Document:

exv4w6

Exhibit 4.6

			
	 	 	 
	
	 	CLIFFORD CHANCE LLP

BARCLAYS PLC

 

RULES OF THE

BARCLAYS GROUP SHARE VALUE PLAN

 

Adopted by the Company on 12 March 2010

 

 

CONTENTS

	 	 	 	 	 
	Rule	 	Page
	1. Definitions and Interpretation
	 	 	1	 
	 
	 	 	 	 
	2. Grant of Awards
	 	 	3	 
	 
	 	 	 	 
	3. Release of Shares
	 	 	4	 
	 
	 	 	 	 
	4. Manner of release
	 	 	6	 
	 
	 	 	 	 
	5. Limitation on release
	 	 	7	 
	 
	 	 	 	 
	6. Release after cessation of employment
	 	 	7	 
	 
	 	 	 	 
	7. Take-over and Liquidation
	 	 	8	 
	 
	 	 	 	 
	8. Variations in the Share Capital of the Company
	 	 	9	 
	 
	 	 	 	 
	9. Administration of the Plan
	 	 	9	 
	 
	 	 	 	 
	10. Amendment of the Plan
	 	 	10	 
	 
	 	 	 	 
	11. General Provisions
	 	 	10	 

 

 

RULES OF THE BARCLAYS GROUP SHARE VALUE PLAN

PURPOSE: THE PLAN HAS BEEN ADOPTED TO ENABLE THE TRUSTEES TO PROVIDE A FLEXIBLE STRUCTURE FOR THE
GRANT OF SHARE AWARDS TO BARCLAYS GROUP EMPLOYEES WHO ARE NOT DIRECTORS OF THE COMPANY IN ORDER TO
CREATE AN OPPORTUNITY FOR ELIGIBLE EMPLOYEES TO RECEIVE COMPENSATION FOR FUTURE LONG TERM SERVICE.

	1.	 	DEFINITIONS AND INTERPRETATION
	 
	1.1	 	In the Plan:
	 
	 	 	“Adoption Date” means 12 March 2010 being the date on which the Plan was adopted by the
Committee.
	 
	 	 	“Award” means a provisional allocation of Shares to be released on the Release Dates
applicable to the Award and “awarded” shall be construed accordingly.
	 
	 	 	“Award Date” means in relation to an Award the date specified as such by the Trustees
in the Award Letter.
	 
	 	 	“Award Letter” means a letter containing the information specified in Rule 2.2 in such
form as may be prescribed from time to time by the Trustees provided to a Participant
informing the Participant of the grant of an Award to him.
	 
	 	 	“Board” means the board of directors for the time being of the Company or a duly
appointed committee thereof.
	 
	 	 	“Committee” means the remuneration committee for the time being of the Board (or a duly
authorised committee thereof or person or persons duly authorised by the remuneration
committee to exercise any of its powers or duties under the Plan) empowered to act on behalf
of the Company for all purposes in connection with the Plan or, if there is no such
committee in existence at the relevant time, the Board, save that, should any person obtain
Control of the Company, the Committee shall mean the members of the Committee immediately
before such Control is obtained.
	 
	 	 	“Company” means Barclays PLC (registered no. 48839).
	 
	 	 	“Control” means control of a company within the meaning of section 995 of the Income
Tax Act 2007 and a person shall be deemed to have control of a company if he and others
acting in concert with him have together obtained control of a company within such meaning.
	 
	 	 	“Dividend Shares” means a number of Shares equal to the value of dividends paid on the
Shares subject to an Award over all or any part of the Vesting Period and which may be added
to a Releasable Portion on a Release Date as determined by the Trustees.
	 
	 	 	“Eligible Employee” means any person who is an employee or former employee of any
member of the Group and is deemed to be eligible to participate by the Committee PROVIDED
THAT a person shall not be eligible to participate in the Plan if he is a director of the
Company or any Award granted to him (or Shares released to him) would be regarded as granted
(or released) in respect of Qualifying Services.

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	 	 	“Employer” means the employing company of an Eligible Employee or a Participant, as the
context so requires.
	 
	 	 	“Group” means the Company and all of its Subsidiaries and the expression “member of the
Group” shall be construed accordingly.
	 
	 	 	“Participant” means an Eligible Employee who has been granted an Award or, where applicable,
his personal representative.
	 
	 	 	“Participating Companies” means the Company and other members of the Group which have been
nominated by the Committee to participate in the Plan.
	 
	 	 	“Performance Condition” means a condition related to performance which is specified by
the Trustees under Rule 2.2.
	 
	 	 	“Plan” means the Barclays Group Share Value Plan as constituted by these rules and as
amended from time to time in accordance with the provisions hereof.
	 
	 	 	“Qualifying Services” means, in relation to any person, his services as a director of
the Company and his services at any time while he is a director of the Company:

	 	(a)	 	as a director of an undertaking that is a subsidiary undertaking of the
Company at that time;
	 
	 	(b)	 	as a director of any other undertaking of which he is a director by virtue of
the Company’s nomination (direct or indirect); or
	 
	 	(c)	 	otherwise in connection with the management of the affairs of the Company or
any such subsidiary undertaking or any such other undertaking.

	 	 	“Releasable Portion” means such percentage of the Shares subject to an Award (rounded
down to the nearest whole Share) as the Trustees shall in their absolute discretion
determine may be released on or about any Release Date as set out in the Award Letter.
	 
	 	 	“Release Date” means such date as the Trustees shall in their absolute discretion
determine in relation to a Releasable Portion of an Award as set out in the Award Letter.
	 
	 	 	“Shares” means ordinary shares in the capital of the Company or such other class of
shares as may represent the same as a result of any reorganisation, reconstruction or other
variation of the share capital of the Company to which the provisions of the Plan may apply
from time to time PROVIDED THAT if such shares under an Award are to be released at any time
when the Trustees do not hold such shares in the Company as a result of a corporate event
described in Rule 7, references to “Shares” in Rules 3 to 7 inclusive shall include any
consideration received by the Trustees for any such shares under an Award which may
otherwise have been released.
	 
	 	 	“Special Provisions Schedule” means the schedule to the Plan containing provisions
applicable to Awards granted to Eligible Employees in territories specified in the schedule.
	 
	 	 	“Subsidiary” means any company which is a subsidiary of the Company within the meaning of
section 1159 of the Companies Act 2006.

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	 	 	“Trust” means the Barclays Group (PSP) Employees’ Benefit Trust established by the
Trust Deed.
	 
