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  Exhibit 10.1    
    

 
 

  ENERNOC, INC.
  AMENDED AND RESTATED
  2007 EMPLOYEE, DIRECTOR AND CONSULTANT STOCK PLAN    
    

1.    DEFINITIONS.    

        Unless
otherwise specified or unless the context otherwise requires, the following terms, as used in this EnerNOC, Inc. 2007 Employee, Director and Consultant Stock Plan, have the
following meanings: 

        Administrator means the Board of Directors, unless it has delegated power to act on its behalf to the Committee, in which case the Administrator means the
Committee. 

         Affiliate  means a corporation which, for purposes of Section 424 of the Code, is a parent or subsidiary of the Company, direct or indirect.

         Agreement  means an agreement between the Company and a Participant delivered pursuant to the Plan, in such form as the Administrator shall approve.

        Board of Directors  means the Board of Directors of the Company. 

         Code  means the United States Internal Revenue Code of 1986, as amended from time to time, and the rules and regulations promulgated thereunder.

         Committee  means the committee of the Board of Directors to which the Board of Directors has delegated power to act under or pursuant to the provisions
of the
Plan, the composition of which shall at all times satisfy the provisions of Section 162(m) of the Code. 

        Common Stock means shares of the Company's common stock, $.001 par value per share. 

         Company  means EnerNOC, Inc., a Delaware corporation. 

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

        Employee means any employee of the Company or of an Affiliate (including, without limitation, an employee who is also serving as an officer or director of
the
Company or of an Affiliate), designated by the Administrator to be eligible to be granted one or more Stock Rights under the Plan. 

         Fair Market Value  of a Share of Common Stock means: 

	(1)
	If
the Common Stock is listed on a national securities exchange or traded in the over-the-counter market and sales prices are
regularly reported for the Common Stock, the closing or last price of the Common Stock on the composite tape or other comparable reporting system for the trading day on the applicable date and if such
applicable date is not a trading day, the last market trading day prior to such date;

	(2)
	If
the Common Stock is not traded on a national securities exchange but is traded on the over-the-counter market, if sales prices
are not regularly reported for the Common Stock for the trading day referred to in clause (1), and if bid and asked prices for the Common Stock are regularly reported, the mean between the bid
and the asked price for the Common Stock at the close of trading in the over-the-counter market for the trading day on which Common Stock was traded on the applicable date and
if such applicable date is not a trading day, the last market trading day prior to such date; and

	(3)
	If
the Common Stock is neither listed on a national securities exchange nor traded in the over-the-counter market, such value as the
Administrator, in good faith, shall determine. 

 

        ISO means an option meant to qualify as an incentive stock option under Section 422 of the Code. 

         Non-Qualified Option  means an option which is not intended to qualify as an ISO. 

         Option  means an ISO or Non-Qualified Option granted under the Plan. 

         Participant  means an Employee, director or consultant of the Company or an Affiliate to whom one or more Stock Rights are granted under the Plan. As
used herein,
"Participant" shall include "Participant's Survivors" where the context requires. 

         Performance-Based Award  means a Stock Grant or Stock—Based Award as set forth in Paragraph 9 hereof. 

         Performance Goals  means performance goals based on one or more of the following criteria: (i) pre-tax income or after-tax income;
(ii) income or earnings including operating income, earnings before or after taxes, interest, depreciation, amortization, and/or extraordinary or special items; (iii) net income
excluding amortization of intangible assets, depreciation and impairment of goodwill and intangible assets and/or excluding charges attributable to the adoption of new accounting pronouncements;
(iv) earnings or book value per share (basic or diluted); (v) return on assets (gross or net), return on investment, return on capital, or return on equity; (vi) return on
revenues; (vii) cash flow, free cash flow, cash flow return on investment (discounted or otherwise), net cash provided by operations, or cash flow in excess of cost of capital;
(viii) economic value created; (ix) operating margin or profit margin; (x) stock price or total stockholder return; (xi) income or earnings from continuing operations;
(xii) cost targets, reductions and savings, expense management, productivity and efficiencies; and (xiii) strategic business criteria, consisting of one or more objectives based on
meeting specified market penetration or market share, geographic business expansion, customer satisfaction, employee satisfaction, human resources management, supervision of litigation, information
technology, and goals relating to divestitures, joint ventures and similar transactions. Where applicable, the Performance Goals may be expressed in terms of attaining a specified level of the
particular criterion or the attainment of a percentage increase or decrease in the particular criterion, and may be
applied to one or more of the Company or an Affiliate of the Company, or a division or strategic business unit of the Company, all as determined by the Committee. The Performance Goals may include a
threshold level of performance below which no Performance-Based Award will be issued or no vesting will occur, levels of performance at which Performance-Based Awards will be issued or specified
vesting will occur, and a maximum level of performance above which no additional issuances will be made or at which full vesting will occur. Each of the foregoing Performance Goals shall be evaluated
in accordance with generally accepted accounting principles, where applicable, and shall be subject to certification by the Committee. The Committee shall have the authority to make equitable
adjustments to the Performance Goals in recognition of unusual or non-recurring events affecting the Company or any Affiliate or the financial statements of the Company or any Affiliate,
in response to changes in applicable laws or regulations, or to account for items of gain, loss or expense determined to be extraordinary or unusual in nature or infrequent in occurrence or related to
the disposal of a segment of a business or related to a change in accounting principles provided that any such change shall at all times satisfy the provisions of Section 162(m) of the Code. 

        Plan means this Amended and Restated EnerNOC, Inc. 2007 Employee, Director and Consultant Stock Plan. 

         Shares  means shares of the Common Stock as to which Stock Rights have been or may be granted under the Plan or any shares of capital stock into which
the
Shares are changed or for 

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which
they are exchanged within the provisions of Paragraph 3 of the Plan. The Shares issued under the Plan may be authorized and unissued shares or shares held by the Company in its treasury,
or both. 

         Stock-Based Award  means a grant by the Company under the Plan of an equity award or an equity based award which is not an Option or a Stock Grant, which
the Committee
may structure to qualify in whole or in part as "performance-based compensation" under Section 162(m) of the Code. 

        Stock Grant means a grant by the Company of Shares under the Plan, which the Committee may structure to qualify in whole or in part as "performance-based
compensation" under Section 162(m) of the Code. 

         Stock Right  means a right to Shares or the value of Shares of the Company granted pursuant to the Plan—an ISO, a Non-Qualified Option, a
Stock Grant or a Stock-Based Award. 

        Survivor means a deceased Participant's legal representatives and/or any person or persons who acquired the Participant's rights to a Stock Right by will
or
by the laws of descent and distribution.  

	2.
	PURPOSES OF THE PLAN. 

        The
Plan is intended to encourage ownership of Shares by Employees and directors of and certain consultants to the Company and its Affiliates in order to attract and retain such people,
to induce them to work for the benefit of the Company or of an Affiliate and to provide additional incentive for them to promote the success of the Company or of an Affiliate. The Plan provides for
the granting of ISOs, Non-Qualified Options, Stock Grants and Stock-Based Awards. 

3.    SHARES SUBJECT TO THE PLAN.    

        (a)   The
number of Shares which may be issued from time to time pursuant to this Plan shall be the sum of: (i) 2,600,000 shares of Common Stock and (ii) any
shares of Common Stock that are represented by awards granted under the Company's 2003 Stock Option and Incentive Plan that are forfeited, expire or are cancelled without delivery of shares of Common
Stock or which result in the forfeiture of shares of Common Stock back to the Company on or after the date on which this Plan became effective, or the equivalent of such number of Shares after the
Administrator, in its sole discretion, has interpreted the effect of any stock split, stock dividend, combination, recapitalization or similar transaction in accordance with Paragraph 25 of
this Plan; provided, however, that no more than 1,000,000 Shares shall be added to the Plan pursuant to subsection (ii). 

        (b)   Notwithstanding
Subparagraph (a) above, on the first day of each fiscal year of the Company during the period beginning in fiscal year 2008, and ending on the
second day of fiscal year 2017, the number of Shares that may be issued from time to time pursuant to the Plan, shall be increased by an amount equal to the lesser of (i) 520,000 or the
equivalent of such number of Shares after the Administrator, in its sole discretion, has interpreted the effect of any stock split, stock dividend, combination, recapitalization or similar transaction
in accordance with Paragraph 25 of the Plan; and (ii) an amount determined by the Board. 

        (c)   If
an Option ceases to be "outstanding", in whole or in part (other than by exercise), or if the Company shall reacquire (at not more than its original issuance price)
any Shares issued pursuant to a Stock Grant or Stock-Based Award, or if any Stock Right expires or is forfeited, cancelled, or otherwise terminated or results in any Shares not being issued, the
unissued Shares which were subject to such Stock Right shall again be available for issuance from time to time pursuant to this Plan. Notwithstanding the foregoing, if a Stock Right is exercised, in
whole or in part, by tender of Shares or if the Company's tax withholding obligation is satisfied by withholding Shares, the number of Shares 

3

 

deemed
to have been issued under the Plan for purposes of the limitation set forth in Paragraph 3(a) above shall be the number of Shares that were subject to the Stock Right or portion thereof,
and not the net number of Shares actually issued. 

4.    ADMINISTRATION OF THE PLAN.    

        The
Administrator of the Plan will be the Board of Directors, except to the extent the Board of Directors delegates its authority to the Committee, in which case the Committee shall be
the Administrator. Notwithstanding the foregoing, the Board of Directors may not take any action that would cause any outstanding Stock Right that would otherwise qualify as performance-based
compensation to fail to so qualify under Section 162(m). 

        Subject
to the provisions of the Plan, the Administrator is authorized to: 

	a.
	Interpret
the provisions of the Plan and all Stock Rights and to make all rules and determinations which it deems necessary or advisable for the
administration of the Plan;

	b.
	Determine
which Employees, directors and consultants shall be granted Stock Rights;

	c.
	Determine
the number of Shares for which a Stock Right or Stock Rights shall be granted, provided, however, that in no event shall Stock Rights with respect
to more than 130,000 Shares be granted to any Participant in any fiscal year;

	d.
	Specify
the terms and conditions upon which a Stock Right or Stock Rights may be granted;

	e.
	Determine
Performance Goals no later than such time as required to ensure that a Performance-Based Award which is intended to comply with the requirements of
Section 162(m) of the Code so complies;

	f.
	Make
changes to any outstanding Stock Right, including, without limitation, to reduce or increase the exercise price or purchase price, accelerate the
vesting schedule or extend the expiration date, provided that no such change shall impair the rights of a Participant under any grant previously made without such Participant's consent;

	g.
	Make
any adjustments in the Performance Goals included in any Performance-Based Awards provided that such adjustments comply with the requirements of
Section 162(m) of the Code;

	h.
	Buy
out for a payment in cash or Shares, a Stock Right previously granted and/or cancel any such Stock Right and grant in substitution therefor other Stock
Rights, covering the same or a different number of Shares and having an exercise price or purchase price per share which may be lower or higher than the exercise price or purchase price of the
cancelled Stock Right, based on such terms and conditions as the Administrator shall establish and the Participant shall accept; and

	i.
	Adopt
any sub-plans applicable to residents of any specified jurisdiction as it deems necessary or appropriate in order to comply with or take
advantage of any tax or other laws applicable to the Company or to Plan Participants or to otherwise facilitate the administration of the Plan, which sub-plans may include additional
restrictions or conditions applicable to Stock Rights or Shares issuable pursuant to a Stock Right; 

provided,
however, that all such interpretations, rules, determinations, terms and conditions shall be made and prescribed in the context of preserving the tax status under Section 422 of the
Code of those Options which are designated as ISOs and in accordance with Section 162(m) of the Code for all other Stock Rights to which the Committee has determined Section 162(m) is
applicable. Subject to the foregoing, the interpretation and construction by the Administrator of any provisions of the Plan or of any Stock Right granted under it shall be final, unless otherwise
determined by the Board of Directors, if the Administrator is the Committee. In addition, if the Administrator is the Committee, the Board of 

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Directors
may take any action under the Plan that would otherwise be the responsibility of the Committee. 

        To
the extent permitted under applicable law, the Board of Directors or the Committee may allocate all or any portion of its responsibilities and powers to any one or more of its members
and may delegate all or any portion of its responsibilities and powers to any other person selected by it. The Board of Directors or the Committee may revoke any such allocation or delegation at any
time. 

5.    ELIGIBILITY FOR PARTICIPATION.    

        The
Administrator will, in its sole discretion, name the Participants in the Plan, provided, however, that each Participant must be an Employee, director or consultant of the Company or
of an Affiliate at the time a Stock Right is granted. Notwithstanding the foregoing, the Administrator may authorize the grant of a Stock Right to a person not then an Employee, director or consultant
of the Company or of an Affiliate; provided, however, that the actual grant of such Stock Right shall be conditioned upon such person becoming eligible to become a Participant at or prior to the time
of the execution of the Agreement evidencing such Stock Right. ISOs may be granted only to Employees. Non-Qualified Options, Stock Grants and Stock-Based Awards may be granted to any
Employee, director or consultant of the Company or an Affiliate. The granting of any Stock Right to any individual shall neither entitle that individual to, nor disqualify him or her from,
participation in any other grant of Stock Rights. 

6.    TERMS AND CONDITIONS OF OPTIONS.    

        Each
Option shall be set forth in writing in an Option Agreement, duly executed by the Company and, to the extent required by law or requested by the Company, by the Participant. The
Administrator may provide that Options be granted subject to such terms and conditions, consistent with the terms and conditions specifically required under this Plan, as the Administrator may deem
appropriate including, without limitation, subsequent approval by the shareholders of the Company of this Plan or any
amendments thereto. The Option Agreements shall be subject to at least the following terms and conditions: 

        a.    Non-Qualified Options:    Each Option intended to be a Non-Qualified Option shall be
subject to the terms and conditions which the Administrator determines to be appropriate and in the best interest of the Company, subject to the following minimum standards for any such
Non-Qualified Option: 

        i.    Option Price:    Each Option Agreement shall state the option price (per share) of the Shares covered by each
Option, which option price shall be determined by the Administrator but shall not be less than the Fair Market Value per share of Common Stock. 

        ii.    Number of Shares:    Each Option Agreement shall state the number of Shares to which it pertains. 

        iii.    Option Periods:    Each Option Agreement shall state the date or dates on which it first is exercisable and
the date after which it may no longer be exercised, and may provide that the Option rights accrue or become exercisable in installments over a period of months or years, or upon the occurrence of
certain conditions or the attainment of stated goals or events. 

        iv.    Option Conditions:    Exercise of any Option may be conditioned upon the Participant's execution of a Share
purchase agreement in form satisfactory to the Administrator providing for certain protections for the Company and its other shareholders, including requirements that: 

	A.
	The
Participant's or the Participant's Survivors' right to sell or transfer the Shares may be restricted; and 

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	B.
	The
Participant or the Participant's Survivors may be required to execute letters of investment intent and must also acknowledge that the Shares will bear
legends noting any applicable restrictions. 

        b.    ISOs:    Each Option intended to be an ISO shall be issued only to an Employee and be subject to the following
terms and conditions, with such additional restrictions or changes as the Administrator determines are appropriate but not in conflict with Section 422 of the Code and relevant regulations and
rulings of the Internal Revenue Service: 

        i.    Minimum standards:    The ISO shall meet the minimum standards required of Non-Qualified Options, as
described in Paragraph 6(a) above. 

        ii.    Option Price:    Immediately before the ISO is granted, if the Participant owns, directly or by reason of the
applicable attribution rules in Section 424(d) of the Code: 

	A.
	10%
or less of the total combined voting power of all classes of stock of the Company or an Affiliate, the
Option price per share of the Shares covered by each ISO shall not be less than 100% of the Fair Market Value per share of the Shares on the date of the grant of the Option; or

	B.
	More
than 10% of the total combined voting power of all classes of stock of the Company or an Affiliate, the Option price per share of the Shares covered by
each ISO shall not be less than 110% of the Fair Market Value on the date of grant. 

        iii.    Term of Option:    For Participants who own: 

	A.
	10%  or less of the total combined voting power of all classes of stock of the Company or an Affiliate, each
ISO shall terminate not more than ten years from the date of the grant or at such earlier time as the Option Agreement may provide; or

	B.
	More
than 10% of the total combined voting power of all classes of stock of the Company or an Affiliate, each ISO shall terminate not more than five years
from the date of the grant or at such earlier time as the Option Agreement may provide. 

        iv.    Limitation on Yearly Exercise:    The Option Agreements shall restrict the amount of ISOs which may become
exercisable in any calendar year (under this or any other ISO plan of the Company or an Affiliate) so that the aggregate Fair Market Value (determined at the time each ISO is granted) of the stock
with respect to which ISOs are exercisable for the first time by the Participant in any calendar year does not exceed $100,000. 

