Document:

Separation Agreement with Arnold Waldstein dated March 28, 2005

 Exhibit 10.2 
  
 March 28, 2005 
  
 VIA HAND DELIVERY 
  
 Arnold Waldstein 
 Keynote Systems, Inc. 
  

	 	Re:	Terms of Separation 

  
 Dear Arnold: 
  
 This letter
confirms the agreement between you and Keynote Systems, Inc. concerning the terms of your separation from Keynote and offers you the continued employment and separation compensation we discussed in exchange for a release of claims. 
  
 1. Termination Date: You will continue your employment with Keynote as
its Vice President of Marketing through June 15, 2005 the “Termination Date.” 
  
 2. Payment of Accrued Vacation: From May 1, 2005 through the Termination Date, instead of being paid your regular salary, you will be paid your accrued but unused vacation pay, until it is exhausted. During
this period, you will not continue to accrue additional vacation time, but you will be covered at your current level of coverage under the existing Keynote benefit plans and, with respect to any stock options granted to you, you will continue to
vest any unvested shares (subject to the grant documents pertaining to those options). 
  
 3. Consideration for Release: Keynote agrees to continue your employment through the Termination Date in consideration for your execution of this release. By signing below, you acknowledge that you are
receiving the continued employment in consideration for waiving your right to claims referred to in this agreement and that you would not otherwise be entitled to such continued employment. 
  
 4. Separation Pay in Exchange for Supplemental Release: In addition,
contingent on your execution of a supplemental release of claims to be presented to you on the Termination Date, Keynote agrees to pay you three months wages, less applicable state and federal payroll deductions. Keynote will make this payment on
the eighth day following your execution of the supplemental release of claims. The supplemental release of claims will be substantially similar to the exemplar release attached as Exhibit A to this agreement. 

 5. Waiver of Claims: The payments and promises set forth in this agreement are in full
satisfaction of all accrued salary, vacation pay, bonus pay, profit-sharing, stock options, termination benefits or other compensation to which you may be entitled by virtue of your employment with Keynote or your separation from Keynote. You hereby
release and waive any other claims you may have against Keynote and its owners, agents, officers, shareholders, employees, directors, attorneys, subscribers, subsidiaries, affiliates, successors and assigns (collectively “Releasees”),
whether known or not known, including, without limitation, claims under any employment laws, including, but not limited to, claims of unlawful discharge, breach of contract, breach of the covenant of good faith and fair dealing, fraud, violation of
public policy, defamation, physical injury, emotional distress, claims for additional compensation or benefits arising out of your employment or your separation of employment, claims under Title VII of the 1964 Civil Rights Act, as amended, the
California Fair Employment and Housing Act and any other laws and/or regulations relating to employment or employment discrimination, including, without limitation, claims based on age or under the Age Discrimination in Employment Act or Older
Workers Benefit Protection Act. By signing below, you expressly waive any benefits of Section 1542 of the Civil Code of the State of California, which provides as follows: 
  
 “A GENERAL RELEASE DOES NOT EXTEND TO CLAIMS WHICH THE CREDITOR DOES NOT KNOW OR SUSPECT TO EXIST IN HIS FAVOR AT THE
TIME OF EXECUTING THE RELEASE, WHICH IF KNOWN BY HIM MUST HAVE MATERIALLY AFFECTED HIS SETTLEMENT WITH THE DEBTOR.” 
  
 6. Nondisparagement: You agree that you will not disparage Releasees or their products, services, agents, representatives, directors, officers,
shareholders, attorneys, employees, vendors, affiliates, successors or assigns, or any person acting by, through, under or in concert with any of them, with any written or oral statement. 
  
 7. Legal and Equitable Remedies: You agree that Releasees have the right to enforce this agreement and any of its
provisions by injunction, specific performance or other equitable relief without prejudice to any other rights or remedies Releasees may have at law or in equity for breach of this agreement. 
  
 8. Attorneys’ Fees: If any action is brought to enforce the terms
of this agreement, the prevailing party will be entitled to recover its reasonable attorneys’ fees, costs and expenses from the other party, in addition to any other relief to which the prevailing party may be entitled. 
  
 9. Confidentiality: The contents, terms and conditions of this
agreement must be kept confidential by you and may not be disclosed except to your accountant or attorneys or pursuant to subpoena or court order. You agree that if you are asked for information concerning this settlement, you will state only that
you and Keynote reached an amicable resolution of any disputes concerning your separation from Keynote. Any breach of this confidentiality provision shall be deemed a material breach of this agreement. 
  

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 10. No Admission of Liability: This agreement is not and shall not be construed or contended by
you to be an admission or evidence of any wrongdoing or liability on the part of Releasees, their representatives, heirs, executors, attorneys, agents, partners, officers, shareholders, directors, employees, subsidiaries, affiliates, divisions,
successors or assigns. This agreement shall be afforded the maximum protection allowable under California Evidence Code Section 1152 and/or any other state or Federal provisions of similar effect. 
  
 11. Entire Agreement: This agreement constitutes the entire agreement
between you and Releasees with respect to the subject matter hereof and supersedes all prior negotiations and agreements, whether written or oral, relating to such subject matter. You acknowledge that neither Releasees nor their agents or attorneys
have made any promise, representation or warranty whatsoever, either express or implied, written or oral, which is not contained in this agreement for the purpose of inducing you to execute the agreement, and you acknowledge that you have executed
this agreement in reliance only upon such promises, representations and warranties as are contained herein. 
  
 12. Modification: It is expressly agreed that this agreement may not be altered, amended, modified, or otherwise changed in any respect except by
another written agreement that specifically refers to this agreement, executed by authorized representatives of each of the parties to this agreement. 
  
 13. Consideration and Revocation Period: You acknowledge you have been given twenty-one (21) days to consider this agreement and that you may
revoke this agreement within seven (7) days of signing it. If you revoke this agreement, it shall not be effective or enforceable and you will not receive the benefits described in this agreement. If you do not revoke this agreement by the close of
business on the seventh calendar day after you sign this agreement, its legally effective date shall be the eighth (8th) calendar day after the date of your signature. 
  
 If you agree to abide by the terms outlined in this letter, please sign the attached copy and return it to me. 
  

			
	Sincerely,
	
	Keynote Systems, Inc.
		
	By:	 	 /s/ Keynote Systems, Inc.

  

					
	READ, UNDERSTOOD AND AGREED	 	 	 	 
			
	 /s/ Arnold Waldstein

	 	 	 	Date:     3/28/2005    
	Arnold Waldstein	 	 	 	 

  

 3EXHIBIT 10.1

 INTELSAT HOLDINGS, LTD. 
  