	 	 	“Trust Deed” means the trust deed made between Barclays Bank PLC (1) and Mourant & Co
Trustees Limited (2) on 5 August 1996 as amended from time to time (and of which Appleby
Trust (Jersey) Limited is the current trustee).
	 
	 	 	“Trustees” means the trustee or trustees for the time being of the Trust.
	 
	 	 	“Vesting Period” means the period from the Award Date to the final Release Date specified in
the Award Letter.
	 
	1.2	 	Any reference in the Plan to a statutory provision shall include a reference to that
provision as amended or re-enacted from time to time. Where the context permits the singular
shall include the plural and vice versa and the masculine gender shall include the feminine.
	 
	2.	 	GRANT OF AWARDS
	 
	2.1	 	Subject to the limitations specified in this Rule 2, the Trustees may in their
absolute discretion, having first consulted with the Committee, grant any Eligible Employee an
Award in accordance with the rules of the Plan and if relevant modified by the Special
Provisions Schedule and on such additional terms as the Trustees may specify at the time of
grant. For the avoidance of doubt, an Award may not be granted to a person who is not an
Eligible Employee.
	 
	2.2	 	The Trustees shall as soon as reasonably practicable on or after the Award Date
notify the Eligible Employee of the grant of the Award in writing in an Award Letter. The
Award Letter shall specify:

	 	(a)	 	the number of Shares in respect of which the Award is granted or the formula
by which such number may be found;
	 
	 	(b)	 	the Award Date;
	 
	 	(c)	 	whether the Award is subject to any Performance Condition(s); and
	 
	 	(d)	 	details of the applicable Release Date(s) and Releasable Portion(s).

	2.3	 	The number of Shares in respect of which an Award is to be granted shall be
calculated by the Trustees after consultation with the Committee about the method to be used.
	 
	2.4	 	The grant of an Award shall not in any circumstances whatsoever:

	 	(a)	 	constitute the acquisition by a Participant of an interest in the Shares
awarded to him, or the acquisition of a right to acquire the Shares awarded to him; or
	 
	 	(b)	 	entitle a Participant to claim any interest in the Trust Fund or to compel the
Trustees to pay or apply any of the capital or income comprised in the Trust Fund to or
for the benefit of a Participant.

	2.5	 	There shall be no consideration payable for the grant of an Award.

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	2.6	 	The grant of any Award shall be subject to obtaining any approval or consent required
under the United Kingdom Listing Authority Listing Rules, any relevant share dealing code of
the Company, the City Code on Takeovers and Mergers and any other relevant UK or overseas
regulation or enactment.
	 
	2.7	 	Awards may be granted at any time when the Company is not subject to any restrictions
on the granting of Awards.
	 
	2.8	 	Any Award granted to a Participant is personal to him and shall not be capable of
being transferred or otherwise disposed of by a Participant. Any such Award shall lapse
immediately if it is so transferred or otherwise disposed of or if the Participant is adjudged
bankrupt.
	 
	2.9	 	Until their release on or about the Release Date, a Participant shall have no
interest in the Shares subject to his Award. A Participant shall not be entitled to any
dividends or other distributions made in respect of the Shares awarded to him. A Participant
shall have no right to vote in respect of the Shares subject to his Award, unless and until
Shares under his Award are released to him.
	 
	2.10	 	An Award shall only be granted in respect of existing issued Shares purchased or
acquired by the Trustees on or off market. No new Shares may be issued or treasury Shares
transferred under the Plan without the prior approval of the Company’s shareholders in general
meeting.
	 
	3.	 	RELEASE OF SHARES
	 
	3.1	 	Subject to the remainder of Rule 3 and Rules 6 and 7 and to the satisfaction of any
Performance Condition attaching to an Award, the Trustees may in their absolute discretion
release to the Participant in accordance with Rule 4 the relevant Releasable Portion and any
Dividend Shares (if applicable) available for release on or as soon as reasonably practicable
after the relevant Release Date.
	 
	3.2	 	Subject to Rules 3.3, 3.4 and 3.5 and 6 and to the satisfaction of any Performance
Condition attaching to an Award, if the Trustees determine on any Release Date that the
Participant is not an employee of the Group, the Trustees may in their absolute discretion
release to the Participant in accordance with Rule 4:

	 	(a)	 	the relevant Releasable Portion and any Dividend Shares (if applicable)
available for release on or after the Release Date; or
	 
	 	(b)	 	a lower number of such Shares; or
	 
	 	(c)	 	no Shares at all.

	3.3	 	Notwithstanding anything in the Plan to the contrary, Shares under an Award shall be
actually or constructively received by a Participant by the later of:

	 	(a)	 	the date that is 21/2 months from the end of the Participant’s first taxable
year in which the Trustees determine in their absolute discretion to release Shares
under an Award to the Participant;

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	 	(b)	 	the date that is 21/2 months from the end of the Company’s first taxable year in
which the Trustees determine in their absolute discretion to release Shares under an
Award to a Participant.

	3.4	 	Notwithstanding any other provision of the Plan, and irrespective of whether a
Performance Condition is attached to an Award and whether or not any such Performance
Condition may have been satisfied, if the Trustees, having first consulted with the Committee,
determine in their absolute discretion that the underlying financial health of the Group has
significantly deteriorated over the whole or any part of the Vesting Period, such that there
are severe financial constraints on the Group which preclude or limit the Group’s ability to
facilitate funding of Awards, the following shall apply:

	 	(a)	 	the Trustees may at their absolute discretion determine that any Releasable
Portion and/or Dividend Shares (if any) that the Trustees may otherwise have determined
would be released may be limited, reduced and/or made subject to any other condition as
the Trustees consider at their absolute discretion appropriate; and
	 
	 	(b)	 	in the absence of any determination by the Trustees under Rule 3.4(a), the
release of any Releasable Portion and/or Dividend Shares (if any) that the Committee
may otherwise have determined would be released (including any Shares not released as
the result of the exercise of discretion by the Trustees under Rule 3.4 (a)) shall be
suspended until such time as the Trustees lift such suspension or exercise their
discretion under Rule 3.4(a) PROVIDED THAT to the extent that the Trustees have not
lifted such suspension or exercised their discretion under Rule 3.4(a) within 3 years
from the date specified at the Award Date as the final Release Date of an Award which
remains outstanding and in respect of which release of any Releasable Portion and/or
Dividend Shares (if any) remains suspended under this Rule 3.4(b), all such Awards
shall be forfeited and lapse in their entirety, unless the Trustees, in exceptional
circumstances, determine otherwise.
	 
