Document:

Exhibit
10.10

 

GECIS GLOBAL HOLDINGS 2005 STOCK OPTION PLAN

 

(Effective as of July 26, 2005)

 

1.                                      Purpose

 

The purpose of the Plan is to provide a means through
which Gecis Global Holdings SICAR (the “Company”) and/or its Affiliates
may attract able persons to enter and remain in the employ of the Company
and/or its Affiliates and to provide a means whereby employees, managers,
directors and consultants of the Company and its Affiliates can acquire and
maintain Stock ownership, thereby strengthening their commitment to the welfare
of the Company and Affiliates, promoting an identity of interest between
stockholders and these employees, managers, directors and consultants and
incentivizing these employees, managers, directors and consultants to
contribute to the Company’s future success.

 

2.                                      Definitions

 

The following definitions shall be applicable
throughout the Plan.

 

(a)                                 “Affiliate”
means (i) any entity that directly or
indirectly is controlled by, or is under common control with the Company and
(ii) any entity in which the Company has a significant equity interest, in
either case as determined by the Board. As used in 2(c) below, “affiliate”
means, with respect to any specified entity, any other entity that directly or indirectly through one or
more intermediaries, controls, is controlled by, or is under common control
with such specified entity.

 

(b)                                 “Board”
means the Board of Managers of the Company.

 

(c)                                  “Change
in Control” shall, unless in the case of a particular Option the applicable
Stock Option Agreement states otherwise or contains a different definition of “Change
in Control,” mean the occurrence of any one of the following events:
(i) the acquisition by any person or entity (other than General Atlantic
Partners (Bermuda) L.P., Oak Hill Capital Partners (Bermuda), L.P. or GE
Capital International (Mauritius) or any of their respective affiliates (each,
individually an “Investor” and collectively, the “Investors”)),
directly or indirectly, of more than 50% of the combined voting power of the
then outstanding securities entitled to vote generally in the election of
directors of the Company, including, without limitation, as a result, in whole
or part, by reason of a sale or other disposition by General Atlantic Partners
(Bermuda) L.P.,  Oak Hill Capital
Partners (Bermuda) L.P. or any of their respective Affiliates of their direct
or indirect interest in Gecis Investment Co. (Lux) and/or Gecis Global (Lux))
or any successor entities; or (ii) any merger, consolidation, reorganization,
recapitalization, tender or exchange offer or any other transaction with or
affecting the Company, Gecis Investment Co. (Lux) and/or Gecis Global (Lux) as
a result of which a person or entity other than an Investor owns after such
transaction, directly or indirectly, more than 50% of the combined voting power
of the then outstanding securities entitled to vote generally in the election
of the directors of the Company, or (iii) the sale, lease, exchange, transfer
or other disposition to any person or entity, other than an Investor, of all or
substantially all, of the assets of the Company and its consolidated
subsidiaries.

 

 

(d)                                 “Code”
means the Internal Revenue Code of 1986, as amended. Reference in the Plan to
any section of the Code shall be deemed to include any amendments or successor
provisions to such section and any regulations under such section.

 

(e)                                  “Committee”
means the compensation committee of the Board, or if no such committee has yet
been established, the Board; provided that on and after the time that the
Company becomes subject to the Exchange Act, the composition of the Committee
shall satisfy the provisions of Rule16b-3 under the Exchange Act.

 

(f)                                   “Company”
means Gecis Global Holdings SICAR, a Societé à Responsabilité
Limitée organized as a Societé d’Investissement
en Capital à Risque under the laws of the Grand Duchy of Luxembourg.

 

(g)                                  “Date
of Grant” means the date on which the granting of an Option is authorized,
or such other date as may be specified in such authorization or, if there is no
such date, the date indicated on the applicable Stock Option Agreement.

 

(h)                                 “Designated
Foreign Subsidiaries” means all Affiliates organized under the laws of any
jurisdiction or country other than the United States of America that may be
designated by the Board or the Committee from time to time.

 

(i)                                     “Effective
Date” means July 26, 2005.

 

(j)                                    “Eligible
Person” means any (i) individual regularly employed by the Company or an
Affiliate; (ii) non-employee manager or director of the Company or an
Affiliate, or (iii) consultant or advisor to the Company or an Affiliate.

 

(k)                                 “Exchange
Act” means the Securities Exchange Act of 1934, as amended.

 

(l)                                     “Fair
Market Value” on a given date means (i) if the Stock is listed on a
national securities exchange, the average of the highest and lowest sale prices
of a share of Stock reported as having occurred on the primary exchange with
which the Stock is listed and traded on such date, or, if there is no such sale
on that date, then on the last preceding date on which such a sale was reported;
(ii) if the Stock is not listed on any national securities exchange but is
quoted in the Nasdaq National Market (the “Nasdaq”) on a last sale
basis, the average between the high bid price and low ask price reported on
such date, or, if there is no such sale on that date, then on the last
preceding date on which a sale was reported; or (iii) if the Stock is not
listed on a national securities exchange nor quoted in the Nasdaq on a last
sale basis, the amount determined by the Board to be the fair market value
based upon a good faith attempt to value the Stock accurately.

 

(m)                             “Incentive
Stock Option” means an Option granted by the Board to a Participant under
the Plan which is designated by the Board to be an incentive stock option as
described in Section 422 of the Code.

 

(n)                                 “Nonqualified
Stock Option” means an Option granted by the Board to a Participant under
the Plan which is not designated by the Board as an Incentive Stock Option.

 

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(o)                                 “Option”
means, individually or collectively, an Incentive Stock Option or Nonqualified
Stock Option granted under Section 7.

 

(p)                                 “Option
Period” means the period described in Section 7(c).

 

(q)                                 “Option
Price” means the exercise price for an Option as described in Section 7(a).

 

(r)                                    “Participant”
means an Eligible Person who has been selected by the Committee pursuant to
Section 6.

 

(s)                                   “Plan”
means this Gecis Global Holdings 2005 Stock Option Plan.

 

(t)                                    “Securities
Act” means the Securities Act of 1933, as amended

 

(u)                                 “Shareholders
Agreement” means the Shareholders Agreement dated as of December 30, 2004
by and among the Company, Gecis Global (Lux), certain of the Investors and the
other parties thereto, as the same may be amended from time to time.

 

(v)                                 “Stock”
means the common stock of the Company or such other authorized shares of stock
of the Company as the Board may from time to time authorize for use under the
Plan.

 

(w)                               “Stock
Option Agreement” means the agreement between the Company and a Participant
who has been granted an Option pursuant to Section 7 which defines the rights
and obligations of the parties as required in Section 7(d).

 

3.                                      Effective
Date, Duration and Shareholder Approval

 

(a)                                 The
Plan is effective as of the Effective Date. No Option shall be treated as an
Incentive Stock Option unless the Plan has been approved by the shareholders of
the Company in a manner intended to comply with the shareholder approval
requirements of Section 422(b)(i) of the Code; provided that any Option
intended to be an Incentive Stock Option shall not fail to be effective solely
on account of a failure to obtain such approval, but rather such Option shall
be treated as a Nonqualified Stock Option unless and until such approval is
obtained.

 

(b)                                 The
expiration date of the Plan, on and after which no Options may be granted
hereunder, shall be the tenth anniversary of the Effective Date; provided,
however, that each Option outstanding upon such expiration date shall
continue in full force and effect in accordance with the provisions of the
Stock Option Agreement evidencing such Option and the administration of the
Plan shall continue in effect until all matters relating to all such
outstanding Options have been settled.

 

4.                                      Administration

 

(a)                                 The
Committee shall administer the Plan. The majority of the members of the
Committee shall constitute a quorum. The acts of a majority of the members
present at any

 

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meeting at which a
quorum is present, and acts approved in writing by a majority of the Committee
shall be deemed the acts of the Committee.

 

(b)                                 Subject
to the provisions of the Plan and applicable law, the Committee shall have the
power, in addition to other express powers and authorizations conferred on the
Committee by the Plan, to:  (i) designate
Participants; (ii) determine the type or types of Options to be granted to a
Participant; (iii) determine the number of shares to be covered by, or with
respect to which payments, rights, or other matters are to be calculated in
connection with Options; (iv) determine the terms and conditions of any
Options; (v) determine whether, to what extent, and under what circumstances
Options may be settled or exercised in cash, common stock, other securities,
other Options, or other property, or canceled (including canceled and
regranted), forfeited, or suspended and the method or methods by which Options
may be settled, exercised, canceled, forfeited, or suspended; (vi) interpret,
administer, reconcile any inconsistency, correct any default and/or supply any
omission in the Plan and any instrument or agreement relating to or Option
granted under the Plan; (vii) establish, amend, suspend, or waive such rules
and regulations and appoint such agents as it shall deem appropriate for the
proper administration of the Plan; and (viii) make any other determination and
take any other action that the Committee deems necessary or desirable for the
administration of the Plan.

 

(c)                                  Unless
otherwise expressly provided in the Plan, all designations, determinations,
interpretations, and other decisions under or with respect to the Plan or any
Option or any documents evidencing any and all Options shall be within the sole
discretion of the Committee, may be made at any time pursuant to the Plan and shall
be final, conclusive, and binding upon all parties, including, without
limitation, the Company, any Affiliate, any Participant, any holder or
beneficiary of any Option, and any shareholder.

 

(d)                                 No
member of the Committee shall be liable for any action or determination made in
good faith with respect to the Plan or any Option hereunder.

 

5.                                      Grant
of Options; Shares Subject to the Plan

 

The Committee may, from time to time, grant Options to
one or more Eligible Persons; provided, however, that:

 

(a)                                 Subject
to Section 9, the aggregate number of shares of Stock in respect of which
Options may be granted under the Plan is 67,500  shares;

 

(b)                                 In
the event any Option shall be surrendered, terminate, expire, or be forfeited,
the number of shares of Stock no longer subject thereto shall thereupon be
released and shall thereafter be available for new grants under the Plan;

 

(c)                                  Stock
delivered by the Company in settlement of Options granted under the Plan may be
Stock newly issued by the Company or purchased by private purchase; and

 

(d)                                 Subject
to Section 9, no person may be granted Options under the Plan during any
calendar year with respect to more than 50,000 shares of Stock.

 

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6.                                      Eligibility

 

Participation in the Plan shall be limited to Eligible
Persons who have been selected by the Committee to receive an Option under the
Plan.

