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Exhibit 4.5    
    

	 
	 	 

	DATED	 	12 JUNE 2003
	

        

SHIRE PHARMACEUTICALS GROUP PLC  

        

 
 

THE SHIRE
  PHARMACEUTICALS 2003
  DEFERRED BONUS  
  

Rules
adopted by the Company

on 12 June 2003 

  

 
 

CONTENTS    
    

	1.	 	DEFINITIONS	 	2
	

2.	
 	

COMMENCEMENT AND TITLE	
 	

4
	

3.	
 	

LIMITS UPON THE PLAN	
 	

4
	

4.	
 	

INVITATION TO PARTICIPATE IN PLAN	
 	

4
	

5.	
 	

ACCEPTING THE INVITATION	
 	

5
	

6.	
 	

LODGED SHARES	
 	

5
	

7.	
 	

POSTPONED SHARES	
 	

6
	

8.	
 	

AWARD OF MATCHING SHARES	
 	

7
	

9.	
 	

NON-ASSIGNABILITY OF AWARDS	
 	

8
	

10.	
 	

WHEN AWARDS VEST	
 	

8
	

11.	
 	

EARLY VESTING AND LAPSE OF AWARDS	
 	

9
	

12.	
 	

TAKEOVERS AND LIQUIDATIONS	
 	

10
	

13.	
 	

TRANSFER OF SHARES TO PARTICIPANT	
 	

11
	

14.	
 	

ALTERATIONS OF SHARE CAPITAL	
 	

11
	

15.	
 	

TAXATION	
 	

11
	

16.	
 	

EMPLOYMENT RIGHTS	
 	

11
	

17.	
 	

PENSIONABLE EARNINGS	
 	

12
	

18.	
 	

ADMINISTRATION AND AMENDMENT	
 	

12
	

19.	
 	

EXCLUSION OF THIRD PARTY RIGHTS	
 	

13
	

20.	
 	

TERMINATION	
 	

13

1

  

 
 

RULES OF THE SHIRE PHARMACEUTICALS 2003
  
    DEFERRED BONUS PLAN    
    

1.     DEFINITIONS  

	1.1
	In
these Rules the following words and phrases have the following meanings:

	

	"Act" means the Income and Corporation Taxes Act 1988;

	

	"Auditors" means the auditors for the time being of the Company;

	

	"Award" means a right to acquire Matching Shares in accordance with the Plan and  "Awarded" shall be construed accordingly;

	

	"Award Certificate" means the certificate issued to a Participant confirming his Award and the terms and
conditions attached to it;

	

	"Board" means the board of directors for the time being of the Company (or the directors present at a duly
convened meeting of such board) or a duly authorised committee of the board;

	

	"Bonus Payment" means a sum paid or proposed to be paid by way of bonus to an Eligible Participant by his
Employer Company or any other Member of the Group;

	

	"Commencement Date" means the date on which the Plan is adopted by the Company by resolution of the Board;

	

	"Committee" means the Remuneration Committee of the Company;

	

	"Company" means Shire Pharmaceuticals Group plc (registered company number 2883758);

	

	"Conditions" as defined at Rule 8.3

	

	"Control" has the meaning given to it by section 840 of the Act;

	

	"Date of Grant" means, subject to Rule 3.2, the date on which the Board grants an Award to a
Participant pursuant to the Rules;

	

	"Dealing Day" means any day on which the London Stock Exchange is open for the transaction of business;

	

	"EBT" means the Shire Pharmaceuticals Group plc Employee Benefit Trust;

	

	"Eligible Participant" means any employee or executive director of the Company or any Member of the Group
who is not within two years of his contractual retirement age and is not under notice of termination (whether given or received);

	

	"Employer Company" means the Group Company by whom an Eligible Participant is employed;

	

	"Employer's NICs" means secondary Class 1 national insurance contributions;

	

	"Formula" means the formula set out in Rule 11.1;

	

	"Group" means the Company and its Subsidiaries from time to time;

	

	"Invitation" means an invitation to participate in the Plan given in accordance with Rule 4 by the
Committee to an Eligible Participant;

	

	"Lodged Shares" means Shares acquired (or where the context admits, to be acquired) by a Participant using
Lodged Share Money in accordance with Rule 6; 

2

 

	

