Document:

2005 Grant;
                                                    2005-2007 Performance Period

                            SCOTTISH RE GROUP LIMITED
                     2004 EQUITY INCENTIVE COMPENSATION PLAN

                       Notice of Performance Shares Grant

     You (the "Grantee") have been granted the following Performance Shares by
Scottish Re Group Limited, a Cayman Islands company (the "Company"), pursuant to
the Scottish Re Group Limited 2004 Equity Incentive Compensation Plan (the
"Plan"):

<TABLE>
<S>                                           <C>
----------------------------------------------- ----------------------------------------------------
Name of Grantee:
----------------------------------------------- ----------------------------------------------------
Number of Performance Shares Granted:
----------------------------------------------- ----------------------------------------------------
Per Share Value of Ordinary Share at Grant:     $____
----------------------------------------------- ----------------------------------------------------
Date of Grant:                                  _________ __, 2005
----------------------------------------------- ----------------------------------------------------
Performance Goal for the Earning of             Performance Shares will be earned if and to the
Performance Shares                              extent that the Performance Goal has been achieved
                                                and the corresponding number of Performance Shares
                                                are deemed earned, as set forth on Exhibit A
                                                hereto.  Exhibit A is incorporated by reference
                                                herein and made a part hereof
----------------------------------------------- ----------------------------------------------------
Performance Period                              2005 - 2007
----------------------------------------------- ----------------------------------------------------
Vesting Date (i.e., date at which the risk of   The risk of forfeiture will lapse on all Performance
forfeiture of the Performance Shares lapses)    Shares earned in accordance with Exhibit A and this
                                                Agreement upon the completion of the Performance
                                                Period and the certification by the Committee of the
                                                level of achievement of the Performance Goal (the
                                                "Stated Vesting Date"), subject to earlier vesting
                                                upon a Change in Control or certain Terminations of
                                                Employment as provided in Section 5(e) of the Award
                                                Grant Guidelines
----------------------------------------------- ----------------------------------------------------
Settlement Date                                 Settlement will occur at the Stated Vesting Date,
                                                except (i) if validly deferred as of the Stated
                                                Vesting Date or in connection with a Retirement,
                                                or (ii) as otherwise provided in Section 5(e) of
                                                the  Award Grant Guidelines
----------------------------------------------- ----------------------------------------------------
</TABLE>

     Each Performance Share represents a conditional right to receive one
Ordinary Share, par value $0.01 per ordinary share (a "Share"), in settlement of
the Award at a specified future date, if performance-based and service-based
vesting conditions and other terms and conditions have been met. Performance
Shares include rights to dividend equivalents.

     By your signature and the signature of the Company's representative below,
you and the Company agree that the Performance Shares evidenced hereby are
granted under and governed by the terms and conditions of the Plan, the Award
Grant Guidelines under the Plan and the Performance Shares Agreement, all of
which are incorporated by reference and made a part of this document.

  Grantee:                                   Scottish Re Group Limited:

  ________________________________           By:_______________________________

  Date:___________________________           Title:_____________________________

                                             Date:_____________________________

<PAGE>

                            SCOTTISH RE GROUP LIMITED
                     2004 EQUITY INCENTIVE COMPENSATION PLAN

                          Performance Shares Agreement

SECTION 1.  GRANT OF PERFORMANCE SHARES

     (a)  Performance Shares. On the terms and conditions set forth in the
Notice of Performance Shares Grant (the "Notice") and this Performance Share
Agreement (the "Agreement," which includes the Notice), the Company grants to
the Grantee on the Date of Grant the number of Performance Shares set forth in
the Notice, subject to the restrictions set forth in the Plan, the Award Grant
Guidelines, and this Agreement.