 

7.                                      Terms
of Options

 

The Committee is authorized to grant one or more
Incentive Stock Options or Nonqualified Stock Options to any Eligible Person; provided,
however, that no Incentive Stock Options shall be granted to any
Eligible Person who is not an employee of the Company or a “parent” or “subsidiary”
of the Company, as such terms are used in Section 422(a)(2) of the Code. Each
Option so granted shall be subject to the following conditions, or to such
other conditions as may be reflected in the applicable Stock Option Agreement. In
all events, the provisions in the applicable Stock Option Agreement shall
control the terms of the Option issued pursuant thereto. If there shall be a
conflict between the provisions of the Plan and such Stock Option Agreement,
the provisions of such Stock Option Agreement shall control.

 

(a)                                 Option Price. The Option Price per share of Stock for each
Option shall be set by the Committee at the time of grant but shall not be less
than the Fair Market Value of a share of Stock at the Date of Grant (subject to
Section 7(e) in the case of an Incentive Stock Option).

 

(b)                                 Manner of Exercise and Form of Payment. No shares of Stock
shall be delivered pursuant to any exercise of an Option until payment in full
of the aggregate exercise price therefor is received by the Company. Options
which have become exercisable may be exercised by delivery of written notice of
exercise to the Committee accompanied by payment of the Option Price. The
Option Price shall be payable in cash (by check) or, in the discretion of the
Committee and if allowed by applicable law, either (i) by delivery of shares of
Stock valued at the Fair Market Value at the time the Option is exercised
(including by means of attestation of ownership of a sufficient number of
shares of Stock in lieu of actual delivery of such shares to the Company); provided,
however, that such shares are not subject to any pledge or other
security interest and have or meet such other requirements, if any, as the
Committee may determine necessary in order to avoid an accounting earnings
charge in respect of the Option, (ii) in other property having a fair market
value on the date of exercise equal to the Option Price, (iii) if there shall
be a public market for the Stock, by delivering to the Committee a copy of
irrevocable instructions to a stockbroker to deliver promptly to the Company
the proceeds of the sale of the Stock subject to the Option, sufficient to pay
the Option Price or (iv) by such other method as the Committee may allow.

 

(c)                                  Vesting, Option Period and Expiration. Options shall vest
and become exercisable in such manner and on such date or dates determined by the
Committee and shall expire after such period, not to exceed ten years (subject
to Section 7(e)), as may be determined by the Committee (the “Option Period”);
provided, however, that notwithstanding any vesting dates set by
the Committee, the Committee may in its sole discretion accelerate the
exercisability of any Option, which acceleration shall not affect the terms and
conditions of any such Option other than with respect to exercisability. If an
Option is exercisable in installments, such installments or portions thereof
which become exercisable shall remain exercisable until the

 

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Option expires. Any
Option outstanding at the time of the Participant’s termination of employment
or service for any reason prior to the expiration of the Option Period shall
remain exercisable for such period of time thereafter as shall be determined by
the Committee and set forth in the Stock Option Agreement evidencing the
Option.

 

(d)                                 Stock Option Agreement - Other Terms and Conditions. Each
Option granted under the Plan shall be evidenced by a Stock Option Agreement,
which shall contain such provisions as may be determined by the Committee and,
except as may be specifically stated otherwise in such Stock Option Agreement,
which shall be subject to the following terms and conditions:

 

(i)                                     Each
Option or portion thereof that is exercisable shall be exercisable for the full
amount of shares of Stock or for any portion of whole shares of Stock thereof.

 

(ii)                                  Each
share of Stock purchased through the exercise of an Option shall be paid for in
full at the time of the exercise. Each Option shall cease to be exercisable, as
to any share of Stock, when the Participant purchases the share or when the
Option expires.

 

(iii)                               Subject to Sections 8(h)
and 13, Options shall not be transferable by the Participant except by will or
the laws of descent and distribution and shall be exercisable during the
Participant’s lifetime only by him.

 

(iv)                              Each
Option shall vest and become exercisable by the Participant in accordance with
the vesting schedule established by the Board and set forth in the Stock Option
Agreement evidencing such Option.

 

(v)                                 Each
Stock Option Agreement may contain a provision that, upon demand by the
Committee for such a representation, the Participant shall deliver to the
Committee at the time of any exercise of an Option a written representation
that the shares to be acquired upon such exercise are to be acquired for
investment and not for resale or with a view to the distribution thereof, and
any other representations deemed necessary by the Committee to ensure
compliance with all applicable corporate or securities laws. Upon such demand,
delivery of such representation prior to the delivery of any shares issued upon
exercise of an Option shall be a condition precedent to the right of the
Participant or such other person to purchase any shares. In the event
certificates for Stock are delivered under the Plan with respect to which such
investment representation has been obtained, the Committee may cause a legend
or legends to be placed on such certificates to make appropriate reference to
such representation and to restrict transfer in the absence of compliance with
applicable corporate and securities laws.

 

(vi)                              Each
Stock Option Agreement representing an Incentive Stock Option shall contain a
provision requiring the Participant to notify the Company in writing
immediately after the Participant makes a disqualifying disposition of any
Stock acquired pursuant to the exercise of such Incentive Stock Option. A
disqualifying disposition is any disposition (including any sale) of such Stock
before the later of (a) two years after the Date of Grant of the Incentive
Stock Option or (b) one year after the date the Participant acquired the Stock
by exercising the Incentive Stock Option.

 

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(e)                                  Incentive Stock Option Grants to 10% Stockholders. Notwithstanding
anything to the contrary in this Section 7, if an Incentive Stock Option is
granted to a Participant who owns stock representing more than ten percent of
the voting power of all classes of stock of the Company, the Option Period
shall not exceed five years from the Date of Grant of such Option and the
Option Price shall be at least 110 percent of the Fair Market Value (on the
Date of Grant) of the Stock subject to the Option.

 

(f)                                   U.S. $100,000 Per Year Limitation for Incentive Stock Options. To
the extent the aggregate Fair Market Value (determined as of the Date of Grant)
of Stock for which Incentive Stock Options are exercisable for the first time
by any Participant during any calendar year (under all plans of the Company)
exceeds U.S. $100,000, such excess Incentive Stock Options shall be treated as
Nonqualified Stock Options.

 

8.                                      General

 

(a)                                 Additional Provisions of an Option. Options granted to a
Participant under the Plan also may be subject to such other provisions
(whether or not applicable to Options granted to any other Participant) as the
Committee determines appropriate. Any such provisions shall be reflected in the
applicable Stock Option Agreement.

 

(b)                                 Privileges of Stock Ownership. Except as otherwise
specifically provided in the Plan, no person shall be entitled to the
privileges of ownership in respect of or on behalf of shares of Stock which are
subject to Options hereunder until such shares have been issued to or, subject
to Section 15, on behalf of, that person.

 

(c)                                  Government and Other Regulations. The obligation of the
Company to deliver Stock upon the exercise of an Option shall be subject to all
applicable laws, rules, and regulations, and to such approvals by governmental
agencies as may be required. Notwithstanding any terms or conditions of any
Option to the contrary, the Company shall be under no obligation to offer to
sell or to sell and shall be prohibited from offering to sell or selling any
shares of Stock pursuant to an Option unless (A) such shares have been properly
registered for sale pursuant to the Securities Act with the U.S. Securities and
Exchange Commission or unless the Company has received an opinion of counsel,
satisfactory to the Company, that such shares may be offered or sold without
such registration pursuant to an available exemption therefrom and the terms
and conditions of such exemption have been fully complied with; and (B) such
sale or offer to sell is in compliance with all applicable laws, including the
laws of the Grand Duchy of Luxembourg applicable to any entity that is a “SICAR”
and/or a “SARL” (as such terms are defined in Section 17 hereof). The Company
shall be under no obligation to register for sale under the Securities Act any
of the shares of Stock to be offered or sold under the Plan. If the shares of
Stock offered for sale or sold under the Plan are offered or sold pursuant to
an exemption from registration under the Securities Act, the Company may
restrict the transfer of such shares and may legend the Stock certificates
representing such shares in such manner as it deems advisable to ensure the
availability of any such exemption.

 

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(d)                                 Withholding.

 

(i)                                     A
Participant may be required to pay to the Company or any Affiliate, and the
Company or any Affiliate shall have the right and is hereby authorized to
withhold from any Shares or other property deliverable under any Option or from
any compensation or other amounts owing to a Participant the amount (in cash,
Stock or other property) of any income tax, employment tax, social insurance,
payroll tax, contributions, payment on account obligations or other payments
required to be withheld in respect of an Option and its exercise under the Plan
and to take such other action as may be necessary in the opinion of the Company
to satisfy all such withholding obligations for the payment of such taxes.

 

(ii)                                  Without
limiting the generality of clause (i) above, if so provided in a Stock Option
Agreement, a Participant may satisfy, in whole or in part, the foregoing
withholding liability (but no more than the minimum required withholding liability)
by delivery of shares of Stock owned by the Participant with a Fair Market
Value equal to such withholding liability (provided that such shares are not
subject to any pledge or other security interest and meet such other
requirements, if any, as the Board may determine necessary in order to avoid an
accounting earnings charge), or by having the Company withhold from the number
of shares of Stock otherwise issuable pursuant to the exercise of the Option a
number of shares with a Fair Market Value equal to such withholding liability.

 

(e)                                  Claim to Options and Employment Rights. No employee of the
Company or an Affiliate, or other person, shall have any claim or right to be
granted an Option under the Plan or, having been selected for the grant of an Option,
to be selected for a grant of any other Option. Neither the Plan nor any action
taken hereunder shall be construed as giving any Participant any right to be
retained in the employ or service of the Company or an Affiliate.

 

(f)                                   No Liability of Committee or Board Members. No member of the
Committee or the Board shall be personally liable by reason of any contract or
other instrument executed by such member or on his behalf in his capacity as a
member of the Committee or the Board nor for any mistake of judgment made in
good faith, and the Company shall indemnify and hold harmless each member of
the Committee and the Board and each other employee, officer or manager of the
Company to whom any duty or power relating to the administration or interpretation
of the Plan may be allocated or delegated, against any cost or expense
(including counsel fees) or liability (including any sum paid in settlement of
a claim) arising out of any act or omission to act in connection with the Plan
unless arising out of such person’s own fraud or willful bad faith; provided,
however, that approval of the Board shall be required for the payment of
any amount in settlement of a claim against any such person. The foregoing
right of indemnification shall not be exclusive of any other rights of
indemnification to which such persons may be entitled under the Company’s
Articles of Incorporation or By-Laws, as a matter of law, or otherwise, or any
power that the Company may have to indemnify them or hold them harmless; provided,
however, that any loss incurred by a member of the Committee or the
Board may only be indemnified once.