7.    TERMS AND CONDITIONS OF STOCK GRANTS.    

        Each
offer of a Stock Grant to a Participant shall state the date prior to which the Stock Grant must be accepted by the Participant, and the principal terms of each Stock Grant shall be
set forth in an Agreement, duly executed by the Company and, to the extent required by law or requested by the Company, by the Participant. The Agreement shall be in a form approved by the
Administrator and shall contain terms and conditions which the Administrator determines to be appropriate and in the best interest of the Company, subject to the following minimum
standards: 

	(a)
	Each
Agreement shall state the purchase price (per share), if any, of the Shares covered by each Stock Grant, which purchase price shall be determined by
the Administrator but shall not be less than the minimum consideration required by the Delaware General Corporation Law on the date of the grant of the Stock Grant;

	(b)
	Each
Agreement shall state the number of Shares to which the Stock Grant pertains; and 

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	(c)
	Each
Agreement shall include the terms of any right of the Company to restrict or reacquire the Shares subject to the Stock Grant, including the time or
attainment of Performance Goals upon which such rights shall accrue and the purchase price therefor, if any. 

8.    TERMS AND CONDITIONS OF OTHER STOCK-BASED AWARDS.    

        The
Administrator shall have the right to grant other Stock-Based Awards based upon the Common Stock having such terms and conditions as the Administrator may determine, including,
without limitation, the grant of Shares based upon certain conditions, the grant of securities convertible into Shares and the grant of stock appreciation rights, phantom stock awards or stock units.
The principal terms of each Stock-Based Award shall be set forth in an Agreement, duly executed by the Company and, to the extent required by law or requested by the Company, by the Participant. The
Agreement shall be in a form approved by the Administrator and shall contain terms and conditions which the Administrator determines to be appropriate and in the best interest of the Company. 

9.    PERFORMANCE-BASED AWARDS.    

        Notwithstanding
anything to the contrary herein, during any period when Section 162(m) of the Code is applicable to the Company and the Plan, Stock Rights granted under
Paragraph 7 and Paragraph 8 may be granted by the Committee in a manner which is deductible by the Company under Section 162(m) of the Code ("Performance-Based Awards"). A
Participant's Performance-Based Award shall be determined based on the attainment of written Performance Goals, which must be objective and approved by the Committee for a performance period of
between one and five years established by the Committee (I) while the outcome for that performance period is substantially uncertain and (II) no more than 90 days after the
commencement of the performance period to which the Performance Goal relates or, if less, the number of days which is equal to 25% of the relevant performance period. The Committee shall determine
whether, with respect to a performance period, the applicable Performance Goals have been met with respect to a given Participant and, if they have, to so certify and ascertain the amount of the
applicable Performance-Based Award. No Performance-Based Awards will be issued for such performance period until such certification is made by the Committee. The number of shares issued in respect of
a Performance-Based Award to a given Participant may be less than the amount determined by the applicable Performance Goal formula, at the discretion of the Committee. The number of shares issued in
respect of a Performance-Based Award determined by the Committee for a performance period shall be paid to the Participant at such time as determined by the Committee in its sole discretion after the
end of such performance period. 

10.    EXERCISE OF OPTIONS AND ISSUE OF SHARES.    

        An
Option (or any part or installment thereof) shall be exercised by giving written notice to the Company or its designee, together with provision for payment of the full purchase price
in accordance with this Paragraph for the Shares as to which the Option is being exercised, and upon compliance with any other condition(s) set forth in the Option Agreement. Such notice shall be
signed by the person exercising the Option, shall state the number of Shares with respect to which the Option is being exercised and shall contain any representation required by the Plan or the Option
Agreement. Payment of the purchase price for the Shares as to which such Option is being exercised shall be made (a) in United States dollars in cash or by check, or (b) at the
discretion of the Administrator, through delivery of shares of Common Stock having a Fair Market Value equal as of the date of the exercise to the cash exercise price of the Option and held for at
least six months, or (c) at the discretion of the Administrator, by having the Company retain from the shares otherwise issuable upon exercise of the Option, a number of shares having a Fair
Market Value equal as of the date of exercise to the exercise price of the Option, or (d) at the discretion of the Administrator, in accordance with a cashless exercise program established with
a securities brokerage firm, and approved by the Administrator, or (e) at the discretion of the Administrator, by any combination of (a), (b), (c) and (d) above or (f) at
the discretion of the Administrator, payment of such other lawful consideration as the Administrator may 

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determine.
Notwithstanding the foregoing, the Administrator shall accept only such payment on exercise of an ISO as is permitted by Section 422 of the Code. 

        The
Company shall then reasonably promptly deliver the Shares as to which such Option was exercised to the Participant (or to the Participant's Survivors, as the case may be). In
determining what constitutes "reasonably promptly," it is expressly understood that the issuance and delivery of the Shares may be delayed by the Company in order to comply with any law or regulation
(including, without limitation, state securities or "blue sky" laws) which requires the Company to take any action with respect to the Shares prior to their issuance. The Shares shall, upon delivery,
be fully paid, non-assessable Shares. 

        The
Administrator shall have the right to accelerate the date of exercise of any installment of any Option; provided that the Administrator shall not accelerate the exercise date of any
installment of any Option granted to an Employee as an ISO (and not previously converted into a Non-Qualified Option pursuant to Paragraph 28) without the prior approval of the
Employee if such acceleration would violate the annual vesting limitation contained in Section 422(d) of the Code, as described in Paragraph 6(b)(iv). 

        The
Administrator may, in its discretion, amend any term or condition of an outstanding Option provided (i) such term or condition as amended is permitted by the Plan,
(ii) any such amendment shall be made only with the consent of the Participant to whom the Option was granted, or in the event of the death of the Participant, the Participant's Survivors, if
the amendment is adverse to the Participant, and (iii) any such amendment of any Option shall be made only after the Administrator determines whether such amendment would constitute a
"modification" of any Option which is an ISO (as that term is defined in Section 424(h) of the Code) or would cause any adverse tax consequences for the holder of such Option including, but not
limited to, pursuant to Section 409A of the Code. 

11.    ACCEPTANCE OF STOCK GRANTS AND STOCK-BASED AWARDS AND ISSUE OF SHARES.    

        A
Stock Grant or Stock-Based Award (or any part or installment thereof) shall be accepted by executing the applicable Agreement and delivering it to the Company or its designee, together
with provision for payment of the full purchase price, if any, in accordance with this Paragraph for the Shares as to which such Stock Grant or Stock-Based Award is being accepted, and upon compliance
with any other conditions set forth in the applicable Agreement. Payment of the purchase price for the Shares as to which such Stock Grant or Stock-Based Award is being accepted shall be made
(a) in United States dollars in cash or by check, or (b) at the discretion of the Administrator, through delivery of shares of Common Stock held for at least six months and having a Fair
Market Value equal as of the date of acceptance of the Stock Grant or Stock Based-Award to the purchase price of the Stock Grant or Stock-Based Award, or (c) at the discretion of the
Administrator, by delivery of the grantee's personal recourse note bearing interest payable not less than annually at no less than 100% of the applicable Federal rate, as defined in
Section 1274(d) of the Code, or (d) at the discretion of the Administrator, by any combination of (a), (b) and (c) above; or (e) at the discretion of the
Administrator, payment of such other lawful consideration as the Administrator may determine. 

        The
Company shall then, if required by the applicable Agreement, reasonably promptly deliver the Shares as to which such Stock Grant or Stock-Based Award was accepted to the Participant
(or to the Participant's Survivors, as the case may be), subject to any escrow provision set forth in the applicable Agreement. In determining what constitutes "reasonably promptly," it is expressly
understood that the issuance and delivery of the Shares may be delayed by the Company in order to comply with any law or regulation (including, without limitation, state securities or "blue sky" laws)
which requires the Company to take any action with respect to the Shares prior to their issuance. 

        The
Administrator may, in its discretion, amend any term or condition of an outstanding Stock Grant, Stock-Based Award or applicable Agreement provided (i) such term or condition
as amended is 

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permitted
by the Plan, and (ii) any such amendment shall be made only with the consent of the Participant to whom the Stock Grant or Stock-Based Award was made, if the amendment is adverse to
the Participant. 

12.    RIGHTS AS A SHAREHOLDER.    

        No
Participant to whom a Stock Right has been granted shall have rights as a shareholder with respect to any Shares covered by such Stock Right, except after due exercise of the Option
or acceptance of the Stock Grant or as set forth in any Agreement, and tender of the full purchase price, if any, for the Shares being purchased pursuant to such exercise or acceptance and
registration of the Shares in the Company's share register in the name of the Participant. 

13.    ASSIGNABILITY AND TRANSFERABILITY OF STOCK RIGHTS.    

        By
its terms, a Stock Right granted to a Participant shall not be transferable by the Participant other than (i) by will or by the laws of descent and distribution, or
(ii) as approved by the Administrator in its discretion and set forth in the applicable Agreement. Notwithstanding the foregoing, an ISO transferred except in compliance with clause (i)
above shall no longer qualify as an ISO. The designation of a beneficiary of a Stock Right by a Participant, with the prior approval of the Administrator and in such form as the Administrator shall
prescribe, shall not be deemed a transfer prohibited by this Paragraph. Except as provided above, a Stock Right shall only be exercisable or may only be accepted, during the Participant's lifetime, by
such Participant (or by his or her legal representative) and shall not be assigned, pledged or hypothecated in any way (whether by operation of law or otherwise) and shall not be subject to execution,
attachment or similar process. Any attempted transfer, assignment, pledge, hypothecation or other disposition of any Stock Right or of any rights granted thereunder contrary to the provisions of this
Plan, or the levy of any attachment or similar process upon a Stock Right, shall be null and void. 

14.    EFFECT ON OPTIONS OF TERMINATION OF SERVICE OTHER THAN "FOR CAUSE" OR DEATH OR DISABILITY.    

        Except
as otherwise provided in a Participant's Option Agreement, in the event of a termination of service (whether as an employee, director or consultant) with the Company or an
Affiliate before the Participant has exercised an Option, the following rules apply: 

	a.
	A
Participant who ceases to be an employee, director or consultant of the Company or of an Affiliate (for any reason other than termination "for cause",
Disability, or death for which events there are special rules in Paragraphs 15, 16, and 17, respectively), may exercise any Option granted to him or her to the extent that the Option is
exercisable on the date of such termination of service, but only within such term as the Administrator has designated in a Participant's Option Agreement.

	b.
	Except
as provided in Subparagraph (c) below, or Paragraph 16 or 17, in no event may an Option intended to be an ISO, be exercised later than
three months after the Participant's termination of employment.

	c.
	The
provisions of this Paragraph, and not the provisions of Paragraph 16 or 17, shall apply to a Participant who subsequently becomes Disabled or dies
after the termination of employment, director status or consultancy; provided, however, in the case of a Participant's Disability or death within three months after the termination of employment,
director status or consultancy, the Participant or the Participant's Survivors may exercise the Option within one year after the date of the Participant's termination of service, but in no event after
the date of expiration of the term of the Option.

	d.
	Notwithstanding
anything herein to the contrary, if subsequent to a Participant's termination of employment, termination of director status or termination of
consultancy, but prior to the 

9

 

exercise
of an Option, the Board of Directors determines that, either prior or subsequent to the Participant's termination, the Participant engaged in conduct which would constitute "cause", then such
Participant shall forthwith cease to have any right to exercise any Option.  

	e.
	A
Participant to whom an Option has been granted under the Plan who is absent from the Company or an Affiliate because of temporary disability (any
disability other than a Disability as defined in Paragraph 1 hereof), or who is on leave of absence for any purpose, shall not, during the period of any such absence, be deemed, by virtue of
such absence alone, to have terminated such Participant's employment, director status or consultancy with the Company or with an Affiliate, except as the Administrator may otherwise expressly provide.

	f.
	Except
as required by law or as set forth in a Participant's Option Agreement, Options granted under the Plan shall not be affected by any change of a
Participant's status within or among the Company and any Affiliates, so long as the Participant continues to be an employee, director or consultant of the Company or any Affiliate. 

15.    EFFECT ON OPTIONS OF TERMINATION OF SERVICE "FOR CAUSE".    

        Except
as otherwise provided in a Participant's Option Agreement, the following rules apply if the Participant's service (whether as an employee, director or consultant) with the Company
or an Affiliate is terminated "for cause" prior to the time that all his or her outstanding Options have been exercised: 

	a.
	All
outstanding and unexercised Options as of the time the Participant is notified his or her service is terminated "for cause" will immediately be
forfeited.

	b.
	For
purposes of this Plan, "cause" shall include (and is not limited to) dishonesty with respect to the Company or any Affiliate, insubordination,
substantial malfeasance or non-feasance of duty, unauthorized disclosure of confidential information, breach by the Participant of any provision of any employment, consulting, advisory,
nondisclosure, non-competition or similar agreement between the Participant and the Company, and conduct substantially prejudicial to the business of the Company or any Affiliate. The
determination of the Administrator as to the existence of "cause" will be conclusive on the Participant and the Company.

	c.
	"Cause"
is not limited to events which have occurred prior to a Participant's termination of service, nor is it necessary that the Administrator's finding of
"cause" occur prior to termination. If the Administrator determines, subsequent to a Participant's termination of service but prior to the exercise of an Option, that either prior or subsequent to the
Participant's termination the Participant engaged in conduct which would constitute "cause", then the right to exercise any Option is forfeited.

	d.
	Any
provision in an agreement between the Participant and the Company or an Affiliate, which contains a conflicting definition of "cause" for termination and
which is in effect at the time of such termination, shall supersede the definition in this Plan with respect to that Participant. 

