option Agreement, the
     Substitute Option shall remain exercisable for six months following the
     Optionee's termination (unless the Administrator determines a different
     length of time). If, on the date of termination, the Optionee is not vested
     as to his or her entire Substitute Option, the Shares covered by the
     unvested portion of the Substitute Option shall become available for
     issuance under the ESOP. If, after termination, the Optionee does not
     exercise his or her Substitute Option within the time specified herein, the
     Substitute Option shall terminate, and the Shares covered by such
     Substitute Option shall become available for issuance under the ESOP.

          (d) Death of Optionee. If an Optionee dies while a Service Provider,
     the Substitute Option may be exercised within such period of time as is
     specified with respect to the Option substituted with the Substitute Option
     and set forth in the Notice of Grant (but in no event later than the
     expiration of the term of such Substitute Option as set forth in the Notice
     of Grant), by the Optionee's estate or by a person who acquires the right
     to exercise the Substitute Option by bequest or inheritance, but only to
     the extent that the Substitute Option is vested on the date of death. In
     the absence of a specified time in the Option Agreement, the Substitute
     Option shall remain exercisable for six months following the Optionee's
     termination (unless the Administrator determines a different length of
     time). If, at the time of death, the Optionee is not vested as to his or
     her entire Substitute Option, the Shares covered by the unvested portion of
     the Substitute Option shall become available for issuance under the ESOP.
     The Substitute Option may be exercised by the executor or administrator of
     the Optionee's estate or, if none, by the person(s) entitled to exercise
     the Substitute Option under the Optionee's will or the laws of descent or
     distribution. If the Substitute Option is not so exercised within the time
     specified herein, the Substitute Option shall terminate, and the Shares
     covered by such Substitute Option shall become available for issuance under
     the ESOP.

          (e) Retirement of Optionee. If an Optionee ceases to be a Service
     Provider as a result of the Optionee's voluntary retirement, the Optionee
     may exercise his or her Substitute Option within such period of time as is
     specified with respect to the Option that is substituted with the
     Substitute Option and set forth in the Notice of Grant to the extent the
     Substitute Option is vested on the date of retirement (but in no event
     later than the expiration of the term of such Substitute Option as set
     forth in the Option Agreement). In the absence of a specified time in the
     Option Agreement, the Substitute

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     Option shall remain exercisable for 30 days following the Optionee's
     retirement (unless the Administrator determines a different length of
     time). If, on the date of retirement, the Optionee is not vested as to his
     or her entire Substitute Option, the Shares covered by the unvested portion
     of the Substitute Option shall become available for issuance under the
     ESOP. If, after retirement, the Optionee does not exercise his or her
     Substitute Option within the time specified herein, the Substitute Option
     shall terminate, and the Shares covered by such Substitute Option shall
     become available for issuance under the ESOP. This Section 10(e) shall only
     apply to an Optionee who voluntarily retires from the Company or a
     Subsidiary on or after the date on which such Optionee has attained the age
     of 59 1/2. Notwithstanding anything in this Section 10(e) or an Option
     Agreement to the contrary, if the Administrator determines in the good
     faith exercise of its judgment that any Optionee who has retired engages in
     any conduct detrimental to the Company, upon such determination by the
     Administrator, such Substitute Option shall immediately and without further
     action on the part of the Company, expire and become unexercisable. No
     notice of such determination need be given to any Optionee in such
     circumstance.

          (f) Change in Control. In the event of a Change in Control, only if
     provided in the Option Agreement with respect to the Options that was
     substituted with a Substitute Option, any Substitute Option awarded under
     this Plan to the extent not previously exercisable shall immediately become
     fully exercisable. The Administrator in its sole discretion may direct the
     Company to cash out all outstanding Substitute Options as of the date a
     Change in Control occurs or such other date as the Administrator may
     determine prior to the Change in Control.

          (g) Buyout Provisions. The Administrator may at any time offer to buy
     out for a payment in cash or Shares, or, in the sole discretion of the
     Administrator, ADSs, a Substitute Option previously granted based on such
     terms and conditions as the Administrator shall establish and communicate
     to the Optionee at the time that such offer is made.

         11. Non-Transferability of Substitute Options. Unless determined
otherwise by the Administrator, a Substitute Option may not be sold, pledged,
assigned, hypothecated, transferred, or disposed of in any manner other than by
will or by the laws of descent or distribution and may be exercised, during the
lifetime of the Optionee, only by the Optionee. If the Administrator makes a
Substitute Option transferable to the extent permitted under Applicable Law,
such Substitute Option shall contain such additional terms and conditions, as
the Administrator deems appropriate.

         12. Adjustments Upon Changes in Capitalization, Dissolution, Merger or
Asset Sale.

          (a) Changes in Capitalization. Subject to any required action by the
     shareholders of the Company, the number of Shares covered by each
     outstanding Substitute Option, and the number of Shares that have been
     authorized for issuance under the Plan but as to which no Substitute
     Options have yet been granted or that have been returned to the Plan upon
     cancellation or expiration of a Substitute Option, as well as the price per
     Share covered by each such outstanding Substitute Option, shall be
     proportionately adjusted for

                                       11

<PAGE>

     any increase or decrease in the number of issued Shares or ADSs resulting
     from a stock split, reverse stock split, stock dividend, combination or
     reclassification of the Shares or ADSs, or any other increase or decrease
     in the number of issued Shares or ADSs effected without receipt of
     consideration by the Company; provided, however, that conversion of any
     convertible securities of the Company shall not be deemed to have been
     "effected without receipt of consideration." Such adjustment shall be made
     by the Board, whose determination in that respect shall be final, binding
     and conclusive. Except as expressly provided herein, no issuance by the
     Company of shares of any class, or securities convertible into shares of
     any class, shall affect, and no adjustment by reason thereof shall be made
     with respect to, the number or price of Shares subject to a Substitute
     Option.