	 	 	 	The Trustees must notify each Participant affected by its determination when the
determination applies and when the determination is no longer in force.

	3.5	 	Notwithstanding any other provision of the Plan, and irrespective of whether a Performance
Condition is attached to an Award and whether or not any such Performance Condition may have
been satisfied, the Trustees may, having first consulted with the Committee, in their absolute
discretion determine that any Releasable Portion and/or Dividend Shares (if any) may be
reduced (to nil if appropriate) as a result of:

	 	(a)	 	the Group or of any Subsidiary’s financial statements having been materially
restated at any time during the Vesting Period other than restatement due to a change
in accounting policy or to rectify a minor error;
	 
	 	(b)	 	the Participant having, in the reasonable opinion of the Committee, following
consultation with the relevant Employer, deliberately misled the management of the
Company, the market and/or the Company’s shareholders regarding the financial
performance of the Group or of any Subsidiary at any time during the Vesting period;

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	 	(c)	 	the Participant’s actions at any time during the Vesting Period having, in the
reasonable opinion of the Committee, following consultation with the relevant Employer,
caused harm to the reputation of the Group and/or the Participant’s business unit; or
	 
	 	(d)	 	the Participant’s actions at any time during the Vesting Period having, in the
reasonable opinion of the Committee, following consultation with the relevant Employer,
amounts to serious misconduct.

	4.	 	MANNER OF RELEASE
	 
	4.1	 	If the Trustees determine that any Shares under an Award shall be released to a
Participant pursuant to Rules 3, 6 or 7, the Trustees shall as soon as reasonably practicable
after the relevant Release Date release to a Participant the Releasable Portion determined in
accordance with Rules 3, 6, and 7 in such form and manner as the Trustees shall from time to
time prescribe in which case:

	 	(a)	 	the Trustees shall inform the Participant of the release of Shares to him
within 28 days of such release; and
	 
	 	(b)	 	the Participant shall from the date of such determination become beneficially
entitled to such Shares and shall have the right to receive all dividends paid to the
Trustees on such Shares on or after their release (net of any tax payable on such
dividends by the Trustees) and the right to direct the Trustees as to voting in respect
of such Shares and the Trustees shall vote in accordance with any such instructions.

	 	 	PROVIDED THAT:

	 	(a)	 	if the Trustees so require, the Participant shall enter into an election to be
made jointly with his Employing Company pursuant to section 431 of the Income Tax
(Earnings and Pensions) Act 2003 for the Shares to be treated as if they are not
restricted securities for the purposes of Chapter 2, Part 7, Income Tax (Earnings and
Pensions) Act 2003;
	 
	 	(b)	 	subject to Rule 4.2, the Participant shall pay in such manner as the Trustees
may from time to time prescribe any such additional amount of which the Trustees may
notify the Participant in respect of any deduction on account of tax or similar
liabilities as may be required by law which may arise on the release of Shares to him;
and
	 
	 	(c)	 	any Shares which are not so released shall cease to be available for release.

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	4.2	 	The Trustees may sell, or procure the sale of, such number of Shares which have been
released to a Participant to meet any obligation of the Trustees, any member of the Group or
any other person to deduct tax or employee’s social security contributions or other tax
withholding which may be required by law in any jurisdiction or which the Trustees and/or the
Employer reasonably considers to be necessary or desirable in respect of the release of Shares
under his Award to the Participant.
	 
	4.3	 	The Trustees shall within 28 days after the date of the release of Shares to a
Participant transfer or procure the transfer of the appropriate number of Shares to the
Participant (or to his nominee at the Participant’s written direction.
	 
	5.	 	LIMITATION ON RELEASE
	 
	 	 	Subject to Rules 3, 6 and 7, Shares under Award may be released to a Participant who has
ceased to be an Eligible Employee.
	 
	6.	 	RELEASE AFTER CESSATION OF EMPLOYMENT
	 
	6.1	 	Subject to Rules 3.3, 3.4 and 3.5 and unless a Releasable Portion may be released
before its Release Date under Rules 6.2, 6.3, 6.4 and 7, a Releasable Portion may only be
released on or as soon as reasonably practicable after its Release Date. Any Releasable
Portion which is not so released shall lapse.
	 
	6.2	 	Subject to Rules 3.3, 3.4 and 3.5, if a Participant dies the Trustees may, having
first consulted with the Committee, release to the Participant’s personal representatives, his
wife (or her husband), children under the age of 18 or step children under the age of 18
unreleased Releasable Portions as soon as reasonably practicable after the Participant’s death
in accordance with Rule 4. Any Releasable Portion which is not so released shall lapse.
	 
	6.3	 	Subject to Rules 3.3, 3.4 and 3,5, if a Participant ceases to be employed by the
Group by reason of:

	 	(a)	 	injury;
	 
	 	(b)	 	disability;
	 
	 	(c)	 	ill health;
	 
	 	(d)	 	redundancy;
	 
	 	(e)	 	retirement with the agreement of his Employer;
	 
	 	(f)	 	the company by which he is employed ceasing to be a member of the Group;
	 
	 	(g)	 	the undertaking in which he is employed being transferred to a transferee
which is not a member of the Group;
	 
	 	(h)	 	his Employer terminating his employment, other than in circumstances which, in
the reasonable opinion of the Committee, amount to gross misconduct or dismissal for
cause

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	 	 	the Trustees may, having first consulted with the Committee, release to the Participant any
unreleased Releasable Portions on or after the applicable Release Date(s) for those
Releasable Portions as set out in the Award Letter and in accordance with Rule 4 PROVIDED
THAT if a Participant ceases to be employed by the group before the Release Date other than
by reason of retirement the Trustees may in their absolute discretion, having first
consulted with the Committee, release any Releasable Portions to the Participant as soon as
reasonably practicable after the date of such cessation. Any Releasable Portion which is
not so released shall lapse.

	6.4	 	Subject to Rules 3.3, 3.4 and 3.5, if a Participant ceases to be employed by the
Group due to resignation, dismissal for cause or gross misconduct or for any reason other than
one of the events specified in Rules 6.2 or 6.3, his Award shall lapse unless the Trustees in
their absolute discretion in exceptional circumstances, having first consulted with the
Committee, determine otherwise in which case the Trustees may release to the Participant each
unreleased Releasable Portion on or after the Release Date(s) for those Releasable Portions as
set out in the Award Letter and in accordance with Rule 4 PROVIDED THAT if a Participant
ceases to be employed by the Group before the Release Date for any Releasable Portion, the
Trustees may in their absolute discretion, having first consulted with the Committee, release
any Releasable Portions to the Participant as soon as reasonably practicable after the date of
such cessation. Any Releasable Portion which is not so released shall lapse.
	 