	"Lodged Share Money" means that part of an Eligible Participant's Bonus Payment that the Eligible
Participant applies to purchase Lodged Shares;

	

	"London Stock Exchange" means London Stock Exchange plc or any successor company or body carrying on the
business of London Stock Exchange plc;

	

	"Matching Shares" means Shares over which rights are granted to a Participant in accordance with
Rule 8;

	

	"Member of the Group" means the Company or any one of its Subsidiaries from time to time and  "Group Company"shall be
construed accordingly;

	

	"Model Code" means the Model Code for transactions in securities by directors and certain employees of
listed companies issued by the UK Listing Authority as amended from time to time;

	

	"Participant" means any individual who has been granted, and remains entitled to exercise, an Award pursuant
to the Plan or (where the context admits) the personal representatives of any such individual;

	

	"Plan" means the Shire Pharmaceuticals 2003 Deferred Bonus Plan as governed by the Rules;

	

	"Postponed Shares" means Shares acquired (or where the context admits, to be acquired) by a Participant in
accordance with Rule 7;

	

	"Postponed Share Money" means that part of an Eligible Participant's Bonus Payment that the Eligible
Participant elects to forego in consideration of the Company making a payment of the same amount to the Trustee for the purchase of Postponed Shares;

	

	"Rules" means the rules of the Plan as from time to time amended in accordance with their provisions by the
Board or by the Company in general meeting and "Rule" shall be construed accordingly;

	

	"Share" means a fully paid ordinary share in the capital of the Company;

	

	"Subsidiary" means a company which is both under the Control of the Company and is a subsidiary of the
Company (within the meaning of section 736 of the Companies Act 1985);

	

	"Taxes" means all forms of taxation whether of the United Kingdom or elsewhere, wheresoever and whensoever
imposed (including, without limitation, income tax, capital gains tax, inheritance tax, national insurance contributions (including Employer's NICs) and other social security contributions) and all
other statutory, governmental, state, provincial, local governmental or municipal impositions, duties, rates and levies and all penalties, charges, costs and interest relating to any such matters;

	

	"Trustee" means the trustee from time to time, of the EBT;

	

	"UK Listing Authority" means the Financial Services Authority acting in its capacity as the competent
authority for the purposes of Part VI of the Financial Services and Markets Act 2000;

	

	"Vest" means the Participant becoming absolutely entitled to receive Matching Shares in accordance with
Rule 13 and "Vesting" shall be construed accordingly;

	

	"Vesting Date" means, subject to Rule 3.2, the third anniversary of the Date of Grant of an Award (or
such other date as the Committee may, prior to the grant of an Award, determine).

	1.2
	Where
the context so admits the singular shall include the plural and vice versa and the masculine gender shall include the feminine. 

3

 

	1.3
	Any
reference to a statutory provision is to be construed as a reference to that provision as for the time being amended, replaced, consolidated or re-enacted and shall
include any regulations, statutory instrument or other subordinate legislation made under it.

	1.4
	Headings
to these Rules are for the sale of convenience only and do not form part of the Rules. 

2.     COMMENCEMENT AND TITLE  

The
Plan shall commence on the Commencement Date and shall be known as The Shire Pharmaceuticals 2003 Deferred Bonus Plan. 

3.     LIMITS UPON THE PLAN  

	3.1
	Limit upon Number of Shares to be allocated under the Plan

	

	On
any date, no Share may be issued under the Plan (whether to the Trustee or to a Participant) on any date if, as a result, the aggregate of:

	3.1.1
	the
total number of Shares issued in the previous ten years (whether to the Trustee or to employees) pursuant to Awards or other rights granted under the Plan and under any other
employees' share scheme (other than a share option scheme) adopted by any Group Company; and

	3.1.2
	the
total number of Shares issued or remaining issuable pursuant to options granted in the previous ten years under any other employees' share option scheme adopted by any Group
Company, 

would
exceed ten percent of the ordinary share capital of the Company in issue immediately prior to that day. 

	3.2
	No Invitation, Grant or Exercise When Prohibited by Model Code

	

	The
making or acceptance of an Invitation and the grant of an Award made in accordance with the Plan shall be deemed to be a dealing for the purposes of the
Model Code so that:

	3.2.1
	no
Award may be granted at a time at which no dealing would be permitted; and

	3.2.2
	no
Invitation may be made or accepted within a time when no dealing is permitted 

and
if, after an Invitation has been accepted but before Awards have been granted, the Company enters a close period, the grant of the Award shall be postponed until such time as dealings are
permitted, but the Committee may specify that the Vesting Date shall remain the third anniversary of the intended Date of Grant. 