16.    EFFECT ON OPTIONS OF TERMINATION OF SERVICE FOR DISABILITY.    

        Except
as otherwise provided in a Participant's Option Agreement: 

	a.
	A
Participant who ceases to be an employee, director or consultant of the Company or of an Affiliate by reason of Disability may exercise any Option granted
to such Participant: 

          (i)  To
the extent that the Option has become exercisable but has not been exercised on the date of Disability; and 

         (ii)  In
the event rights to exercise the Option accrue periodically, to the extent of a pro rata portion through the date of Disability of any additional vesting rights that
would have 

10

 

accrued
on the next vesting date had the Participant not become Disabled. The proration shall be based upon the number of days accrued in the current vesting period prior to the date of Disability. 

	b.
	A
Disabled Participant may exercise such rights only within the period ending one year after the date of the Participant's Disability, notwithstanding that
the Participant might have been able to exercise the Option as to some or all of the Shares on a later date if the Participant had not become Disabled and had continued to be an employee, director or
consultant or, if earlier, within the originally prescribed term of the Option.

	c.
	The
Administrator shall make the determination both of whether Disability has occurred and the date of its occurrence (unless a procedure for such
determination is set forth in another agreement between the Company and such Participant, in which case such procedure shall be used for such determination). If requested, the Participant shall be
examined by a physician selected or approved by the Administrator, the cost of which examination shall be paid for by the Company. 

17.    EFFECT ON OPTIONS OF DEATH WHILE AN EMPLOYEE, DIRECTOR OR CONSULTANT.    

        Except
as otherwise provided in a Participant's Option Agreement: 

	a.
	In
the event of the death of a Participant while the Participant is an employee, director or consultant of the Company or of an Affiliate, such Option may be
exercised by the Participant's Survivors: 

          (i)  To
the extent that the Option has become exercisable but has not been exercised on the date of death; and 

         (ii)  In
the event rights to exercise the Option accrue periodically, to the extent of a pro rata portion through the date of death of any additional vesting rights that
would have accrued on the next vesting date had the Participant not died. The proration shall be based upon the number of days accrued in the current vesting period prior to the Participant's date of
death.  

	b.
	If
the Participant's Survivors wish to exercise the Option, they must take all necessary steps to exercise the Option within one year after the date of death
of such Participant, notwithstanding that the decedent might have been able to exercise the Option as to some or all of the Shares on a later date if he or she had not died and had continued to be an
employee, director or consultant or, if earlier, within the originally prescribed term of the Option. 

18.    EFFECT OF TERMINATION OF SERVICE ON UNACCEPTED STOCK GRANTS.    

        In
the event of a termination of service (whether as an employee, director or consultant) with the Company or an Affiliate for any reason before the Participant has accepted a Stock
Grant, such offer shall terminate. 

        For
purposes of this Paragraph 18 and Paragraph 19 below, a Participant to whom a Stock Grant has been offered and accepted under the Plan who is absent from work with the
Company or with an Affiliate because of temporary disability (any disability other than a Disability as defined in Paragraph 1 hereof), or who is on leave of absence for any purpose, shall not,
during the period of any such absence, be deemed, by virtue of such absence alone, to have terminated such Participant's employment, director status or consultancy with the Company or with an
Affiliate, except as the Administrator may otherwise expressly provide. 

        In
addition, for purposes of this Paragraph 18 and Paragraph 19 below, any change of employment or other service within or among the Company and any Affiliates shall not be
treated as a termination 

11

 

of
employment, director status or consultancy so long as the Participant continues to be an employee, director or consultant of the Company or any Affiliate. 

19.    EFFECT ON STOCK GRANTS OF TERMINATION OF SERVICE OTHER THAN "FOR CAUSE" OR DEATH OR DISABILITY.    

        Except
as otherwise provided in a Participant's Stock Grant Agreement, in the event of a termination of service (whether as an employee, director or consultant), other than termination
"for cause," Disability, or death for which events there are special rules in Paragraphs 20, 21, and 22, respectively, before all forfeiture provisions or Company rights of repurchase shall
have lapsed, then the Company shall have the right to cancel or repurchase that number of Shares subject to a Stock Grant as to which the Company's forfeiture or repurchase rights have not lapsed. 

20.    EFFECT ON STOCK GRANTS OF TERMINATION OF SERVICE "FOR CAUSE".    

        Except
as otherwise provided in a Participant's Stock Grant Agreement, the following rules apply if the Participant's service (whether as an employee, director or consultant) with the
Company or an Affiliate is terminated "for cause": 

	a.
	All
Shares subject to any Stock Grant that remain subject to forfeiture provisions or as to which the Company shall have a repurchase right shall be
immediately forfeited to the Company as of the time the Participant is notified his or her service is terminated for Cause.

	b.
	For
purposes of this Plan, "cause" shall include (and is not limited to) dishonesty with respect to the employer, insubordination, substantial malfeasance or
non-feasance of duty, unauthorized disclosure of confidential information, breach by the Participant of any provision of any employment, consulting, advisory, nondisclosure,
non-competition or similar agreement between the Participant and the Company, and conduct substantially prejudicial to the business of the Company or any Affiliate. The determination of
the Administrator as to the existence of "cause" will be conclusive on the Participant and the Company.

	c.
	"Cause"
is not limited to events which have occurred prior to a Participant's termination of service, nor is it necessary that the Administrator's finding of
"cause" occur prior to termination. If the Administrator determines, subsequent to a Participant's termination of service, that either prior or subsequent to the Participant's termination the
Participant engaged in conduct which would constitute "cause," then the Company's right to repurchase all of such Participant's Shares shall apply.

	d.
	Any
provision in an agreement between the Participant and the Company or an Affiliate, which contains a conflicting definition of "cause" for termination and
which is in effect at the time of such termination, shall supersede the definition in this Plan with respect to that Participant. 

21.    EFFECT ON STOCK GRANTS OF TERMINATION OF SERVICE FOR DISABILITY.    

        Except
as otherwise provided in a Participant's Stock Grant Agreement, the following rules apply if a Participant ceases to be an employee, director or consultant of the Company or of an
Affiliate by reason of Disability: to the extent the forfeiture provisions or the Company's rights of repurchase have not lapsed on the date of Disability, they shall be exercisable; provided,
however, that in the event such forfeiture provisions or rights of repurchase lapse periodically, such provisions or rights shall lapse to the extent of a pro rata portion of the Shares subject to
such Stock Grant through the date of Disability as would have lapsed had the Participant not become Disabled. The proration shall be based upon the number of days accrued prior to the date of
Disability. 

        The
Administrator shall make the determination both of whether Disability has occurred and the date of its occurrence (unless a procedure for such determination is set forth in another
agreement 

12

 

between
the Company and such Participant, in which case such procedure shall be used for such determination). If requested, the Participant shall be examined by a physician selected or approved by the
Administrator, the cost of which examination shall be paid for by the Company. 

22.    EFFECT ON STOCK GRANTS OF DEATH WHILE AN EMPLOYEE, DIRECTOR OR CONSULTANT.    

        Except
as otherwise provided in a Participant's Stock Grant Agreement, the following rules apply in the event of the death of a Participant while the Participant is an employee, director
or consultant of the Company or of an Affiliate: to the extent the forfeiture provisions or the Company's rights of repurchase have not lapsed on the date of death, they shall be exercisable;
provided, however, that in the event such forfeiture provisions or rights of repurchase lapse periodically, such provisions or rights shall lapse to the extent of a pro rata portion of the Shares
subject to such Stock Grant through the date of death as would have lapsed had the Participant not died. The proration shall be based upon the number of days accrued prior to the Participant's death. 

23.    PURCHASE FOR INVESTMENT.    

        Unless
the offering and sale of the Shares to be issued upon the particular exercise or acceptance of a Stock Right shall have been effectively registered under the Securities Act of
1933, as now in force or hereafter amended (the "1933 Act"), the Company shall be under no obligation to issue the Shares covered by such exercise unless and until the following conditions have been
fulfilled: 

	a.
	The
person(s) who exercise(s) or accept(s) such Stock Right shall warrant to the Company, prior to the receipt of such Shares, that such person(s) are
acquiring such Shares for their own respective accounts, for investment, and not with a view to, or for sale in connection with, the distribution of any such Shares, in which event the person(s)
acquiring such Shares shall be bound by the provisions of the following legend which shall be endorsed upon the certificate(s) evidencing their Shares issued pursuant to such exercise or such grant: 

"The
shares represented by this certificate have been taken for investment and they may not be sold or otherwise transferred by any person, including a pledgee, unless (1) either (a) a
Registration Statement with respect to such shares shall be effective under the Securities Act of 1933, as amended, or (b) the Company shall have received an opinion of counsel satisfactory to
it that an exemption from registration under such Act is then available, and (2) there shall have been compliance with all applicable state securities laws."  

	b.
	At
the discretion of the Administrator, the Company shall have received an opinion of its counsel that the Shares may be issued upon such particular exercise
or acceptance in compliance with the 1933 Act without registration thereunder. 

24.    DISSOLUTION OR LIQUIDATION OF THE COMPANY.    

        Upon
the dissolution or liquidation of the Company, all Options granted under this Plan which as of such date shall not have been exercised and all Stock Grants and Stock-Based Awards
which have not been accepted will terminate and become null and void; provided, however, that if the rights of a Participant or a Participant's Survivors have not otherwise terminated and expired, the
Participant or the Participant's Survivors will have the right immediately prior to such dissolution or liquidation to exercise or accept any Stock Right to the extent that the Stock Right is
exercisable or subject to acceptance as of the date immediately prior to such dissolution or liquidation. Upon the dissolution or liquidation of the Company, any outstanding Stock-Based Awards shall
immediately terminate unless otherwise determined by the Administrator or specifically provided in the applicable Agreement. 

13

 

25.    ADJUSTMENTS.    

        Upon
the occurrence of any of the following events, a Participant's rights with respect to any Stock Right granted to him or her hereunder shall be adjusted as hereinafter provided,
unless otherwise specifically provided in a Participant's Agreement: 

        a.    Stock Dividends and Stock Splits.    If (i) the shares of Common Stock shall be subdivided or combined
into a greater or smaller number of shares or if the Company shall issue any shares of Common Stock as a stock dividend on its outstanding Common Stock, or (ii) additional shares or new or
different shares or other securities of the Company or other non-cash assets are distributed with respect to such shares of Common Stock, the number of shares of Common Stock deliverable
upon the exercise of an Option or acceptance of a Stock Grant shall be appropriately increased or decreased proportionately, and appropriate adjustments shall be made including, in the purchase price
per share, to reflect such events. The number of Shares subject to the limitations in Paragraph 3(a), 3(b) and 4(c) shall also be proportionately adjusted upon the occurrence of such events and
the Performance Goals applicable to outstanding Performance-Based Awards. 

        b.    Corporate Transactions.    If the Company is to be consolidated with or acquired by another entity in a merger,
sale of all or substantially all of the Company's assets other than a transaction to merely change the state of incorporation (a "Corporate Transaction"), the Administrator or the board of directors
of any entity assuming the obligations of the Company hereunder (the "Successor Board"), shall, as to outstanding Options, either (i) make appropriate provision for the continuation of such
Options by substituting on an equitable basis for the Shares then subject to such Options either the consideration payable with respect to the outstanding shares of Common Stock in connection with the
Corporate Transaction or securities of any successor or acquiring entity; or (ii) upon written notice to the Participants, provide that all Options must be exercised (either (A) to the
extent then exercisable or, (B) at the discretion of the Administrator, all Options being made fully exercisable for purposes of this Subparagraph), within a specified number of days of the
date of such notice, at the end of which period the Options shall terminate; or (iii) terminate all Options in exchange for a cash payment equal to the excess of the Fair Market Value of the
Shares subject to such Options (either (A) to the extent then exercisable or, (B) at the discretion of the Administrator, all Options being made fully exercisable for purposes of this
Subparagraph) over the exercise price thereof. 

        With
respect to outstanding Stock Grants, the Administrator or the Successor Board, shall either (i) make appropriate provisions for the continuation of such Stock Grants on the
same terms and conditions by substituting on an equitable basis for the Shares then subject to such Stock Grants either the consideration payable with respect to the outstanding Shares of Common Stock
in connection with the Corporate Transaction or securities of any successor or acquiring entity; or (ii) terminate all Stock
Grants in exchange for a cash payment equal to the excess of the Fair Market Value of the Shares subject to such Stock Grants over the purchase price thereof, if any. In addition, in the event of a
Corporate Transaction, the Administrator may waive any or all Company forfeiture or repurchase rights with respect to outstanding Stock Grants. 

        c.    Recapitalization or Reorganization.    In the event of a recapitalization or reorganization of the Company other
than a Corporate Transaction pursuant to which securities of the Company or of another corporation are issued with respect to the outstanding shares of Common Stock, a Participant upon exercising an
Option or accepting a Stock Grant after the recapitalization or reorganization shall be entitled to receive for the purchase price paid upon such exercise or acceptance of the number of replacement
securities which would have been received if such Option had been exercised or Stock Grant accepted prior to such recapitalization or reorganization. 

        d.    Adjustments to Stock-Based Awards.    Upon the happening of any of the events described in
Subparagraphs a, b or c above, any outstanding Stock-Based Award shall be appropriately adjusted to reflect the events described in such Subparagraphs. The Administrator or the Successor Board
shall 

14

 

determine
the specific adjustments to be made under this Paragraph 25, including, but not limited to the effect if any, of a Change of Control and, subject to Paragraph 4, its
determination shall be conclusive. 

        e.    Modification of ISOs.    Notwithstanding the foregoing, any adjustments made pursuant to Subparagraph a,
b or c above with respect to ISOs shall be made only after the Administrator determines whether such adjustments would constitute a "modification" of such ISOs (as that term is defined in
Section 424(h) of the Code) or would cause any adverse tax consequences for the holders of such ISOs. If the Administrator determines that such adjustments made with respect to ISOs would
constitute a modification of such ISOs, it may refrain from making such adjustments, unless the holder of an ISO specifically agrees in writing that such adjustment be made and such writing indicates
that the holder has full knowledge of the consequences of such "modification" on his or her income tax treatment with respect to the ISO. This paragraph shall not apply to the acceleration of the
vesting of any ISO that would cause any portion of the ISO to violate the annual vesting limitation contained in Section 422(d) of the Code, as described in Paragraph 6b(iv). 

        f.    Modification of Performance-Based Awards.    Notwithstanding the foregoing, with respect to any
Performance-Based Award that is intended to comply as "performance based compensation" under Section 162(m) of the Code, the Committee may adjust downwards, but not upwards, the number of
Shares payable pursuant to a Performance-Based Award, and the Committee may not waive the achievement of the applicable Performance Goals except in the case of death or disability of the Participant. 

26.    ISSUANCES OF SECURITIES.    

        Except
as expressly provided herein, no issuance by the Company of shares of stock of any class, or securities convertible into shares of stock of any class, shall affect, and no
adjustment by reason thereof shall be made with respect to, the number or price of shares subject to Stock Rights. Except as expressly provided herein, no adjustments shall be made for dividends paid
in cash or in property (including without limitation, securities) of the Company prior to any issuance of Shares pursuant to a Stock Right. 

27.    FRACTIONAL SHARES.    

        No
fractional shares shall be issued under the Plan and the person exercising a Stock Right shall receive from the Company cash in lieu of such fractional shares equal to the Fair Market
Value thereof. 

28.    CONVERSION OF ISOs INTO NON-QUALIFIED OPTIONS; TERMINATION OF ISOs.    

        The
Administrator, at the written request of any Participant, may in its discretion take such actions as may be necessary to convert such Participant's ISOs (or any portions thereof)
that have not been exercised on the date of conversion into Non-Qualified Options at any time prior to the expiration of such ISOs, regardless of whether the Participant is an employee of
the Company or an Affiliate at the time of such conversion. At the time of such conversion, the Administrator (with the consent of the Participant) may impose such conditions on the exercise of the
resulting Non-Qualified Options as the Administrator in its discretion may determine, provided that such conditions shall not be inconsistent with this Plan. Nothing in the Plan shall be
deemed to give any Participant the right to have such Participant's ISOs converted into Non-Qualified Options, and no such conversion shall occur until and unless the Administrator takes
appropriate action. The Administrator, with the consent of the Participant, may also terminate any portion of any ISO that has not been exercised at the time of such conversion. 