     (b)  Plan and Defined Terms. The Performance Shares are granted pursuant to
the Plan and the Award Grant Guidelines, copies of which the Grantee
acknowledges having received. All terms, provisions, and conditions applicable
to the Performance Shares set forth in the Plan and the Award Grant Guidelines
and not set forth herein are hereby incorporated by reference herein. To the
extent any provision hereof is inconsistent with a provision of the Plan, the
provisions of the Plan will govern. To the extent any provision hereof is
inconsistent with a provision of the Award Grant Guidelines, the provisions of
this Agreement shall govern. All capitalized terms that are used in this
Agreement and not otherwise defined therein or herein shall have the meanings
ascribed to them in the Plan and the Award Grant Guidelines.

SECTION 2.  TERMS OF PERFORMANCE SHARES

     (a)  Vesting, Forfeiture and Settlement of Performance Shares. The vesting,
forfeiture and settlement of the Performance Shares shall be governed by the
Notice, Exhibit A hereto, and Section 5(e) and other applicable provisions of
the Award Grant Guidelines.

     (b)  Deferral of Settlement; Compliance with Code Section 409A. Settlement
of any Performance Share, which otherwise would occur at the Stated Vesting Date
(including following Grantee's Retirement), will be deferred in certain cases if
and to the extent Grantee has made a valid deferral election relating to the
Performance Shares. Deferral elections must be filed not later than six months
before the end of the Performance Period. Terms of Performance Shares that are
deemed to constitute deferrals under Code Section 409A (whether or not elective)
shall comply with the terms and requirements of Code Section 409A in order to
ensure that no tax penalties apply thereunder. Elective deferrals will be
subject to such other restrictions and terms as may be specified by the Company
prior to deferral. Other provisions of this Agreement notwithstanding, under
U.S. federal income tax laws and Treasury Regulations (including proposed
regulations) as presently in effect or hereafter implemented, (i) if the timing
of any distribution in settlement of Performance Shares would result in
Grantee's constructive receipt of income relating to the Performance Shares
prior to such distribution, the date of distribution will be the earliest date
after the specified date of distribution that distribution can be effected
without resulting in such constructive receipt; (ii) any rights of the Grantee
or retained authority of the Company with respect to Performance Shares
hereunder shall be automatically modified and limited to the extent necessary so
that Grantee will not be deemed to be in constructive receipt of income relating
to the Performance Shares prior to the distribution and so that Grantee shall
not be subject to any penalty under Code Section 409A; (iii) a deferral election
will be effective only if, after giving effect to clause (ii) above, it complies
with applicable requirements under Section 409A to defer income past the Stated
Vesting Date; and (iv) any settlement which is to occur at the Stated Vesting
Date is required to be completed within the "short term deferral" period
specified in IRS Notice 2005-1, Q/A 4(c).

     (c)  Dividend Equivalents and Adjustments. Dividend equivalents will be
credited in respect of Performance Shares in accordance with Section 6 of the
Award Grant Guidelines and Section 9 of the Plan.

<PAGE>

     (d)  Fractional Performance Shares and Shares. The Company shall determine
from time to time whether or not Performance Shares credited to Grantee shall
include fractional Performance Shares, or a reasonable alternative method for
accounting for such fractional Performance Shares. Unless otherwise determined
by the Company, upon settlement of the Performance Shares Grantee shall be paid,
in cash, an amount equal to the value of any fractional share that would have
otherwise been deliverable in settlement of such Performance Shares.

     (e)  Unfunded Nature of Performance Shares. Any provision for Performance
Shares and Grantee's rights thereto hereunder shall be by means of bookkeeping
entries on the books of the Company and shall not create in Grantee or any
Beneficiary any right to, or claim against, any specific assets of the Company,
nor result in the creation of any trust or escrow account for Grantee. With
respect to any entitlement of Grantee or any Beneficiary to any distribution
hereunder, Grantee or such Beneficiary shall be a general creditor of the
Company.

     (f)  Non-Transferability. Performance Shares are non-transferable to the
extent specified in Section 5(f) of the Award Grant Guidelines.