4.     INVITATION TO PARTICIPATE IN PLAN  

	4.1
	Invitation at the Discretion of the Committee

	

	Subject
to Rule 3, the Committee may from time to time in its absolute discretion invite any Eligible Participant to participate in the Plan by
inviting the Eligible Participant to elect:

	4.1.1
	to
apply any or all of his net Bonus Payment in the purchase of Lodged Shares, to be held by the Trustee as nominee; or

	4.1.2
	to
waive all or part of his Bonus Payment, following which an amount equal to the amount of the Bonus Payment foregone shall be paid to the Trustee and applied in the acquisition of
Postponed Shares to be held in the EBT 

4

 

and
in either case, for the Eligible Participant to become eligible for an Award of Matching Shares. 

	4.2
	Form of the Invitation

The
Invitation shall be in writing in such form as the Committee may from time to time specify, and shall include the following:— 

	4.2.1
	whether
the Eligible Participant shall be entitled to participate by way of purchase of Lodged Shares or the allocating to him of Postponed Shares;

	4.2.2
	the
maximum amount of his Bonus Payment that the Eligible Participant may elect to allocate as Lodged Share Money and/or Postponed Share Money;

	4.2.3
	a
specimen form of notice of acceptance of the Invitation in such form as the Committee may from time to time specify;

	4.2.4
	the
date by which the Committee must have received the Eligible Participant's completed notice of acceptance, being not less than ten days from the date of the Invitation. 

5.     ACCEPTING THE INVITATION  

	5.1
	Procedure for Acceptance of Invitation

	

	An
Eligible Participant may, subject to Rule 3.2, accept an Invitation by completing the relevant notice of acceptance provided with the Invitation
and indicating:

	5.1.1
	how
much of his Bonus Payment shall be applied as Lodged Share Money, and/or

	5.1.2
	how
much of his Bonus Payment shall be applied as Postponed Share Money 

and
returning the completed notice of acceptance to the Committee by the date specified and the question of whether a valid acceptance has taken place shall be at the absolute discretion of the
Committee. 

	5.2
	Lapse of Invitation

	

	If
no acceptance has been received an Invitation shall lapse at 6pm on the date specified therein.

	5.3
	Committee to notify Company of Acceptance

	

	The
Committee shall, no later than seven days following the last date specified for acceptance of the Invitation, notify the Company of the amount of the
Eligible Participant's Bonus Payment that he has requested be applied as Lodged Share Money and/or Postponed Share Money.

	5.4
	Payment by Company to Trustee

	

	The
Company shall, following notification from the Committee pursuant to Rule 5.3, make such payments to the Trustee as are required in accordance
with Rules 6 and/or 7. 

6.     LODGED SHARES  

	6.1
	Payment of Lodged Share Money to Trustee

	

	Subject
to Rule 6.2, where an Eligible Participant has elected to apply any or all of his Bonus Payment to purchase Lodged Shares the Company shall,
on behalf of the Participant, pay the 

5

 

Lodged
Share Money to the Trustee within seven days of receiving notification in accordance with Rule 5.3 

	6.2
	Deduction of Applicable Taxes

	

	The
Lodged Share Money shall be paid to the Trustee net of any Taxes (other than Employer's NICs) for which any Member of the Group is liable to account in
respect thereof.

	6.3
	Purchase of Lodged Shares by Trustee

	

	Subject
always to Rule 3 the Trustee shall, as soon as is reasonably practicable following the receipt of the Lodged Share Money, apply such money to
acquire Lodged Shares, which shall be held by the Trustee as nominee on the Participant's behalf.

	6.4
	Notification to Participant

	

	Where
Lodged Shares have been acquired by the Trustee on behalf of a Participant, the Trustee shall provide the Participant with written confirmation of the
number of Lodged Shares it holds on the Participant's behalf.

	6.5
	Voting and Dividend Rights Attaching to Lodged Shares

	

	The
Trustee shall not be entitled to vote in respect of the Lodged Shares other than in accordance with the direction of the relevant Participant. The
Trustee shall account to the relevant Participant for any dividend or other sum(s) received in respect of the Lodged Shares within seven days of such receipt.