 

(g)                                  Governing Law. The Plan shall be governed by and construed
in accordance with the internal laws of the State of New York without regard to
the principles of conflicts of law thereof, or principles of conflicts of laws
of any other jurisdiction which could

 

8

 

cause the
application of the laws of any jurisdiction other than the State of New York; provided,
that, the Plan shall be subject to the mandatory laws of the Grand Duchy of
Luxembourg.

 

(h)                                 Nontransferability.

 

(i)                                     Subject
to Section 13, each Option shall be exercisable only by the Participant during
the Participant’s lifetime, or, if permissible under applicable law, by the
Participant’s legal guardian or representative. No Option may be assigned,
alienated, pledged, attached, sold or otherwise transferred or encumbered by a
Participant otherwise than by will or by the laws of descent and distribution and
any such purported assignment, alienation, pledge, attachment, sale, transfer
or encumbrance shall be void and unenforceable against the Company or an
Affiliate; provided that the designation of a beneficiary shall not constitute
an assignment, alienation, pledge, attachment, sale, transfer or encumbrance.

 

(ii)                                  Notwithstanding
the foregoing, the Committee may in a Stock Option Agreement or at any time
after the Date of Grant in an amendment to a Stock Option Agreement provide
that Options which are not intended to qualify as Incentive Stock Options may
be transferred by a Participant without consideration, subject to such rules as
the Committee may adopt consistent with any applicable Stock Option Agreement
to preserve the purposes of the Plan, to:

 

(A)                               any
person who is a “family member” of the Participant, as such term is used in the
instructions to Form S-8 (collectively, the “Immediate Family Members”);

 

(B)                               a
trust solely for the benefit of the Participant and his or her Immediate Family
Members;

 

(C)                               a
partnership or limited liability company whose only partners or shareholders
are the Participant and his or her Immediate Family Members; or

 

(D)                               any
other transferee as may be approved either (a) by the Committee in its
sole discretion, or (b) as provided in the applicable Stock Option
Agreement;

 

(each
transferee described in clauses (A), (B), (C) 
and (D) above is hereinafter referred to as a “Permitted Transferee”);
provided that the Participant gives the Committee advance written notice
describing the terms and conditions of the proposed transfer and the Committee
notifies the Participant in writing that such a transfer would comply with the
requirements of the Plan and any applicable Stock Option Agreement.

 

(iii)                               The terms of any Option
transferred in accordance with the immediately preceding sentence shall apply
to the Permitted Transferee and any reference in the Plan or in a Stock Option
Agreement to a Participant shall be deemed to refer to the Permitted
Transferee, except that (a) Permitted Transferees shall not be entitled to
transfer any Options, other than by will or the laws of descent and
distribution; (b) Permitted Transferees shall not be entitled to exercise any
transferred Options unless there shall be in effect a registration statement

 

9

 

on an appropriate
form covering the shares to be acquired pursuant to the exercise of such Option
if the Committee determines, consistent with any applicable Stock Option
Agreement, that such a registration statement is necessary or appropriate, (c)
the Committee or the Company shall not be required to provide any notice to a
Permitted Transferee, whether or not such notice is or would otherwise have
been required to be given to the Participant under the Plan or otherwise, and
(d) the consequences of termination of the Participant’s employment by, or
services to, the Company or an Affiliate under the terms of the Plan and the
applicable Stock Option Agreement shall continue to be applied with respect to the
Participant, following which the Options shall be exercisable by the Permitted
Transferee only to the extent, and for the periods, specified in the Plan and
the applicable Stock Option Agreement.

 

(i)                                     Reliance on Reports. Each member of the Committee and each
member of the Board shall be fully justified in relying, acting or failing to
act, and shall not be liable for having so relied, acted or failed to act in
good faith, upon any report made by the independent public accountant of the
Company and Affiliates and upon any other information furnished in connection
with the Plan by any person or persons other than himself.

 

(j)                                    Relationship to Other Benefits. No award or payment under
the Plan shall be taken into account in determining any benefits under any
pension, retirement, profit sharing, group insurance, severance, termination,
indemnification, resignation, redundancy, bonus, long term incentive or other
benefit plan of the Company or any Affiliate except as otherwise specifically
provided in such other plan.

 

(k)                                 Expenses. The expenses of administering the Plan shall be
borne by the Company and Affiliates.

 

(l)                                     Pronouns. Masculine pronouns and other words of masculine
gender shall refer to both men and women.

 

(m)                             Titles and Headings. The titles and headings of the sections
in the Plan are for convenience of reference only, and in the event of any
conflict, the text of the Plan, rather than such titles or headings shall
control.

 

(n)                                 Termination of Employment. For all purposes herein, a person
who transfers from employment or service with the Company to employment or
service with an Affiliate or vice versa shall not be deemed to have terminated
employment or service with the Company or an Affiliate.

 

(o)                                 Severability. If any provision of the Plan or any Stock
Option Agreement is or becomes or is deemed to be invalid, illegal, or
unenforceable in any jurisdiction or as to any person or Option, or would
disqualify the Plan or any Option under any law deemed applicable by the Board,
such provision shall be construed or deemed amended to conform to the
applicable laws, or if it cannot be construed or deemed amended without, in the
determination of the Board, materially altering the intent of the Plan or the
Option, such provision shall be stricken as to such jurisdiction, person or
Option and the remainder of the Plan and any such Option shall remain in full
force and effect.

 

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9.                                      Changes
in Capital Structure

 

Options granted under the Plan and any Stock Option
Agreements evidencing such Options and the maximum number of shares of Stock
subject to all Options stated in Section 5(a) shall be subject to adjustment or
substitution, in such manner as determined by the Board in its sole discretion,
as to the number, price or kind of a share of Stock or other consideration
subject to such Options or as otherwise determined by the Board to be equitable
(i) in the event of changes in the outstanding Stock or in the capital
structure of the Company by reason of stock or extraordinary cash dividends,
stock splits, reverse stock splits, recapitalization, reorganizations, mergers,
consolidations, separations, combinations, exchanges, or other relevant
corporate transactions or changes in capitalization occurring after the Date of
Grant of any such Award or (ii) in the event of any change in applicable laws
or any change in circumstances which results in or would result in any
substantial dilution or enlargement of the rights granted to, or available for,
Participants, or which otherwise warrants equitable adjustment because it
interferes with the intended operation of the Plan. Any adjustment in Incentive
Stock Options under this Section 9 shall be made only to the extent not
constituting a “modification” within the meaning of Section 424(h)(3) of the
Code, and any adjustments under this Section 9 shall be made in a manner which
does not adversely affect the exemption provided pursuant to Rule 16b-3
under the Exchange Act. In making any adjustment pursuant to this Section 9, the
Board shall take into consideration any tax and/or accounting consequences of
an adjustment that results in any Participant receiving an additional benefit
under any outstanding Award.

 

10.                               Effect
of Change in Control

 

(a)                                 Except
to the extent provided in a particular Stock Option Agreement, in the event of
a Change in Control, notwithstanding any provision of the Plan or any
applicable Stock Option Agreement to the contrary, the Board may in its
discretion provide that all Options shall become immediately exercisable with
respect to 100 percent of the shares subject to such Option. Such acceleration
of exercisability shall occur in a manner and at a time which allows affected
Participants the ability to participate in the Change in Control transaction with
respect to the Stock subject to their Options.

 

(b)                                 In
addition, in the event of a Change in Control, the Board may in its discretion
and upon at least 10 days’ advance notice to the affected persons, cancel any
outstanding Options and pay to the holders thereof, in cash or stock, or any
combination thereof, the value of such Options based upon the price per share
of Stock received or to be received by other stockholders of the Company in the
event.

 

(c)                                  The
obligations of the Company under the Plan shall be binding upon any successor
corporation or organization resulting from the merger, consolidation or other
reorganization of the Company, or upon any successor corporation or
organization succeeding to substantially all of the assets and business of the
Company. The Company agrees that it will make appropriate provisions for the
preservation of Participants’ rights under the Plan in any agreement or plan
which it may enter into or adopt to effect any such merger, consolidation,
reorganization or transfer of assets (including, where it is intended that
Options survive the consummation of the Change in Control, by requiring that
outstanding Options be assumed or that substantially equivalent stock options
be substituted for such outstanding Options).

 

11

 

11.                               Options
Subject to the Shareholders Agreement

 

Options granted under the Plan shall be subject to the
Shareholders Agreement. The terms and provisions of the Shareholders’ Agreement
are hereby incorporated herein by reference. In the event of a conflict between
any term or provision contained herein and any term or provision of the
Shareholders Agreement, the applicable terms and provisions of the  Shareholders Agreement will govern and prevail.

 

12.                               Successors

 

The obligations of the Company under the Plan shall be
binding upon any successor corporation or organization resulting from the
merger, consolidation or other reorganization of the Company, or upon any
successor corporation or organization succeeding to substantially all of the
assets and business of the Company. The Company agrees that it will make
appropriate provisions for the preservation of Participants’ rights under the
Plan in any agreement or plan which it may enter into or adopt to effect any
such merger, consolidation, reorganization or transfer of assets.

 

13.                               Nonexclusivity
of the Plan

 

Neither the adoption of the Plan by the Board nor the
submission of the Plan to the stockholders of the Company for approval shall be
construed as creating any limitations on the power of the Board to adopt such
other incentive arrangements as it may deem desirable, including, without
limitation, the granting of stock options otherwise than under the Plan, and
such arrangements may be either applicable generally or only in specific cases.

 

14.                               Amendments
and Termination

 

(a)                                 Amendment and Termination of the Plan. The Board may amend,
alter, suspend, discontinue, or terminate the Plan or any portion thereof at
any time; provided that no such amendment, alteration, suspension,
discontinuation or termination shall be made without shareholder approval if
such approval is necessary to comply with any tax or regulatory requirement
applicable to the Plan; and provided  further that any such
amendment, alteration, suspension, discontinuance or termination that would
impair the rights of any Participant (or any holder or beneficiary) with
respect to any Option theretofore granted shall not to that extent be effective
without the consent of the affected Participant, holder or beneficiary unless
such amendment, alteration, suspension, discontinuance or termination is
required by the Commission de Surveillance du Secteur
Financier of the Grand Duchy of Luxembourg or other applicable law.