	6.5	 	For the purposes of this Rule 6, a Participant shall be deemed to have ceased to be
employed by a member of the Group on the day on which his employment terminates, unless the
Trustees, having first consulted with the Committee, decide otherwise in their absolute
discretion.
	 
	7.	 	TAKE-OVER AND LIQUIDATION
	 
	7.1	 	Rule (b) shall apply:

	 	(a)	 	if any person obtains Control of the Company as a result of making:

	 	(i)	 	a general offer to acquire the whole of the issued share capital of
the Company (other than that which is already owned by such person) made on a
condition such that if it is satisfied the person making the offer will have
Control of the Company; or
	 
	 	(ii)	 	a general offer to acquire all the Company’s ordinary shares (or such
of those shares as are not already owned by such person); or

	 	(b)	 	if under section 899 of the Companies Act 2006 the Court sanctions a
compromise or arrangement between the Company and its creditors or its members which,
if it becomes effective, will result in a person obtaining Control of the Company.

	7.2	 	Subject to Rules 3.3, 3.4 and 3.5, the Trustees shall, having first consulted with
the Committee, have absolute discretion to determine whether:

	 	(a)	 	any Performance Condition should be waived or deemed to be satisfied; and/or
	 
	 	(b)	 	any Releasable Portions should be released to Participants early; and/or

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	 	(c)	 	Awards should continue in the same or a revised form following the change of
Control.

	7.3	 	Subject to Rules 3.3, 3.4 and 3.5, if the Company gives notice of a general meeting
to consider a resolution for the voluntary winding up of the Company (the “resolution”) the
Trustees shall release all unreleased Releasable Portions to the Participant PROVIDED THAT any
release pursuant to this Rule 7.3 shall be conditional upon the resolution being duly passed.
If the resolution is defeated or withdrawn, the Award shall be unaffected. If the Trustees
release Shares to a Participant pursuant to this Rule 7.3, he shall be entitled to share in
the assets of the Company with existing holders of the Shares in the same manner as if the
Shares had been registered in his name before the resolution was passed.
	 
	7.4	 	Subject to Rules 3.3, 3.4 and 3.5, if, in the opinion of the Trustees, the Company
will be affected by any demerger, dividend in specie, special dividend or other transaction
which will adversely affect the current or future value of any Award, the Trustees may
depending on the form of the Award, acting fairly, reasonably and objectively, release all
unreleased Releasable Portions to Participants on such event happening.
	 
	7.5	 	On the commencement of any liquidation of the Company (subject to Rule 7.3 and
otherwise than in connection with a compromise or arrangement as referred to in paragraph (b)
of Rule 7.1) the Award shall lapse.
	 
	8.	 	VARIATIONS IN THE SHARE CAPITAL OF THE COMPANY
	 
	8.1	 	In the event of any increase or variation of the share capital of the Company
(whenever effected) by way of capitalisation, rights issue, sub-division, consolidation or
reduction of capital or any other method, the Trustees may make such adjustment as they
consider appropriate to the number of Shares subject to any Award.
	 
	8.2	 	The Trustees shall give notice in writing to a Participant of any adjustment made
pursuant to Rule 8.1 as soon as practicable following the making of such adjustment. The
Trustees shall be entitled to call in the deed evidencing the grant of an Award affected by
such adjustment for endorsement or replacement as they may consider appropriate.
	 
	9.	 	ADMINISTRATION OF THE Plan
	 
	9.1	 	The Plan shall be administered by the Trustees whose decision on any matter connected
with the Plan shall be final and binding.
	 
	9.2	 	The Trustees shall determine any dispute about the rights and obligations of any
person under the Plan or any question concerning the construction or interpretation or effect
of the Plan or any other question in connection with the Plan and its determination shall be
final, binding and conclusive on all persons.
	 
	9.3	 	The Committee may from time to time make recommendations to the Trustees with regard
to the making of Awards, the choice of Participants, Performance Conditions, Release Dates or
Releasable Portions. The Trustees shall consider all such recommendations but shall not be
bound to follow such recommendations nor shall the Trustees be required to give reasons for
any refusal to follow them.

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	10.	 	AMENDMENT OF THE PLAN
	 
	10.1	 	Notwithstanding any other provision of the Plan, the Trustees may, having first
consulted with the Committee, at any time and from time to time in their absolute discretion
and without notice modify or amend, in whole or in part, any or all of the provisions of this
Plan or suspend or terminate the Plan entirely, provided that no such modification or
amendment may be made that would materially adversely affect existing Awards in particular in
respect of Release Dates, Releasable Portions and Performance Conditions.
	 
	10.2	 	The Trustees shall notify Participants as soon as reasonably practicable if the
Plan is amended or terminated.
	 
	11.	 	GENERAL PROVISIONS
	 
	11.1	 	Terms of office or employment
	 
	 	 	The rights and obligations of any Participant under the terms of his office or employment
with any member of the Group shall not be affected by his participation in the Plan or any
right which he may have to participate in it. Participants shall waive any and all rights
to compensation or damages in consequence of the termination of the office of employment for
any reason whatsoever (and regardless of whether such termination is lawful or unlawful)
insofar as such rights arise or may arise from his ceasing to have rights under the Plan as
a result of such termination. Participation in the Plan shall not confer a right to
continued employment upon any individual who participates in it. The grant of any Award
under the Plan does not imply that any further Award will be granted nor that a Participant
has any right to receive any further Award. The terms of the Plan are separate from and do
not form a term of or any part of or create any obligations or rights pursuant to an
individual’s contract of employment
	 
	11.2	 	Tax and other similar liabilities
	 
	 	 	Any liability of a Participant to taxation or social security contributions or similar
liabilities in respect of an Award shall be for the account of the relevant Participant.
The Trustees may make an Award and the release of Shares under it conditional on the
Participant complying with arrangements specified by the Trustees for the payment of any
taxation, employee’s social security contributions or employer’s social security obligations
(including, without limitation, the deduction of taxation at source).
	 