 2005 SHARE INCENTIVE PLAN 
  
 Effective January 28, 2005 

  
 TABLE OF CONTENTS

  

							
	 	  	 	  	 	  	Page

	1.	  	 Establishment, Purpose and Types of Awards
	  	1
			
	2.	  	 Definitions
	  	1
				
	 	  	(a)	  	 Affiliate
	  	1
	 	  	(b)	  	 Applicable Exchange
	  	1
	 	  	(c)	  	 Awards
	  	1
	 	  	(d)	  	 Board
	  	1
	 	  	(e)	  	 Cause
	  	1
	 	  	(f)	  	 Change in Control
	  	1
	 	  	(g)	  	 Closing
	  	2
	 	  	(h)	  	 Code
	  	2
	 	  	(i)	  	 Committee
	  	2
	 	  	(j)	  	 Cumulative Total Return
	  	2
	 	  	(k)	  	 Disability
	  	2
	 	  	(l)	  	 Disaffiliation
	  	2
	 	  	(m)	  	 Exchange Act
	  	2
	 	  	(n)	  	 Fair Market Value
	  	2
	 	  	(o)	  	 Grant Agreement
	  	3
	 	  	(p)	  	 Grant Date
	  	3
	 	  	(q)	  	 Incentive Share Options
	  	3
	 	  	(r)	  	 Individual Agreement
	  	3
	 	  	(s)	  	 Investor Group
	  	3
	 	  	(t)	  	 Investors
	  	3
	 	  	(u)	  	 IPO
	  	3
	 	  	(v)	  	 Nonqualified Share Options
	  	3
	 	  	(w)	  	 Participant
	  	4
	 	  	(x)	  	 Performance Award
	  	4
	 	  	(y)	  	 Performance Measure
	  	4
	 	  	(z)	  	 Performance Period
	  	4
	 	  	(aa)	  	 Preferred Shares
	  	4
	 	  	(bb)	  	 Phantom Shares
	  	4
	 	  	(cc)	  	 Restricted Shares and Restricted Share Units
	  	4
	 	  	(dd)	  	 Rule 16b-3
	  	4
	 	  	(ee)	  	 Securities Act
	  	4
	 	  	(ff)	  	 Share Option
	  	4
	 	  	(gg)	  	 Shares
	  	4
	 	  	(hh)	  	 Shareholders Agreement
	  	4
	 	  	(ii)	  	 Share Appreciation Rights
	  	4
	 	  	(jj)	  	 Subsidiary and Subsidiaries
	  	5
	 	  	(kk)	  	 Termination of Employment
	  	5

  

							
	 	  	(ll)	  	 Total and Permanent Disability
	  	5
	 	  	(mm)	  	 Transaction Agreement
	  	5
			
	3.	  	 Administration
	  	5
				
	 	  	(a)	  	 Procedure
	  	5
	 	  	(b)	  	 Secondary Committees and Sub-Plans
	  	5
	 	  	(c)	  	 Powers of the Committee
	  	6
	 	  	(d)	  	 Limited Liability
	  	7
	 	  	(e)	  	 Indemnification
	  	7
	 	  	(f)	  	 Effect of Committee’s Decision
	  	7
	 	  	(g)	  	 Grant Agreements
	  	7
			
	4.	  	 Shares Available Under the Plan
	  	7
			
	5.	  	 Participation
	  	8
			
	6.	  	 Share Options
	  	8
				
	 	  	(a)	  	 Grant of Option
	  	8
	 	  	(b)	  	 Exercise Price
	  	8
	 	  	(c)	  	 Payment
	  	8
	 	  	(d)	  	 Terms of Options
	  	9
	 	  	(e)	  	 Restrictions on Incentive Share Options
	  	9
	 	  	(f)	  	 Other Terms and Conditions
	  	10
			
	7.	  	 Restricted Shares and Restricted Share Units
	  	10
				
	 	  	(a)	  	 In General
	  	10
	 	  	(b)	  	 Vesting Conditions and Other Restrictions
	  	10
	 	  	(c)	  	 Share Issuance and Shareholder Rights
	  	10
			
	8.	  	 Share Appreciation Rights and Phantom Shares
	  	11
				
	 	  	(a)	  	 Award of Share Appreciation Rights
	  	11
	 	  	(b)	  	 Restrictions of Tandem Share Appreciation Rights
	  	12
	 	  	(c)	  	 Amount of Payment upon Exercise of Share Appreciation Rights
	  	12
	 	  	(d)	  	 Form of Payment upon Exercise of Share Appreciation Rights
	  	12
	 	  	(e)	  	 Phantom Shares
	  	12
			
	9.	  	 Performance Awards
	  	13
			
	10.	  	 Withholding and Reporting of Taxes
	  	13
			
	11.	  	 Transferability
	  	13
			
	12.	  	 Adjustments; Corporate Transactions
	  	14

  

							
	13.	  	 Termination and Amendment
	  	14
				
	 	  	(a)	  	 Amendment or Termination by the Board
	  	14
	 	  	(b)	  	 Amendments by the Committee
	  	14
	 	  	(c)	  	 Approval of Grantees
	  	15
			
	14.	  	 Non-Guarantee of Employment
	  	15
			
	15.	  	 Written Agreement
	  	15
			
	16.	  	 Non-Uniform Determinations
	  	15
			
	17.	  	 Listing and Registration
	  	15
			
	18.	  	 Compliance with Securities Law
	  	15
			
	19.	  	 No Trust or Fund Created
	  	16
			
	20.	  	 No Limit on Other Compensation Arrangements
	  	16
			
	21.	  	 No Restriction of Corporate Action
	  	16
			
	22.	  	 Governing Law
	  	17
			
	23.	  	 Plan Subject to Charter and Bye-Laws
	  	17
			
	24.	  	 Effective Date; Termination Date
	  	17

  

  
 INTELSAT, LTD.

 2005 SHARE INCENTIVE PLAN 
  

	1.	Establishment, Purpose and Types of Awards 

  
 Intelsat Holdings, Ltd. (the “Company”) hereby establishes the Intelsat Holdings, Ltd. 2005 Share Incentive Plan (the “Plan”). The
purpose of the Plan is to promote the long-term growth and profitability of Intelsat Holdings, Ltd. by (i) providing incentives to improve shareholder value and to contribute to the growth and financial success of the Company, and (ii) enabling the
Company and its Subsidiaries to attract, retain and reward the best available persons for positions of substantial responsibility. 
  
 The Plan permits the granting of Awards in the form of Incentive Share Options, Nonqualified Share Options, Restricted Shares, Restricted Share Units,
Share Appreciation Rights, Phantom Shares and Performance Awards in each case as such term is defined below, and any combination of the foregoing. 
  

	2.	Definitions 

  
 Under this Plan, except where the context otherwise indicates, the following definitions apply: 
  
 (a) “Affiliate” and “Associate” shall have
the meanings contemplated by Rule 12b-2 of the Exchange Act (or any successor rule). 
  
 (b) “Applicable Exchange” means the New York Stock Exchange, Nasdaq or such other securities exchange as may at the applicable time be the principal market for the Shares. 
  
 (c) “Awards” shall mean Incentive Share Options,
Nonqualified Share Options, Restricted Shares, Restricted Share Units, Share Appreciation Rights, Phantom Shares and Performance Awards and any combination of the foregoing. 
  
 (d) “Board” shall mean the Board of Directors of the Company. 
  