 

(b)                                 Amendment of  Stock Option Agreements.
Unless the applicable Stock Option Agreement provides otherwise, the Committee
may waive any conditions or rights under, amend any terms of, or alter,
suspend, discontinue, cancel or terminate, any Option theretofore granted,
prospectively or retroactively; provided that any such waiver, amendment,
alteration, suspension, discontinuance, cancellation or termination that would
impair the rights of any Participant in respect of any Option theretofore
granted shall not to that extent be effective without the consent of the
affected Participant unless such waiver, amendment, alteration,

 

12

 

suspension,
discontinuance, cancellation or termination is required by the Commission de Surveillance du Secteur Financier of the Grand
Duchy of Luxembourg or other applicable law.

 

15.                               Fiduciary

 

(a)                                 The
Company may establish a fiduciary arrangement (the “Fiduciary Arrangement”)
for the exercise of Options granted under the Plan in order to comply with the
rules pertaining to a Societé à Responsabilité
Limitée organized under the laws of the Grand Duchy of Luxembourg (a
“SARL”), and, if applicable, the rules 
pertaining to a Societé d’Investissement
en Capital à Risque organized under the laws of the Grand Duchy of
Luxembourg (a “SICAR”). If and to the extent the Company determines to
use a Fiduciary Arrangement, any Option to be granted to a Participant shall,
at the Company’s sole option, either (i) be issued to the fiduciary of such
Fiduciary Arrangement (the “Fiduciary”) for the Participant’s benefit or
(ii) issued to the Participant with a requirement that the Option be
transferred to the Fiduciary immediately prior to exercise (any such Option, a “Fiduciary
Option”). All shares of Stock acquired upon the exercise of Fiduciary
Options shall be held by the Fiduciary for the period during which the Company
remains a SARL or a SICAR, as applicable, in accordance with the terms of the
fiduciary agreement between the Company, the Fiduciary and the applicable
Participants governing the Fiduciary Arrangement (the “Fiduciary Agreement”).

 

(b)                                 In
connection with the grant of an Option, each Participant shall be obligated to
enter into a Fiduciary Agreement at such times and subject to such terms and
conditions as the Company may require.

 

(c)                                  The
Fiduciary’s ability to exercise a Fiduciary Option on behalf of Participant
shall be limited to the terms of the Participant’s Stock Option Agreement and
otherwise as directed by the Participant. The Fiduciary shall not be obligated
to exercise a Fiduciary Option unless and until the Participant has paid the
Option Price and has otherwise complied with any other applicable requirements
as set forth in the Plan and the Participant’s Stock Option Agreement. Without
limiting the generality of the foregoing, the Fiduciary Agreement shall provide
that the Fiduciary shall hold Fiduciary Options, if applicable, and shares of
Stock acquired on the exercise of Fiduciary Options for the exclusive benefit
of Participants and shall discharge its duties with respect to the Fiduciary
Arrangement solely in the interest of Participants.

 

16.                               Sub
Plans

 

This Plan document is an omnibus document which may
include, in addition to the Plan, separate sub-plans (“Sub Plans”) that
permit offerings of grants to employees of certain Designated Foreign
Subsidiaries. Offerings under the Sub Plans may be made in particular locations
outside the United States of America and shall comply with local laws
applicable to offerings in such foreign jurisdictions. As of the Effective
Date, the only Sub Plan is the Gecis Global Holdings 2005 India Employee Stock
Option Plan.

 

*       *       *

 

13

 

As adopted by the Board
of Managers of

Gecis
Global Holdings SICAR as of July 26, 2005.

 

14

 

GECIS
GLOBAL HOLDINGS

2005
INDIA EMPLOYEE STOCK OPTION PLAN

 

(A Sub
Plan of the Gecis Global Holdings 2005 Stock Option Plan)

 

(Effective
as of July 26, 2005)

 

1.                                      Establishment and Purpose of Sub Plan

 

(a)                                 The
purpose of this Gecis Global Holdings 2005 India Employee Stock Option Plan
(the “Sub Plan”) is to provide a means through which Gecis Global
Holdings SICAR, a Societé à Responsabilité Limitée organized
as a Societé d’Investissement en Capital à Risque
under the laws of the Grand Duchy of Luxembourg (the “Company”) and its
Indian Subsidiaries may attract able persons to enter and remain in the employ
of the Indian Subsidiaries and, subject to the terms of the Plan (as defined
below) and this Sub Plan, to provide a means whereby employees and directors of
the Indian Subsidiaries can acquire and maintain Stock ownership, thereby
strengthening their commitment to the welfare of the Company and the Indian
Subsidiaries and promoting an identity of interest between stockholders and
these employees and directors.

 

(b)                                 This
Sub Plan is established as a sub plan of the Gecis Global Holdings 2005 Stock
Option Plan (the “Plan”), as of the Effective Date, subject to the
shareholder and Indian Subsidiary approval requirements set forth in Section 7.
This Sub Plan is established and shall be maintained in accordance with all
terms and conditions of the Plan, except to the extent specifically provided
otherwise herein. Capitalized terms used in the Sub Plan and not otherwise
defined shall have the same meanings as such terms are given in the Plan.

 

2.                                      Definitions

 

(a)                                 “Act”
means the Indian Income Tax Act, 1961 as amended, and any applicable
regulations or notifications promulgated thereunder.

 

(b)                                 “Effective
Date” means July 26, 2005.

 

(c)                                  “FEMA”
means the Indian Foreign Exchange Management Act, 1999 as amended, and the
rules and regulations promulgated thereunder.

 

(d)                                 “Guidelines”
means the Employee Stock Option Guidelines issued by the Ministry of Finance of
the Government of India.

 

(e)                                  “Indian
Subsidiary” means, each Subsidiary that is either (i) headquartered in the
Republic of India or (ii) employs or retains a person who is “resident” in
India, in accordance with the Guidelines, all such Subsidiaries are collectively
referred to as the “Indian Subsidiaries”.

 

 

(f)                                   “Promoter”
means the person or persons who are in over-all control of the Company, who are
instrumental in the formation of the Company or program pursuant to which
shares of Stock were offered to the public, or the person or persons named in
the offer document as promoter(s); provided, however, that a
director or officer of the Company or an Indian Subsidiary, if he is acting as
such only in his professional capacity will not be deemed to be a promoter.
Where a promoter of the Company is a body corporate, the promoters of that body
corporate shall also be deemed to be promoters of the Company.

 

(g)                                  “Promoter
Group” means an immediate relative of the Promoter (i.e. spouse of
that person, or any parent, brother, sister or child of the person or of the
spouse); persons whose shareholding is aggregated for the purpose of disclosing
in the offer document “shareholding of the promoter group”.

 

(h)                                 “Sub
Plan Eligible Person” means any employee or director of an Indian
Subsidiary who is “resident” in India, in accordance with the provisions of
FEMA, other than (i) a Promoter, (ii) a member of the Promoter Group, or
(iii) a director who either by himself or through his relative or through any
body corporate, directly or indirectly holds more than ten percent (10%) of the
issued share capital of the Company.

 

(i)                                     “Sub
Plan Participant” means a Sub Plan Eligible Person who has been selected by
the Committee pursuant to subsection 3(b) of the Sub Plan.

 

(j)                                    “Subsidiary”
means, at the time of reference, a “subsidiary” of the Company as that term is
then defined under the Indian Companies Act, 1956.

 

3.                                      Option Grants to Sub Plan Participants

 

(a)                                 The
Committee may, from time to time grant Options to one or more Sub Plan Eligible
Persons, subject to the provisos of Section 5 of the Plan.

 

(b)                                 Participation
in the Sub Plan shall be limited to Sub Plan Eligible Persons who have been
selected by the Committee to receive an Option under the Sub Plan.

 

(c)                                  The
Committee is authorized to grant one or more Options to any Sub Plan Eligible
Person. Each Option so granted shall be subject to the terms and conditions set
forth in the Plan, the additional conditions set forth in this Sub Plan, and to
any other conditions as may be reflected in the applicable Stock Option
Agreement. The minimum number of shares of Stock which may be subject to an
Option granted to a Sub Plan Eligible Person is one and the maximum number of
shares of Stock which may be subject to such an Option is 50,000.

 

(d)                                 If
there shall be a conflict between the provisions of the Plan and the Sub Plan,
the provisions of the Sub Plan shall control. In all events, however, the
provisions in the applicable Stock Option Agreement shall control the terms of
the Option issued pursuant thereto. If there shall be a conflict between the
provisions

 

 

of the Plan or the
Sub Plan and such Stock Option Agreement, the provisions of such Stock Option
Agreement shall control.

 

4.                                      Nontransferability

 

Options granted to Sub Plan Participants shall be
subject to the transfer restrictions set forth in Section 8(h) of the Plan, provided,
however, that any rules that the Committee may adopt permitting Options
to be transferred by a Sub Plan Participant without consideration shall be consistent
with applicable FEMA regulations.

 

5.                                      Qualification of Plan

 

It is intended that each Option to be issued to a Sub
Plan Participant under this Sub Plan will qualify for beneficial tax treatment
under the Act.

 

6.                                      Applicable Law; Severability

 

(a)                                 This
Sub Plan shall be governed by and construed in accordance with the internal
laws of the State of New York without regard to the principles of conflicts of
law thereof, or principles of conflicts of laws of any other jurisdiction which
could cause the application of the laws of any jurisdiction other than the
State of New York.. If any provision of this Sub Plan are held by a court of
competent jurisdiction to be invalid or unenforceable, the remaining provisions
of the Sub Plan will continue to be fully effective.

 

(b)                                 The
Board shall exercise the powers granted to it under Section 14(a) of the Plan
with respect to this Sub Plan only to the extent that such exercise would not
be prohibited by Section 2 of the Guidelines.

 

7.                                      Adoption by Shareholders, Indian Subsidiary

 

(a)                                 No
Option granted under the Sub Plan will be exercisable until (i) a majority of
the shareholders of the Company approve the Plan and (ii) the Board of
Directors of each Indian Subsidiary accepts and adopts the Plan and the Sub
Plan, whereupon all grants made under the Sub Plan shall be deemed to have been
made at the behest and on behalf of such Indian Subsidiary and such Indian
Subsidiary, in so far as the terms and conditions of the Plan apply to it,
shall be bound by the terms and conditions thereof.

 

(b)                                 The
Sub Plan and any Options granted under it will terminate, if the approvals
described in the foregoing subparagraph (a) are not received for the Plan and
the Sub Plan within twelve months following the Effective Date.