	11.3	 	Notices
	 
	 	 	Any notice or other communication under or in connection with the Plan may be given by
personal delivery, electronically or by sending the same by post in the case of a company to
its registered office, in the case of the Trustees, to their registered office and in the
case of an individual to his last known address, or, where he is a director or employee of
any member of the Group, either to his last known address or to the address of the place of
business at which he performs the whole or substantially the whole of the duties of his
office or employment. Where a notice or other communication is given by first-class post,
it shall be deemed to have been received 48 hours after it was put into the post properly
addressed and stamped.

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	11.4	 	Data Protection provisions

	 	(a)	 	The Company and the Trustees will store and process information about a
Participant on their computers and in other ways. By “information about a Participant”
the Company and the Trustees mean personal information they have obtained from the
Participant, the Employer and any other Group companies or other organisations in
anticipation of a Participant’s participation in the Plan and during the term of the
Plan.
	 
	 	(b)	 	The Company and the Trustees will use information about a Participant to
manage and administer the Plan, give the Participant information about the Plan and his
Award, to develop and improve their services to the Participant and other customers and
to protect their interests. The Trustees agree to apply the same levels of protection
to information about a Participant as the Company is required to in the UK.
	 
	 	(c)	 	The Company and the Trustees may give information about a Participant and his
participation in the Plan to the following:

	 	(i)	 	a Participant’s Employer and it agents or service providers where
disclosure is necessary to enable the Company or the Trustees to discharge
their duties and obligations in the management and administration of the Plan
(including any disclosure of information as may be necessary to enable the
Employer to comply with the requirements of any relevant tax, social security
or other governmental authority). (For the purposes of this Rule “Employer”
includes any company or other entity of the Group who may become the
Participant’s employer during the term of the Plan and any other company or
entity which has a duty to comply with any requirements imposed any relevant
tax, social security or other governmental authority in connection with his
participation in the Plan.)
	 
	 	(ii)	 	people who provide a service to the Company or the Trustees or are
acting as their agents on the understanding that they will keep the information
confidential.
	 
	 	(iii)	 	anyone to whom the Company or the Trustees transfer or may transfer
their rights and duties under the Plan.
	 
	 	(iv)	 	where the Company or the Trustees have a duty to do so or if the law
allows the Company or the Trustees to do so (including any relevant tax, social
security or other governmental authority)

	 	 	 	Otherwise the Company and the Trustees will keep information about a Participant
confidential.

	 	(d)	 	If the Company or the Trustees transfer information about a Participant to a
service provider or agent in another country, they will procure that the service
provider or agent agrees to apply the same levels of protection as the Company and the
Trustees are required to apply in the UK and other EU jurisdictions and to use
information about a Participant only for the purpose of providing the service to the
Company or the Trustees.

- 11 -

 

	11.5	 	Severability of Provisions
	 
	 	 	If any provision in this Plan is for any reason held by any Court or other competent
authority of any jurisdiction to be illegal, invalid or unenforceable in whole or in part,
the remaining provisions of this Plan shall continue to be valid and, if appropriate, the
affected provision and the legality, validity or enforceability of such provision in any
other jurisdiction shall be unaffected.
	 
	11.6	 	Third Parties
	 
	 	 	No third party has any right under the Contracts (Rights of Third Parties) Act 1999 to
enforce any term of the Plan.
	 
	11.7	 	Awards not Pensionable
	 
	 	 	Awards, Shares and any other benefits provided under the Plan shall not be pensionable.
	 
	11.8	 	Governing Law
	 
	 	 	This Plan shall be construed, administered and governed in all respects under and by the law
of England and Wales and the Courts of England and Wales have exclusive jurisdiction to hear
any dispute.

SPECIAL PROVISIONS SCHEDULE

Schedule to the Rules of the Barclays Group Share Value Plan

	 	 	The Special Provisions Schedule takes effect as if the Rule of the Plan were set out in it
incorporating the following modifications:
	 
	1.	 	Brazil
	 
	 	 	For Eligible Employees resident in Brazil, the rules of the Plan are modified by the deletion of
the definition of “Award” in Rule 1 of the Rules and its replacement with the following:
	 
	 	 	“Award” means a provisional allocation of Shares to be released on the Release Dates applicable
to the Award or an option to acquire Shares for no payment which shall become exercisable in
respect of each Releasable Portion on its applicable Release Date for a period of 90 days
following which any unexercised Release Portion shall lapse.”

- 12 -

 

	2.	 	Spain
	 
	 	 	For Eligible Employees resident in Spain, the rules of the Plan are modified so that Rule 6.3(h)
shall not apply.
	 
	3.	 	Zambia
	 
	 	 	For Eligible Employees resident in Zambia, Rule 6 is modified by the addition of the following
new Rule 6.6:
	 
	 	 	“6.6 The Zambian Apportionment Act 1870 does not apply to any Award granted under the Plan”.
	 
	4.	 	UK
	 
	 	 	For Eligible Employees resident in the UK, Rule 3 is modified by the addition of the following
new Rules 3.6, 3.7 and 3.8:

	 	“3.6	 	 Without prejudice to Rules 2.4 and 2.9 and subject to Rules 3.4 and 3.5, by no
later than 60 days before the Release Date in relation to a Releasable Portion of an Award,
a Participant may, by notice in writing given to the Trustees or to any person appointed by
the Trustees in such form as the Trustees having first consulted with the Committee may
specify for such purpose, request that, in lieu of any Shares being released to him on the
Release Date, the Trustees shall instead:

	 	(a)	 	transfer Shares into a retirement benefits scheme for his benefit; and/or
	 
	 	(b)	 	procure that another person (whether the Company or another person) transfers
Shares to or procures the acquisition of Shares by such a retirement benefits
scheme as mentioned in (a) above.

	 	3.7	 	A request under Rule 3.6 may not be made by a Participant who has ceased to be
employed by the Group. A request under Rule 3.6 made by a Participant on a date on which he
is employed by the Group may not be acceded to by the Trustees if he has ceased to be
employed by the Group by the Release Date.
	 
	 	3.8	 	The Trustees may at their absolute discretion, having first consulted with the
Committee, specify, in the form of notice to be given by any Participant under Rule
3.6, that the number of Shares to be so transferred to or acquired by the retirement
benefits scheme may be less than the number of Shares comprised in the relevant Releasable
Portion, whether to reflect the extent to which any such transfer or acquisition is not
allowable for corporation tax purposes for the period of account in which such transfer or
acquisition occurs or otherwise. The Trustees’ discretion as to whether or not to accede
to a Participant’s request under Rule 3.6 shall be absolute.