 (e) “Cause” means, unless otherwise provided in a Grant
Agreement, (i) “Cause” as defined in any Individual Agreement to which the applicable Participant is a party, or (ii) if there is no such Individual Agreement or if it does not define Cause: (A) conviction of the Participant for committing
a felony under federal law or the law of the state in which such action occurred, (B) dishonesty in the course of fulfilling the Participant’s employment duties, (C) willful and deliberate failure on the part of the Participant to perform such
Participant’s employment duties in any material respect, or (D) before a Change in Control, such other events as shall be determined by the Committee. 
  
 (f) “Change in Control” shall mean (i) the acquisition by any individual, entity or group (within the meaning of Section 13(d)(3) or
14(d)(2) of the Exchange Act), other than any such person or group (or any person or group that is an Affiliate or Associate of such person or group) that immediately prior to such acquisition was an Affiliate of the Company, any of the 

  

 1 

 
Investors or the Investor Group, of beneficial ownership (within the meaning of Rule 13d-3 promulgated under the Exchange Act) of more than 50%, indirectly
or directly, of the voting securities of the Company (other than any acquisition by any employee benefit plan (or related trust) sponsored or maintained by the Company or any of its Subsidiaries) or (ii) consummation of an amalgamation, a merger or
consolidation of the Company or any direct or indirect subsidiary thereof with any other entity or a sale or other disposition of all or substantially all of the assets of the Company following which the voting securities of the Company that are
outstanding immediately prior to such transaction cease to represent (either by remaining outstanding or by being converted into voting securities of the surviving entity (or the entity that owns substantially all of the Company’s assets either
directly or through one or more subsidiaries) or any parent or other affiliate thereof) at least 50% of the combined voting power of the securities of the Company or, if the Company is not the surviving entity, such surviving entity (or the entity
that owns substantially all of the Company’s assets either directly or through one or more subsidiaries) or any parent or other affiliate thereof, outstanding immediately after such transaction. 
  
 (g) “Closing” shall have the meaning set forth in the
Transaction Agreement. 
  
 (h) “Code” shall mean
the Internal Revenue Code of 1986, as amended, and any regulations issued thereunder. 
  
 (i) “Committee” shall mean the Board or a committee of the Board appointed pursuant to Section 3 of the Plan to administer the Plan. 
  
 (j) “Cumulative Total Return” means the sum (net of all transaction and valuation costs) of (i) all
dividends and other distributions paid to the Investors with respect to Shares and Preferred Shares, (ii) the gross proceeds of any sale of Shares and Preferred Shares by any of the Investors, (iii) all management fees paid to the Investors with
respect to Shares and Preferred Shares, and (iv) solely for purposes of determining Cumulative Total Return as of the eighth anniversary of the Closing, the fair market value of the Shares and Preferred Shares held by the Investors on the eighth
anniversary of the Closing, which will be determined by the Committee in its sole reasonable discretion. 
  
 (k) “Disability” means (i) “Disability” as defined in any Individual Agreement to which the Participant is a party, (ii) if
there is no such Individual Agreement or it does not define “Disability,” (A) permanent and total disability as determined under the Company’s long-term disability plan applicable to the Participant, or (B) if there is no such plan
applicable to the Participant, “Disability” as determined by the Committee. 
  
 (l) “Disaffiliation” means a Subsidiary of the Company ceasing to be a Subsidiary for any reason (including, without limitation, as a result of a public offering, or a spinoff or sale by the Company,
of the stock of the Subsidiary) or a sale of a division of the Company. 
  
 (m) “Exchange Act” shall mean the U.S. Securities Exchange Act of 1934, as amended from time to time. 
  
 (n) “Fair Market Value” of the Shares for any purpose on a particular date shall mean: 
  
 (i) if there is an IPO on such date, the price at which the
Shares are offered in the IPO; 
  

 2 

 (ii) if the Shares are traded on an Applicable Exchange on any such date following the
date of an IPO, the closing quoted selling price for Shares as of 4:00 p.m. on the relevant date, or (if there were no sales on such date) the closing quoted selling price as of 4:00 p.m. on the nearest trading day before the relevant date, as
reported in The Wall Street Journal or a similar publication selected by the Committee; or 
  
 (iii) if there has not been an IPO or if the Shares are not traded on an Applicable Exchange on such date, the fair market value as
determined in good faith by the Committee. At the election of the Committee, prior to an IPO, the Committee may presume that the Fair Market Value of the Shares as of a specific date is equal to the Fair Market Value of the Shares as of the date of
the most recent valuation thereof, as adjusted for dividends, distributions and other extraordinary events not otherwise reflected in such Fair Market Value. 
  
 (o) “Grant Agreement” shall mean a written or electronic agreement (which may include an Individual Agreement) between the Company and a
grantee memorializing the terms and conditions of an Award granted pursuant to the Plan. 
  
 (p) “Grant Date” shall mean the date on which the Committee acts to grant an Award to a grantee or such other date as the Committee shall so designate at the time of taking such action. 
  
 (q) “Incentive Share Options” shall mean Share Options that
meet the requirements of Code Section 422. 
  
 (r)
“Individual Agreement” means an employment, consulting or similar agreement between a Participant and the Company and/or one of its Subsidiaries, entered into on or after January 28, 2005. 
  
 (s) “Investor Group” shall have the meaning set forth in the
Shareholders Agreement. 
  
 (t) “Investors” shall
mean each member of the Investor Group. 
  
 (u)
“IPO” shall mean the first underwritten public offering of the Shares pursuant to an effective registration statement under the Securities Act (other than a registration relating solely to a transaction under Rule 145 of the
Securities Act (or any successor thereto) or to an employee benefit plan of the Company), after which such Shares representing at least 15% of the outstanding common equity securities of the Company are publicly held and listed for trading on an
Applicable Exchange. 
  
 (v) “Nonqualified Share
Options” shall mean Share Options that do not meet the requirements of Code Section 422. 
  

 3 

 (w) “Participant” shall mean a prospective or actual director, officer or full-time or
part-time employee of the Company or any Subsidiary of the Company, who is granted an Award under the Plan. 
  
 (x) “Performance Award” shall mean an Award under Section 9 hereof. 
  
 (y) “Performance Measure” shall mean the following performance measures selected by the Committee to
measure performance of the Company or any Subsidiary or other business division of same for a Performance Period, whether in absolute or relative terms: basic or diluted earnings per share; earnings per share growth; revenue; operating income; net
income (either before or after taxes); earnings and/or net income before interest and taxes; earnings and/or net income before interest, taxes, depreciation and amortization; Consolidated EBITDA (as such term or similar term is used in the debt
instruments of the Company or its Subsidiaries); return on capital; return on equity; return on assets; net cash provided by operations; free cash flow; backlog; share price; economic profit; economic value; total shareholder return; gross margins,
costs and/or Cumulative Total Return, and such other performance measures as may be selected by the Committee. 
  
 (z) “Performance Period” means a period over which the achievement of targets for Performance Measures is determined. 
  