 

*                                         *                                         *

 

 

As adopted by the Board
of Directors of

GE Capital International
Services (India)

as of July
    , 2005Exhibit 10.11

 

GENPACT
GLOBAL HOLDINGS 2006 STOCK OPTION PLAN

 

(Effective
as of February 27, 2006)

 

1.                                      Purpose

 

The purpose of the Plan is to provide a means through
which Genpact Global Holdings SICAR s.a.r.l.(the “Company”) and/or its
Affiliates may attract able persons to enter and remain in the employ of the
Company and/or its Affiliates and to provide a means whereby employees,
managers, directors and consultants of the Company and its Affiliates can
acquire and maintain Stock ownership, thereby strengthening their commitment to
the welfare of the Company and Affiliates, promoting an identity of interest
between stockholders and these employees, managers, directors and consultants
and incentivizing these employees, managers, directors and consultants to
contribute to the Company’s future success.

 

2.                                      Definitions

 

The following definitions shall be applicable
throughout the Plan.

 

(a)           “Affiliate”
means (i) any entity that
directly or indirectly is controlled by, or is under common control with the
Company and (ii) any entity in which the Company has a significant
equity interest, in either case as determined by the Board. As used in 2(c)
below, “affiliate” means, with respect to any specified entity, any other
entity that directly or indirectly
through one or more intermediaries, controls, is controlled by, or is under
common control with such specified entity.

 

(b)           “Board”
means the Board of Managers of the Company.

 

(c)           “Change
in Control” shall, unless in the case of a particular Option the applicable
Stock Option Agreement states otherwise or contains a different definition of “Change
in Control,” mean the occurrence of any one of the following events:
(i) the acquisition by any person or entity (other than General Atlantic
Partners (Bermuda) L.P., Oak Hill Capital Partners (Bermuda), L.P. or GE
Capital International (Mauritius) or any of their respective affiliates (each,
individually an “Investor” and collectively, the “Investors”)),
directly or indirectly, of more than 50% of the combined voting power of the
then outstanding securities entitled to vote generally in the election of
directors of the Company, including, without limitation, as a result, in whole
or part, by reason of a sale or other disposition by General Atlantic Partners
(Bermuda) L.P.,  Oak Hill Capital
Partners (Bermuda) L.P. or any of their respective Affiliates of their direct
or indirect interest in Genpact Investment Co. (Lux) and/or Genpact Global
(Lux)) or any successor entities; or (ii) any merger, consolidation,
reorganization, recapitalization, tender or exchange offer or any other
transaction with or affecting the Company, Genpact Investment Co. (Lux) and/or
Genpact Global (Lux) as a result of which a person or entity other than an
Investor owns after such transaction, directly or indirectly, more than 50% of
the combined voting power of the then outstanding securities entitled to vote
generally in the election of the directors of the Company, or (iii) the sale,
lease, exchange, transfer or other disposition to any person or entity, other
than an Investor, of all or substantially all, of the assets of the Company and
its consolidated subsidiaries.

 

 

(d)           “Code”
means the Internal Revenue Code of 1986, as amended. Reference in the Plan to
any section of the Code shall be deemed to include any amendments or successor
provisions to such section and any regulations under such section.

 

(e)           “Committee”
means the compensation committee of the Board, or if no such committee has yet
been established, the Board; provided that on and after the time that the
Company becomes subject to the Exchange Act, the composition of the Committee
shall satisfy the provisions of Rule16b-3 under the Exchange Act.

 

(f)            “Company”
means Genpact Global Holdings SICAR s.a.r.l., a Societé à
Responsabilité Limitée organized as a Societé d’Investissement
en Capital à Risque under the laws of the Grand Duchy of Luxembourg.

 

(g)           “Date
of Grant” means the date on which the granting of an Option is authorized,
or such other date as may be specified in such authorization or, if there is no
such date, the date indicated on the applicable Stock Option Agreement.

 

(h)           “Designated
Foreign Subsidiaries” means all Affiliates organized under the laws of any
jurisdiction or country other than the United States of America that may be
designated by the Board or the Committee from time to time.

 

(i)            “Effective
Date” means February 27, 2006.

 

(j)            “Eligible
Person” means any (i) individual regularly employed by the Company or an
Affiliate; (ii) non-employee manager or director of the Company or an
Affiliate, or (iii) consultant or advisor to the Company or an Affiliate.

 

(k)           “Exchange
Act” means the Securities Exchange Act of 1934, as amended.

 

(l)            “Fair
Market Value” on a given date means (i) if the Stock is listed on a
national securities exchange, the average of the highest and lowest sale prices
of a share of Stock reported as having occurred on the primary exchange with
which the Stock is listed and traded on such date, or, if there is no such sale
on that date, then on the last preceding date on which such a sale was
reported; (ii) if the Stock is not listed on any national securities exchange
but is quoted in the Nasdaq National Market (the “Nasdaq”) on a last
sale basis, the average between the high bid price and low ask price reported
on such date, or, if there is no such sale on that date, then on the last
preceding date on which a sale was reported; or (iii) if the Stock is not
listed on a national securities exchange nor quoted in the Nasdaq on a last
sale basis, the amount determined by the Board to be the fair market value
based upon a good faith attempt to value the Stock accurately.

 

(m)          “Incentive
Stock Option” means an Option granted by the Board to a Participant under
the Plan which is designated by the Board to be an incentive stock option as
described in Section 422 of the Code.

 

(n)           “Nonqualified
Stock Option” means an Option granted by the Board to a Participant under
the Plan which is not designated by the Board as an Incentive Stock Option.

 

2

 

(o)           “Option”
means, individually or collectively, an Incentive Stock Option or Nonqualified
Stock Option granted under Section 7.

 

(p)           “Option
Period” means the period described in Section 7(c).

 

(q)           “Option
Price” means the exercise price for an Option as described in Section 7(a).

 

(r)            “Participant”
means an Eligible Person who has been selected by the Committee pursuant to
Section 6.

 

(s)            “Plan”
means this Genpact Global Holdings 2006 Stock Option Plan.

 

(t)            “Securities
Act” means the Securities Act of 1933, as amended

 

(u)           “Shareholders
Agreement” means the Shareholders Agreement dated as of December 30, 2004
by and among the Company, Genpact Global (Lux), certain of the Investors and
the other parties thereto, as the same may be amended from time to time.

 

(v)           “Stock”
means the common stock of the Company or such other authorized shares of stock
of the Company as the Board may from time to time authorize for use under the
Plan.

 

(w)          “Stock
Option Agreement” means the agreement between the Company and a Participant
who has been granted an Option pursuant to Section 7 which defines the rights
and obligations of the parties as required in Section 7(d).

 

3.                                      Effective
Date, Duration and Shareholder Approval

 

(a)           The
Plan is effective as of the Effective Date. No Option shall be treated as an
Incentive Stock Option unless the Plan has been approved by the shareholders of
the Company in a manner intended to comply with the shareholder approval
requirements of Section 422(b)(i) of the Code; provided that any Option
intended to be an Incentive Stock Option shall not fail to be effective solely
on account of a failure to obtain such approval, but rather such Option shall
be treated as a Nonqualified Stock Option unless and until such approval is
obtained.

 

(b)           The
expiration date of the Plan, on and after which no Options may be granted
hereunder, shall be the tenth anniversary of the Effective Date; provided,
however, that each Option outstanding upon such expiration date shall
continue in full force and effect in accordance with the provisions of the
Stock Option Agreement evidencing such Option and the administration of the
Plan shall continue in effect until all matters relating to all such
outstanding Options have been settled.

 

4.                                      Administration

 

(a)           The
Committee shall administer the Plan. The majority of the members of the
Committee shall constitute a quorum. The acts of a majority of the members
present at any 

 

3

 

meeting at which a
quorum is present, and acts approved in writing by a majority of the Committee
shall be deemed the acts of the Committee.

 

(b)           Subject
to the provisions of the Plan and applicable law, the Committee shall have the
power, in addition to other express powers and authorizations conferred on the
Committee by the Plan, to:  (i) designate
Participants; (ii) determine the type or types of Options to be granted to a
Participant; (iii) determine the number of shares to be covered by, or with
respect to which payments, rights, or other matters are to be calculated in
connection with Options; (iv) determine the terms and conditions of any
Options; (v) determine whether, to what extent, and under what circumstances
Options may be settled or exercised in cash, common stock, other securities,
other Options, or other property, or canceled (including canceled and
regranted), forfeited, or suspended and the method or methods by which Options
may be settled, exercised, canceled, forfeited, or suspended; (vi) interpret,
administer, reconcile any inconsistency, correct any default and/or supply any
omission in the Plan and any instrument or agreement relating to or Option
granted under the Plan; (vii) establish, amend, suspend, or waive such rules
and regulations and appoint such agents as it shall deem appropriate for the
proper administration of the Plan; and (viii) make any other determination and
take any other action that the Committee deems necessary or desirable for the
administration of the Plan.

 

(c)           Unless
otherwise expressly provided in the Plan, all designations, determinations,
interpretations, and other decisions under or with respect to the Plan or any
Option or any documents evidencing any and all Options shall be within the sole
discretion of the Committee, may be made at any time pursuant to the Plan and
shall be final, conclusive, and binding upon all parties, including, without
limitation, the Company, any Affiliate, any Participant, any holder or
beneficiary of any Option, and any shareholder.

 

(d)           No
member of the Committee shall be liable for any action or determination made in
good faith with respect to the Plan or any Option hereunder.

 

5.                                      Grant
of Options; Shares Subject to the Plan

 

The Committee may, from time to time, grant Options to
one or more Eligible Persons; provided, however, that:

 

(a)           Subject
to Section 9, the aggregate number of shares of Stock in respect of which
Options may be granted under the Plan is 27,321 shares;

 

(b)           In
the event any Option shall be surrendered, terminate, expire, or be forfeited,
the number of shares of Stock no longer subject thereto shall thereupon be
released and shall thereafter be available for new grants under the Plan;

 

(c)           Stock
delivered by the Company in settlement of Options granted under the Plan may be
Stock newly issued by the Company or purchased by private purchase; and

 

(d)           Subject
to Section 9, no person may be granted Options under the Plan during any
calendar year with respect to more than 20,000 shares of Stock.

 

4

 

6.                                      Eligibility

 

Participation in the Plan shall be limited to Eligible
Persons who have been selected by the Committee to receive an Option under the
Plan.