	6.6
	Transfer of Lodged Shares

	

	The
Trustee shall transfer to the Participant any Lodged Shares held on behalf of that Participant on the earlier of:

	6.6.1
	the
date upon which the Trustee transfers Matching Shares to that Participant pursuant to Rule 13; or

	6.6.2
	the
date the Participant's Award lapses. 

7.     POSTPONED SHARES  

	7.1
	Payment of Postponed Share Money to Trustee

	

	Where
an Eligible Participant has elected to forego any part of his Bonus Payment in accordance with the Invitation the Company shall pay the Postponed
Share Money to the Trustee within seven days of receiving notification in accordance with Rule 5.3

	7.2
	Purchase of Postponed Shares by Trustee

	

	Subject
always to Rule 3 the Trustee shall, as soon as is reasonably practicable following the receipt of the Postponed Share Money, apply such money
to acquire Postponed Shares in respect of the Participant.

	7.3
	Voting and Dividend Rights Attaching to Postponed Shares

	

	The
Trustee shall not be under any obligation to request directions from Participants in respect of the voting rights attaching to Postponed Shares. At it's
discretion, the Trustee may, following the Vesting of a Participant's Award, pay an additional sum to the Participant not exceeding the sum of any dividends declared on the Shares whilst such shares
constituted Postponed Shares. 

6

 

	7.4
	Transfer of Postponed Shares

	

	The
Trustee shall transfer to the Participant any Postponed Shares acquired in respect of the Participant on the earlier of:

	7.4.1
	the
date upon which the Trustee transfers Matching Shares to that Participant pursuant to Rule 13; or

	7.4.2
	the
date the Participant's Award lapses. 

8.     AWARD OF MATCHING SHARES  

	8.1
	General

	

	Where
Lodged Share Money or Postponed Share Money has been paid to the Trustee in respect of a Participant, the Committee shall grant that Participant an
Award over a number of Matching Shares to be calculated, as the case may be, as:

	8.1.1
	the
number of Shares that could be purchased with the gross amount of the Lodged Share Money; or

	8.1.2
	a
number of Shares equal to the number of Postponed Shares held by the EBT in respect of that Participant 

and
for the purposes of Rule 8.1.1 the Committee may, at its discretion, apply a share value or average of share values over a period comprising no more than ten Dealing Days following the Date
of Grant. 

	8.2
	Employer's NICs

	

	The
Committee may require that, as a condition of being granted an Award, a Participant shall enter into an agreement with his Employer Company (or such
other relevant Member of the Group) the effect of which is either:

	8.2.1
	to
transfer to the Participant, the liability of the relevant Member of the Group to account for Employers' NICs, in respect of the Participant's Award; or

	8.2.2
	to
indemnify the relevant Member of the Group in respect of any Employers' NICs for which that Member of the Group is liable to account, in respect of the Participant's Award.

 

	8.3
	Performance Conditions

	8.3.1
	The
Committee may specify, on or before the Date of Grant, objective performance conditions ("Conditions") that must be fulfilled in
order for an Award to Vest.

	8.3.2
	The
question of whether the Conditions imposed upon a Participant pursuant to Rule 8.3.1 have been satisfied shall be at the absolute discretion of the Committee.

 

	8.4
	Grant of Award and Award Certificate

	

	Each
Award shall be granted by deed in such form as the Committee may from time to time determine. On, or as soon as possible after the Date of Grant, each
Participant shall be issued with an Award Certificate in such form as the Committee may from time to time specify. 

7

 

	8.5
	No consideration for Grant of Award

	

	No
payment will be required as consideration for or on the grant of an Award. 

9.     NON-ASSIGNABILITY OF AWARDS  

No
Award granted under the Plan shall be capable of being transferred by a Participant or his personal representatives or of being mortgaged, pledged or encumbered in any way whatsoever. In the event
of any breach or purported breach of this provision, the Award shall lapse forthwith. This Rule 9 shall not prevent the personal representatives of a deceased Participant from exercising an
Award in accordance with the Rules. 

10.   WHEN AWARDS VEST  

Subject
to Rules 3.2, 11 and 12 and save as otherwise provided in the Rules, an Award shall Vest on the Vesting Date, provided that the Participant remains an Eligible Participant (and not
under notice, given or received) and any Conditions set under Rule 8.3 have been satisfied at that date. 