SECTION 3.  MISCELLANEOUS PROVISIONS

     (a)  Tax Withholding. The Company will withhold, on a mandatory basis, from
the Shares deliverable upon settlement of Performance Shares, the number of
Shares necessary to satisfy mandatory withholding obligations, except (i) this
withholding will not be required if the Grantee has, at least 60 days before the
vesting date, made arrangements satisfactory to the Company to satisfy such
withholding obligations, and (ii) the Committee reserves the right to have the
Company not withhold Shares at any time, in which case the Grantee will be
obligated to provide for payment of withholding obligations in some other
manner.

     (b)  Ratification of Actions. By accepting this Agreement, the Grantee and
each person claiming under or through the Grantee shall be conclusively deemed
to have indicated the Grantee's acceptance and ratification of, and consent to,
any action taken under the Plan or this Agreement by the Company, the Board, or
the Committee.

     (c)  Notice. Any notice in writing to be served hereunder shall be given
personally to the Grantee or to the Chief Executive Officer of the Company (as
the case may be) or shall be couriered or posted by registered mail to the
Company (for the attention of its Chief Executive Officer) at its principal
executive office or to the Grantee at the address that he or she most recently
provided in writing to the Company. Any such notice sent by post shall be deemed
served three days after it is posted and in proving such service it shall be
sufficient to prove that the notice was properly addressed and put in the post
or couriered.

     (d)  No Employment Contract. Nothing contained in this Agreement shall
confer upon the Grantee any right with respect to continuance of employment with
the Company and its Subsidiaries, nor limit or affect in any manner the right of
the Company or a Subsidiary to terminate the employment or adjust the
compensation of the Grantee.

     (e)  Compliance with Law. The Company shall make reasonable efforts to
comply with all applicable securities laws; provided, however, notwithstanding
any other provision of this Agreement, no Shares shall be issued if such
issuance would result in a violation of any such law.

     (f)  Relation to Other Benefits. Any economic or other benefit to the
Grantee under this Agreement shall not be taken into account in determining any
benefits to which the Grantee may be entitled under any profit-sharing,
retirement or other benefit or compensation plan maintained by the Company and
shall not affect the amount of any life insurance coverage available to any
beneficiary under any life insurance plan covering employees of the Company or
any Subsidiary.

<PAGE>

     (g)  Successors and Assigns. The provisions of this Agreement shall inure
to the benefit of, and be binding upon, the successors, administrators, heirs,
legal representatives and assigns of the Grantee, and the successors and assigns
of the Company.

     (h)  Choice of Law. This Agreement shall be governed by, and construed in
accordance with, the laws of the State of New York, as such laws are applied to
contracts entered into and performed in such jurisdiction, without giving effect
to the principles of conflicts of laws thereof.

     (i)  Counterparts. This Agreement may be executed in two or more
counterparts, each of which shall be deemed an original, but all of which
together shall constitute one and the same instrument.

     (j)  Modification or Amendment. This Agreement may only be modified or
amended in written agreement executed by the Company and, if such modification
or amendment is materially adverse to Grantee, by the Grantee; provided,
however, that the adjustments permitted pursuant to Section 9 of the Plan may be
made without such written agreement.

     (k)  Severability. In the event any provision of this Agreement shall be
held illegal or invalid for any reason, the illegality or invalidity shall not
affect the remaining provisions of this Agreement, and this Agreement shall be
construed and enforced as if such illegal or invalid provision had not been
included.

<PAGE>

                                                                       Exhibit A

                            SCOTTISH RE GROUP LIMITED
                     2004 EQUITY INCENTIVE COMPENSATION PLAN

                  Performance Goal for Performance Shares Grant
                         2005 - 2007 Performance Period

     This Exhibit to the Notice of Performance Shares Grant and Performance
Shares Agreement (the "Agreement") sets forth the Performance Goal to be
achieved and the corresponding level at which the Performance Shares will be
deemed to be earned. Note: The number of Performance Shares earned for "target"
performance is 50% of the total number of Performance Shares granted, and for
"maximum" performance is 100% of the Performance Shares granted.