 

7.                                      Terms
of Options

 

The Committee is authorized to grant one or more
Incentive Stock Options or Nonqualified Stock Options to any Eligible Person; provided,
however, that no Incentive Stock Options shall be granted to any
Eligible Person who is not an employee of the Company or a “parent” or “subsidiary”
of the Company, as such terms are used in Section 422(a)(2) of the Code. Each
Option so granted shall be subject to the following conditions, or to such
other conditions as may be reflected in the applicable Stock Option Agreement.
In all events, the provisions in the applicable Stock Option Agreement shall
control the terms of the Option issued pursuant thereto. If there shall be a
conflict between the provisions of the Plan and such Stock Option Agreement,
the provisions of such Stock Option Agreement shall control.

 

(a)           Option Price. The Option Price per share of Stock for each
Option shall be set by the Committee at the time of grant but shall not be less
than the Fair Market Value of a share of Stock at the Date of Grant (subject to
Section 7(e) in the case of an Incentive Stock Option).

 

(b)           Manner of Exercise and Form of Payment. No shares of Stock
shall be delivered pursuant to any exercise of an Option until payment in full
of the aggregate exercise price therefor is received by the Company. Options
which have become exercisable may be exercised by delivery of written notice of
exercise to the Committee accompanied by payment of the Option Price. The
Option Price shall be payable in cash (by check) or, in the discretion of the
Committee and if allowed by applicable law, either (i) by delivery of shares of
Stock valued at the Fair Market Value at the time the Option is exercised
(including by means of attestation of ownership of a sufficient number of
shares of Stock in lieu of actual delivery of such shares to the Company); provided,
however, that such shares are not subject to any pledge or other
security interest and have or meet such other requirements, if any, as the
Committee may determine necessary in order to avoid an accounting earnings
charge in respect of the Option, (ii) in other property having a fair market
value on the date of exercise equal to the Option Price, (iii) if there shall
be a public market for the Stock, by delivering to the Committee a copy of
irrevocable instructions to a stockbroker to deliver promptly to the Company
the proceeds of the sale of the Stock subject to the Option, sufficient to pay
the Option Price or (iv) by such other method as the Committee may allow.

 

(c)           Vesting, Option Period and Expiration. Options shall vest
and become exercisable in such manner and on such date or dates determined by
the Committee and shall expire after such period, not to exceed ten years
(subject to Section 7(e)), as may be determined by the Committee (the “Option
Period”); provided, however, that notwithstanding any vesting
dates set by the Committee, the Committee may in its sole discretion accelerate
the exercisability of any Option, which acceleration shall not affect the terms
and conditions of any such Option other than with respect to exercisability. If
an Option is exercisable in installments, such installments or portions thereof
which become exercisable shall remain exercisable until the 

 

5

 

Option expires.
Any Option outstanding at the time of the Participant’s termination of
employment or service for any reason prior to the expiration of the Option
Period shall remain exercisable for such period of time thereafter as shall be
determined by the Committee and set forth in the Stock Option Agreement
evidencing the Option.

 

(d)           Stock Option Agreement - Other Terms and Conditions. Each
Option granted under the Plan shall be evidenced by a Stock Option Agreement,
which shall contain such provisions as may be determined by the Committee and,
except as may be specifically stated otherwise in such Stock Option Agreement,
which shall be subject to the following terms and conditions:

 

(i)            Each
Option or portion thereof that is exercisable shall be exercisable for the full
amount of shares of Stock or for any portion of whole shares of Stock thereof.

 

(ii)           Each
share of Stock purchased through the exercise of an Option shall be paid for in
full at the time of the exercise. Each Option shall cease to be exercisable, as
to any share of Stock, when the Participant purchases the share or when the
Option expires.

 

(iii)          Subject
to Sections 8(h) and 13, Options shall not be transferable by the Participant
except by will or the laws of descent and distribution and shall be exercisable
during the Participant’s lifetime only by him.

 

(iv)          Each
Option shall vest and become exercisable by the Participant in accordance with
the vesting schedule established by the Board and set forth in the Stock Option
Agreement evidencing such Option.

 

(v)           Each
Stock Option Agreement may contain a provision that, upon demand by the
Committee for such a representation, the Participant shall deliver to the
Committee at the time of any exercise of an Option a written representation
that the shares to be acquired upon such exercise are to be acquired for
investment and not for resale or with a view to the distribution thereof, and
any other representations deemed necessary by the Committee to ensure
compliance with all applicable corporate or securities laws. Upon such demand,
delivery of such representation prior to the delivery of any shares issued upon
exercise of an Option shall be a condition precedent to the right of the
Participant or such other person to purchase any shares. In the event
certificates for Stock are delivered under the Plan with respect to which such
investment representation has been obtained, the Committee may cause a legend
or legends to be placed on such certificates to make appropriate reference to
such representation and to restrict transfer in the absence of compliance with
applicable corporate and securities laws.

 

(vi)          Each
Stock Option Agreement representing an Incentive Stock Option shall contain a
provision requiring the Participant to notify the Company in writing
immediately after the Participant makes a disqualifying disposition of any
Stock acquired pursuant to the exercise of such Incentive Stock Option. A
disqualifying disposition is any disposition (including any sale) of such Stock
before the later of (a) two years after the Date of Grant of the Incentive
Stock Option or (b) one year after the date the Participant acquired the Stock
by exercising the Incentive Stock Option.

 

6

 

(e)           Incentive Stock Option Grants to 10% Stockholders. Notwithstanding
anything to the contrary in this Section 7, if an Incentive Stock Option is
granted to a Participant who owns stock representing more than ten percent of
the voting power of all classes of stock of the Company, the Option Period
shall not exceed five years from the Date of Grant of such Option and the
Option Price shall be at least 110 percent of the Fair Market Value (on the
Date of Grant) of the Stock subject to the Option.

 

(f)            U.S. $100,000 Per Year Limitation for Incentive Stock Options. To
the extent the aggregate Fair Market Value (determined as of the Date of Grant)
of Stock for which Incentive Stock Options are exercisable for the first time
by any Participant during any calendar year (under all plans of the Company)
exceeds U.S. $100,000, such excess Incentive Stock Options shall be treated as
Nonqualified Stock Options.

 

8.                                      General

 

(a)           Additional Provisions of an Option. Options granted to a
Participant under the Plan also may be subject to such other provisions
(whether or not applicable to Options granted to any other Participant) as the
Committee determines appropriate. Any such provisions shall be reflected in the
applicable Stock Option Agreement.

 

(b)           Privileges of Stock Ownership. Except as otherwise
specifically provided in the Plan, no person shall be entitled to the privileges
of ownership in respect of or on behalf of shares of Stock which are subject to
Options hereunder until such shares have been issued to or, subject to Section
15, on behalf of, that person.

 

(c)           Government and Other Regulations. The obligation of the Company
to deliver Stock upon the exercise of an Option shall be subject to all
applicable laws, rules, and regulations, and to such approvals by governmental
agencies as may be required. Notwithstanding any terms or conditions of any
Option to the contrary, the Company shall be under no obligation to offer to
sell or to sell and shall be prohibited from offering to sell or selling any
shares of Stock pursuant to an Option unless (A) such shares have been properly
registered for sale pursuant to the Securities Act with the U.S. Securities and
Exchange Commission or unless the Company has received an opinion of counsel,
satisfactory to the Company, that such shares may be offered or sold without
such registration pursuant to an available exemption therefrom and the terms
and conditions of such exemption have been fully complied with; and (B) such
sale or offer to sell is in compliance with all applicable laws, including the
laws of the Grand Duchy of Luxembourg applicable to any entity that is a “SICAR”
and/or a “SARL” (as such terms are defined in Section 17 hereof). The Company
shall be under no obligation to register for sale under the Securities Act any
of the shares of Stock to be offered or sold under the Plan. If the shares of
Stock offered for sale or sold under the Plan are offered or sold pursuant to
an exemption from registration under the Securities Act, the Company may
restrict the transfer of such shares and may legend the Stock certificates
representing such shares in such manner as it deems advisable to ensure the
availability of any such exemption.

 

 

7

 

(d)           Withholding.

 

(i)            A
Participant may be required to pay to the Company or any Affiliate, and the
Company or any Affiliate shall have the right and is hereby authorized to
withhold from any Shares or other property deliverable under any Option or from
any compensation or other amounts owing to a Participant the amount (in cash,
Stock or other property) of any income tax, employment tax, social insurance,
payroll tax, contributions, payment on account obligations or other payments
required to be withheld in respect of an Option and its exercise under the Plan
and to take such other action as may be necessary in the opinion of the Company
to satisfy all such withholding obligations for the payment of such taxes.

 

(ii)           Without
limiting the generality of clause (i) above, if so provided in a Stock Option
Agreement, a Participant may satisfy, in whole or in part, the foregoing
withholding liability (but no more than the minimum required withholding
liability) by delivery of shares of Stock owned by the Participant with a Fair
Market Value equal to such withholding liability (provided that such shares are
not subject to any pledge or other security interest and meet such other
requirements, if any, as the Board may determine necessary in order to avoid an
accounting earnings charge), or by having the Company withhold from the number
of shares of Stock otherwise issuable pursuant to the exercise of the Option a
number of shares with a Fair Market Value equal to such withholding liability.

 

(e)           Claim to Options and Employment Rights. No employee of the
Company or an Affiliate, or other person, shall have any claim or right to be
granted an Option under the Plan or, having been selected for the grant of an
Option, to be selected for a grant of any other Option. Neither the Plan nor
any action taken hereunder shall be construed as giving any Participant any
right to be retained in the employ or service of the Company or an Affiliate.

 

(f)            No Liability of Committee or Board Members. No member of the
Committee or the Board shall be personally liable by reason of any contract or
other instrument executed by such member or on his behalf in his capacity as a
member of the Committee or the Board nor for any mistake of judgment made in
good faith, and the Company shall indemnify and hold harmless each member of
the Committee and the Board and each other employee, officer or manager of the
Company to whom any duty or power relating to the administration or
interpretation of the Plan may be allocated or delegated, against any cost or
expense (including counsel fees) or liability (including any sum paid in
settlement of a claim) arising out of any act or omission to act in connection
with the Plan unless arising out of such person’s own fraud or willful bad
faith; provided, however, that approval of the Board shall be
required for the payment of any amount in settlement of a claim against any
such person. The foregoing right of indemnification shall not be exclusive of
any other rights of indemnification to which such persons may be entitled under
the Company’s Articles of Incorporation or By-Laws, as a matter of law, or
otherwise, or any power that the Company may have to indemnify them or hold
them harmless; provided, however, that any loss incurred by a
member of the Committee or the Board may only be indemnified once.