8

   11.   EARLY VESTING AND LAPSE OF AWARDS  

	11.1
	Notwithstanding
Rule 10, an Award shall Vest earlier than the Vesting Date if:

	11.1.1
	a
Participant dies, in which case the Award will Vest on the date of the Participant's death but only in accordance with the Formula set out at 11.1; or

	11.1.2
	a
Participant ceases to be an Eligible Participant by reason of:

	11.1.2.1
	injury;

	11.1.2.2
	illness
or disability;

	11.1.2.3
	retirement
of the Participant at contractual retirement age or (with the consent of the Board) at an earlier age but so that Vesting shall take place only if the Committee is
satisfied that the Conditions attaching to the Award (if necessary, as modified by the Committee to take account of the shortened period) were satisfied in respect of the period between the Date of
Grant and the date of cessation;

	11.1.2.4
	the
company employing the Participant ceasing to be a Member of the Group;

	11.1.2.5
	the
business or part of the business to which the Participant's office or employment relates being transferred to a person who is not a Member of the Group;

	11.1.2.6
	any
other reason that the Committee in its discretion so permits but so that Vesting shall take place only if the Committee is satisfied that the Conditions attaching to the
Award (if necessary, as modified by the Committee to take account of the shortened period) were satisfied over the period between the Date of Grant and the date of cessation; 

in
which case Awards shall Vest on the date of the Participant so ceasing but the number of Shares in respect of which the Award shall Vest shall not exceed "V" in the following Formula (the  "Formula"):

	 
	 
	 
	 
	 	 

	V	=	m
 36	× N	 	 

	Where:
	m
(which shall not exceed 36) is the number of complete months that have expired between the Date of Grant and the date on which notice of termination of the Participant's
employment with a Member of the Group is given or received ("Notice Date"); and

	N:
	is
the total number of Shares subject to the Award

	11.2
	An
Award shall lapse and cease to exist upon the earliest to happen of the following:

	11.2.1
	the
date on which the Participant (without the written permission of the Committee) transfers or purports to deal in any Lodged Shares prior to the Vesting of his Award;

	11.2.2
	the
expiry of four years following the Date of Grant;

	11.2.3
	6 months
following the date of death of the Participant;

	11.2.4
	the
date upon which the Participant is adjudicated bankrupt;

	11.2.5
	any
breach or purported breach of Rule 9 by the Participant;

	11.2.6
	the
date on which the Participant ceases to be an Eligible Participant with any Member of the Group for any reason other than any of the matters referred to in 

9

 

Rules 11.1.2.1 - 11.1.2.5
and where the Committee does not exercise its discretion in his favour under Rule 11.1.2.6; 

	11.2.7
	where
the number of Matching Shares that Vest is determined by the Formula, the Award shall lapse in respect of any excess Shares comprised in the Award exceeding the number given
by the Formula; and

	11.2.8
	the
Vesting Date, if the Conditions relating to the Award have not been satisfied. 

12.   TAKEOVERS AND LIQUIDATIONS  

	12.1
	If
any person obtains Control of the Company by any means including the making of:

	12.1.1
	a
general offer to acquire the whole of the issued share capital of the Company which is made on a condition such that if it is satisfied the person making the offer will have
Control of the Company; or

	12.1.2
	a
general offer to acquire all the shares in the Company which are of the same class as the Shares,

	

	then
(unless the change of Control is for the purposes of a reorganisation or reconstruction which makes such provision as the Auditors have reported to the
Board to be fair and reasonable for the adjustment of Awards or the compensation of Participants or the grant of new Awards) any Award shall Vest notwithstanding that any Conditions set under
Rule 8.3 have not been satisfied, when the person making the offer has obtained Control of the Company and any condition subject to which the offer is made has been satisfied, but the number of
Shares in respect of which the Award shall Vest shall be calculated in accordance with the Formula.