          (b) Dissolution or Liquidation. In the event of the proposed
     dissolution or liquidation of the Company, the Administrator shall notify
     each Optionee as soon as practicable prior to the effective date of such
     proposed transaction. The Administrator in its discretion may provide for
     an Optionee to have the right to exercise his or her Substitute Option
     until ten (10) days prior to such transaction as to all of the Optioned
     Shares covered thereby, including Shares as to which the Substitute Option
     would not otherwise be exercisable. In addition, the Administrator may
     provide that any Company repurchase option applicable to any Shares
     purchased upon exercise of a Substitute Option shall lapse as to all such
     Shares, provided the proposed dissolution or liquidation takes place at the
     time and in the manner contemplated. To the extent it has not been
     previously exercised, a Substitute Option shall terminate immediately prior
     to the consummation of such proposed action.

          (c) Merger or Asset Sale. In the event of a merger of the Company with
     or into another corporation, or the sale of substantially all of the assets
     of the Company, each outstanding Substitute Option shall be assumed or an
     equivalent option or right substituted by the successor corporation or a
     Parent or Subsidiary of the successor corporation. In the event that the
     successor corporation refuses to assume or substitute for the Substitute
     Option, the Optionee shall fully vest in and have the right to exercise the
     Substitute Option as to all of the Optioned Shares, including Shares as to
     which it would not otherwise be vested or exercisable. If a Substitute
     Option becomes fully vested and exercisable in lieu of assumption or
     substitution in the event of a merger or sale of assets, the Administrator
     shall notify the Optionee in writing or electronically that the Substitute
     Option shall be fully vested and exercisable for a period of fifteen (15)
     days from the date of such notice, and the Substitute Option shall
     terminate upon the expiration of such period. For the purposes of this
     Section 12(c), the Substitute Option shall be considered assumed if,
     following the merger or sale of assets, the Substitute Option or right
     confers the right to purchase or receive, for each Share subject to the
     Substitute Option immediately prior to the merger or sale of assets, the
     consideration (whether stock, cash, or other securities or property)
     received in the merger or sale of assets by holders of Shares for each
     Share held on the effective date of the transaction (and if holders were
     offered a choice of consideration, the type of consideration chosen by the
     holders of a majority of the outstanding Shares); provided, however, that
     if such consideration received in the merger or sale of assets is not
     solely common stock or ordinary shares of the successor corporation or its
     Parent, the Administrator may, with

                                       12

<PAGE>

     the consent of the successor corporation, provide for the consideration to
     be received upon the exercise of the Substitute Option, for each Share
     subject to the Substitute Option, to be solely common stock or ordinary
     shares of the successor corporation or its Parent equal in fair market
     value to the per share consideration received by holders of Shares in the
     merger or sale of assets.

         13. Date of Grant. The date of grant of an Option and the Substitute
Option substituted therefor shall be, for all purposes except where noted
otherwise, the date on which the administrator of the Former Plan made the
determination granting the Option, or such other later date as determined by the
administrator of the Former Plan and set forth in the Option Agreement.

         14. Amendment and Termination of the Plan.

          (a) Amendment and Termination. The Board may at any time amend, alter,
     suspend or terminate the Plan.

          (b) Shareholder Approval. The Company shall obtain shareholder
     approval of any Plan amendment to the extent necessary and desirable to
     comply with Applicable Laws.

          (c) Effect of Amendment or Termination. No amendment, alteration,
     suspension or termination of the Plan shall impair the rights of any
     Optionee, unless mutually agreed otherwise between the Optionee and the
     Administrator, which agreement must be in writing and signed by the
     Optionee and the Company. Termination of the Plan shall not affect the
     Administrator's ability to exercise the powers granted to it hereunder with
     respect to Substitute Options granted under the Plan prior to the date of
     such termination.

         15. Conditions Upon Issuance of Shares.

          (a) Legal Compliance. Shares shall not be issued pursuant to the
     exercise of a Substitute Option unless the exercise of such Substitute
     Option and the issuance and delivery of such Shares shall comply with
     Applicable Laws and shall be further subject to the approval of counsel for
     the Company with respect to such compliance.

          (b) Investment Representations. As a condition to the exercise of a
     Substitute Option, the Company may require the person exercising such
     Substitute Option to represent and warrant at the time of any such exercise
     that the Shares are being purchased only for investment and without any
     present intention to sell or distribute such Shares if, in the opinion of
     counsel for the Company, such a representation is required.

         16. Inability to Obtain Authority. The inability of the Company to
obtain authority from any regulatory body having jurisdiction, which authority
is deemed by the Company's counsel to be necessary to the lawful issuance and
sale of any Shares hereunder, shall relieve the Company of any liability in
respect of the failure to issue or sell such Shares as to which such requisite
authority shall not have been obtained.

                                       13

<PAGE>

         17. Reservation of Shares. The Company, during the term of this Plan,
shall at all times reserve and keep available such number of Shares as shall be
sufficient to satisfy the requirements of the Plan.

         18. Shareholder Approval. The adoption of the Plan shall be subject to
approval by the shareholders of the Company at the time that the transactions
contemplated by the Merger Agreement are subject to shareholder approval. Such
shareholder approval shall be obtained in the manner and to the degree required
under Applicable Laws. The Plan shall not become effective and no Substitute
Option shall be granted under the Plan in the event that the Plan is not
approved by the shareholders of the Company and in no event prior to the
Effective Time.

         19. Governing Law. The validity, construction, interpretation,
administration and effect of the Plan shall be determined in accordance with
laws of the Republic of Singapore.

                                       14

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