- 13 -exv10w1

Exhibit 10.1

EQUAL ENERGY LTD.

STOCK OPTION PLAN (2010)

	1.	 	Purpose of the Plan
	 
	1.1	 	The purpose of this stock option plan, as amended or varied from time to time, (the “Plan”)
is to provide the Participants with an opportunity to purchase common shares (“Common Shares”)
of Equal Energy Ltd. (the “Corporation”) and to benefit from the appreciation thereof. This
proprietary interest in the Corporation will provide an increased incentive for the
Participants to contribute to the future success and prosperity of the Corporation, thus
enhancing the value of the Common Shares for the benefit of all the shareholders and
increasing the ability of the Corporation and its Affiliates to attract and retain individuals
of exceptional skill.
	 
	2.	 	Defined Terms
	 
	2.1	 	Where used herein, the following terms have the following meanings:

	 	(a)	 	“Affiliate” means a corporation, partnership or trust that is affiliated with
the Corporation (within the meaning of “affiliate” in the Securities Act (Alberta));

	 	(b)	 	“Board” means the board of directors of the Corporation;

	 	(c)	 	“Exchange” means the Toronto Stock Exchange or, if the Common Shares are not
then listed and posted for trading on such exchange, then any stock exchange on which
such Common Shares are listed and posted for trading or any other regulatory body
having jurisdiction as may be selected for such purpose by the Board;

	 	(d)	 	“Exercise Price” means the price per Common Share at which Common Shares may
be purchased under the Stock Option, as the same may be adjusted in accordance with
Articles 4 and 8 hereof;

	 	(e)	 	“Participants” means the directors, officers, employees and consultants of
the Corporation or one of its Affiliates to whom a Stock Option has been granted
pursuant to the Plan of which all or a portion thereof remains unexercised.
Participants also includes directors, officers, employees and consultants who have
signed a written agreement to become a director, officer, employee or consultant of
the Corporation or one of its Affiliates within 30 days of the written agreement;

	 	(f)	 	“Stock Option” means an option to purchase Common Shares from treasury
granted by the Board to a Participant, subject to the provisions contained herein; and

	3.	 	Administration of the Plan

	3.1	 	The Board shall administer this Plan. Stock Options granted under the Plan shall be granted
in accordance with determinations made by the Board pursuant to the provisions of the Plan as
to: the Participants to whom, and the time or times at which, the Stock Options will be
granted; the number of Common Shares which shall be the subject of each Stock Option; the
exercise period of the Stock Option, any vesting provisions attaching to the Stock Option; and
the terms and provisions of the respective stock option agreements, provided, however, that
each director, officer, employee or consultant shall have the right not to participate in the
Plan and any decision not to participate shall not affect such person’s employment by or
engagement with the Corporation. The Board shall ensure that Participants are eligible to
participate under the Plan, and, if required by the Exchange, shall represent, confirm and
provide evidence of such eligibility.

	3.2	 	The exercise period of a Stock Option will not exceed 10 years.

 

 

	3.3	 	Subject to the provisions of the Plan, the Board shall have the authority to construe and
interpret the Plan and all stock option agreements entered into thereunder and may, from time
to time, adopt such rules and regulations for administering this Plan as it may deem proper
and in the best interests of the Corporation.
	 
	4.	 	Granting of Stock Options
	 
	4.1	 	The Board may, from time to time, grant Stock Options to the Participants. The grant of
Stock Options will be subject to the conditions contained herein and may be subject to
additional conditions determined by the Board for time to time. Each Stock Option granted
hereunder shall be evidenced by an agreement in writing, signed on behalf of the Corporation
and by the Participant, in such form as the Board shall approve. Each such agreement shall
recite that it is subject to the provisions of this Plan.
	 
	4.2	 	Subject to adjustment as provided in Section 8 hereof, the number of Common Shares reserved
for issuance from treasury to Participants under this Plan, together with any other security
based compensation plan, will not exceed 10% of the issued and outstanding Common Shares
calculated on an undiluted basis at the time of the grant.
	 
	4.3	 	Any grant of Stock Options under the Plan shall be subject to the following restrictions:

	 	(a)	 	the aggregate number of Common Shares reserved for issuance pursuant to Stock
Options granted to any one person may not exceed 5% of the outstanding Common Shares
(on a non-diluted basis);

	 	(b)	 	the aggregate number of Common Shares reserved for issuance pursuant to Stock
Options granted to “insiders” (as defined in the TSX Company Manual) granted pursuant
to the Plan and other security based compensation arrangements issued from treasury
may not exceed 10% of the outstanding Common Shares (on a non-diluted basis);

	 	(c)	 	the issuance of Common Shares to “insiders” pursuant to the Plan and other
share compensation arrangements within a one year period may not exceed 10% of the
outstanding Common Shares (on a non-diluted basis);

	 	(d)	 	the issuance of Common Shares to any one “insider” pursuant to the Plan and
other security based compensation arrangements within a one year period may not exceed
5% of the outstanding Common Shares (on a non-diluted basis); and

	 	 	The aforementioned limits of Common Shares reserved for issuance may be formulated on
a diluted basis with the consent of the Exchange.

	4.4	 	The Corporation shall at all times during the term of the Plan reserve and keep available
such number of Common Shares as will be sufficient to satisfy the requirements of the Plan.

	4.5	 	All Stock Options granted pursuant to this Plan shall be subject to the applicable rules and
policies of the Exchange and any regulatory body having jurisdiction.

	4.6	 	A Participant who has been granted a Stock Option may, if otherwise eligible, be granted an
additional Stock Option if the Board so determines.

	5.	 	Exercise Price

	5.1	 	The Board shall fix the Exercise Price at the time the Stock Option is granted to a
Participant. In no event shall the price be less than the Market Price, which shall mean the
closing trading price per Common Share on the Exchange on the last trading day preceding the
date of the grant on which there was a closing price (the “Closing Price”) or, if the Common
Shares are not listed on any stock exchange, the price determined by the Board in accordance
with appropriate valuation

 

 

	 	 	methodology to be the fair market value thereof; provided that if the Board, in its sole
discretion, determines that such Closing Price would not be representative of the market
price of the Common Shares, then the Market Price shall mean the greater of the Closing
Price and the weighted average price per Common Share for the Common Shares for five (5)
consecutive trading days ending on the last day preceding the date of grant on which there
was a closing price on the Exchange. The weighted average price shall be determined by
dividing the aggregate sale price of all Common Shares sold on the Exchange during the said
five (5) consecutive trading days by the total number of Common Shares so sold.