	12.2
	If
the Court sanctions a compromise or arrangement under section 425 of the Companies Act 1985 in respect of the Company, then, unless the compromise or arrangement makes such
provision as the Auditors shall have reported to the Board to be fair and reasonable for the adjustment of Awards, the compensation of Participants or the grant of new Awards to Participants, any
Award shall Vest notwithstanding that any Conditions set under Rule 8.3 have not been satisfied, on the date that the Court order sanctioning the compromise or arrangement is delivered to the
registrar of companies and has taken effect in accordance with section 425(3) of the Companies Act 1985, but the number of Shares in respect of which the Award shall Vest shall be calculated in
accordance with the Formula.

	12.3
	If
the Company passes a resolution for voluntary winding-up, then, unless the winding-up is for the purposes of a reorganisation or reconstruction which makes
provision which the Auditors shall have reported to the Board to be in their opinion fair and reasonable for the compensation of Participants or the grant of new Awards to Participants, any Award
shall Vest notwithstanding that any Conditions set under Rule 8.3 have not been satisfied, on the passing of the resolution, but the number of Shares in respect of which the Award shall Vest
shall be calculated in accordance with the Formula.

	12.4
	For
the purposes of this Rule 12, a person shall be deemed to have obtained Control of the Company if he and others acting in concert with him have together obtained Control
of it. 

10

 

13.   TRANSFER OF SHARES TO PARTICIPANT  

	13.1
	When
an Award has Vested, the Committee shall within two Dealing Days notify the Trustee in writing and the Trustee shall, within 30 days of receiving such notice transfer to
the Participant (following the deduction of any relevant Taxes):

	13.1.1
	any
Lodged Shares held as nominee for him;

	13.1.2
	any
Postponed Shares acquired in respect of that part of the Participant's Bonus Payment that was foregone;

	13.1.3
	any
Matching Shares in respect of which an Award has Vested. 

14.   ALTERATIONS OF SHARE CAPITAL  

	14.1
	In
the event of any variation in the ordinary share capital of the Company by way of capitalisation of profits or reserves or by way of rights or any consolidation or
sub-division or reduction of capital or otherwise, then the number and nominal value of Shares subject to any Awards may be adjusted by the Committee in such manner as is certified by the
Auditors to be fair and reasonable in their opinion and with effect from such date as the Committee may determine to be appropriate.

	14.2
	The
Committee shall notify Participants in such manner as it thinks fit of any adjustment made under Rule 14.1 and may call in, cancel, endorse, issue or re-issue
any Award Certificate as a result of any such adjustment. 

15.   TAXATION  

The
Company or any other Member of the Group may make such provision for and take such action as may be considered by it to be necessary or expedient for the withholding or payment of any Taxes for
which it is properly accountable, whenever and wherever those Taxes are imposed (provided those Taxes arise in respect of any payment made or Shares awarded to, Shares Purchased by or other benefit
accruing or deemed to accrue to any Participant pursuant to the Plan) including but not limited to: 

	15.1
	the
withholding of funds or property (or any portion thereof) from any payment due to be made to the Participant under the Plan or from remuneration paid to the Participant and,
where appropriate, the disposal of the same; and

	15.2
	the
cancellation of any such payment to the extent necessary to secure funds to discharge such Taxes for which it is properly accountable. 

16.   EMPLOYMENT RIGHTS  

	16.1
	This
Plan shall not form part of any contract of employment between any Member of the Group and any employee or executive director of any such company and the rights and obligations
of any individual under the terms of his office or employment with any Member of the Group shall not be affected by his participation in the Plan or any right which he may have to participate therein.

	16.2
	Participation
in the Plan shall be on the express condition that:

	16.2.1
	neither
it nor cessation of participation shall afford any individual under the terms of his office or employment with any Member of the Group any additional or other rights to
compensation or damages; and 

11

 

	16.2.2
	no
damages or compensation shall be payable in consequence of the termination of such office or employment (whether or not in circumstances giving rise to a claim for wrongful or
unfair dismissal) or for any other reason whatsoever to compensate him for the loss of any rights the Participant would otherwise have had (actual or prospective) under the Plan howsoever arising but
for such termination; and

	16.2.3
	the
Participant shall be deemed irrevocably to have waived any such rights to which he may otherwise have been entitled.

	16.3
	No
individual shall have any claim against a Member of the Group arising out of his not being admitted to participation in the Plan which (for the avoidance of all, if any, doubt) is
entirely within the discretion of the Board.