 (aa) “Preferred Shares” shall have the meaning set forth in
the Shareholder’s Agreement. 
  
 (bb) “Phantom
Shares” shall mean Awards under Section 8(e). 
  
 (cc)
“Restricted Shares” and “Restricted Share Units” shall mean Awards under Section 7. 
  
 (dd) “Rule 16b-3” shall mean Rule 16b-3 as in effect under the Exchange Act on the effective date of the Plan, or any successor provision
prescribing conditions necessary to exempt the issuance of securities under the Plan (and further transactions in such securities) from Section 16(b) of the Exchange Act, or any successor provision. 
  
 (ee) “Securities Act” shall mean the U.S. Securities Act of
1933, as amended. 
  
 (ff) “Share Option” shall
mean a Nonqualified Share Option or an Incentive Share Option. 
  
 (gg) “Shares” shall mean ordinary shares of the Company, par value $.001 U.S. per share. 
  
 (hh) “Shareholders Agreement” shall mean the Shareholders Agreement by and among the Company and the shareholders named therein dated as
of January 27, 2005, as amended from time to time. 
  
 (ii)
“Share Appreciation Rights” shall mean Awards under Section 8(a) to (d). 
  

 4 

 (jj) “Subsidiary” and “Subsidiaries” shall mean any corporation,
partnership, joint venture or other entity during any period in which at least a 50% voting, equity or profits interest is owned, directly or indirectly, by the Company or any successor to the Company. 
  
 (kk) “Termination of Employment” means the termination of
the applicable Participant’s employment with, or performance of services for, the Company and any of its Subsidiaries. Unless otherwise determined by the Committee, if a Participant’s employment with the Company and its Subsidiaries
terminates but such Participant continues to provide services to the Company and its Subsidiaries in a non-employee capacity, such change in status shall not be deemed a Termination of Employment. Unless otherwise determined by the Committee, a
Participant employed by, or performing services for, a Subsidiary or a division of the Company and its Subsidiaries shall be deemed to incur a Termination of Employment if, as a result of a Disaffiliation, such Subsidiary, or division ceases to be a
Subsidiary or division, as the case may be, and the Participant does not immediately thereafter become an employee of, or service provider for, the Company or another Subsidiary. Temporary absences from employment because of illness, vacation or
leave of absence and transfers among the Company and its Subsidiaries shall not be considered Terminations of Employment. 
  
 (ll) “Total and Permanent Disability” shall mean disabled for purposes of any long-term disability plan under which the Participant is
eligible, and, if none, for purposes of Code Section 22(e)(3). 
  
 (mm) “Transaction Agreement” shall mean the agreement pursuant to which the transactions contemplated by the Transaction Agreement and Plan of Amalgamation among Intelsat, Ltd., Intelsat (Bermuda), Ltd., the Company, Zeus
Merger One Limited and Zeus Merger Two Limited dated as of August 16, 2004 were effected. 
  

	3.	Administration 

  
 (a) Procedure. The Plan shall be administered by the Board. In the alternative, the Board may delegate authority to the Compensation Committee of
the Board to administer the Plan on behalf of the Board or such other Committee as the Compensation Committee may designate, subject to such terms and conditions as the Board may prescribe. Following such time as any Shares are registered under
Section 12(b) or 12(g) of the Exchange Act, and subject to any applicable transition rules, such Committee shall consist of not less than two (2) members of the Board (or such greater number as may be required by applicable law or the rules of an
Applicable Exchange), each of whom shall be a “non employee director” within the meaning of Rule 16b-3 or any successor rule or similar import, and an “outside director” within the meaning of Code Section 162(m) and the
regulations promulgated thereunder and, to the extent required by an Applicable Exchange, an “outside director” within the meaning of such Applicable Exchange. The Board may delegate to such Committee any or all of its duties and powers
under the Plan. The Committee shall continue to administer the Plan on behalf of the Board until otherwise directed by the Board. 
  
 (b) Secondary Committees and Sub-Plans. The Board may, in its sole discretion, bifurcate the duties and powers of the Committee by establishing one
or more secondary Committees to which certain duties and powers of the Board hereunder are delegated (each of 

  

 5 

 
which shall be regarded as a “Committee” under the Plan with respect to such duties and powers), or delegate all of its duties and powers hereunder
to a single Committee. Additionally, if permitted by applicable law, the Board or Committee may delegate any or all of its duties and powers hereunder to the Chief Executive Officer and/or to other senior officers of the Company subject to such
conditions and limitations as the Board or Committee shall prescribe. However, only the Committee described under Section 3(a) may designate and grant Awards to Participants who are subject to Section 16 of the Exchange Act. The Committee shall also
have the power to establish sub-plans (which may be included as appendices to the Plan or the respective Grant Agreements), which may constitute separate schemes, for the purpose of establishing schemes which meet any special tax or regulatory
requirements of countries other than the United States. Any such interpretations, rules, administration and sub-plans shall be consistent with the basic purposes of the Plan. 
  
 (c) Powers of the Committee. The Committee shall have all the powers vested in it by the terms of the Plan, such
powers to include authority, in its sole and absolute discretion, to grant Awards under the Plan, prescribe Grant Agreements evidencing such Awards and establish programs for granting Awards. The Committee shall have full power and authority to take
all other actions necessary to carry out the purpose and intent of the Plan, including, but not limited to, the authority to: 
  
 (i) determine the Participants to whom, and the time or times at which Awards shall be granted; 
  
 (ii) determine the types of Awards to be granted;

  
 (iii) determine the number of Shares and/or
amount of cash to be covered by or used for reference purposes for each Award; 
  
 (iv) to determine the terms and conditions of each Award granted hereunder, based on such factors as the Committee shall determine,
including without limitation establishing in its discretion performance criteria that must be satisfied before an Award vests and/or becomes payable, the term during which an Award is exercisable, and the period, if any, following a grantee’s
Termination of Employment with the Company or any of its Subsidiaries during which the Award shall remain exercisable; 
  
 (v) subject to Section 13, to modify, amend or adjust the terms and conditions of any Award, at any time or from time to time; 

 
 (vi) to adopt, alter and repeal such administrative
rules, guidelines and practices governing the Plan as it shall from time to time deem advisable; 
  
 (vii) to interpret the terms and provisions of the Plan and any Award issued under the Plan (and any agreement relating thereto);

  
 (viii) to establish any “blackout”
period that the Committee in its sole discretion deems necessary or advisable; 
  
 (ix) to otherwise administer the Plan; 
  

 6 

 (x) accelerate the time in which an Award may be exercised or in which an Award becomes
payable and waive or accelerate the lapse, in whole or in part, of any restriction or condition with respect to an Award; 
  
 (xi) establish objectives and conditions, including targets for Performance Measures, if any, for earning Awards and determining whether
Awards will be paid after the end of a Performance Period; and 
  
 (xii) subject to the provisions of Section 409A of the Code, permit the deferral of, or require a Participant to defer such Participant’s receipt of, the delivery of Shares and/or cash under an Award that would
otherwise be due to such Participant and establish rules and procedures for such payment deferrals. 
  