15

 

29.    WITHHOLDING.    

        In
the event that any federal, state, or local income taxes, employment taxes, Federal Insurance Contributions Act ("F.I.C.A.") withholdings or other amounts are required by applicable
law or governmental regulation to be withheld from the Participant's salary, wages or other remuneration in connection with the exercise or acceptance of a Stock Right or in connection with a
Disqualifying Disposition (as defined in Paragraph 30) or upon the lapsing of any forfeiture provision or right of repurchase or for any other reason required by law, the Company may withhold
from the Participant's compensation, if any, or may require that the Participant advance in cash to the Company, or to any Affiliate of the Company which employs or employed the Participant, the
statutory minimum amount of such withholdings unless a different withholding arrangement, including the use of shares of the Company's Common Stock or a promissory note, is authorized by the
Administrator (and permitted by law). For purposes hereof, the fair market value of the shares withheld for purposes of payroll withholding shall be determined in the manner provided in
Paragraph 1 above, as of the most recent practicable date prior to the date of exercise. If the fair market value of the shares withheld is less than the amount of payroll withholdings
required, the Participant may be required to advance the difference in cash to the Company or the Affiliate employer. The Administrator in its discretion may condition the exercise of an Option for
less than the then Fair Market Value on the Participant's payment of such additional withholding. 

30.    NOTICE TO COMPANY OF DISQUALIFYING DISPOSITION.    

        Each
Employee who receives an ISO must agree to notify the Company in writing immediately after the Employee makes a Disqualifying Disposition of any shares acquired pursuant to the
exercise of an ISO. A Disqualifying Disposition is defined in Section 424(c) of the Code and includes any disposition (including any sale or gift) of such shares before the later of
(a) two years after the date the Employee was granted the ISO, or (b) one year after the date the Employee acquired Shares by exercising the ISO, except as otherwise provided in
Section 424(c) of the Code. If the Employee has died before such stock is sold, these holding period requirements do not apply and no Disqualifying Disposition can occur thereafter. 

31.    TERMINATION OF THE PLAN.    

        The
Plan will terminate on May 23, 2017, the date which is ten years from the earlier of the date of its adoption by the Board of
Directors and the date of its approval by the shareholders of the Company. The Plan may be terminated at an earlier date by vote of the shareholders or the Board of Directors of the Company; provided,
however, that any such earlier termination shall not affect any Agreements executed prior to the effective date of such termination. 

32.    AMENDMENT OF THE PLAN AND AGREEMENTS.    

        The
Plan may be amended by the shareholders of the Company. The Plan may also be amended by the Administrator , including, without limitation, to the extent necessary to qualify any or
all outstanding Stock Rights granted under the Plan or Stock Rights to be granted under the Plan for favorable federal
income tax treatment (including deferral of taxation upon exercise) as may be afforded incentive stock options under Section 422 of the Code; to the extent necessary to qualify the shares
issuable upon exercise or acceptance of any outstanding Stock Rights granted, or Stock Rights to be granted, under the Plan for listing on any national securities exchange or quotation in any national
automated quotation system of securities dealers; and in order to continue to comply with Section 162(m) of the Code; provided that any amendment approved by the Administrator which the
Administrator determines is of a scope that requires shareholder approval shall be subject to obtaining such shareholder approval. Nothing in this Paragraph 32 shall limit the Administrator's
authority to take any action permitted pursuant to Paragraph 25. 

16

 

        Any
modification or amendment of the Plan shall not, without the consent of a Participant, adversely affect his or her rights under a Stock Right previously granted to him or her. With
the consent of the Participant affected, the Administrator may amend outstanding Agreements in a manner which may be adverse to the Participant but which is not inconsistent with the Plan. In the
discretion of the Administrator, outstanding Agreements may be amended by the Administrator in a manner which is not adverse to the Participant. 

33.    EMPLOYMENT OR OTHER RELATIONSHIP.    

        Nothing
in this Plan or any Agreement shall be deemed to prevent the Company or an Affiliate from terminating the employment, consultancy or director status of a Participant, nor to
prevent a Participant from terminating his or her own employment, consultancy or director status or to give any Participant a right to be retained in employment or other service by the Company or any
Affiliate for any period of time. 

34.    GOVERNING LAW.    

        This
Plan shall be construed and enforced in accordance with the law of the State of Delaware. 

17

QuickLinks

Exhibit 10.1

ENERNOC, INC. AMENDED AND RESTATED 2007 EMPLOYEE, DIRECTOR AND CONSULTANT STOCK PLANQuickLinks
 -- Click here to rapidly navigate through this document
 

 
 

  Exhibit 10.1    
    

 
 

  ORIENT-EXPRESS HOTELS LTD.
  
    2009 SHARE AWARD AND INCENTIVE PLAN*    
    

 

 

					
	 
	 	 
	 	Page 
	 1.
	 	 Purpose
	 	A-2
	 2.
	 	 Definitions
	 	

A-2
	 3.
	 	 Administration
	 	

A-4
	 4.
	 	 Shares Subject to Plan
	 	

A-4
	 5.
	 	 Eligibility; Per-Person Award Limitations
	 	

A-5
	 6.
	 	 Specific Terms of Awards
	 	

A-5
	 7.
	 	 Performance Awards
	 	

A-9
	 8.
	 	 Certain Provisions Applicable to Awards
	 	

A-9
	 9.
	 	 Additional Award Forfeiture Provisions
	 	

A-10
	 10.
	 	 Change in Control
	 	

A-10
	 11.
	 	 General Provisions
	 	

A-11
	 
	 	 Appendix A Participants Subject to U.S. Law
	 	

A-16

 

 

	*
	As
adopted by the Board of Directors on March 13, 2009 and approved by shareholders on June 5, 2009, and amended by the Board of Directors on
March 12, 2010 and May 26, 2010 and approved by shareholders on June 3, 2010. 

A-1

 

 
 

  ORIENT-EXPRESS HOTELS LTD.
  
    2009 SHARE AWARD AND INCENTIVE PLAN    
    

        1.    Purpose.    The purpose of this 2009 Share Award and Incentive Plan (the "Plan") is to aid Orient-Express
Hotels Ltd., a Bermuda company (together with its successors and assigns, the "Company"), in attracting, retaining, motivating and rewarding employees, non-employee directors
serving on the Board of Directors of the Company or any of its subsidiaries or affiliates, and other service providers of the Company or its subsidiaries or affiliates, strengthening the Company's
capability to develop, maintain and direct a competent management team, to provide for equitable and competitive compensation opportunities, to recognize individual contributions and reward
achievement of Company goals, and to promote the creation of long-term value for shareholders by closely aligning the interests of Participants with those of shareholders. The Plan
authorizes share-based and cash-based incentives for Participants. 

        2.    Definitions.    In addition to the terms defined in Section 1 above and elsewhere in the Plan, the
following capitalized terms used in the Plan have the respective meanings set forth in this Section: 

        (a)   "Annual
Incentive Award" means a type of Performance Award granted to a Participant under Section 7 representing a conditional right to receive cash, Shares or
other Awards or payments, as determined by the Committee, based on performance in a performance period of one fiscal year or a portion thereof. 

        (b)   "Annual
Limit" shall have the meaning specified in Section 5(b). 

        (c)   "Award"
means any Option, SAR, Restricted Shares, Deferred Shares, Shares granted as a bonus or in lieu of another award, Dividend Equivalent, Other Share-Based Award,
or Performance Award or Annual Incentive Award, together with any related right or interest, granted to a Participant under the Plan. 

        (d)   "Beneficiary"
means the legal representatives of the Participant's estate entitled by will or the laws of descent and distribution to receive the benefits under a
Participant's Award upon a Participant's death, provided that, if and to the extent authorized by the Committee, a Participant may be permitted to designate a Beneficiary, in which case the
"Beneficiary" instead will be the person, persons, trust or trusts (if any are then surviving) which have been designated by the Participant in his or her most recent written and duly filed
beneficiary designation to receive the benefits specified under the Participant's Award upon such Participant's death. 

        (e)   "Board"
means the Company's Board of Directors. 

        (f)    "Change
in Control" shall have the meaning specified in Section 10. 

        (g)   "Code"
means the United States Internal Revenue Code of 1986, as amended. References to any provision of the Code or regulation thereunder shall include any successor
provisions and regulations, and reference to regulations includes any applicable guidance or pronouncement of the Department of the Treasury and Internal Revenue Service. 

        (h)   "Committee"
means the Compensation Committee of the Board (or a designated successor to such committee), the composition and governance of which is established in the
Committee's Charter as approved from time to time by the Board and subject to other corporate governance documents of the Company. No action of the Committee shall be void or deemed to be without
authority due to the failure of any member, at the time the action was taken, to meet any qualification standard set forth in the Committee Charter or this Plan. The full Board may perform any
function of the Committee hereunder (except to the extent limited under applicable New York Stock Exchange rules), in which case the term "Committee" shall refer to the Board. 

A-2

 

        (i)    "Covered
Employee" has the meaning given to such term under Code Section 162(m)(3) and applicable regulations thereunder. 

        (j)    "Deferred
Shares" means a right, granted under this Plan, to receive Shares or other Awards or a combination thereof at the end of a specified deferral period. 

        (k)   "Dividend
Equivalent" means a right, granted under this Plan, to receive cash, Shares, other Awards or other property equal in value to all or a specified portion of the
dividends paid with respect to a specified number of Shares. 

        (l)    "Effective
Date" means the effective date specified in Section 11(o). 

        (m)  "Eligible
Person" has the meaning specified in Section 5. 

        (n)   "Exchange
Act" means the United States Securities Exchange Act of 1934, as amended. References to any provision of the Exchange Act or rule (including a proposed rule)
thereunder shall include any successor provisions and rules. 

        (o)   "Fair
Market Value" means the fair market value of Shares, Awards or other property as determined in good faith by the Committee or under procedures established by the
Committee. Unless otherwise determined by the Committee, the Fair Market Value of Shares on a given day shall be, as specified by the Committee, the closing price of the Shares on the date on which it
is to be valued hereunder as reported for New York Stock Exchange—Composite Transactions. Fair Market Value relating to the exercise price or base price of any Non-409A Option
or SAR and relating to the market value of Shares measured at the time of exercise shall conform to requirements under Code Section 409A. 

        (p)   "409A
Awards" means Awards that constitute a deferral of compensation under Code Section 409A and regulations thereunder. "Non-409A Awards" means
Awards other than 409A Awards. Although the Committee retains authority under the Plan to grant Options, SARs and Restricted Shares on terms that will qualify those Awards as 409A Awards, Options,
SARs, and Restricted Shares are intended to be Non-409A Awards unless otherwise expressly specified by the Committee. 

        (q)   "Incentive
Stock Option" or "ISO" means any Option designated as an incentive stock option within the meaning of Code Section 422 and qualifying thereunder. 

        (r)   "Option"
means a right to purchase Shares granted under Section 6(b). 

        (s)   "Other
Share-Based Awards" means Awards granted to a Participant under Section 6(h). 

        (t)    "Participant"
means a person who has been granted an Award under the Plan which remains outstanding, including a person who is no longer an Eligible Person. 

        (u)   "Performance
Award" means a conditional right, granted to a Participant under Sections 6(i) or 7, to receive cash, Shares or other Awards or payments. 

        (v)   "Preexisting
Plans" means the 2000 Stock Option Plan, 2004 Stock Option Plan and the 2007 Performance Share Plan, as the same may be amended to the Effective Date. 

        (w)  "Restricted
Shares" means Shares granted under this Plan which is subject to certain restrictions and to a risk of forfeiture. 

        (x)   "Shares"
means the Company's class A common shares, $0.01 par value each, and any other equity securities of the Company that may be substituted or resubstituted
for Shares pursuant to Section 11(c). 

        (y)   "Stock
Appreciation Rights" or "SAR" means a right granted to a Participant under Section 6(c). 

A-3

 

        3.    Administration.    

        (a)    Authority of the Committee.    The Plan shall be administered by the Committee, which
shall have full and final authority, in each case subject to and consistent with the provisions of the Plan, to select Eligible Persons to become Participants; to grant Awards; to determine the type
and number of Awards, the dates on which Awards may be exercised and on which the risk of forfeiture or deferral period relating to Awards shall lapse or terminate, the acceleration of any such dates
(including upon a
Change in Control), the expiration date of any Award, whether, to what extent, and under what circumstances an Award may be settled, or the exercise price of an Award may be paid, in cash, Shares,
other Awards, or other property, and other terms and conditions of, and all other matters relating to, Awards; to prescribe documents evidencing or setting terms of Awards (such Award documents need
not be identical for each Participant or each Award), amendments thereto, and rules and regulations for the administration of the Plan and amendments thereto; to construe and interpret the Plan and
Award documents and correct defects, supply omissions or reconcile inconsistencies therein; and to make all other decisions and determinations as the Committee may deem necessary or advisable for the
administration of the Plan. Decisions of the Committee with respect to the administration and interpretation of the Plan shall be final, conclusive, and binding upon all persons interested in the
Plan, including Participants, Beneficiaries, transferees under Section 11(b) and other persons claiming rights from or through a Participant, and shareholders. 

        (b)    Manner of Exercise of Committee Authority.    The express grant of any specific power
to the Committee, and the taking of any action by the Committee, shall not be construed as limiting any power or authority of the Committee. The Committee may act through subcommittees, including for
purposes of qualifying Awards under Code Section 162(m) as performance-based compensation, in which case the subcommittee shall be subject to and have authority under the charter applicable to
the Committee, and the acts of the subcommittee shall be deemed to be acts of the Committee hereunder. The Committee may delegate to officers or managers of the Company or any subsidiary or affiliate,
or committees thereof, the authority, subject to such terms as the Committee shall determine, to perform such functions, including administrative functions, as the Committee may determine, to the
extent that such delegation (i) will not cause Awards intended to qualify as "performance-based compensation" under Code Section 162(m) to fail to so qualify and (ii) is permitted
under applicable provisions of the laws of the Islands of Bermuda. 

        (c)    Limitation of Liability.    The Committee and each member thereof, and any person
acting pursuant to authority delegated by the Committee, shall be entitled, in good faith, to rely or act upon any report or other information furnished by any executive officer, other officer or
employee of the Company or a subsidiary or affiliate, the Company's independent auditors, consultants or any other agents assisting in the administration of the Plan. Members of the Committee, any
person acting pursuant to authority delegated by the Committee, and any officer or employee of the Company or a subsidiary or affiliate acting at the direction or on behalf of the Committee or a
delegee shall not be personally liable for any action or determination taken or made in good faith with respect to the Plan, and shall, to the extent permitted by law, be fully indemnified and
protected by the Company with respect to any such action or determination. 

        4.    Shares Subject To Plan.    

        (a)    Overall Number of Shares Available for Delivery.    The total number of Shares reserved
and available for delivery in connection with Awards under the Plan shall be (i) 5,000,000 Shares, plus (ii) the number of shares that, immediately prior to the Effective Date, remain
available for new awards under the Preexisting Plans plus (iii) the number of shares subject to awards under the Preexisting Plans which become available in accordance with Section 4(b)
after the Effective Date; provided, however, that the total number of Shares with respect to which ISOs may be granted shall 

A-4

 

not
exceed the number specified under clause (i) above. Any Shares delivered under the Plan shall consist of authorized and unissued shares or treasury shares. 