     The following table defines the levels of achievement of the three elements
of the Performance Goal, operating earnings per share growth ("Operating EPS
Growth"), operating return on equity ("Operating ROE"), and book value growth
("Book Value Growth"):

    Table 1 -- Levels of Achievement of Each Element of the Performance Goal

       ----------------------- ----------------- --------------- --------------

       SCT Performance Goals      Threshold          Target         Maximum
       -- 2005 - 2007
       ----------------------- ----------------- --------------- --------------

       1.  Operating EPS             +10%             +15%           +20%
           Growth
       ----------------------- ----------------- --------------- --------------

       2.  Operating ROE             10%             12.5%            15%

       ----------------------- ----------------- --------------- --------------

       3.  Book Value Growth         +8%              +11%           +14%

       ----------------------- ----------------- --------------- --------------

          1.   Operating EPS Growth represents the percentage increase in
               Operating Earnings Per Share (defined below) in each of the years
               in the 2005 - 2007 performance period as compared to Operating
               Earnings Per Share in the previous year, averaged for the three
               years in the performance period. In the initial year, 2005
               Operating Earnings Per Share is compared to 2004 Operating
               Earnings Per Share. "Operating Earnings Per Share" means (1)
               Operating Earnings divided by (2) the diluted number of ordinary
               shares outstanding calculated on a GAAP basis for the measurement
               period. "Operating Earnings" means net income calculated in
               accordance with US GAAP minus (plus) net realized capital gains
               (losses) and plus (minus) the net decrease (increase) in value of
               embedded derivatives, calculated in accordance with DIG B36.
               Realized capital gains and losses and the change in value of the
               embedded derivatives are net of the related effects upon the
               amortization of deferred acquisition costs and taxes related to
               these items.

          2.   Operating ROE means average annual operating Return on Equity for
               the three years in the performance period. "Return on Equity"
               means (1) Operating Earnings (as defined above) divided by (2)
               average shareholders equity for the trailing 12-month period,
               plus (minus) net unrealized depreciation (appreciation) on
               investments (calculated in accordance with FAS 115) and plus the
               fair value of the DIG B36 embedded derivatives if it is a loss
               and minus such fair value if it is a gain, both net of related
               effects upon the amortization of deferred acquisition costs and
               taxes related to these items.

<PAGE>

          3.   Book Value Growth represents the percentage increase in Book
               Value per Share in each of the years in the 2005 - 2007
               performance period as compared to Book Value per share in the
               previous year, averaged for the three years in the performance
               period. In the initial year, 2005 Book Value per Share is
               compared to 2004 Book Value per Share. Book Value Per Share means
               (1) shareholders' equity calculated on a GAAP basis plus (minus)
               net unrealized depreciation (appreciation) on investments
               (calculated in accordance with FAS 115) and plus the fair value
               of the DIG B36 embedded derivatives if it is a loss and minus
               such fair value if it is a gain, both net of related effects upon
               the amortization of deferred acquisition costs and taxes related
               to these items; divided by (2) the number of ordinary shares
               outstanding plus the number of ordinary shares that may be
               acquired by exercise of the Cypress warrants.

     The Committee may rely on the Company's financial statements and related
information for purposes of determining achievement of the Performance Goal,
including unaudited financial results.

     The following table specifies the "Earned Percentage," which represents the
percentage of the total number of Performance Shares that are deemed earned as a
result of achievement of each element of the Performance Goal.