 The Committee shall have full power and authority to administer and interpret the Plan and to adopt such rules, regulations, agreements, guidelines and instruments for the administration of the Plan as the Committee
deems necessary, desirable or appropriate in accordance with the Bye-Laws of the Company. 
  
 (d) Limited Liability. To the maximum extent permitted by law, no member of the Board or Committee or its delegate shall be liable for any action taken or decision made in good faith relating to the Plan or any
Award thereunder. 
  
 (e) Indemnification. The members of
the Board and Committee and any delegate shall be indemnified by the Company in respect of all their activities under the Plan in accordance with the procedures and terms and conditions set forth in the Bye-Laws of the Company. The foregoing right
of indemnification shall not be exclusive of any other rights of indemnification to which such persons may be entitled under the Company’s Memorandum of Association, as a matter of law, or otherwise. 
  
 (f) Effect of Committee’s Decision. All actions taken and
decisions and determinations made by the Committee or a delegate on all matters relating to the Plan pursuant to the powers vested in it hereunder shall be in the Committee’s or its delegate’s sole and absolute discretion and shall be
conclusive and binding on all parties concerned, including the Company, its shareholders, any Participants in the Plan and any other employee of the Company, and their respective successors in interest. 
  
 (g) Grant Agreements. The terms and conditions of each Award, as
determined by the Committee, shall be set forth in a written Grant Agreement, which shall be delivered to the Participant receiving such Award upon, or as promptly as is reasonably practicable following, the grant of such Award. The effectiveness of
an Award shall be subject to the Grant Agreement’s being signed by the Company and/or the Participant receiving the Award unless specifically so provided by the Committee. Grant Agreements may be amended only in accordance with Section 13
hereof. 
  

	4.	Shares Available Under the Plan 

  
 Subject to adjustments as provided in Section 12 of the Plan, the Shares that may be delivered or purchased or used for reference purposes (with respect
to Share Appreciation 

  

 7 

 
Rights, or Phantom Shares) with respect to Awards granted under the Plan, including with respect to Incentive Share Options, shall not exceed an aggregate of
1,124,296 Shares. Shares available under the Plan may be, in any combination, authorized but unissued Shares and Shares that are repurchased, in the market, and canceled by the Company. If any Award, or portion of an Award, issued under the Plan,
expires or terminates unexercised, becomes unexercisable or is forfeited or otherwise terminated, surrendered or canceled as to any Shares without the delivery by the Company (or, in the case of Restricted Shares, without vesting) of Shares or if
any Award is settled in cash and not in Shares, the Shares subject to such Award shall thereafter be available for further Awards under the Plan. If the exercise price of any Share Option and/or the tax withholding obligations relating to any Award
are satisfied by delivering Shares to the Company (by either actual delivery or by attestation), only the number of Shares issued net of the Shares delivered or attested to shall be deemed delivered for purposes of the limits set forth in Section 4.
To the extent any Shares subject to an Award are withheld to satisfy the exercise price (in the case of a Share Option) and/or the tax withholding obligations relating to such Award, such Shares shall not be deemed to have been delivered for
purposes of the limits set forth in Section 4. 
  

	5.	Participation 

  
 Participation in the Plan shall be open to all prospective and actual officers and other regular full-time and part-time employees and all prospective and
actual directors of the Company, or of any Subsidiary of the Company, as may be selected by the Committee from time to time. Notwithstanding the foregoing, participation in the Plan with respect to Awards of Incentive Share Options shall be limited
to employees of the Company or of any Subsidiary of the Company. 
  
 Awards may be granted to such Participants and for or with respect to such number of Shares as the Committee shall determine, subject to the limitations in Section 4. A grant of any type of Award made in any one year to a Participant shall
neither guarantee nor preclude a further grant of that or any other type of Award to such person in that year or subsequent years. 
  

	6.	Share Options 

  
 Subject to the other applicable provisions of the Plan, the Committee may from time to time grant to Participants Awards of Nonqualified Share Options
and/or Incentive Share Options. The Share Option granted shall be subject to the following terms and conditions. 
  
 (a) Grant of Option. The grant of a Share Option shall be evidenced by a Grant Agreement, executed by the Company and the grantee, stating the
number of Shares subject to the Share Option evidenced thereby, the exercise price and the terms and conditions of such Share Option, in such form as the Committee may from time to time determine. 
  
 (b) Exercise Price. The price per Share payable upon the exercise of
each Share Option shall not be less than one hundred percent (100%) of the Fair Market Value of the Shares on the Grant Date. 
  
 (c) Payment. Share Options may be exercised in whole or in part by payment of the exercise price of the Shares to be acquired in accordance with
the provisions of the Grant 

  

 8 

 
Agreement, and/or such rules and regulations as the Committee may have prescribed, and/or such determinations, orders, or decisions as the Committee may have
made. Payment may be made in cash (or cash equivalents acceptable to the Committee) or to the extent permitted by the Committee and permitted by applicable law, in Shares, or by such other means as the Committee may prescribe. The Fair Market Value
of Shares delivered on exercise of Share Options shall be determined as of the date of exercise. 
  
 If the Shares are registered under Section 12(b) or 12(g) of the Exchange Act, the Committee, subject to applicable law and such limitations as it may
determine, may authorize payment of the exercise price, in whole or in part, by delivery of a properly executed exercise notice, together with irrevocable instructions, to: (i) a brokerage firm to deliver promptly to the Company the aggregate amount
of sale or loan proceeds to pay the exercise price and any withholding tax obligations that may arise in connection with the exercise, and (ii) the Company to deliver the certificates for such purchased Shares directly to such brokerage firm.

  
 (d) Terms of Options. The term during which each Share
Option may be exercised shall be determined by the Committee; provided, however, that in no event shall a Share Option be exercisable more than ten years from the date it is granted unless otherwise determined by the Committee. Prior
to the exercise of the Share Option and delivery of the share certificates represented thereby, the grantee shall have none of the rights of a shareholder with respect to any Shares represented by an outstanding Share Option. 
  
 (e) Restrictions on Incentive Share Options. Incentive Share Option
Awards granted under the Plan shall comply in all respects with Code Section 422 and, as such, shall meet the following additional requirements: 
  
 (i) Grant Date. An Incentive Share Option must be granted within ten (10) years of the earlier of the Plan’s adoption by the
Board of Directors or approval by the Company’s shareholders. 
  
 (ii) Exercise Price and Term. The exercise price of an Incentive Share Option shall not be less than one hundred percent (100%) of the Fair Market Value of the Shares on the date the Share Option is granted and
the term of the Share Option shall not exceed ten years. Also, the exercise price of any Incentive Share Option granted to a grantee who owns (within the meaning of Code Section 422(b)(6), after the application of the attribution rules in Code
Section 424(d)) more than ten percent (10%) of the total combined voting power of all classes of shares of the Company or any Subsidiary of the Company shall be not less than one hundred ten percent (110%) of the Fair Market Value of the Shares on
the grant date and the term of such Share Option shall not exceed five years. 
  