        (b)    Share Counting Rules.    The Committee may adopt reasonable counting procedures to
ensure appropriate counting, avoid double counting (as, for example, in the case of tandem or substitute Awards) and make adjustments in accordance with this Section 4(b). Shares shall be
counted against those reserved to the extent such Shares have been delivered and are no longer subject to a risk of forfeiture. Accordingly, (i) to the extent that an Award under the Plan or an
award under the Preexisting Plans, in whole or in part, is canceled, expired, forfeited, settled in cash, settled by delivery of fewer Shares than the number underlying the Award or award, or
otherwise terminated without delivery of Shares to the participant, the Shares retained by or returned to the Company will not be deemed to have been delivered under the Plan; and (ii) Shares
that are withheld from such an Award or award or separately surrendered by the participant in payment of the exercise price or taxes relating to such an Award or award shall be deemed to constitute
Shares not delivered and will be available under the Plan. The Committee may determine that Awards may be outstanding that relate to more Shares than the aggregate remaining available under the Plan
so long as Awards will not in fact result in delivery and vesting of Shares in excess of the number then available under the Plan. In addition, in the case of any Award granted in assumption of or in
substitution for an award of a company or business acquired by the Company or a subsidiary or affiliate or with which the Company or a subsidiary or affiliate combines, Shares delivered or deliverable
in connection with such assumed or substitute Award shall not be counted against the number of Shares reserved under the Plan. 

        5.    Eligibility; Per-Person Award Limitations.    

        (a)    Eligibility.    Awards may be granted under the Plan only to Eligible Persons. For
purposes of the Plan, an "Eligible Person" means (i) an employee of the Company or any subsidiary or affiliate, including any executive officer or employee director of the Company or a
subsidiary or affiliate, (ii) any person who has been offered employment by the Company or a subsidiary or affiliate, provided that such prospective employee may not receive any payment or
exercise any right relating to an Award until such person has commenced employment with the Company or a subsidiary or affiliate, (iii) any non-employee director of the Company or
any subsidiary or affiliate, and (iv) any person who provides substantial services to the Company or a subsidiary or affiliate. An employee on leave of absence may be considered as still in the
employ of the Company or a subsidiary or affiliate for purposes of eligibility for participation in the Plan. For purposes of the Plan, a joint venture in which the Company or a subsidiary has a
substantial direct or indirect equity investment shall be deemed an affiliate, if so determined by the Committee. Holders of awards granted by a company or business acquired by the Company or a
subsidiary or affiliate, or with which the Company or a subsidiary or
affiliate combines, are eligible for grants of substitute Awards granted in connection with such acquisition or combination transaction in assumption of or in substitution for such outstanding awards
previously granted. 

        (b)    Per-Person Award Limitations.    Except as otherwise provided in an
Appendix hereto, the Committee may establish a maximum Annual Limit of shares that any Eligible Person may be awarded in any calendar year. 

        6.    Specific Terms Of Awards.    

        (a)    General.    Awards may be granted on the terms and conditions set forth in this
Section 6. In addition, the Committee may impose on any Award or the exercise thereof, at the date of grant or thereafter (subject to Sections 11(e) and Appendix A), such
additional terms and conditions, not inconsistent with the provisions of the Plan, as the Committee shall determine, including terms requiring forfeiture of Awards in the event of termination of
employment or service by the Participant and terms permitting a Participant to make elections relating to his or her Award. The Committee shall retain full power and discretion with respect to any
term or condition of an Award that is not mandatory under the Plan, subject to Appendix A and the terms of the Award agreement. The Committee may require payment of consideration for an Award
except as limited by the Plan. 

A-5

 

  
        (b)    Options.    The Committee is authorized to grant Options to Participants
on the
following terms and conditions: 

	(i)
	Exercise
Price.    The exercise price per Share purchasable under an Option (including both ISOs and non-qualified Options) shall be
determined by the Committee, provided that such exercise price shall be not less than the Fair Market Value of a Share on the date of grant of such Option, subject to Section 8(a).
Notwithstanding the foregoing, any substitute Award granted in assumption of or in substitution for an outstanding award granted by a company or business acquired by the Company or a subsidiary or
affiliate, or with which the Company or a subsidiary or affiliate combines may be granted with an exercise price per Share other than as required above. No adjustment will be made for a dividend or
other right for which the record date is prior to the date on which the Shares are issued, except as provided in Section 11(c) of the Plan.

	(ii)
	Option
Term; Time and Method of Exercise.    The Committee shall determine the term of each Option, provided that in no event shall the term of
any Option exceed a period of ten years from the date of grant. The Committee shall determine the time or times at which or the circumstances under which an Option may be exercised in whole or in part
(including based on achievement of performance goals and/or future service requirements), the methods by which such exercise price may be paid or deemed to be paid and the form of such payment
(subject to Appendix A), including, without limitation, cash, Shares (including by withholding Shares deliverable upon exercise), other Awards or awards granted under other plans of the Company
or any subsidiary or affiliate, or other property (including through broker-assisted "cashless exercise" arrangements, to the extent permitted by applicable law), and the methods by or forms in which
Shares will be delivered or deemed to be delivered in satisfaction of exercised Options to Participants (including, in the case of 409A Awards, deferred delivery of Shares subject to the Option, as
mandated by the Committee, with such deferred Shares subject to any vesting, forfeiture or other terms as the Committee may specify).

	(iii)
	ISOs.    The
terms of any ISO granted under the Plan shall comply in all respects with the provisions of Code Section 422. 

        (c)    Stock Appreciation Rights.    The Committee is authorized to grant SARs to Participants
on the following terms and conditions: 

	(i)
	Right
to Payment.    An SAR shall confer on the Participant to whom it is granted a right to receive, upon exercise thereof, the excess of
(A) the Fair Market Value of one Share on the date of exercise over (B) the grant price of the SAR as determined by the Committee but which in any event shall be not less than the Fair
Market Value of a Share on the date of grant of the SAR, subject to Section 8(a).

	(ii)
	Other
Terms.    The Committee shall determine the term of each SAR, provided that in no event shall the term of an SAR exceed a period of ten
years from the date of grant. The Committee shall determine at the date of grant or thereafter, the time or times at which and the circumstances under which an SAR may be exercised in whole or in part
(including based on achievement of performance goals and/or future service requirements), the method of exercise, method of settlement, form of consideration payable in settlement, method by or forms
in which Shares will be delivered or deemed to be delivered to Participants, whether or not an SAR shall be free-standing or in tandem or combination with any other Award, and whether or
not the SAR will be a 409A Award or Non-409A Award. Limited SARs that may only be exercised in connection with a Change in Control or termination of service following a Change in Control
as specified by the Committee may be granted on such terms, not inconsistent with this Section 6(c), as the Committee may determine. The Committee may require that an outstanding Option be
exchanged for an SAR exercisable for Shares having 

A-6

 

vesting,
expiration, and other terms substantially the same as the Option, so long as such exchange will not result in additional accounting expense to the Company.  

	(iii)
	Purchase
Price.    The Participants must pay to the Company a purchase price of $.01 per SAR received at the time of exercise of an SAR,
representing the par value of each Share. 

        (d)    Restricted Shares.    The Committee is authorized to grant Restricted Shares to
Participants on the following terms and conditions: 

	(i)
	Grant
and Restrictions.    Restricted Shares shall be subject to such restrictions on transferability, risk of forfeiture and other restrictions,
if any, as the Committee may impose, which restrictions may lapse separately or in combination at such times, under such circumstances (including based on achievement of performance goals and/or
future service requirements), in such installments or otherwise and under such other circumstances as the Committee may determine at the date of grant or thereafter. Except to the extent restricted
under the terms of the Plan and any Award document relating to the Restricted Shares, a Participant granted Restricted Shares shall have all of the rights of a shareholder, including the right to vote
the Restricted Shares and the right to receive dividends thereon (subject to any mandatory reinvestment or other requirement imposed by the Committee).

	(ii)
	Forfeiture.    Except
as otherwise determined by the Committee, upon termination of employment or service during the applicable restriction
period, Restricted Shares that are at that time subject to restrictions shall be forfeited and reacquired by the Company; provided that the Committee may provide, by rule or regulation or in any Award
document, or may determine in any individual case, that restrictions or forfeiture conditions relating to Restricted Shares will lapse in whole or in part, including in the event of terminations
resulting from specified causes.

	(iii)
	Certificates
for Shares.    Restricted Shares granted under the Plan may be evidenced in such manner as the Committee shall determine. If
certificates representing Restricted Shares are registered in the name of the Participant, the Committee may require that such certificates bear an appropriate legend referring to the terms,
conditions and restrictions applicable to such Restricted Shares, that the Company retain physical possession of the certificates, and that the Participant deliver a stock power to the Company,
endorsed in blank, relating to the Restricted Shares.

	(iv)
	Dividends
and Splits.    As a condition to the grant of an Award of Restricted Shares, the Committee may require that any dividends paid on a
Restricted Shares shall be either (A) paid with respect to such Restricted Shares at the dividend payment date in cash, in kind, or in a number of unrestricted Shares having a Fair Market Value
equal to the amount of such dividends, or (B) automatically reinvested in additional Restricted Shares or held in kind, which shall be subject to the same terms as applied to the original
Restricted Shares to which it relates, or (C) deferred as to payment, either as a cash deferral or with the amount or value thereof automatically deemed reinvested in Deferred Shares, other
Awards or other investment vehicles, subject to such terms as the Committee shall determine or permit a Participant to elect. Unless otherwise determined by the Committee, Shares distributed in
connection with a Share split or Share dividend, and other property distributed as a dividend, shall be subject to restrictions and a risk of forfeiture to the same extent as the Restricted Shares
with respect to which such Shares or other property has been distributed.

	(v)
	Purchase
Price.    The Participants must pay to the Company a purchase price of $.01 per Restricted Share at the time of the granting of the
Award, representing the par value of each Restricted Share. 

A-7

 

        (e)    Deferred Shares.    The Committee is authorized to grant Deferred Shares to
Participants, subject to the following terms and conditions: 

	(i)
	Award
and Restrictions.    Issuance of Shares will occur upon expiration of the deferral period specified for an Award of Deferred Shares by the
Committee (or, if permitted by the Committee, as elected by the Participant). In addition, Deferred Shares shall be subject to such restrictions on transferability, risk of forfeiture and other
restrictions, if any, as the Committee may impose, which restrictions may lapse at the expiration of the deferral period or at earlier specified times (including based on achievement of performance
goals and/or future service requirements), separately or in combination, in installments or otherwise, and under such other circumstances as the Committee may determine at the date of grant or
thereafter. Deferred Shares may be satisfied by delivery of Shares, other Awards, or a combination thereof (subject to Appendix A), as determined by the Committee at the date of grant or
thereafter.

	(ii)
	Forfeiture.    Except
as otherwise determined by the Committee, upon termination of employment or service during the applicable deferral period
or portion thereof to which forfeiture conditions apply (as provided in the Award document evidencing the Deferred Shares), all Deferred Shares that are at that time subject to such forfeiture
conditions shall be forfeited; provided that the Committee may provide, by rule or regulation or in any Award document, or may determine in any individual case, that restrictions or forfeiture
conditions relating to Deferred Shares will lapse in whole or in part, including in the event of terminations resulting from specified causes. Deferred Shares subject to a risk of forfeiture may be
called "restricted share units" or otherwise designated by the Committee.

	(iii)
	Dividend
Equivalents.    Unless otherwise determined by the Committee, Dividend Equivalents on the specified number of Shares covered by an
Award of Deferred Shares shall be either (A) paid with respect to such Deferred Shares at the dividend payment date in cash or in unrestricted Shares having a Fair Market Value equal to the
amount of such dividends, or (B) deferred with respect to such Deferred Shares, either as a cash deferral or with the amount or value thereof automatically deemed reinvested in additional
Deferred Shares, other Awards or other investment vehicles having a Fair Market Value equal to the amount of such dividends, as the Committee shall determine or permit a Participant to elect.

	(iv)
	Purchase
Price.    The Participants must pay to the Company a purchase price of $.01 per Deferred Share at the time of the granting of the Award,
representing the par value of each Deferred Share. 

        (f)    Bonus Shares and Awards in Lieu of Obligations.    The Committee is authorized to grant
to Participants Shares as a bonus, or to grant Shares or other Awards in lieu of obligations of the Company or a subsidiary or affiliate to pay cash or deliver other property under the Plan or under
other plans or compensatory arrangements, subject to such terms as shall be determined by the Committee. The Participants must pay to the Company a purchase price of $.01 per Share at the time of the
granting of the Award, representing the par value of each Share. 

        (g)    Dividend Equivalents.    The Committee is authorized to grant Dividend Equivalents to a
Participant, which may be awarded on a free-standing basis or in connection with another Award. The Committee may provide that Dividend Equivalents shall be paid or distributed when
accrued or shall be deemed to have been reinvested in additional Shares, Awards, or other investment vehicles, and subject to restrictions on transferability, risks of forfeiture and such other terms
as the Committee may specify. 

        (h)    Other Share-Based Awards.    The Committee is authorized, subject to limitations under
applicable law, to grant to Participants such other Awards that may be denominated or payable in, valued in whole or in part by reference to, or otherwise based on, or related to, Shares or factors
that 

A-8

 

may
influence the value of Shares, including, without limitation, convertible or exchangeable debt securities, other rights convertible or exchangeable into Shares, purchase rights for Shares, Awards
with value and payment contingent upon performance of the Company or business units thereof or any other factors designated by the Committee, and Awards valued by reference to the book value of Shares
or the value of securities of or the performance of specified subsidiaries or affiliates or other business units. The Committee shall determine the terms and conditions of such Awards. Shares
delivered pursuant to an Award in the nature of a purchase right granted under this Section 6(h) shall be purchased for such consideration, paid for at such times, by such methods, and in such
forms, including, without limitation, cash, Shares, other Awards, notes, or other property, as the Committee shall determine. Cash awards, as an element of or supplement to any other Award under the
Plan, may also be granted pursuant to this Section 6(h). 

        (i)    Performance Awards.    Performance Awards, denominated in cash or in Shares or other
Awards, may be granted by the Committee in accordance with Section 7. A Performance Award denominated in Shares shall constitute an Award authorized under Sections 6(b)—6(h)
to which performance conditions have been attached under Section 7. 

        7.    Performance Awards.    Performance Awards may be denominated as a cash amount, number of Shares, or specified
number of other Awards (or a combination) which may be earned upon achievement or satisfaction of performance conditions specified by the Committee. In addition, the Committee may specify that any
other Award shall constitute a Performance Award by conditioning the right of a Participant to exercise the Award or have it settled, and the timing thereof, upon achievement or satisfaction of such
performance conditions as may be specified by the Committee. The Committee may use such business criteria and other measures of performance as it may deem appropriate in establishing any performance
conditions, and may exercise its discretion to reduce or increase the amounts payable under any Award subject to performance conditions, except as limited under Appendix A in the case of a
Performance Award intended to qualify as "performance-based compensation" under Code Section 162(m). 

        8.    Certain Provisions Applicable To Awards.    

        (a)    Stand-Alone, Additional, Tandem, and Substitute Awards.    Awards granted under the
Plan may, in the discretion of the Committee, be granted either alone or in addition to, in tandem with, or in substitution or exchange for, any other Award or any award granted under another plan of
the Company, any subsidiary or affiliate, or any business entity to be acquired by the Company or a subsidiary or affiliate, or any other right of a Participant to receive payment from the Company or
any subsidiary or affiliate; provided, however, that a 409A Award may not be granted in tandem with a Non-409A Award. Awards granted in addition to or in tandem with other Awards or
awards may be granted either as of the same time as or a different time from the grant of such other Awards or awards. The Committee may determine that, in granting a new Award, the
in-the-money value or fair value of any surrendered Award or award or the value of any other right to payment surrendered by the Participant may be applied to the purchase of
any other Award. This Section 8(a) shall be subject to Section 11(e) (including the limitation on repricing) and subject to Appendix A. 