	5.2	 	Once the Exercise Price has been determined by the Board and the Stock Option has been
granted to an “insider”, the Exercise Price of such Stock Option may only be reduced if
“disinterested” shareholder approval is obtained; provided that such “disinterested”
shareholder approval is then a requirement of the Exchange or other regulatory body having
jurisdiction.

	6.	 	Term of Stock Option

	6.1	 	The term of the Stock Option shall be a period of time fixed by the Board, not to exceed the
maximum period of time permitted by the Exchange and, unless the Board determines otherwise,
Stock Options shall be exercisable in whole or in part at any time during this period in
accordance with such vesting provisions, conditions or limitations as are herein contained or
as the Board may from time to time impose or as may be required by the Exchange.

	6.2	 	Each Stock Option and all rights thereunder shall be expressed to expire at the end of the
Stock Option term (“Expiry Time”), but shall be subject to earlier termination in accordance
with Section 10 hereof.

	6.3	 	Subject to any specific requirements of the Exchange, the vesting period or periods within
the Stock Option term during which a Participant may exercise Stock Options or a portion
thereof shall be determined by the Board.

	6.4	 	In the event that the date determined by the Board of Directors on which a Stock Option will
expire (the “Fixed Expiry Date”) falls within a period of time imposed by the Corporation upon
certain designated persons during which those persons may not trade in any securities of the
Corporation (a “Black-Out Period”), the expiry date of the Stock Option shall be the Fixed
Expiry Date plus ten (10) business days from the date any Black-Out Period ends (the
“Black-Out Expiration Term”). In the event that the Fixed Expiry Date falls within five (5)
business days immediately after a Black-Out Period ends, the Black-Out Expiration Term shall
be reduced by the number of days between the Fixed Expiry Date and the date the Black-Out
Period ends.

	7.	 	Exercise of Stock Option

	7.1	 	Subject to the provisions of the Plan and the terms of any stock option agreement, a Stock
Option or a portion thereof may be exercised, from time to time, by delivery to the
Corporation’s principal office in Calgary, Alberta of notice in writing signed by the
Participant or the Participant’s legal personal representative and addressed to the
Corporation (the “Exercise Notice”). The Exercise Notice shall state the intention of the
Participant or the Participant’s legal personal representative to exercise the said Stock
Option or a portion thereof and the number of Common Shares in respect of which the Stock
Option is then being exercised. The Exercise Notice shall contain the Participant’s
undertaking to comply, to the satisfaction of the Corporation, with all applicable
requirements of the Exchange and any applicable regulatory authorities.

	7.2	 	The Exercise Notice shall be accompanied by the full purchase price of the Common Shares
which are the subject of the exercise. Alternatively, the Participant may exercise his or her
Stock Option through any “cashless exercise” programme which the Corporation may offer at the
relevant time through a licensed investment dealer.

 

 

	8.	 	Adjustments in Common Shares

	8.1	 	If the outstanding Common Shares of the Corporation are increased, decreased, changed into or
exchanged for a different number or kind of common shares of the Corporation through
re-organization, merger, re-capitalization, re-classification, share distribution, subdivision
or consolidation, an appropriate and proportionate adjustment shall be made by the Board, in
its discretion, in the number or kind of common shares optioned and the exercise price per
common share, as regards to previously granted and unexercised Stock Options or portions
thereof, and as regards to Stock Options which may be granted subsequent to any such change in
the Corporation’s equity.

	8.2	 	Upon the liquidation, dissolution or termination of the Corporation or upon a
re-organization, merger or consolidation of the Corporation with one or more trusts or
corporations as a result of which the Corporation is not the surviving entity, or upon the
sale of all or substantially all of the assets of the Corporation to another person, the
Common Shares subject to any Stock Option granted hereunder shall immediately vest and all
Participants then entitled to exercise an unexercised portion of Stock Options then
outstanding shall have the right at such time to exercise their Stock Options to the full
extent not theretofore exercised. Notwithstanding the provisions of this subsection 8.2,
Stock Options granted hereunder shall not immediately vest, and Participants shall not be
entitled to exercise an unexercised portion of Stock Options if: (i) a re-organization, merger
or consolidation of the Corporation, whereby the Corporation is not the surviving entity, is
with one or more trusts or corporations, all of which are wholly-owned subsidiaries of the
Corporation; (ii) if, following such re-organization, merger or consolidation, the
shareholders of the Corporation continue to hold more than 50% of the voting securities of the
surviving entity; or (iii) if the sale of all or substantially all of the assets of the
Corporation to another person or persons who are wholly-owned subsidiaries of the Corporation.

	8.3	 	A Stock Option may provide that whenever the Corporation’s shareholders receive a “take-over
bid” as defined in the Securities Act (Alberta), as amended from time to time, or any
successor legislation thereto, pursuant to which the “offeror” would, as a result of such
take-over bid if successful, beneficially own in excess of 50% of the outstanding Common
Shares of the Corporation (a “Control Bid”), the Board may, at its option, require the
acceleration of the vesting time for the exercise of such Stock Option to allow the
Participant to exercise such Stock Option (including in respect of Common Shares not otherwise
vested at such time) for the purpose of tendering the Common Shares received thereon to the
Control Bid.

	8.4	 	Determinations by the Board as to what adjustments shall be made, and the extent thereof,
shall be final, binding and conclusive. The Corporation shall not be obligated to issue
fractional securities in satisfaction of any of its obligations hereunder.

	9.	 	Decisions of the Board

	9.1	 	All decisions and interpretations of the Board respecting the Plan or Stock Options granted
thereunder shall be conclusive and binding on the Corporation, the Affiliates and the
Participants and their legal personal representatives and on all directors, officers,
employees and consultants of the Corporation and of the Affiliates who are eligible to
participate under the Plan.

	10.	 	Ceasing to be a Director, Officer, Employee or Consultant

	10.1	 	In the event the Participant ceases to be a director, officer, employee or consultant of the
Corporation or any Affiliate for any reason other than death, including the resignation or
retirement of the Participant as a director, officer, employee or consultant of the
Corporation or an Affiliate, the termination by the Corporation or an Affiliate of the
employment of the Participant, or the removal of the Participant as a director of the
Corporation or an Affiliate prior to the Expiry Time, all Stock Options held by such
Participant shall cease and terminate within thirty (30) days following the effective date of
such resignation, retirement or removal or within thirty (30) days

 

 

	 	 	following the date notice of termination of employment is given by the Corporation or an
Affiliate, subject to such shorter period as may be otherwise specified in the stock option
agreement, whether such termination is with or without reasonable notice, and shall be of
no further force or effect whatsoever as to the Common Shares in respect of which such
Stock Options have not previously been exercised.