	16.4
	No
Participant shall be entitled to claim compensation from any Member of the Group for any diminution or extinction of his rights or benefits (actual or otherwise) under any
Award(s) held by him consequent upon the lapse for any reason of any Award(s) held by him or otherwise in connection with the Plan and each Member of the Group shall be entirely free to conduct its
affairs as it sees fit without regard to any consequences under, upon or in relation to the Plan or any Award or Participant. 

17.   PENSIONABLE EARNINGS  

Any
Award granted, or Postponed Shares acquired by a Participant pursuant to the Plan shall not constitute pensionable earnings for the purposes of any pension scheme in which the Company
participates. 

18.   ADMINISTRATION AND AMENDMENT  

	18.1
	The
Plan shall be administered under the direction of the Committee who may at any time and from time to time by resolution and without other formality delete, amend or add to the
Rules in any respect provided that:

	18.1.1
	no
deletion, amendment or addition shall operate to affect adversely in any way any rights already acquired by a Participant under the Plan without the approval of the majority of
the affected Participants first having been obtained;

	18.1.2
	no
deletion, amendment or addition may be made to the material advantage of Participants except with the prior approval of the Company in general meeting unless the deletion,
amendment or addition is:

	18.1.2.1
	minor
and to benefit the administration of the Plan;

	18.1.2.2
	to
take account of any changes in legislation; or

	18.1.2.3
	to
obtain or maintain favourable taxation, exchange control or regulatory treatment for the Company or any other Member of the Group or any Participant.

	18.2
	Notwithstanding
anything to the contrary contained in these Rules, the Committee may at any time by resolution and without further formality establish further plans to apply in
overseas territories governed by rules similar to these Rules but modified to take account of local tax, exchange control, securities laws or labour law, regulation or practice provided that any
Shares made subject to Awards under any such plan shall be treated as counting against any limits on overall or individual participation in the Plan. 

12

 

	18.3
	In
any matter in which they are required to act hereunder the Auditors shall be deemed to be acting as experts and not as arbitrators and their decision shall be final and binding.
Subject thereto, the Committee's decision on any matter relating to the interpretation of the Rules and any other matter concerning the Plan shall be final and binding.

	18.4
	The
provisions of the Company's Articles of Association for the time being with regard to the service of notices shall apply mutatis mutandis to any notices to be given by the
Company under the Rules.

	18.5
	The
Company shall bear the costs of setting up and administering the Plan. However, the Company may require any Member of the Group to reimburse the Company for any costs borne by
the Company directly or indirectly in respect of such Member's officers or employees.

	18.6
	The
Company shall maintain all necessary books of account and records relating to the Plan.

	18.7
	The
Committee shall be entitled to authorise any person to execute on behalf of a Participant, at the request of the Participant, any document relating to the Plan, in so far as such
document is required to be executed pursuant to the Rules.

	18.8
	If
any Award Certificate shall be worn out, defaced or lost, it may be replaced on such evidence being provided as the Committee may require.

	18.9
	In
the case of the partial exercise of an Award, the Committee may call in and endorse or cancel and re-issue, as it thinks fit, any Award Certificate for the balance of
the Matching Shares over which the Award was granted. 

19.   EXCLUSION OF THIRD PARTY RIGHTS  

The
Contracts (Rights of Third Parties) Act 1999 shall not apply to the Plan nor to any Award granted, Postponed Shares acquired or Lodged Shares Purchased under it, and no person other than the
parties to an Award shall have any rights under it nor shall it be enforceable under that Act by any person other than the parties to it. 

20.   TERMINATION  

The
Plan may be terminated at any time by a resolution of the Committee and shall, in any event, terminate on the tenth anniversary of the Commencement Date. On termination, no further Awards may be
granted but such termination shall not affect the outstanding rights of Participants. 

13

QuickLinks

Exhibit 4.5

THE SHIRE PHARMACEUTICALS 2003 DEFERRED BONUS

CONTENTS

RULES OF THE SHIRE PHARMACEUTICALS 2003 DEFERRED BONUS PLANQuickLinks
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Exhibit 4.4    
    

 
 

NICE SYSTEMS LTD.    
    
    2003 STOCK OPTION PLAN    
    

        This 2003 Stock Option Plan of NICE Systems Ltd. (amending and restating the Company's prior employee stock option plan) was adopted by the Board of
Directors of the Company on October 20, 2003, subject to the approval of the Company's shareholders which was obtained at the Company's Annual General Meeting of Shareholders on
December 2, 2003. This 2003 Stock Option Plan amends and restates the Company's 1995 Employee Stock Option Plan (as so amended and restated, the "2003 Stock Option Plan" or the "Plan"). 