        (b)    Term of Awards.    The term of each Award shall be for such period as may be determined
by the Committee, subject to the express limitations set forth in Sections 6(b)(ii), 6(c)(ii) and 8 or elsewhere in the Plan. 

        (c)    Form and Timing of Payment under Awards; Deferrals.    Subject to the terms of the Plan
(including Appendix A) and any applicable Award document, payments to be made by the Company or a subsidiary or affiliate upon the exercise of an Option or other Award or settlement of an Award
may be made in such forms as the Committee shall determine, including, without limitation, cash, Shares, other Awards or other property, and may be made in a single payment or transfer, in
installments, or on a deferred basis. The settlement of any Award may be accelerated, and cash paid in lieu of Shares 

A-9

 

in
connection with such settlement, in the discretion of the Committee or upon occurrence of one or more specified events, subject to Appendix A. Subject to Appendix A, installment or
deferred payments may be required by the Committee (subject to Section 11(e)) or permitted at the election of the Participant on terms and conditions established by the Committee. Payments may
include, without limitation, provisions for the payment or crediting of reasonable interest on installment or deferred payments or the grant or crediting of Dividend Equivalents or other amounts in
respect of installment or deferred payments denominated in Shares. 

        9.    Additional Award Forfeiture Provisions.    The Committee may condition a Participant's right to receive a
grant of an Award, to exercise the Award, to retain cash, Shares, other Awards or other property acquired in connection with an Award, or to retain the profit or gain realized by a Participant in
connection with an Award, including cash or other proceeds received upon sale of Shares acquired in connection with an Award, upon compliance by the Participant with specified conditions relating to
non-competition, confidentiality of information relating to or possessed by the Company, non-solicitation of customers, suppliers, and employees of the Company, cooperation in
litigation, non-disparagement of the Company and its subsidiaries and affiliates and the officers, directors and affiliates of the Company and its subsidiaries and affiliates, and other
restrictions upon or covenants of the Participant, including during specified periods following termination of employment or service to the Company. Pursuant to this authorization, unless otherwise
determined by the Committee, the following policy will apply to each Award: 

In
the event that the Company is required to restate its financial statements due to material noncompliance of the Company with any applicable financial reporting requirement, if such restatement
results directly or indirectly from willful misconduct or gross negligence of the Participant the Participant shall reimburse the Company for the difference between (i) the amount of any bonus,
incentive or equity compensation paid as a result of the erroneous financial statement and (ii) the amount that would have been paid, if any, under the restated financial statements. The
Committee may specify additional forfeitures applicable in the event such a restatement or similar circumstances, subject to Section 11(e). 

        10.    Change in Control.    

        For
purposes of this Section 10, "Change in Control" means any of the following events: 

        (a)   any
"person" (as that term is defined for the purposes of Section 13(d) or 14(d) of the U.S. Securities Exchange Act of 1934, as amended), other than any
subsidiary of the Company, shall directly or indirectly acquire more than 40% of the voting shares of the Company then outstanding and then entitled to vote generally in the election of directors of
the Company; or 

        (b)   individuals
who, on the Effective Date, constitute the Company's Board of Directors (or the successors of such individuals nominated by such Board of Directors or a
committee thereof on which such individuals or their successors constitute a majority) shall cease to constitute a majority of the Company's Board of Directors; or 

        (c)   the
Company amalgamates, merges or consolidates with or into any other corporation, other than a corporation which directly, or indirectly through one or more
intermediaries, is controlled by any subsidiary of the Company, without the approval of its Board of Directors constituted as provided in clause (b) above; or 

        (d)   the
Company sells, leases, exchanges or otherwise disposes of all or substantially all of its assets and business without the approval of its Board of Directors
constituted as provided in clause (b) above. 

        In
the event of a Change in Control, any outstanding Option or SAR granted under the Plan which a Participant shall not then have been entitled to exercise shall become exercisable and
vested immediately prior to or concurrently with the occurrence of the Change in Control and the Participant shall have the right to exercise all such Options or SARs, except to the extent this right
is limited as an explicit term of the Award established by the Committee at the time of grant. With respect to other types of Awards, the effect of a Change in Control on vesting and other Award terms
will be specified by the Committee. 

A-10

 

  
        Notwithstanding anything in the Plan to the contrary, in the event of exercise of an Option or SAR following a Change in Control, the Participant may elect, by written notice to the
Committee, (i) with respect to Options only, to pay or cause to be paid to the Company the full exercise price of the Shares as to which the Option is exercised and thereupon receive delivery of such
Shares, or (ii) to surrender to the Company all or any part of an Option or SAR and receive from the Company upon such surrender an amount in cash equal to the excess, if any, of the Fair
Market Value at the surrender date of the Shares subject to the Option or SAR or portion thereof so surrendered over the aggregate exercise price of such Shares as set forth in the applicable Option
or SAR grant letter, multiplied by the number of Shares subject to the Option or SAR or portion thereof so surrendered. 

        The
obligations of the Company under the Plan with respect to any Awards shall be binding upon any successor company, corporation or other organization resulting from any amalgamation,
merger, consolidation or other reorganization of the Company, or upon any successor company, corporation or organization succeeding to all or substantially all of the assets and business of the
Company, in any such case which would constitute a Change in Control. The Company agrees that it will make appropriate provisions for the preservation of all Participants' rights under the Plan in any
agreement or plan that it may enter into or adopt to effect any such amalgamation, merger, consolidation, reorganization or transfer of assets constituting a Change in Control. 

        11.    General Provisions.    

        (a)    Compliance with Legal and Other Requirements.    The Company may, to the extent deemed
necessary or advisable by the Committee and subject to Appendix A, postpone the issuance or delivery of Shares or payment of other benefits under any Award until completion of such registration
or qualification of such Shares or other required action under any federal, state or foreign law, rule or regulation, listing or other required action with respect to any stock exchange or automated
quotation system upon which the Shares or other securities of the Company are listed or quoted, or compliance with any other obligation of the Company, as the Committee may consider appropriate, and
may require any Participant to make such representations, furnish such information and comply with or be subject to such other conditions as it may consider appropriate in connection with the issuance
or delivery of
Shares or payment of other benefits in compliance with applicable laws, rules, and regulations, listing requirements, or other obligations. The foregoing notwithstanding, in connection with a Change
in Control, the Company shall take or cause to be taken no action, and shall undertake or permit to arise no legal or contractual obligation, that results or would result in any postponement of the
issuance or delivery of Shares or payment of benefits under any Award or the imposition of any other conditions on such issuance, delivery or payment, to the extent that such postponement or other
condition would represent a greater burden on a Participant than existed on the 90th day preceding the Change in Control. 

        (b)    Limits on Transferability; Beneficiaries.    No Award or other right or interest of a
Participant under the Plan shall be pledged, hypothecated or otherwise encumbered or subject to any lien, obligation or liability of such Participant to any party (other than the Company or a
subsidiary or affiliate thereof), or assigned or transferred by such Participant otherwise than by will or the laws of descent and distribution or to a Beneficiary upon the death of a Participant, and
such Awards or rights that may be exercisable shall be exercised during the lifetime of the Participant only by the Participant or his or her guardian or legal representative, except that Awards and
other rights (other than ISOs and SARs in tandem therewith) may be transferred to one or more transferees during the lifetime of the Participant but not otherwise to a third party for value, and may
be exercised by such transferees in accordance with the terms of such Award, but only if and to the extent such transfers are permitted by the Committee and the Committee has determined that there
will be no transfer of the Award to a third party for value, and subject to any terms and conditions which the Committee may impose thereon (which may include limitations the Committee may deem
appropriate in order that offers and sales under the Plan will meet applicable requirements of registration forms under the U.S. Securities 

A-11

 

Act
of 1933, as amended, specified by the Securities and Exchange Commission). A Beneficiary, transferee, or other person claiming any rights under the Plan from or through any Participant shall be
subject to all terms and conditions of the Plan and any Award document applicable to such Participant, except as otherwise determined by the Committee, and to any additional terms and conditions
deemed necessary or appropriate by the Committee. 

        (c)    Adjustments.    In the event that any large, non-recurring dividend or
other distribution (whether in the form of cash or property other than Shares), recapitalization, forward or reverse split, Share dividend, reorganization, merger, consolidation, spinoff, combination,
repurchase, share exchange, liquidation, dissolution, equity restructuring as defined under generally accepted accounting principles, or other similar corporate transaction or event affects the Shares
such that an adjustment is determined by the Committee to be appropriate or, in the case of any outstanding Award, which is necessary in order to prevent dilution or enlargement of the rights of the
Participant, then the Committee shall, in an equitable manner as determined by the Committee, adjust any or all of (i) the number and kind of Shares which may be delivered in connection with
Awards granted thereafter, including the number of Shares available under Section 4, (ii) the number and kind of Shares by which annual per-person Award limitations are
measured under Section 5, (iii) the number and kind of Shares subject to or deliverable in respect of outstanding Awards, (iv) the exercise price, grant price or purchase price
relating to any Award or, if deemed appropriate, the Committee may make provision for a payment of cash or property to the holder of an outstanding Option (subject to Appendix A), and
(v) the performance goals or conditions of outstanding Awards that are based on share prices. In addition, the Committee is authorized to make adjustments in the terms and conditions of, and
the
criteria included in, Awards (including Performance Awards and performance goals and any hypothetical funding pool relating thereto) in recognition of unusual or nonrecurring events (including,
without limitation, events described in the preceding sentence, as well as acquisitions and dispositions of businesses and assets) affecting the Company, any subsidiary or affiliate or other business
unit, or the financial statements of the Company or any subsidiary or affiliate, or in response to changes in applicable laws, regulations, accounting principles, tax rates and regulations or business
conditions or in view of the Committee's assessment of the business strategy of the Company, any subsidiary or affiliate or business unit thereof, performance of comparable organizations, economic and
business conditions, personal performance of a Participant, and any other circumstances deemed relevant; provided that no such adjustment shall be authorized or made if and to the extent that the
existence of such authority (i) would cause Options, SARs, or Performance Awards granted under the Plan to Participants designated by the Committee as Covered Employees and intended to qualify
as "performance-based compensation" under Code Section 162(m) and regulations thereunder to otherwise fail to qualify as "performance-based compensation" under Code Section 162(m) and
regulations thereunder, or (ii) would cause the Committee to be deemed to have authority to change the targets, within the meaning of Treasury Regulation 1.162-27(e)(4)(vi),
under the performance goals relating to Options or SARs granted to Covered Employees and intended to qualify as "performance-based compensation" under Code Section 162(m) and regulations
thereunder. 

        (d)    Tax Withholding.    The Company and any subsidiary or affiliate is authorized to
withhold from any Award granted, any payment relating to an Award under the Plan, including from a distribution of Shares, or any payroll or other payment to a Participant, amounts of withholding and
other taxes due or potentially payable in connection with any transaction involving an Award, and to take such other action as the Committee may deem advisable to enable the Company and Participants
to satisfy obligations for the payment of withholding taxes and other tax obligations relating to any Award. This authority shall include authority to withhold or receive Shares or other property and
to make cash payments in respect thereof in satisfaction of a Participant's withholding obligations, either on a mandatory or elective basis in the discretion of the Committee, or in satisfaction of
other tax obligations. Other provisions of the Plan notwithstanding, only the minimum amount of Shares deliverable in connection with an Award necessary to satisfy statutory withholding requirements
will be 

A-12

 

withheld,
unless withholding of any additional amount of Shares will not result in additional accounting expense to the Company. 

        (e)    Changes to the Plan.    The Board may amend, suspend or terminate the Plan or the
Committee's authority to grant Awards under the Plan without the consent of shareholders or Participants; provided, however, that any amendment to the Plan shall be submitted to the Company's
shareholders for approval not later than the earliest annual general meeting for which the record date is at or after the date of such Board action if such shareholder approval is required by any
federal or state law or regulation or the rules of the New York Stock Exchange, or if such amendment would materially increase the number of Shares reserved for issuance and delivery under the Plan,
and the Board may otherwise, in its discretion, determine to submit other amendments to the Plan to shareholders for approval. The Committee is authorized to amend outstanding Awards, except as
limited by the Plan. The Board and Committee may not amend outstanding Awards (including by means of an amendment to the Plan) without the consent of an affected Participant if such an amendment would
materially and
adversely affect the rights of such Participant with respect to the outstanding Award (for this purpose, actions that alter the timing of federal income taxation of a Participant will not be deemed
material unless such action results in an income tax penalty on the Participant, and any discretion that is reserved by the Board or Committee with respect to an Award is unaffected by this
provision). Without the approval of shareholders (unless shareholder approval in not required by any applicable law or regulation or the rules of the New York Stock Exchange), the Committee will not
amend or replace previously granted Options or SARs in a transaction that constitutes a "repricing," which for this purpose means any of the following or any other action that has the same
effect: 

	(i)
	Lowering
the exercise price of an Option or SAR after it is granted;

	(ii)
	Any
other action that is treated as a repricing under generally accepted accounting principles;

	(iii)
	Canceling
an Option or SAR at a time when its exercise price exceeds the fair market value of the underlying Shares, in exchange for another Option or
SAR, Restricted Shares, other equity or cash; 

provided,
however, that the foregoing transactions shall not be deemed a repricing if pursuant to an adjustment authorized under Section 11(c). With regard to other terms of Awards, the
Committee shall have no authority to waive or modify any such Award term after the Award has been granted to the extent the waived or modified term would be mandatory under the Plan for any Award
newly granted at the date of the waiver or modification. A cancellation and exchange described in clause (iii) above will be considered a repricing regardless of whether the Option, Restricted
Shares or other equity is delivered simultaneously with the cancellation, regardless of whether it is treated as a repricing under generally accepted accounting principles, and regardless of whether
it is voluntary on the part of the Participant. 

        (f)    Right of Setoff.    The Company or any subsidiary or affiliate may, to the extent
permitted by applicable law, deduct from and set off against any amounts the Company or a subsidiary or affiliate may owe to the Participant from time to time, including amounts payable in connection
with any Award, owed as wages, fringe benefits, or other compensation owed to the Participant, such amounts as may be owed by the Participant to the Company, including but not limited to amounts owed
under Section 9, although the Participant shall remain liable for any part of the Participant's payment obligation not satisfied through such deduction and setoff. By accepting any Award
granted hereunder, the Participant agrees to any deduction or setoff under this Section 11(f). With respect to any amount that constitutes a deferral of compensation, the Company may implement
a setoff under this provision only at such time
as the deferred compensation otherwise would be distributable to the Participant (i.e., the settlement date for such deferred compensation). 

A-13

 

        (g)    Unfunded Status of Awards; Creation of Trusts.    The Plan is intended to constitute an
"unfunded" plan for incentive and deferred compensation. With respect to any payments not yet made to a Participant or obligation to deliver Shares pursuant to an Award, nothing contained in the Plan
or any Award shall give any such Participant any rights that are greater than those of a general creditor of the Company; provided that the Committee may authorize the creation of trusts and deposit
therein cash, Shares, other Awards or other property, or make other arrangements to meet the Company's obligations under the Plan. Such trusts or other arrangements shall be consistent with the
"unfunded" status of the Plan unless the Committee otherwise determines with the consent of each affected Participant. 