 

(g)           Governing Law. The Plan shall be governed by and construed
in accordance with the internal laws of the State of New York without regard to
the principles of conflicts of law thereof, or principles of conflicts of laws
of any other jurisdiction which could 

 

8

 

cause the
application of the laws of any jurisdiction other than the State of New York; provided,
that, the Plan shall be subject to the mandatory laws of the Grand Duchy of
Luxembourg.

 

(h)           Nontransferability.

 

(i)            Subject
to Section 13, each Option shall be exercisable only by the Participant during
the Participant’s lifetime, or, if permissible under applicable law, by the
Participant’s legal guardian or representative. No Option may be assigned,
alienated, pledged, attached, sold or otherwise transferred or encumbered by a
Participant otherwise than by will or by the laws of descent and distribution
and any such purported assignment, alienation, pledge, attachment, sale,
transfer or encumbrance shall be void and unenforceable against the Company or
an Affiliate; provided that the designation of a beneficiary shall not
constitute an assignment, alienation, pledge, attachment, sale, transfer or
encumbrance.

 

(ii)           Notwithstanding
the foregoing, the Committee may in a Stock Option Agreement or at any time
after the Date of Grant in an amendment to a Stock Option Agreement provide
that Options which are not intended to qualify as Incentive Stock Options may
be transferred by a Participant without consideration, subject to such rules as
the Committee may adopt consistent with any applicable Stock Option Agreement
to preserve the purposes of the Plan, to:

 

(A)                               any
person who is a “family member” of the Participant, as such term is used in the
instructions to Form S-8 (collectively, the “Immediate Family Members”);

 

(B)                               a
trust solely for the benefit of the Participant and his or her Immediate Family
Members;

 

(C)                               a
partnership or limited liability company whose only partners or shareholders
are the Participant and his or her Immediate Family Members; or

 

(D)                               any
other transferee as may be approved either (a) by the Committee in its
sole discretion, or (b) as provided in the applicable Stock Option
Agreement;

 

(each
transferee described in clauses (A), (B), (C) 
and (D) above is hereinafter referred to as a “Permitted Transferee”);
provided that the Participant gives the Committee advance written notice
describing the terms and conditions of the proposed transfer and the Committee
notifies the Participant in writing that such a transfer would comply with the
requirements of the Plan and any applicable Stock Option Agreement.

 

(iii)          The
terms of any Option transferred in accordance with the immediately preceding
sentence shall apply to the Permitted Transferee and any reference in the Plan
or in a Stock Option Agreement to a Participant shall be deemed to refer to the
Permitted Transferee, except that (a) Permitted Transferees shall not be
entitled to transfer any Options, other than by will or the laws of descent and
distribution; (b) Permitted Transferees shall not be entitled to exercise any
transferred Options unless there shall be in effect a registration statement 

 

9

 

on an appropriate
form covering the shares to be acquired pursuant to the exercise of such Option
if the Committee determines, consistent with any applicable Stock Option
Agreement, that such a registration statement is necessary or appropriate, (c)
the Committee or the Company shall not be required to provide any notice to a
Permitted Transferee, whether or not such notice is or would otherwise have been
required to be given to the Participant under the Plan or otherwise, and (d)
the consequences of termination of the Participant’s employment by, or services
to, the Company or an Affiliate under the terms of the Plan and the applicable
Stock Option Agreement shall continue to be applied with respect to the
Participant, following which the Options shall be exercisable by the Permitted
Transferee only to the extent, and for the periods, specified in the Plan and
the applicable Stock Option Agreement.

 

(i)            Reliance on Reports. Each member of the Committee and each
member of the Board shall be fully justified in relying, acting or failing to
act, and shall not be liable for having so relied, acted or failed to act in
good faith, upon any report made by the independent public accountant of the
Company and Affiliates and upon any other information furnished in connection
with the Plan by any person or persons other than himself.

 

(j)            Relationship to Other Benefits. No award or payment under
the Plan shall be taken into account in determining any benefits under any
pension, retirement, profit sharing, group insurance, severance, termination,
indemnification, resignation, redundancy, bonus, long term incentive or other
benefit plan of the Company or any Affiliate except as otherwise specifically
provided in such other plan.

 

(k)           Expenses. The expenses of administering the Plan shall be
borne by the Company and Affiliates.

 

(l)            Pronouns. Masculine pronouns and other words of masculine
gender shall refer to both men and women.

 

(m)          Titles and Headings. The titles and headings of the sections
in the Plan are for convenience of reference only, and in the event of any
conflict, the text of the Plan, rather than such titles or headings shall
control.

 

(n)           Termination of Employment. For all purposes herein, a person
who transfers from employment or service with the Company to employment or
service with an Affiliate or vice versa shall not be deemed to have terminated
employment or service with the Company or an Affiliate.

 

(o)           Severability. If any provision of the Plan or any Stock
Option Agreement is or becomes or is deemed to be invalid, illegal, or
unenforceable in any jurisdiction or as to any person or Option, or would
disqualify the Plan or any Option under any law deemed applicable by the Board,
such provision shall be construed or deemed amended to conform to the
applicable laws, or if it cannot be construed or deemed amended without, in the
determination of the Board, materially altering the intent of the Plan or the Option,
such provision shall be stricken as to such jurisdiction, person or Option and
the remainder of the Plan and any such Option shall remain in full force and
effect.

 

10

 

9.                                      Changes
in Capital Structure

 

Options granted under the Plan and any Stock Option
Agreements evidencing such Options and the maximum number of shares of Stock
subject to all Options stated in Section 5(a) shall be subject to adjustment or
substitution, in such manner as determined by the Board in its sole discretion,
as to the number, price or kind of a share of Stock or other consideration
subject to such Options or as otherwise determined by the Board to be equitable
(i) in the event of changes in the outstanding Stock or in the capital
structure of the Company by reason of stock or extraordinary cash dividends,
stock splits, reverse stock splits, recapitalization, reorganizations, mergers,
consolidations, separations, combinations, exchanges, or other relevant
corporate transactions or changes in capitalization occurring after the Date of
Grant of any such Award or (ii) in the event of any change in applicable laws
or any change in circumstances which results in or would result in any
substantial dilution or enlargement of the rights granted to, or available for,
Participants, or which otherwise warrants equitable adjustment because it
interferes with the intended operation of the Plan. Any adjustment in Incentive
Stock Options under this Section 9 shall be made only to the extent not constituting
a “modification” within the meaning of Section 424(h)(3) of the Code, and any
adjustments under this Section 9 shall be made in a manner which does not
adversely affect the exemption provided pursuant to Rule 16b-3 under the
Exchange Act. In making any adjustment pursuant to this Section 9, the Board
shall take into consideration any tax and/or accounting consequences of an
adjustment that results in any Participant receiving an additional benefit
under any outstanding Award.

 

10.                               Effect
of Change in Control

 

(a)           Except
to the extent provided in a particular Stock Option Agreement, in the event of
a Change in Control, notwithstanding any provision of the Plan or any
applicable Stock Option Agreement to the contrary, the Board may in its
discretion provide that all Options shall become immediately exercisable with
respect to 100 percent of the shares subject to such Option. Such acceleration
of exercisability shall occur in a manner and at a time which allows affected
Participants the ability to participate in the Change in Control transaction
with respect to the Stock subject to their Options.

 

(b)           In
addition, in the event of a Change in Control, the Board may in its discretion
and upon at least 10 days’ advance notice to the affected persons, cancel any
outstanding Options and pay to the holders thereof, in cash or stock, or any
combination thereof, the value of such Options based upon the price per share
of Stock received or to be received by other stockholders of the Company in the
event.

 

(c)           The
obligations of the Company under the Plan shall be binding upon any successor
corporation or organization resulting from the merger, consolidation or other
reorganization of the Company, or upon any successor corporation or
organization succeeding to substantially all of the assets and business of the
Company. The Company agrees that it will make appropriate provisions for the
preservation of Participants’ rights under the Plan in any agreement or plan
which it may enter into or adopt to effect any such merger, consolidation,
reorganization or transfer of assets (including, where it is intended that
Options survive the consummation of the Change in Control, by requiring that
outstanding Options be assumed or that substantially equivalent stock options
be substituted for such outstanding Options).

 

11

 

11.                               Options
Subject to the Shareholders Agreement

 

Options granted under the Plan shall be subject to the
Shareholders Agreement. The terms and provisions of the Shareholders’ Agreement
are hereby incorporated herein by reference. In the event of a conflict between
any term or provision contained herein and any term or provision of the
Shareholders Agreement, the applicable terms and provisions of the  Shareholders Agreement will govern and
prevail.

 

12.                               Successors

 

The obligations of the Company under the Plan shall be
binding upon any successor corporation or organization resulting from the
merger, consolidation or other reorganization of the Company, or upon any
successor corporation or organization succeeding to substantially all of the
assets and business of the Company. The Company agrees that it will make
appropriate provisions for the preservation of Participants’ rights under the
Plan in any agreement or plan which it may enter into or adopt to effect any
such merger, consolidation, reorganization or transfer of assets.

 

13.                               Nonexclusivity
of the Plan

 

Neither the adoption of the Plan by the Board nor the
submission of the Plan to the stockholders of the Company for approval shall be
construed as creating any limitations on the power of the Board to adopt such
other incentive arrangements as it may deem desirable, including, without
limitation, the granting of stock options otherwise than under the Plan, and such
arrangements may be either applicable generally or only in specific cases.

 

14.                               Amendments
and Termination

 

(a)           Amendment and Termination of the Plan. The Board may amend,
alter, suspend, discontinue, or terminate the Plan or any portion thereof at any
time; provided that no such amendment, alteration, suspension,
discontinuation or termination shall be made without shareholder approval if
such approval is necessary to comply with any tax or regulatory requirement
applicable to the Plan; and provided  further that any such
amendment, alteration, suspension, discontinuance or termination that would
impair the rights of any Participant (or any holder or beneficiary) with
respect to any Option theretofore granted shall not to that extent be effective
without the consent of the affected Participant, holder or beneficiary unless
such amendment, alteration, suspension, discontinuance or termination is
required by the Commission de Surveillance du Secteur
Financier of the Grand Duchy of Luxembourg or other applicable law.