 (iii) Maximum Grant. The aggregate Fair Market Value (determined as of the Grant Date) of Shares of the Company with respect to which all Incentive Share Options first become exercisable by any grantee in any
calendar year under this or any other plan of the Company and its Subsidiaries may not exceed One Hundred Thousand Dollars (U.S. $100,000) or such other amount as may be permitted from time to time under Code Section 422. To the extent that such
aggregate Fair Market Value shall exceed One 

  

 9 

 
Hundred Thousand Dollars (U.S. $100,000), or other applicable amount, such Share Options to the extent of the Shares in excess of such limit shall be treated
as Nonqualified Share Options. In such case, the Company may designate the Shares that are to be treated as Shares acquired pursuant to the exercise of an Incentive Share Option. 
  
 (iv) Grantee. Incentive Share Options shall only be issued to employees of the Company or of a
Subsidiary of the Company. 
  
 (v)
Designation. No Share Option shall be an Incentive Share Option unless so designated by the Committee at the time of grant or in the Grant Agreement evidencing such Share Option. 
  
 (vi) Shareholder Approval. No Share Option issued under the Plan shall be an Incentive Share Option
unless the Plan is approved by the shareholders of the Company within twelve (12) months of its adoption by the Board in accordance with the Bye-Laws of the Company and governing law relating to such matters. 
  
 (f) Other Terms and Conditions. Share Options may contain such other
provisions, not inconsistent with the provisions of the Plan, as the Committee shall determine appropriate from time to time. 
  

	7.	Restricted Shares and Restricted Share Units 

  
 (a) In General. Subject to the other applicable provisions of the Plan and applicable law, the Committee may at any time and from time to time
grant Restricted Shares or Restricted Share Units to Participants, in such amounts and subject to such vesting conditions, other restrictions and conditions for removal of restrictions as it determines. Unless determined otherwise by the Committee,
Participants receiving Restricted Shares or Restricted Share Units are not required to pay the Company cash consideration therefore (except as may be required for applicable tax withholding). 
  
 (b) Vesting Conditions and Other Restrictions. Each Award for
Restricted Shares and Restricted Share Units shall be evidenced by a Grant Agreement or other documentation that specifies the applicable vesting conditions and other restrictions, if any, on such Award, the duration of such restrictions, and the
time or times at which such restrictions shall lapse with respect to all or a specified number of the Shares that are part of the Award. Notwithstanding the foregoing, the Committee may reduce or shorten the duration of any vesting or other
restriction applicable to any Restricted Shares or Restricted Share Units awarded to any grantee under the Plan. 
  
 (c) Share Issuance and Shareholder Rights. 
  
 (i) Restricted Shares. Share certificates with respect to Shares granted pursuant to a Restricted Share Award may be issued, and/or
Shares may be registered, at the time of grant of the Restricted Share Award, subject to forfeiture if the Restricted Shares do not vest or other restrictions do not lapse. Any Share certificates shall bear an appropriate legend with respect to the
restrictions applicable to such Restricted Share Award and the grantee may be required to deposit the certificates with the Company 

  

 10 

 
during the period of any restriction thereon and to execute a blank share power or other instrument of transfer therefore. No portion of Restricted Shares
may be sold, transferred, assigned, pledged or otherwise encumbered or disposed of by the Participant until such portion of Restricted Shares becomes vested, and any purported sale, transfer, assignment, pledge, encumbrance or disposition shall be
void and unenforceable against the Company. If Share certificates have been issued with a legend as provided above, then as soon as administratively practicable after the lapsing of the restrictions with respect to any Restricted Shares, the Company
shall deliver to the Participant or his or her personal representative, in book-entry or certificate form, the formerly Restricted Shares that do not bear any restrictive legend making reference to a Grant Agreement. Such Shares shall be free of
restrictions, except for any restrictions required under Federal securities laws, other applicable law and any applicable Shareholders Agreement. Except as otherwise provided by the Committee or in an applicable Grant Agreement, during the period of
restriction following issuance of Restricted Share certificates, the grantee shall have all of the rights of a holder of Shares, including but not limited to the right to receive dividends (or amounts equivalent to dividends) and to vote with
respect to the Restricted Shares. The Committee, in its discretion, may provide that any dividends or distributions paid with respect to Shares subject to the unvested portion of a Restricted Share Award will be subject to the same restrictions as
the Restricted Shares to which such dividends or distributions relate, and that cash dividends may be held in custody or otherwise by the Company. 
  
 (ii) Restricted Share Units. Share certificates for the Shares subject to a Restricted Share Unit shall be issued, and/or Shares
shall be registered, upon vesting and lapse of any other restrictions with respect to the issuance of Shares under such Award. The grantee will not be entitled to vote such Shares or to any of the other rights of shareholders during the period prior
to issuance of the certificates for such Shares and/or the registration of the Shares. An Award of Restricted Share Units may provide the Participant with the right to receive amounts equivalent to dividends and distributions paid with respect to
Shares subject to the Award while the Award is outstanding, which payments may, in the Committee’s discretion, either be made currently or credited to an account for the Participant, and may be settled in cash or Shares, all as determined by
the Committee. Unless otherwise determined by the Committee or in an applicable Grant Agreement with respect to a particular Award, each outstanding Restricted Share Unit shall accrue such dividend equivalents, which amounts will be paid only when
and if the Restricted Share Unit (on which such dividend equivalents were accrued) vests and becomes payable. To the extent that a Restricted Share Unit does not vest or is otherwise forfeited, any accrued and unpaid dividend equivalents shall be
forfeited. 
  

	8.	Share Appreciation Rights and Phantom Shares 

  
 (a) Award of Share Appreciation Rights. Subject to the other applicable provisions of the Plan, the Committee may at any time and from time to time
grant Share Appreciation Rights to Participants, either on a free-standing basis (without regard to or in addition to the grant of a Share Option) or on a tandem basis (related to the grant of an underlying Share Option), as it determines. Share
Appreciation Rights granted in tandem with or in addition to a Share Option may be granted either at the same time as the Share Option or at a later time; provided, however, 

  

 11 

 
that a tandem Share Appreciation Right shall not be granted with respect to any outstanding Incentive Share Option Award without the consent of the grantee.
Share Appreciation Rights shall be evidenced by Grant Agreements, executed by the Company and the grantee, stating the number of Shares subject to the Share Appreciation Right evidenced thereby and the terms and conditions of such Share Appreciation
Right, in such form as the Committee may from time to time determine. The term during which each Share Appreciation Right may be exercised shall be determined by the Committee. Unless otherwise determined by the Committee, in no event shall a Share
Appreciation Right be exercisable more than ten years from the date it is granted. The grantee shall have none of the rights of a shareholder with respect to any Shares represented by a Share Appreciation Right. 
  
 (b) Restrictions of Tandem Share Appreciation Rights. Share
Appreciation Rights granted in tandem with Share Options shall be exercisable only to the same extent and subject to the same conditions as the Share Options related thereto are exercisable. The Committee may, in its discretion, prescribe additional
conditions to the exercise of any such tandem Share Appreciation Right. 
  