        (h)    Nonexclusivity of the Plan.    Neither the adoption of the Plan by the Board nor its
submission to the shareholders of the Company for approval shall be construed as creating any limitations on the power of the Board or a committee thereof to adopt such other incentive arrangements,
apart from the Plan, as it may deem desirable, including incentive arrangements and awards which do not qualify under Code Section 162(m), and such other arrangements may be either applicable
generally or only in specific cases. 

        (i)    Payments in the Event of Forfeitures; Fractional Shares.    Unless otherwise determined
by the Committee, in the event of a forfeiture of an Award with respect to which a Participant paid cash consideration, the Participant shall be repaid the amount of such cash consideration. No
fractional Shares shall be issued or delivered pursuant to the Plan or any Award. The Committee shall determine whether cash, other Awards or other property shall be issued or paid in lieu of such
fractional shares or whether such fractional shares or any rights thereto shall be forfeited or otherwise eliminated. 

        (j)    Certain Limitations on Awards to Ensure Compliance with Local Laws.    The Appendices
to this Plan are incorporated by reference herein and shall apply to Awards and deferrals by Participants who are subject to the national laws that are addressed under each such Appendix. 

        (k)    Governing Law.    The validity, construction, and effect of the Plan, any rules and
regulations relating to the Plan and any Award document shall be determined in accordance with the laws of the Islands of Bermuda and, in the case of Appendices, laws specified therein. 

        (l)    Awards to Participants of Various Jurisdictions.    The Committee may modify the terms
of any Award under the Plan made to or held by a Participant who is then resident or primarily employed outside of the United States, or establish one or more Appendices or sub-plans, in
any manner deemed by the Committee to be necessary or appropriate in order that the Award shall conform to laws, regulations, and customs of the country in which the recipient thereof is then resident
or primarily employed. An Award may be modified under this Section 11(l) in a manner that is inconsistent with the express terms of the Plan, so long as such modifications will not contravene
any applicable law or regulation or result in actual liability for the Participant whose Award is modified. 

        (m)    Limitation on Rights Conferred under Plan.    Neither the Plan nor any action taken
hereunder shall be construed as (i) giving any Eligible Person or Participant the right to continue as an Eligible Person or Participant or in the employ or service of the Company or a
subsidiary or affiliate, (ii) interfering in any way with the right of the Company or a subsidiary or affiliate to terminate any Eligible Person's or Participant's employment or service at any
time (subject to the terms and provisions of any separate written agreements), (iii) giving an Eligible Person or Participant any claim to be granted any Award under the Plan or to be treated
uniformly with other Participants and employees, or (iv) conferring on a Participant any of the rights of a shareholder of the Company unless and until the Participant is duly issued or
transferred Shares in accordance with the terms of an Award or an Option is duly exercised. Except as expressly provided in the Plan and an Award document, neither the Plan nor any Award document
shall confer on any person other than the Company and the Participant any rights or remedies thereunder. Any Award shall not be deemed compensation for purposes of computing benefits under any
retirement plan of the Company or any subsidiary or affiliate 

A-14

 

and
shall not affect any benefits under any other benefit plan at any time in effect under which the availability or amount of benefits is related to the level of compensation (unless required by any
such other plan or arrangement with specific reference to Awards under this Plan). 

        (n)    Severability.    If any of the provisions of this Plan or any Award document is finally
held to be invalid, illegal or unenforceable (whether in whole or in part), such provision shall be deemed modified to the extent, but only to the extent, of such invalidity, illegality or
unenforceability, and the remaining provisions shall not be affected thereby; provided, that, if any of such provisions is finally held to be invalid, illegal, or unenforceable because it exceeds the
maximum scope determined to be acceptable to permit such provision to be enforceable, such provision shall be deemed to be modified to the minimum extent necessary to modify such scope in order to
make such provision enforceable hereunder. The Plan and any Award documents contain the entire agreement of the parties with respect to the subject matter thereof and supersede all prior agreements,
promises, covenants, arrangements, communications, representations and warranties between them, whether written or oral with respect to the subject matter thereof. No rule of strict construction shall
be applied against the Company, the Committee, or any other person in the interpretation of any terms of the Plan, Award, or agreement or other document relating thereto. 

        (o)    Plan Effective Date and Termination.    The Plan shall become effective if, and at such
time as, the shareholders of the Company have approved it at a general meeting of the Company. The date of such shareholder approval shall be the Effective Date. Upon such approval of the Plan by the
shareholders
of the Company, no further awards shall be granted under the Preexisting Plans, but any outstanding awards under the Preexisting Plans shall continue in accordance with their terms. Unless earlier
terminated by action of the Board of Directors, the authority to make new grants under the Plan shall terminate on the date that is ten years after the Effective Date, and the Plan will remain in
effect until such time as no Shares remain available for delivery under the Plan and the Company has no further rights or obligations under the Plan with respect to outstanding Awards under the Plan. 

A-15

 

 
 

  APPENDIX A
  
    Participants Subject to U.S. Law    
    

        Capitalized terms used in this Appendix have the same meaning given to them in the Plan. 

        1.    Code Section 162(m) Considerations.    

        It
is the intent of the Company that Options and SARs granted to Covered Employees and other Awards designated as Awards to Covered Employees subject to Appendix A shall
constitute qualified "performance-based compensation" within the meaning of Code Section 162(m) and regulations thereunder, unless otherwise determined by the Committee at the time of
allocation of an Award. Accordingly, the terms of this Section 1, including the definitions of Covered Employee and other terms used herein, shall be interpreted in a manner consistent with
Code Section 162(m) and regulations thereunder. The foregoing notwithstanding, because the Committee cannot determine with certainty whether a given Participant will be a Covered Employee with
respect to a fiscal year that has not yet been completed, the term Covered Employee as used herein shall mean only a person designated by the Committee as likely to be a Covered Employee with respect
to a specified Award. If any provision of the Plan or any Award document relating to a Performance Award that is designated as intended to comply with Code Section 162(m) does not comply or is
inconsistent with the requirements of Code Section 162(m) or regulations thereunder, such provision shall be construed or deemed amended to the extent necessary to conform to such requirements,
and no provision shall be deemed to confer upon the Committee or any other person discretion to increase the amount of compensation otherwise payable in connection with any such Award upon attainment
of the applicable performance objectives. 

        (a)    Per-Person Award Limitations.    In each calendar year during any part of which the Plan is in
effect, an Eligible Person may be granted Awards intended to qualify as "performance-based compensation" under Code Section 162(m) under the Plan relating to up to his or her Annual Limit. A
Participant's Annual Limit, in any year during any part of which the Participant is then eligible under the Plan, shall equal 250,000 Shares plus the amount of the Participant's unused Annual Limit
relating to the same type of Award as of the close of the previous year, subject to adjustment as provided in Section 11(c) of the Plan. In the case of an Award which is not valued in a way in
which the limitation set forth in the preceding sentence would operate as an effective limitation satisfying applicable law (including Treasury Regulation 1.162-27(e)(3)), an
Eligible Person may not be granted Awards authorizing the earning during any calendar year of an amount that exceeds the Eligible Person's Annual Limit, which for this purpose shall equal $2,500,000
plus the amount of the Eligible Person's unused cash Annual Limit as of the close of the previous year (this limitation is separate and not affected by the number of Awards granted during such
calendar year subject to the limitation in the preceding sentence). For this purpose, (i) "earning" means satisfying performance conditions so that an amount becomes payable, without regard to
whether it is to be paid currently or on a deferred basis or continues to be subject to any service requirement or other non-performance condition, (ii) a Participant's Annual Limit
is used to the extent an amount or number of Shares may be potentially earned or paid under an Award (at the maximum designated amount for such Awards), regardless of whether such amount or Shares are
in fact earned or paid, and (iii) the Annual Limit applies to Dividend Equivalents under Section 6(g) of the Plan only if such Dividend Equivalents are granted separately from and not as
a feature of another Award. 

        (b)    Performance-Awards Granted to Covered Employees.    If the Committee determines that a Performance Award to be
granted to an Eligible Person who is designated by the Committee as likely to be a Covered Employee should qualify as "performance-based compensation" for purposes of Code Section 162(m), the
grant, exercise and/or settlement of such Performance Award shall be contingent upon achievement of a preestablished performance goal and other terms set forth in this Section 1(b). 

A-16

 

        (i)    Performance Goals Generally.    The performance goal for such Performance Awards shall consist of one or more
business criteria and a targeted level or levels of performance with respect to each of such criteria, as specified by the Committee consistent with this Appendix A. The performance goal shall
be objective and shall otherwise meet the requirements of Code Section 162(m) and regulations thereunder, including the requirement that the level or levels of performance targeted by the
Committee result in the achievement of performance goals being "substantially uncertain" at the time such goals are established. The Committee may determine that such Performance Awards shall be
granted, exercised and/or settled upon achievement of any one performance goal or that two or more of the performance goals must be achieved as a condition to grant, exercise and/or settlement of such
Performance Awards. Performance goals may differ for Performance Awards granted to any one Participant or to different Participants. 

        (ii)    Business Criteria.    One or more of the following business criteria for the Company, on a consolidated basis,
and/or for any specified subsidiary or affiliate or other business unit of the Company (alone or in combination), shall be used by the Committee in establishing performance goals for such Performance
Awards: 

	(A)
	net
income;

	(B)
	earnings,
before or after income taxes;

	(C)
	earnings
per share;

	(D)
	pre-tax
operating income;

	(E)
	expense
management;

	(F)
	profitability,
including profitability of an identifiable business unit or product;

	(G)
	revenue;

	(H)
	shareholder
value creation measures, including but not limited to share price or total shareholder return;

	(I)
	return
measures, including return on assets (gross or net), return on investment, return on capital, or return on equity;

	(J)
	cash
flow, free cash flow, cash flow return on investment (discounted or otherwise), net cash provided by operations, or cash flow in excess of cost of
capital;

	(K)
	net
economic profit (operating earnings minus a charge for capital) or economic value created;

	(L)
	strategic
innovation;

	(M)
	dividend
levels;

	(N)
	significant
business criteria, consisting of one or more objectives based on meeting specified market penetration, geographic business expansion goals, cost
targets, completion of capital and debt transactions, customer satisfaction, employee satisfaction, management of employment practices and employee benefits, supervision of litigation and information
technology, and goals relating to acquisitions or divestitures of subsidiaries, affiliates or joint ventures; or

	(O)
	any
combination of the foregoing. 

        The
targeted level or levels of performance with respect to such business criteria may be established at such levels and in such terms as the Committee may determine, in its discretion,
including in absolute terms, as a goal relative to performance in prior periods, or as a goal 

A-17

 

compared
to the performance of one or more comparable companies or an index covering multiple companies. Performance goals based upon these business criteria may be based upon generally accepted
accounting principles ("GAAP") or may be non-GAAP measures, and in either case may be adjusted for purchase accounting impacts related to acquisitions and other extraordinary,
non-recurring or unusual events or accounting treatments (subject to applicable requirements of Code Section 162(m)). Performance Goals may be particular to a Participant, the
Company or a division, subsidiary or other business segment of the Company, or may be based on the performance of the Company as a whole. 

        (iii)    Performance Period; Timing for Establishing Performance Goals.    Achievement of performance goals in respect
of such Performance Awards shall be measured over a performance period of up to one year or more than one year, as specified by the Committee. A performance goal shall be established not later than
the earlier of (A) 90 days after the beginning of any performance period applicable to such Performance Award or (B) the time 25% of such performance period has elapsed. 

        (iv)    Performance Award Pool.    The Committee may establish a Performance Award pool, which shall be an unfunded
pool, for purposes of measuring performance of the Company in connection with Performance Awards. The amount of such Performance Award pool shall be based upon the achievement of a performance goal or
goals based on one or more of the business criteria set forth in Section 1(b)(ii) hereof during the given performance period, as specified by the Committee in accordance with
Section 1(b)(iii) hereof. The Committee may specify the amount of the Performance Award pool as a percentage of any of such business criteria, a percentage thereof in excess of a threshold
amount, or as another amount which need not bear a strictly mathematical relationship to such business criteria. The Committee may specify Performance Awards for any one Participant as a percentage of
the Performance Award pool, subject to such terms and conditions as the Committee may specify, provided that the aggregate percentage of the Performance Award pool allocated to Participants may not
exceed 100% of the Performance Award pool. 

        (v)    Settlement of Performance Awards; Other Terms.    Settlement of Performance Awards shall be in cash, Shares,
other Awards or other property, in the discretion of the Committee. The Committee may, in its discretion, increase or reduce the amount of a settlement otherwise to be made in connection with such
Performance Awards, but may not exercise discretion to increase any such amount payable to a Covered Employee in respect of a Performance Award subject to this Appendix A beyond the level of
payment authorized for achievement of the performance goal specified under this Appendix A based on the actual level of achievement of such goal in excess of the amount earned through
performance with respect to the performance goal established under this Appendix A. Any settlement which changes the form of payment from that originally specified shall be implemented in a
manner such that the Performance Award and other related Awards do not, solely for that reason, fail to qualify as "performance-based compensation" for purposes of Code Section 162(m). The
Committee shall specify the circumstances in which such Performance Awards shall be paid or forfeited in the event of termination of employment by the Participant or other event (including a Change in
Control) prior to the end of a performance period or settlement of such Performance Awards. 

        (c)    Annual Incentive Awards Granted to Covered Employees.    The Committee may grant an Annual Incentive Award to
an Eligible Person who is designated by the Committee as likely to be a Covered Employee. Such Annual Incentive Award will be intended to qualify as "performance-based compensation" for purposes of
Code Section 162(m), and its grant, exercise and/or settlement shall be contingent upon achievement of preestablished performance goals and other terms set forth in this Section 1(c). 

A-18

 

        (i)    Grant of Annual Incentive Awards.    Not later than the earlier of 90 days after the beginning of any
performance period applicable to such Annual Incentive Award or the time 25% of such performance period has elapsed, the Committee shall determine the Covered Employees who will potentially receive
Annual Incentive Awards, and the amount(s) potentially payable thereunder, for that performance period. The amount(s) potentially payable shall be based upon the achievement of a performance goal or
goals based on one or more of the business criteria set forth in Section 1(b)(ii) hereof in the given performance period, as specified by the Committee. The Committee may designate an annual
incentive award pool as the means by which Annual Incentive Awards will be measured, which pool shall conform to the provisions of Section 1(b)(iv) hereof. In such case, the portion of the
Annual Incentive Award pool potentially payable to each Covered Employee shall be preestablished by the Committee. In all cases, the maximum Annual Incentive Award of any Participant shall be subject
to the limitation set forth in Section 1(a) hereof. 

        (ii)    Payout of Annual Incentive Awards.    After the end of each performance period, the Committee shall determine
the amount, if any, of the Annual Incentive Award for that performance period payable to each Participant. The Committee may, in its discretion, determine that the amount payable to any Participant as
a final Annual Incentive Award shall be reduced from the amount of his or her potential Annual Incentive Award, including a determination to make no final Award whatsoever, but may not exercise
discretion to increase any such amount. The Committee shall specify the circumstances in which an Annual Incentive Award shall be paid or forfeited in the event of termination of employment by the
Participant or other event prior to the end of a performance period or settlement of such Annual Incentive Award. 