	10.2	 	Notwithstanding the foregoing, in the event of termination of a Participant for cause, all
Stock Options held by such Participant shall cease and terminate immediately upon the date
notice of termination of employment for cause is given to the Participant by the Corporation
or an Affiliate and shall be of no further effect whatsoever as to the Common Shares in
respect of which such Stock Options have not previously been exercised.

	10.3	 	In the event of the death of a Participant prior to the Expiry Time, Stock Options held by
such Participant may be exercised as to the Common Shares in respect of which such Stock
Options have not previously been exercised (and as the Participant would have been entitled
to purchase), by the legal personal representatives of the Participant at any time up to and
including (but not after) a date one (1) year from the date of death of the Participant,
unless a shorter time is specifically set out in the Participant’s stock option agreement, or
the Expiry Time, whichever occurs first, after which date such Stock Options shall forthwith
expire and terminate and be of no further force or effect whatsoever.

	10.4	 	Stock Options shall not be affected by any change in status of the Participant where the
Participant continues to be employed by or serves as a director or officer of or consultant to
the Corporation or any of its Affiliates.

	11.	 	Transferability

	11.1	 	All benefits, rights and Stock Options accruing to any Participant in accordance with the
terms and conditions of the Plan are non-transferable, non-assignable and are exercisable only
by the Participant to whom the Stock Option was granted unless specifically provided herein or
to the extent, if any, permitted by the Exchange.

	12.	 	Amendment or Discontinuance of Plan

	12.1	 	The Board may amend, suspend or terminate the Plan, or any portion thereof or any Stock
Option, at any time, and may do so without shareholder approval, subject to those provisions
of applicable law, if any, that require the approval of shareholders or any governmental or
regulatory body (including without limitation the Exchange). Without limiting the generality
of the foregoing, the Board may make the following types of amendments to the Plan without
seeking shareholder approval (any amendment to this Plan will take effect only with respect to
Stock Options granted after the effective date of the amendment, provided that it may apply to
any outstanding Stock Options with the mutual consent of the Corporation and the Service
Providers to whom the Stock Options have been granted):

	 	(a)	 	amendments of a “housekeeping” nature, including curing ambiguities, errors
or omission in the Plan or to correct or supplement any provision of the Plan that is
inconsistent with any other provisions of the Plan;

	 	(b)	 	amendments necessary to comply with the provisions of applicable law;

	 	(c)	 	amendments respecting administration of the Plan;

	 	(d)	 	any amendment to the vesting provisions;

	 	(e)	 	any amendment to the termination provisions which does not entail an
extension beyond the original expiry date;

 

 

	 	(f)	 	the addition of any form of financial assistance including an amendment to a
financial assistance provision which is more favourable to eligible participants; and

	 	(g)	 	any other amendment, whether fundamental or otherwise, not requiring
Shareholder approval under applicable law.

	13.	 	Participants’ Rights

	13.1	 	Until the Common Shares granted pursuant to any Stock Option have been issued in accordance
with the terms of this Plan, the Participant to whom the Stock Options have been granted will
not possess any incidents of ownership of the Common Shares and the right to exercise voting
rights in respect of the Common Shares. The Participant will only be considered a shareholder
in respect of the Common Shares when the issuance has been entered upon the records of the
duly authorized transfer agent of the Corporation.

	13.2	 	Nothing in the Plan or any Stock Option shall confer upon any Participant any rights to
continue in the employ of the Corporation or any Affiliate or affect in any way the right of
the Corporation or any such Affiliate to terminate the employment of the Participant at any
time; nor shall anything in the Plan or any Stock Option be deemed or construed to constitute
an agreement, or an expression of intent, on the part of the Corporation or any such Affiliate
to extend the employment of any Participant beyond the time such Participant would normally
retire pursuant to the provisions of any present or future retirement plan of the Corporation
or any Affiliate, or beyond the time at which he would otherwise be retired pursuant to the
provisions of any contract of employment with the Corporation or any Affiliate.

	14.	 	Approvals

	14.1	 	This Plan shall be subject to approval by the shareholders and to acceptance by the Exchange.

	14.2	 	Any Stock Options granted prior to such approval and acceptance shall be conditional upon
such approval and acceptance being given and no such Stock Options may be exercised unless and
until such approval and acceptance is given.

	15.	 	Government Regulation

	15.1	 	The Corporation’s obligation to issue and deliver Common Shares under any Stock Option is
subject to:

	 	(a)	 	the satisfaction of all requirements under applicable securities laws in
respect thereof and obtaining all regulatory approvals as the Board shall determine to
be necessary or advisable in connection with the authorization, issuance or sale
thereof;

	 	(b)	 	the admission of such Common Shares to listing on any stock exchange on which
such Common Shares may then be listed; and

	 	(c)	 	the receipt from the Participant of such representation, warranties,
agreements and undertakings as to future dealings in such Common Shares as the
Corporation determines to be necessary or advisable in order to safeguard against the
violation of the securities laws of any jurisdiction.

	 	 	In this regard, the Corporation shall take all reasonable steps to obtain such
approvals and registrations as may be necessary for the issuance of such Common Shares and
for the listing of such Common Shares on the Exchange, in compliance with applicable
securities laws. If any Common Shares cannot be issued to any Participant for whatever
reason, the obligation of the Corporation to
issue such Common Shares shall terminate and the Exercise Price paid to the Corporation
will be returned to the Participant.

 

 

	16.	 	Costs

	16.1	 	The Corporation shall pay all costs of administering the Plan.

	17.	 	Interpretation

	17.1	 	This Plan shall be governed by and construed in accordance with the laws of the Province of
Alberta and the federal laws of Canada applicable therein.

	18.	 	Compliance with Applicable Law

	18.1	 	If any provision of the Plan or any Stock Option contravenes any law or any order, policy,
by-law or regulation of any regulatory body or the Exchange, then such provision shall be
deemed to be amended to the extent required to bring such provision into compliance therewith.

	19.	 	Effective Date of Plan

	19.1	 	The Plan will take effect on May 31, 2010 subject to acceptance of the Plan by the
Exchange and any other relevant regulatory authority.

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