      Table 2 -- Earned Percentage Upon Achievement of the Performance Goal

     ----------------------- ----------------- --------------- ----------------

     Performance Goal             Earned           Earned          Earned
     Element                   Percentage -     Percentage -    Percentage -
                              for Threshold      for Target      for Maximum
                               Performance      Performance      Performance
     ----------------------- ----------------- --------------- ----------------

     1.  Operating EPS             8.3%            16.7%            33.3%
         Growth

     ----------------------- ----------------- --------------- ----------------

     2.  Operating ROE             8.3%            16.7%            33.3%

     ----------------------- ----------------- --------------- ----------------

     3.  Book Value Growth         8.3%            16.7%            33.3%

     ----------------------- ----------------- --------------- ----------------

     Total Earned                 25.0%             50%             100%
     Percentage

     ----------------------- ----------------- --------------- ----------------

     For any performance below the Threshold level, the Earned Percentage will
be 0%. For each element of the Performance Goal, for performance between
Threshold and Target levels or between Target and Maximum levels (as specified
in Table 1 above), the Earned Percentage in the table above will be
interpolated.

     Performance Shares are deemed to be "earned" in accordance with this
Exhibit if the performance condition for the vesting of the Performance Shares
has been achieved. The Committee will determine whether Performance Shares have
been earned within a reasonable time after completion of the financial
statements following the end of the Performance Period. Vesting of the
Performance Shares will occur at the time the Committee makes this
determination, if the Grantee has met the service condition through the date of
the Committee's determination, except as otherwise specified in the Agreement.SCOTTISH RE GROUP LIMITED
                     2004 EQUITY INCENTIVE COMPENSATION PLAN

                     Notice of Restricted Stock Units Grant

     You (the "Grantee") have been granted the following Restricted Stock Units
by Scottish Re Group Limited, a Cayman Islands company (the "Company"), pursuant
to the Scottish Re Group Limited 2004 Equity Incentive Compensation Plan (the
"Plan"):

<TABLE>
<S>                                           <C>
----------------------------------------------- -------------------------------------------------
Name of Grantee:
----------------------------------------------- -------------------------------------------------
Number of Restricted Stock Units Granted:
----------------------------------------------- -------------------------------------------------
Per Share Value of Ordinary Share at Grant:     $____
----------------------------------------------- -------------------------------------------------
Date of Grant:                                  _________ __, 2005
----------------------------------------------- -------------------------------------------------
Vesting Date (i.e., date at which the risk of   The risk of forfeiture will lapse on all
forfeiture of the Units lapses)                 Restricted Stock Units on the third anniversary
                                                of the Date of Grant (the "Stated Vesting
                                                Date"), subject to earlier vesting upon a
                                                Change in Control or certain Terminations of
                                                Employment as provided in Section 5(d) of the
                                                Award Grant Guidelines
----------------------------------------------- -------------------------------------------------
Settlement Date                                 Settlement will occur at the Stated Vesting
                                                Date, except (i) if validly deferred as of the
                                                Stated Vesting Date or in connection with a
                                                Retirement, or (ii) as otherwise provided in
                                                Section 5(d) of the Award Grant Guidelines
----------------------------------------------- -------------------------------------------------
</TABLE>

     Each Restricted Stock Unit represents a conditional right to receive one
Ordinary Share, par value $0.01 per ordinary share (a "Share"), in settlement of
the Unit at a specified future date, if service-based vesting conditions and
other terms and conditions have been met. Restricted Stock Units include rights
to dividend equivalents. Restricted Stock Units do not have performance-based
vesting.

     By your signature and the signature of the Company's representative below,
you and the Company agree that the Restricted Stock Units evidenced hereby are
granted under and governed by the terms and conditions of the Plan, the Award
Grant Guidelines under the Plan and the Restricted Stock Units Agreement, all of
which are incorporated by reference and made a part of this document.

  Grantee:                                   Scottish Re Group Limited:

  ________________________________           By:_______________________________

  Date:___________________________           Title:_____________________________

                                             Date:_____________________________

<PAGE>

                            SCOTTISH RE GROUP LIMITED
                     2004 EQUITY INCENTIVE COMPENSATION PLAN

                        Restricted Stock Units Agreement

SECTION 1.  GRANT OF RESTRICTED STOCK UNITS

     (a)  Restricted Stock Units. On the terms and conditions set forth in the
Notice of Restricted Stock Units Grant (the "Notice") and this Restricted Stock
Unit Agreement (the "Agreement," which includes the Notice), the Company grants
to the Grantee on the Date of Grant the number of Restricted Stock Units set
forth in the Notice, subject to the restrictions set forth in the Plan, the
Award Grant Guidelines, and this Agreement.