        (d)    Written Determinations.    Determinations by the Committee as to the establishment of performance goals, the
amount potentially payable in respect of Performance Awards and Annual Incentive Awards, the level of actual achievement of the specified performance goals relating to Performance Awards and Annual
Incentive Awards, and the amount of any final Performance Award and Annual Incentive Awards shall be recorded in writing in the case of Awards intended to qualify under Section 162(m).
Specifically, the Committee shall certify in writing, in a manner conforming to applicable regulations under Section 162(m), prior to settlement of each such Award granted to a Covered
Employee, that the performance objective relating to the Performance Award or Annual Incentive Award and other material terms of the Award upon which settlement of the Award was conditioned have been
satisfied. 

        2.    Code Section 409A Considerations.    

        (a)    409A Awards and Deferrals.    Other provisions of the Plan notwithstanding, the terms of any 409A Award,
including any authority of the Company and rights of the Participant with respect to the 409A Award, shall be limited to those terms permitted under Code Section 409A, and any terms not
permitted under Code Section 409A shall be modified and limited to the extent necessary to conform with Code Section 409A but only to the extent that such modification or limitation is
permitted under Code Section 409A and the regulations and guidance issued thereunder. The following rules will apply to 409A Awards: 

        (i)    Elections.    If a Participant is permitted to elect to defer an Award or any payment under an Award, such
election will be permitted in accordance with the provisions specified in Exhibit A hereto; 

        (ii)    Exercise and Distribution.    Except as provided in Section 2(a)(iii) hereof, no 409A Award shall be
exercisable (if the exercise would result in a distribution) or otherwise distributable to a Participant (or his or her beneficiary) except upon the occurrence of one of the following (or a date
related to the occurrence of one of the following), which must be specified in a written 

A-19

 

document
governing such 409A Award and otherwise meet the requirements of Treasury Regulation § 1.409A-3: 

	(A)
	Specified
Time.    A specified time or a fixed schedule.

	(B)
	Separation
from Service.    The Participant's separation from service (within the meaning of Treasury Regulation
§ 1.409A-1(h) and other applicable rules under Code Section 409A); provided, however, that if the Participant is a "key employee" (as defined in Code
Section 416(i) without regard to paragraph (5) thereof) and any of the Company's equity is publicly traded on an established securities market or otherwise, settlement under this
Section 2(a)(ii)(B) may not be made before the date that is six months after the date of separation from service.

	(C)
	Death.    The
death of the Participant.

	(D)
	Disability.    The
date the Participant has experienced a 409A Disability (as defined below).

	(E)
	409A
Ownership/Control Change. The occurrence of a 409A Ownership/Control Change (as defined below). 

        (iii)    No Acceleration.    The exercise or distribution of a 409A Award may not be accelerated prior to the time
specified in Section 2(a)(ii) hereof, except in the case of one of the following events: 

	(A)
	Domestic
Relations Order.    The 409A Award may permit the acceleration of the exercise or distribution time or schedule to an individual other
than the Participant as may be necessary to comply with the terms of a domestic relations order (as defined in Section 414(p)(1)(B) of the Code).

	(B)
	Conflicts
of Interest.    Such 409A Award may permit the acceleration of the settlement time or schedule as may be necessary to comply with an
ethics agreement with the Federal government or if reasonably necessary to comply with a Federal, state, local or foreign ethics law or conflict of interest law in compliance with Treasury Regulation
§ 1.409A-3(j)(4)(iii).

	(C)
	Change.    The
Committee may exercise the discretionary right to accelerate the vesting of any unvested compensation deemed to be a 409A Award
upon a 409A Ownership/Control Change or to terminate the Plan upon or within 12 months after a 409A Ownership/Control Change, or otherwise to the extent permitted under Treasury Regulation
§ 1.409A-3(j)(4)(ix), or accelerate settlement of such 409A Award in any other circumstance permitted under Treasury Regulation
§ 1.409A-3(j)(4). 

        (iv)    Definitions.    For purposes of this Appendix A, the following terms shall be defined as set forth
below: 

	(A)
	"409A
Ownership/Control Change" shall be deemed to have occurred if a Change in Control occurs in connection with which there occurs a change in the
ownership of the Company, a change in effective control of the Company, or a change in the ownership of a substantial portion of the assets of the Company, within the meaning of Treasury Regulation
§ 1.409A-3(i)(5).

	(B)
	"409A
Disability" means an event which results in the Participant (i) being unable to engage in any substantial gainful activity by reason of any
medically determinable physical or mental impairment that can be expected to result in death or can be expected to last for a continuous period of not less than 12 months, or (ii), by reason 

A-20

 

of
any medically determinable physical or mental impairment that can be expected to result in death or can be expected to last for a continuous period of not less than 12 months, receiving
income replacement benefits for a period of not less than three months under an accident and health plan covering employees of the Company or its subsidiaries. 

        (v)    Determination of "Key Employee."    For purposes of a settlement under Section 2(a)(ii), status of a
Participant as a "key employee" shall be determined annually under the Company's administrative procedure for such determination for purposes of all plans subject to Code Section 409A. 

        (vi)    Non-Transferability.    The provisions of Section 11(b) of the Plan notwithstanding, no
409A Award or right relating thereto shall be subject to anticipation, alienation, sale, transfer, assignment, pledge, encumbrance, attachment, or garnishment by creditors of the Participant or the
Participant's Beneficiary. 

        (vii)    Limitation on Setoffs.    If the Company has a right of setoff that could apply to a 409A Award, such right
may only be exercised at the time the 409A Award would have been distributed to the Participant or his or her Beneficiary, and may be exercised only as a setoff against an obligation that arose not
more than 30 days before and within the same year as the distribution date if application of such setoff right against an earlier obligation would not be permitted under Code
Section 409A. 

        (viii)    409A Rules Do Not Constitute Waiver of Other Restrictions.    The rules applicable to 409A Awards under this
Appendix A constitute further restrictions on terms of Awards set forth elsewhere in this Plan. Thus, for example, an Option or SAR that is a 409A Award shall be subject to restrictions,
including restrictions on rights otherwise specified in Section 6(b) or 6(c) of the Plan, in order that such Award shall not result in constructive receipt of income before exercise or
tax penalties under Code Section 409A. 

        (b)    Rules Applicable to Certain Participants Transferred to Affiliates.    For purposes of determining a separation
from service (where the use of the following modified definition is based upon legitimate business criteria), in applying Code Sections 1563(a)(1), (2) and (3) for purposes of
determining a controlled group of corporations under Code Section 414(b), the language "at least 20 percent" shall be used instead of "at least 80 percent" at each place it
appears in Sections 1563(a)(1), (2) and (3), and in applying Treasury Regulation § 1.414(c)-2 (or any successor provision) for purposes of determining
trades or businesses (whether or not incorporated) that are under common
control for purposes of Code Section 414(c), the language "at least 20 percent" shall be used instead of "at least 80 percent" at each place it appears in Treasury Regulation
§ 1.414(c)- 2. 

        (c)    Distributions Upon Vesting.    In the case of any Award providing for a distribution upon the lapse of a
substantial risk of forfeiture, if the timing of such distribution is not otherwise specified in the Plan or an Award agreement or other governing document, the distribution shall be made not later
than March 15 of the year following the year in which the substantial risk of forfeiture lapsed, provided that the Participant shall have no influence on any determination as to the tax year in
which the distribution will be made. 

        (d)    Release or Other Termination Agreement.    If the Company requires a Participant to execute a release,
non-competition, or other agreement as a condition to receipt of a payment or retention of an Award upon or following a termination of employment, the Company will supply to the
Participant a form of such release or other document not later than the date of the Participant's termination of employment, which must be returned within the minimum time period required by law (but
not more than 45 days) and must not be revoked by the Participant within the applicable time period for revocation in order for the Participant to satisfy any such condition. If any amount
payable during a 

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fixed
period following termination of employment is subject to such a requirement and the fixed period would begin in one tax year and end in the next tax year, the Company, in determining the time of
payment of any such amount, will not be influenced by the timing of any action of the Participant including execution of such a release or other document and expiration of any revocation period. In
particular, the Company will be entitled in its discretion to deposit any such payment in escrow during either year comprising such fixed period, so that such deposited amount is constructively
received and taxable income to the Participant upon deposit but with distribution from such escrow remaining subject to the Participant's execution and non-revocation of such release or
other document. 

        (e)    Scope and Application of this Provision.    For purposes of this Appendix A, references to a term or
event (including any authority or right of the Company or a Participant) being "permitted" under Code Section 409A mean that the term or event will not cause the Participant to be deemed to be
in constructive receipt of compensation relating to the 409A Award prior to the distribution of cash, shares or other property or to be liable for payment of interest or a tax penalty under Code
Section 409A. 

        3.    Required Consent to and Notification of Code Section 83(b)
Election.    No election under Section 83(b) of the Code (to include in gross income in the year of transfer the amounts specified in
Code Section 83(b)) or under a similar provision of the laws of a jurisdiction outside the United States may be made unless expressly permitted by the terms of the Award document or by action
of the Committee in writing prior to the making of such election. In any case in which a Participant is
permitted to make such an election in connection with an Award, the Participant shall notify the Company of such election within ten days of filing notice of the election with the Internal Revenue
Service or other governmental authority, in addition to any filing and notification required pursuant to regulations issued under Code Section 83(b) or other applicable provision. 

        4.    Additional ISO Considerations.    

        (a)    Ten Percent Shareholders.    A person who owns (or is deemed to own pursuant to Code Section 424(d))
shares possessing more than 10% of the total combined voting power of all classes of shares of the Company or any subsidiary of the Company shall not be granted an ISO unless the exercise price of
such ISO is at least 110% of the Fair Market Value of the underlying Share on the date of grant and the ISO is not exercisable after the expiration of five (5) years from the date of grant. 

        (b)    ISO Limitation.    To the extent that the aggregate Fair Market Value (determined at the time of grant) of
Shares with respect to which ISOs are exercisable for the first time by any individual during any calendar year (under all plans of the Company and its subsidiaries) exceeds $100,000, the Options or
portions thereof that exceed such limit (according to the order in which they were granted) shall be treated as non-qualified Options, notwithstanding any contrary provisions of the
applicable Option Award. 

        (c)    Requirement of Notification Upon Disqualifying Disposition Under Code Section 421(b).    If any
Participant shall make any disposition of Shares delivered pursuant to the exercise of an ISO under the circumstances described in Code Section 421(b) (i.e., a disqualifying
disposition), such Participant shall notify the Company of such disposition within ten days thereof. 

        5.    [Reserved]    

        6.    Governing Law.    The construction and effect of this
Appendix A, any rules and regulations relating to any 409A Award document shall be determined in accordance with applicable provisions of the Code. 

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  Exhibit A to Appendix A    
    

 
    Deferral Election Rules    
    

        If a participant in a plan, program or other compensatory arrangement (a "plan") of Orient-Express Hotels Ltd. (the "Company")
is permitted to elect to defer awards or other compensation, any such election relating to compensation deferred under the applicable plan must be received by the Company prior to the date specified
by or at the direction of the administrator of such plan (the "Administrator," which in most instances will be the Human Resources Department). For purposes of compliance with Section 409A of
the Internal Revenue Code (the "Code"), any such election to defer shall be subject to the rules set forth below, subject to any additional restrictions as may be specified by the Administrator. Under
no circumstances may a participant elect to defer compensation to which he or she has attained, at the time of deferral, a legally enforceable right to current receipt of such compensation. 

	(1)
	Initial Deferral Elections.    Any initial election to defer compensation (including the election
as to the type and amount of compensation to be deferred and the time and manner of settlement of the deferral) must be made (and shall be irrevocable) no later than December 31 of the year
before the participant's services are performed which will result in the earning of the compensation, except as follows:  

	•
	Initial deferral elections with respect to compensation that, absent the election, constitutes a short-term
deferral may be made in accordance with Treasury Regulation § 1.409A-2(a)(4) and (b);   

	•
	Initial deferral elections with respect to compensation that remains subject to a requirement that the participant provide
services for at least 12 months (a "forfeitable right" under Treasury Regulation § 1.409A-2(a)(5)) may be made on or before the 30th day
after the participant obtains the legally binding right to the compensation, provided that the election is made at least 12 months before the earliest date at which the forfeiture condition
could lapse and otherwise in compliance with Treasury Regulation § 1.409A-2(a)(5);   

	•
	Initial deferral elections by a participant in his or her first year of eligibility may be made within 30 days
after the date the participant becomes eligible to participate in the applicable plan, with respect to compensation paid for services to be performed after the election and in compliance with Treasury
Regulation § 1.409A-2(a)(7);   

	•
	Initial deferral elections by a participant with respect to performance-based compensation (as defined under Treasury
Regulation § 1.409A-1(e)) may be made on or before the date that is six months before the end of the performance period, provided that (i) the participant was
employed continuously from either the beginning of the performance period or the later date on which the performance goal was established, (ii) the election to defer is made before such
compensation has become readily ascertainable (i.e., substantially certain to be paid), (iii) the performance period is at least 12 months in length and the performance goal was
established no later than 90 days after the commencement of the service period to which the performance goal relates, (iv) the performance-based compensation is not payable in the
absence of performance except due to death, disability, a 409A Ownership/Control Change (as defined in Section 2(a)(iv)(A) of Appendix A of the 2009 Share Award and Incentive Plan) or as
otherwise permitted under Treasury Regulation § 1.409A-1(e), and (v) this initial deferral election must in any event comply with Treasury Regulation
§ 1.409A-2(a)(8);   

	•
	Initial deferral elections resulting in Company matching contributions may be made in compliance with Treasury Regulation
§ 1.409A-2(a)(9); and 

A-23

 

	•
	Initial deferral elections may be made to the fullest permitted under other applicable provisions of Treasury Regulation
§ 1.409A-2(a).

	(2)
	Further Deferral Elections.    The foregoing notwithstanding, for any election to further defer an
amount that is deemed to be a deferral of compensation subject to Code Section 409A (to the extent permitted under Company plans, programs and arrangements), any further deferral election made
under the plan shall be subject to the following:  

	•
	The further deferral election will not take effect until at least 12 months after the date on which the election is
made;   

	•
	If the election relates to a distribution event other than a Disability (as defined in Treasury Regulation
§ 1.409A-3(i)(4)), or death, the payment with respect to which such election is made must be deferred for a period of not less than five years from the date such payment
would otherwise have been paid (or in the case of a life annuity or installment payments treated as a single payment, five years from the date the first amount was scheduled to be paid), to the extent
required under Treasury Regulation § 1.409A-2(b);   

	•
	The requirement that the further deferral election be made at least 12 months before the original deferral amount
would be first payable may not be waived by the Administrator, and shall apply to a payment at a specified time or pursuant to a fixed schedule (and in the case of a life annuity or installment
payments treated as a single payment, 12 months before the date that the first amount was scheduled to be paid);   

	•
	The further deferral election shall be irrevocable when filed with the Company; and   

	•
	The further deferral election otherwise shall comply with the applicable requirements of Treasury Regulation
§ 1.409A-2(b).

	(3)
	Transition Rules.    Initial deferral elections and elections to change any existing deferred date
for distribution of compensation in any transition period designated under Department of the Treasury and IRS regulations may be permitted by the Company to the fullest extent authorized under
transition rules and other applicable guidance under Code Section 409A. 

A-24

QuickLinks

Exhibit 10.1

ORIENT-EXPRESS HOTELS LTD. 2009 SHARE AWARD AND INCENTIVE PLAN

ORIENT-EXPRESS HOTELS LTD. 2009 SHARE AWARD AND INCENTIVE PLAN

APPENDIX A Participants Subject to U.S. Law

Exhibit A to Appendix A

Deferral Election Rules

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