 (c) Amount of Payment upon Exercise of Share Appreciation Rights. Unless otherwise determined by the Committee in a Grant Agreement at the time of grant, each Share Appreciation Right shall entitle the grantee to receive, subject to
the provisions of the Plan and the Grant Agreement, a payment having an aggregate value equal to the product of (i) the excess of (A) the Fair Market Value on the exercise date of one Share over (B) the base price per Share specified in the Grant
Agreement (which shall be no less than the Fair Market Value of a Share on the Grant Date), times (ii) the number of Shares specified by the Share Appreciation Right, or portion thereof, that is exercised. In the case of exercise of a tandem Share
Appreciation Right, such payment shall be made in exchange for the surrender of the unexercised related Share Option (or applicable portion or portions thereof). 
  
 (d) Form of Payment upon Exercise of Share Appreciation Rights. Payment by the Company of the amount receivable upon
or following any exercise of a Share Appreciation Right may be made by the delivery of Shares or cash, or any combination of Shares and cash, as determined in the sole discretion of the Committee from time to time. If upon settlement of the exercise
of a Share Appreciation Right a grantee is to receive a portion of such payment in Shares, the number of Shares shall be determined by dividing such portion by the Fair Market Value of a Share on the exercise date. No fractional Shares shall be used
for such payment and the Committee shall determine whether cash shall be given in lieu of such fractional Shares or whether such fractional Shares shall be eliminated. 
  
 (e) Phantom Shares. The grant of Phantom Shares shall be evidenced by a Grant Agreement, executed by the Company and
the grantee, that incorporates the terms of the Plan and states the number of Phantom Shares evidenced thereby and the terms and conditions of such Phantom Shares in such form as the Committee may from time to time determine. Phantom Shares granted
to a Participant shall be credited to a bookkeeping reserve account solely for accounting purposes and shall not require a segregation of any of the Company’s assets. Each Phantom Share shall represent the value of one Share. Phantom Shares
shall become payable in whole or in part in such form, at such time or times and pursuant to such conditions in accordance with the provisions of the Grant Agreement, and/or such rules and regulations as the 

  

 12 

 
Committee may prescribe, and/or such determinations, orders or decisions as the Committee may make. Except as otherwise provided in the applicable Grant
Agreement, the grantee shall have none of the rights of a shareholder with respect to any Shares represented by a Phantom Share as a result of the grant of a Phantom Share to the grantee. Phantom Shares may contain such other provisions, not
inconsistent with the provisions of the Plan, as the Committee shall determine desirable or appropriate from time to time. 
  

	9.	Performance Awards 

  
 The Committee, in its discretion, may establish targets for Performance Measures for selected Participants and authorize the granting, vesting, payment
and/or delivery of Performance Awards in the form of Incentive Share Options, Nonqualified Share Options, Restricted Shares, Restricted Share Units, Share Appreciation Rights, Phantom Shares and/or cash to such Participants upon achievement of such
targets for Performance Measures during a Performance Period. The Committee, in its discretion, shall determine the Participants eligible for Performance Awards, the targets for Performance Measures to be achieved during each Performance Period, and
the type, amount, and terms and conditions of any Performance Awards. Performance Awards may be granted either alone or in addition to other Awards made under the Plan. 
  

	10.	Withholding and Reporting of Taxes 

  
 The Company may require, as a condition to the grant of any Award under the Plan, vesting or exercise pursuant to such Award or to the delivery of
certificates for or registration of Shares issued or payments of cash to a grantee pursuant to the Plan or a Grant Agreement, that the grantee pay to the Company (or the applicable Subsidiary), in cash or, if approved by the Company (or the
applicable Subsidiary), in Shares, including Shares acquired upon grant of the Award or exercise of the Award, valued at Fair Market Value on the date as of which the withholding tax liability is determined, any federal, state or local taxes of any
kind or any applicable taxes or other required withholding of any other jurisdiction required by law to be withheld with respect to any taxable event under the Plan. The Company (or the applicable Subsidiary), to the extent permitted or required by
law, shall have the right to deduct from any payment of any kind (including salary or bonus) otherwise due to a grantee any federal, state or local taxes of any kind or any applicable taxes or other required withholding of any other jurisdiction
required by law to be withheld with respect to the grant, vesting, exercise or payment of or under any Award under the Plan or a Grant Agreement, or to retain or sell a sufficient number of the Shares to be issued to such grantee to cover any such
taxes. The Company or any of its Subsidiaries shall comply with any applicable tax reporting requirements of any jurisdiction imposed on it by law with respect to the granting, vesting, exercise and/or payment of Awards. 
  

	11.	Transferability 

  
 No Award granted under the Plan shall be transferable by a grantee otherwise than by will or the laws of descent and distribution. Unless otherwise
determined by the Committee in accordance with the provisions of the immediately preceding sentence, an Award may be exercised during the lifetime of the grantee, only by the grantee or, during the period the grantee 

  

 13 

 
is under a legal disability, by the grantee’s guardian or legal representative. Notwithstanding the foregoing, an Award other than an Incentive Share
Option may, in the Committee’s sole discretion, be transferable by gift or domestic relations order to (i) the grantee’s child, stepchild, grandchild, parent, stepparent, grandparent, spouse, former spouse, sibling, niece, nephew,
mother-in-law, father-in-law, daughter-in-law, son-in-law, brother-in-law or sister-in-law, including adoptive relationships (such persons, “Family Members”), (ii) a company, partnership, limited liability company or other business entity
whose only shareholders, partners or members, as applicable are the grantee and/or Family Members, or (iii) a trust in which the grantee and/or Family Members have all of the beneficial interests, and subsequent to any such transfer any Award may be
exercised by any such transferee. 
  

	12.	Adjustments; Corporate Transactions 

  
 In the event of (i) a stock dividend, stock split, reverse stock split, share combination, or recapitalization or similar event affecting the capital
structure of the Company, or (ii) a merger, consolidation, amalgamation, scheme of arrangement, acquisition of property or shares, separation, spinoff, reorganization, stock rights offering, liquidation, Disaffiliation, or similar event affecting
the Company or any of its Subsidiaries (each, a “Corporate Transaction”), the Committee or the Board may in its discretion make such substitutions or adjustments as it deems appropriate and equitable to (A) the aggregate number and kind of
Shares or other securities reserved for issuance and delivery under the Plan; (B) the number and kind of Shares or other securities subject to outstanding Awards; and (C) the exercise price of outstanding Share Options and Share Appreciation Rights.
In the case of Corporate Transactions, such adjustments may include, without limitation, (1) the cancellation of outstanding Awards in exchange for payments of cash, property or a combination thereof having an aggregate value equal to the value of
such Awards, as determined by the Committee or the Board in its sole discretion (it being understood that in the case of a Corporate Transaction with respect to which holders of Shares receive consideration other than publicly traded equity
securities of the ultimate surviving entity, any such determination by the Committee that the value of a Share Option or Share Appreciation Right shall for this purpose be deemed to equal the excess, if any, of the value of the consideration being
paid for each Share pursuant to such Corporate Transaction over the exercise price of such Share Option or Share Appreciation Right shall conclusively be deemed valid); and (2) the substitution of other property of equal value (including, without
limitation, cash or other securities of the Company and securities of entities other than the Company) for the Shares subject to outstanding Awards. 
  