     (b)  Plan and Defined Terms. The Restricted Stock Units are granted
pursuant to the Plan and the Award Grant Guidelines, copies of which the Grantee
acknowledges having received. All terms, provisions, and conditions applicable
to the Restricted Stock Units set forth in the Plan and the Award Grant
Guidelines and not set forth herein are hereby incorporated by reference herein.
To the extent any provision hereof is inconsistent with a provision of the Plan,
the provisions of the Plan will govern. To the extent any provision hereof is
inconsistent with a provision of the Award Grant Guidelines, the provisions of
this Agreement shall govern. All capitalized terms that are used in this
Agreement and not otherwise defined therein or herein shall have the meanings
ascribed to them in the Plan and the Award Grant Guidelines.

SECTION 2.  TERMS OF RESTRICTED STOCK UNITS

     (a)  Vesting, Forfeiture and Settlement of Restricted Stock Units. The
vesting, forfeiture and settlement of the Restricted Stock Units shall be
governed by the Notice and Section 5(d) and other applicable provisions of the
Award Grant Guidelines.

     (b)  Deferral of Settlement; Compliance with Code Section 409A. Settlement
of any Restricted Stock Unit, which otherwise would occur at the Stated Vesting
Date (including following Grantee's Retirement), will be deferred in certain
cases if and to the extent Grantee has made a valid deferral election relating
to the Restricted Stock Units. Terms of Restricted Stock Units that are deemed
to constitute deferrals under Code Section 409A (whether or not elective) shall
comply with the terms and requirements of Code Section 409A in order to ensure
that no tax penalties apply thereunder. Elective deferrals will be subject to
such other restrictions and terms as may be specified by the Company prior to
deferral. Other provisions of this Agreement notwithstanding, under U.S. federal
income tax laws and Treasury Regulations (including proposed regulations) as
presently in effect or hereafter implemented, (i) if the timing of any
distribution in settlement of Restricted Stock Units would result in Grantee's
constructive receipt of income relating to the Restricted Stock Units prior to
such distribution, the date of distribution will be the earliest date after the
specified date of distribution that distribution can be effected without
resulting in such constructive receipt; (ii) any rights of the Grantee or
retained authority of the Company with respect to Restricted Stock Units
hereunder shall be automatically modified and limited to the extent necessary so
that Grantee will not be deemed to be in constructive receipt of income relating
to the Restricted Stock Units prior to the distribution and so that Grantee
shall not be subject to any penalty under Code Section 409A; (iii) a deferral
election will be effective only if, after giving effect to clause (ii) above, it
complies with applicable requirements under Section 409A to defer income past
the Stated Vesting Date; and (iv) any settlement which is to occur at the Stated
Vesting Date is required to be completed within the "short term deferral" period
specified in IRS Notice 2005-1, Q/A 4(c).

     (c)  Dividend Equivalents and Adjustments. Dividend equivalents will be
credited in respect of Restricted Stock Units in accordance with Section 6 of
the Award Grant Guidelines and Section 9 of the Plan.

     (d)  Fractional Restricted Stock Units and Shares. The Company shall
determine from time to time whether or not Restricted Stock Units credited to
Grantee shall include fractional Restricted

                                       -2-

<PAGE>

Stock Units, or a reasonable alternative method for accounting for such
fractional Restricted Stock Units. Unless otherwise determined by the Company,
upon settlement of the Restricted Stock Units Grantee shall be paid, in cash, an
amount equal to the value of any fractional share that would have otherwise been
deliverable in settlement of such Restricted Stock Units.