 

(b)           Amendment of  Stock Option Agreements.
Unless the applicable Stock Option Agreement provides otherwise, the Committee
may waive any conditions or rights under, amend any terms of, or alter,
suspend, discontinue, cancel or terminate, any Option theretofore granted,
prospectively or retroactively; provided that any such waiver, amendment,
alteration, 

 

12

 

suspension,
discontinuance, cancellation or termination that would impair the rights of any
Participant in respect of any Option theretofore granted shall not to that
extent be effective without the consent of the affected Participant unless such
waiver, amendment, alteration, suspension, discontinuance, cancellation or
termination is required by the Commission de Surveillance
du Secteur Financier of the Grand Duchy of Luxembourg or other
applicable law.

 

15.                               Fiduciary

 

(a)           The
Company may establish a fiduciary arrangement (the “Fiduciary Arrangement”)
for the exercise of Options granted under the Plan in order to comply with the
rules pertaining to a Societé à Responsabilité
Limitée organized under the laws of the Grand Duchy of Luxembourg (a
“SARL”), and, if applicable, the rules 
pertaining to a Societé d’Investissement
en Capital à Risque organized under the laws of the Grand Duchy of
Luxembourg (a “SICAR”). If and to the extent the Company determines to
use a Fiduciary Arrangement, any Option to be granted to a Participant shall,
at the Company’s sole option, either (i) be issued to the fiduciary of such
Fiduciary Arrangement (the “Fiduciary”) for the Participant’s benefit or
(ii) issued to the Participant with a requirement that the Option be
transferred to the Fiduciary immediately prior to exercise (any such Option, a “Fiduciary
Option”). All shares of Stock acquired upon the exercise of Fiduciary
Options shall be held by the Fiduciary for the period during which the Company
remains a SARL or a SICAR, as applicable, in accordance with the terms of the
fiduciary agreement between the Company, the Fiduciary and the applicable
Participants governing the Fiduciary Arrangement (the “Fiduciary Agreement”).

 

(b)           In
connection with the grant of an Option, each Participant shall be obligated to
enter into a Fiduciary Agreement at such times and subject to such terms and
conditions as the Company may require.

 

(c)           The
Fiduciary’s ability to exercise a Fiduciary Option on behalf of Participant
shall be limited to the terms of the Participant’s Stock Option Agreement and
otherwise as directed by the Participant. The Fiduciary shall not be obligated
to exercise a Fiduciary Option unless and until the Participant has paid the
Option Price and has otherwise complied with any other applicable requirements
as set forth in the Plan and the Participant’s Stock Option Agreement. Without
limiting the generality of the foregoing, the Fiduciary Agreement shall provide
that the Fiduciary shall hold Fiduciary Options, if applicable, and shares of
Stock acquired on the exercise of Fiduciary Options for the exclusive benefit
of Participants and shall discharge its duties with respect to the Fiduciary
Arrangement solely in the interest of Participants.

 

16.                               Sub
Plans

 

This Plan document is an omnibus document which may
include, in addition to the Plan, separate sub-plans (“Sub Plans”) that
permit offerings of grants to employees of certain Designated Foreign
Subsidiaries. Offerings under the Sub Plans may be made in particular locations
outside the United States of America and shall comply with local laws
applicable to offerings in such foreign jurisdictions. As of the Effective
Date, the only Sub Plan is the Genpact Global Holdings 2006 India Employee
Stock Option Plan.

 

*       *      
*

 

13

 

As adopted by the Board of Managers of

Genpact Global Holdings SICAR s.a.r.l. as of February 27, 2006.

 

14

 

GENPACT
GLOBAL HOLDINGS

2006
INDIA EMPLOYEE STOCK OPTION PLAN

 

(A Sub
Plan of the Genpact Global Holdings 2006 Stock Option Plan)

 

(Effective
as of February 27, 2006)

 

1.             Establishment
and Purpose of Sub Plan

 

(a)           The
purpose of this Genpact Global Holdings 2006 India Employee Stock Option Plan
(the “Sub Plan”) is to provide a means through which Genpact Global
Holdings SICAR s.a.r.l., a Societé à Responsabilité
Limitée organized as a Societé d’Investissement
en Capital à Risque under the laws of the Grand Duchy of Luxembourg
(the “Company”) and its Indian Subsidiaries may attract able persons to
enter and remain in the employ of the Company, its Affiliates and the Indian
Subsidiaries and, subject to the terms of the Plan (as defined below) and this
Sub Plan, to provide a means whereby employees and directors of the Company,
its Affiliates and the Indian Subsidiaries can acquire and maintain Stock
ownership, thereby strengthening their commitment to the welfare of the Company
and the Indian Subsidiaries and promoting an identity of interest between
stockholders and these employees and directors.

 

(b)           This
Sub Plan is established as a sub plan of the Genpact Global Holdings 2006 Stock
Option Plan (the “Plan”), as of the Effective Date, subject to the
shareholder and Indian Subsidiary approval requirements set forth in Section 7.
This Sub Plan is established and shall be maintained in accordance with all
terms and conditions of the Plan, except to the extent specifically provided
otherwise herein. Capitalized terms used in the Sub Plan and not otherwise
defined shall have the same meanings as such terms are given in the Plan.

 

2.             Definitions

 

(a)           “Act”
means the Indian Income Tax Act, 1961 as amended, and any applicable
regulations or notifications promulgated thereunder.

 

(b)           “Effective
Date” means February 27, 2006.

 

(c)           “FEMA”
means the Indian Foreign Exchange Management Act, 1999 as amended, and the
rules and regulations promulgated thereunder.

 

(d)           “Guidelines”
means the Employee Stock Option Guidelines issued by the Ministry of Finance of
the Government of India.

 

(e)           “Indian
Subsidiary” means, each Subsidiary that is either (i) headquartered in the
Republic of India or (ii) employs or retains a person who is “resident” in
India, in accordance with the Guidelines, all such Subsidiaries are
collectively referred to as the “Indian Subsidiaries”.

 

 

(f)            “Promoter”
means the person or persons who are in over-all control of the Company, who are
instrumental in the formation of the Company or program pursuant to which
shares of Stock were offered to the public, or the person or persons named in
the offer document as promoter(s); provided, however, that a
director or officer of the Company or an Indian Subsidiary, if he is acting as
such only in his professional capacity will not be deemed to be a promoter.
Where a promoter of the Company is a body corporate, the promoters of that body
corporate shall also be deemed to be promoters of the Company.

 

(g)           “Promoter
Group” means an immediate relative of the Promoter (i.e. spouse of
that person, or any parent, brother, sister or child of the person or of the
spouse); persons whose shareholding is aggregated for the purpose of disclosing
in the offer document “shareholding of the promoter group”.

 

(h)           “Sub
Plan Eligible Person” means any employee or director of the Company, its
Affiliates or an Indian Subsidiary, in India other than (i) a Promoter,
(ii) a member of the Promoter Group, or (iii) a director who either by himself
or through his relative or through any body corporate, directly or indirectly
holds more than ten percent (10%) of the issued share capital of the Company.

 

(i)            “Sub
Plan Participant” means a Sub Plan Eligible Person who has been selected by
the Committee pursuant to subsection 3(b) of the Sub Plan.

 

(j)            “Subsidiary”
means, at the time of reference, a “subsidiary” of the Company as that term is
then defined under the Indian Companies Act, 1956.

 

3.             Option
Grants to Sub Plan Participants

 

(a)           The
Committee may, from time to time grant Options to one or more Sub Plan Eligible
Persons, subject to the provisos of Section 5 of the Plan.

 

(b)           Participation
in the Sub Plan shall be limited to Sub Plan Eligible Persons who have been
selected by the Committee to receive an Option under the Sub Plan.

 

(c)           The
Committee is authorized to grant one or more Options to any Sub Plan Eligible
Person. The Committee shall, based on the performance, potential for future
contribution to Company and the Indian Subsidiaries, integrity, number of
employment years and any other factor(s) as deemed fit by it, form the basis
for determining the quantum of Options to be granted under the Sub Plan. Each
Option so granted shall be subject to the terms and conditions set forth in the
Plan, the additional conditions set forth in this Sub Plan, and to any other
conditions as may be reflected in the applicable Stock Option Agreement. The
minimum number of shares of Stock which may be subject to an Option granted to
a Sub Plan Eligible Person is one and the maximum number of shares of Stock
which may be subject to such an Option is 50,000.

 

(d)           If
there shall be a conflict between the provisions of the Plan and the Sub Plan,
the provisions of the Sub Plan shall control. In all events, 

 

 

however, the
provisions in the applicable Stock Option Agreement shall control the terms of
the Option issued pursuant thereto. If there shall be a conflict between the
provisions of the Plan or the Sub Plan and such Stock Option Agreement, the
provisions of such Stock Option Agreement shall control.

 

4.             Nontransferability

 

Options granted to Sub Plan Participants shall be
subject to the transfer restrictions set forth in Section 8(h) of the Plan, provided,
however, that any rules that the Committee may adopt permitting Options
to be transferred by a Sub Plan Participant without consideration shall be
consistent with applicable FEMA regulations.

 

5.             Qualification
of Plan

 

It is intended that each Option to be issued to a Sub
Plan Participant under this Sub Plan will qualify for beneficial tax treatment
under the Act.

 

6.             Applicable
Law; Severability

 

(a)           This
Sub Plan shall be governed by and construed in accordance with the internal
laws of the State of New York without regard to the principles of conflicts of
law thereof, or principles of conflicts of laws of any other jurisdiction which
could cause the application of the laws of any jurisdiction other than the
State of New York.. If any provision of this Sub Plan are held by a court of
competent jurisdiction to be invalid or unenforceable, the remaining provisions
of the Sub Plan will continue to be fully effective.

 

(b)           The
Board shall exercise the powers granted to it under Section 14(a) of the Plan
with respect to this Sub Plan only to the extent that such exercise would not
be prohibited by Section 2 of the Guidelines.

 

7.             Adoption by
Shareholders, Indian Subsidiary

 

(a)           No
Option granted under the Sub Plan will be exercisable until (i) a majority of
the shareholders of the Company approve the Plan and (ii) the Board of
Directors of each Indian Subsidiary accepts and adopts the Plan and the Sub
Plan, whereupon all grants made under the Sub Plan shall be deemed to have been
made at the behest and on behalf of such Indian Subsidiary and such Indian
Subsidiary, in so far as the terms and conditions of the Plan apply to it,
shall be bound by the terms and conditions thereof.

 

(b)           The
Sub Plan and any Options granted under it will terminate, if the approvals
described in the foregoing subparagraph (a) are not received for the Plan and
the Sub Plan within twelve months following the Effective Date.

 

*              *              *

 

 

As adopted by the Board of Directors of

GE Capital International Services (India)

as of March 17, 2006

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00123-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00123-of-00352.parquet"}]]