	13.	Termination and Amendment 

  
 (a) Amendment or Termination by the Board. The Board, without further approval of the shareholders of the Company, may amend or terminate the Plan
or any portion thereof at any time, except that no amendment shall become effective without approval of the shareholders of the Company if shareholder approval is necessary to comply with any tax or regulatory requirement or rule of any Applicable
Exchange. 
  
 (b) Amendments by the Committee. The
Committee shall be authorized to make minor or administrative amendments to the Plan as well as amendments to the Plan that may be 

  

 14 

 
dictated by requirements of U.S. federal or state laws or any foreign laws applicable to the Company or that may be authorized or made desirable by such
laws. 
  
 (c) Amendments to Awards. The Committee
may amend any outstanding Award in any manner as provided in Section 12. In addition, the Committee may otherwise modify or amend any outstanding Award to the extent that the Committee would have had the authority to make such Award as so amended.

  

	14.	Non-Guarantee of Employment 

  
 Nothing in the Plan or in any Grant Agreement thereunder shall confer any right on an employee to continue in the employ of the Company or any Subsidiary
of the Company or shall interfere in any way with the right of the Company or any Subsidiary of the Company to terminate an employee at any time. 
  

	15.	Written Agreement 

  
 Each Grant Agreement entered into between the Company and a grantee with respect to an Award granted under the Plan shall incorporate the terms of this
Plan and shall contain such provisions, not inconsistent with the provisions of the Plan, as may be established by the Committee. The Committee may require, as a condition to the grant of any Award under the Plan, vesting or exercise pursuant to
such Award or the delivery of certificates for or registration of Shares issued pursuant to the Plan or a Grant Agreement, that the grantee or any other person exercising such Award become subject to the Shareholders Agreement. 
  

	16.	Non-Uniform Determinations 

  
 The Committee’s determinations under the Plan (including without limitation determinations of the persons to receive Awards, the form, amount and
time of such Awards, the terms and provisions of such Awards and the agreements evidencing same) need not be uniform and may be made by it selectively among persons who receive, or are eligible to receive, Awards under the Plan, whether or not such
persons are similarly situated. 
  

	17.	Listing and Registration 

  
 If the Company determines that the listing, registration or qualification upon any Applicable Exchange or under any law of Shares subject to any Award is
necessary or desirable as a condition of, or in connection with, the granting of same or the issue or purchase of Shares thereunder, no such Award may be exercised in whole or in part and no restrictions on such Award shall lapse, unless such
listing, registration or qualification is effected free of any conditions not acceptable to the Company. 
  

	18.	Compliance with Securities Law 

  
 The Company may require that a grantee, as a condition to exercise of an Award, and as a condition to the delivery of any share certificate, provide to
the Company, at the time of each such exercise and each such delivery, a written representation that the Shares being acquired shall be acquired by the grantee solely for investment and will not be sold or transferred without 

  

 15 

 
registration or the availability of an exemption from registration under the Securities Act and applicable state securities laws and other applicable laws.
The Company may also require that a grantee submit other written representations that will permit the Company to comply with federal and applicable state securities laws in connection with the issuance of the Shares, including representations as to
the knowledge and experience in financial and business matters of the grantee and the grantee’s ability to bear the economic risk of the grantee’s investment. The Company may require that the grantee obtain a “purchaser
representative” as that term is defined in applicable federal and state securities laws. Any share certificates for Shares issued pursuant to this Plan may bear a legend restricting transferability of the Shares unless such Shares are
registered or an exemption from registration is available under the Securities Act and applicable securities laws of the states of the U.S. and other applicable laws and unless such transfer is in accordance with the Shareholders Agreement. The
Company may notify its transfer agent to stop any transfer of Shares not made in compliance with these restrictions. Shares shall not be issued with respect to an Award granted under the Plan unless the exercise of such Award and the issuance and
delivery of share certificates for such Shares pursuant thereto shall comply with all relevant provisions of law, including, without limitation, the Securities Act, the Exchange Act, the rules and regulations promulgated thereunder and the
requirements of any Applicable Exchange, and shall be further subject to the approval of counsel for the Company with respect to such compliance to the extent such approval is sought by the Committee. 
  

	19.	No Trust or Fund Created 

  
 Neither the Plan nor any Award shall create or be construed to create a trust or separate fund of any kind or a fiduciary relationship between the Company
and a grantee or any other person. To the extent that any grantee or other person acquires a right to receive payments from the Company pursuant to an Award, such right shall be no greater than the right of any unsecured general creditor of the
Company. 
  

	20.	No Limit on Other Compensation Arrangements 

  
 Nothing contained in the Plan shall prevent the Company or any of its Subsidiaries from adopting or continuing in effect other compensation arrangements
(whether such arrangements be generally applicable or applicable only in specific cases), including without limitation the granting of Share Options, Restricted Shares, Restricted Share Units, Share Appreciation Rights or Phantom Share Units
otherwise than under the Plan. 
  

	21.	No Restriction of Corporate Action 

  
 Nothing contained in the Plan shall be construed to limit or impair the power of the Company or any of its Subsidiaries to make adjustments,
reclassifications, reorganizations, or changes in its capital or business structure, or to amalgamate, merge or consolidate, liquidate, sell or transfer all or any part of its business or assets or, except as otherwise provided herein, or in a Grant
Agreement, to take other actions which it deems to be necessary or appropriate. No employee, beneficiary or other person shall have any claim against the Company or any of its Subsidiaries as a result of such action. 
  

 16 

	22.	Governing Law 

  
 The validity, construction and effect of the Plan, of Grant Agreements entered into pursuant to the Plan, and of any rules, regulations, determinations or
decisions made by the Board or Committee relating to the Plan or such Grant Agreements, and the rights of any and all persons having or claiming to have any interest therein or thereunder, shall be determined in accordance with applicable federal
laws and the laws of Bermuda. Unless otherwise provided in the Grant Agreement, recipients of an Award under the Plan are deemed to submit to the exclusive jurisdiction and venue of the courts of Bermuda, to resolve any and all issues that may arise
out of or relate to the Plan or any related Grant Agreement. 
  

	23.	Plan Subject to Charter and Bye-Laws 

  
 This Plan is subject to the Memorandum of Association and Bye-Laws of the Company, as they may be amended from time to time. 
  

	24.	Effective Date; Termination Date 

  
 The Plan is effective as of January 28, 2005. No Award shall be granted under the Plan after the close of business on the day immediately preceding the
tenth anniversary of the effective date of the Plan. Subject to other applicable provisions of the Plan, all Awards made under the Plan prior to such termination of the Plan shall remain in effect until such Awards have been satisfied or terminated
in accordance with the Plan and the terms of such Awards. 
  

 17

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