     (e)  Restricted Stock Units Unfunded. Any provision for Restricted Stock
Units and Grantee's rights thereto hereunder shall be by means of bookkeeping
entries on the books of the Company and shall not create in Grantee or any
Beneficiary any right to, or claim against, any specific assets of the Company,
nor result in the creation of any trust or escrow account for Grantee. With
respect to any entitlement of Grantee or any Beneficiary to any distribution
hereunder, Grantee or such Beneficiary shall be a general creditor of the
Company.

     (f)  Non-Transferability. Restricted Stock Units are non-transferable to
the extent specified in Section 5(f) of the Award Grant Guidelines.

SECTION 3.  MISCELLANEOUS PROVISIONS

     (a)  Tax Withholding. The Company will withhold, on a mandatory basis, from
the Shares deliverable upon settlement of Restricted Stock Units, the number of
Shares necessary to satisfy mandatory withholding obligations, except (i) this
withholding will not be required if the Grantee has, at least 60 days before the
vesting date, made arrangements satisfactory to the Company to satisfy such
withholding obligations, and (ii) the Committee reserves the right to have the
Company not withhold Shares at any time, in which case the Grantee will be
obligated to provide for payment of withholding obligations in some other
manner.

     (b)  Ratification of Actions. By accepting this Agreement, the Grantee and
each person claiming under or through the Grantee shall be conclusively deemed
to have indicated the Grantee's acceptance and ratification of, and consent to,
any action taken under the Plan or this Agreement by the Company, the Board, or
the Committee.

     (c)  Notice. Any notice in writing to be served hereunder shall be given
personally to the Grantee or to the Chief Executive Officer of the Company (as
the case may be) or shall be couriered or posted by registered mail to the
Company (for the attention of its Chief Executive Officer) at its principal
executive office or to the Grantee at the address that he or she most recently
provided in writing to the Company. Any such notice sent by post shall be deemed
served three days after it is posted and in proving such service it shall be
sufficient to prove that the notice was properly addressed and put in the post
or couriered.

     (d)  No Employment Contract. Nothing contained in this Agreement shall
confer upon the Grantee any right with respect to continuance of employment with
the Company and its Subsidiaries, nor limit or affect in any manner the right of
the Company or a Subsidiary to terminate the employment or adjust the
compensation of the Grantee.

     (e)  Compliance with Law. The Company shall make reasonable efforts to
comply with all applicable securities laws; provided, however, notwithstanding
any other provision of this Agreement, no Shares shall be issued if such
issuance would result in a violation of any such law.

     (f)  Relation to Other Benefits. Any economic or other benefit to the
Grantee under this Agreement shall not be taken into account in determining any
benefits to which the Grantee may be entitled under any profit-sharing,
retirement or other benefit or compensation plan maintained by the Company and
shall not affect the amount of any life insurance coverage available to any
beneficiary under any life insurance plan covering employees of the Company or
any Subsidiary.

                                       -3-

<PAGE>

     (g)  Successors and Assigns. The provisions of this Agreement shall inure
to the benefit of, and be binding upon, the successors, administrators, heirs,
legal representatives and assigns of the Grantee, and the successors and assigns
of the Company.

     (h)  Choice of Law. This Agreement shall be governed by, and construed in
accordance with, the laws of the State of New York, as such laws are applied to
contracts entered into and performed in such jurisdiction, without giving effect
to the principles of conflicts of laws thereof.

     (i)  Counterparts. This Agreement may be executed in two or more
counterparts, each of which shall be deemed an original, but all of which
together shall constitute one and the same instrument.

     (j)  Modification or Amendment. This Agreement may only be modified or
amended in written agreement executed by the Company and, if such modification
or amendment is materially adverse to Grantee, by the Grantee; provided,
however, that the adjustments permitted pursuant to Section 9 of the Plan may be
made without such written agreement.

     (k)  Severability. In the event any provision of this Agreement shall be
held illegal or invalid for any reason, the illegality or invalidity shall not
affect the remaining provisions of this Agreement, and this Agreement shall be
construed and enforced as if such illegal or invalid provision had not been
included.

                                       -4-

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