        1.    Purpose; Administration    

        (a)    Purpose.    The Plan is hereby continued for the purpose of providing to certain employees, directors and
officers of the Company and its subsidiary corporations (collectively referred to as the "Company"), and any present or future parent and/or subsidiary corporations of any such corporation (all of
whom along with the Company being individually referred to as a "Participating Company" and collectively referred to as the "Participating Company Group"), in the form of options ("Options") to
purchase ordinary shares, par value NIS 1.00 per share, of NICE Systems Ltd. (the "Ordinary Shares"), to further the advancement of the Participating Company Group and its businesses. 

        (b)    Administration.    The Plan shall be administered by the Board of Directors of the Company (the "Board") and/or
by a duly appointed committee of the Board having such powers as shall be specified by the Board. Any subsequent references herein to the Board shall also mean the committee if such committee has been
appointed and, unless the powers of the committee have been specifically limited, the committee shall have all of the powers of the Board granted herein except for the power to terminate or amend the
Plan at any time, subject to the terms of the Plan and any applicable limitations imposed by law. The appointment of the Committee and the administration of the Plan by the Committee shall be in
accordance with any applicable requirements of the Israeli Companies Law, Israeli tax law and any applicable non-Israeli tax, securities and other laws. Subject to
the provisions of the Plan, the Board shall be authorized, from time to time, to: (i) determine the employees, directors and officers of the Participating Company Group to whom an Option or
Options shall be granted ("Optionees"); (ii) determine the number of Ordinary Shares to be made subject to any Option; (iii) determine the date of grant of an Option;
(iv) determine the type of Option to be granted; and (v) make any other determination deemed by the Board to be necessary or desirable for the administration of the Plan and any Option
granted under the Plan. All questions of interpretation of the Plan or of any Option shall be determined by the Board, and such determinations shall be final and binding upon the Participating Company
Group, each Optionee and their respective successors and assigns. 

        2.    Additional Terms for Specific Jurisdictions; Non-Qualified Options.    

        (a)   The
Board may, from time to time, approve (and amend or modify from time to time) appendices setting forth any special requirements that are applicable to options
granted to recipients in the various jurisdictions in which options may be granted under the Plan pursuant to applicable local laws and regulations, all of which appendices (as amended or modified
from time to time) shall constitute an integral part of the Plan. Appendix "A" hereto attached sets forth the provisions applicable to options which may be granted to United States participants in the
Plan. 

        (b)   With
respect to all Optionees, an Option may be a "non-qualified stock option" (an option not intended to be an incentive stock option) or an option of a
similar type as provided under the laws of any applicable jurisdictions. 

 

        3.    Eligibility.    Options may be granted only to directors, officers and other employees of the Participating
Company Group. The Board shall, in its sole discretion, determine which eligible persons shall be granted Options. An Optionee may, if otherwise eligible, be granted additional Options. 

        4.    Shares Subject to Option.    Options shall be options for the purchase of Ordinary Shares or ADRs (as defined
below), subject to adjustment as provided in paragraph 9 below. Subject to adjustment as provided in paragraph 9 below, with respect to calendar year 2003, the maximum number of Ordinary
Shares that may be issued pursuant to Options granted under the Plan shall be 500,000; provided that such maximum number of Ordinary Shares shall increase each year after calendar year 2003 by the
lesser of (x) 300,000 Ordinary Shares or (y) two percent (2%) of the total number of outstanding Ordinary Shares as of December 31st of the immediately preceding calendar year.
Notwithstanding the
foregoing, an Optionee may elect at the time of exercise of an Option to purchase, in lieu of Ordinary Shares, an equal number of the Company's American Depositary Receipts ("ADRs"), each of which
represents one American Depositary Share which, in turn, represents one Ordinary Share. Options may not be exercised for a combination of Ordinary Shares and ADRs. 

        5.    Time for Granting Options.    The Plan shall continue until terminated by the Board or until all of the Ordinary
Shares reserved for issuance under the Plan have been issued, whichever shall first occur. 

        6.    Terms, Conditions and Form of Options.    Subject to the provisions of the Plan, the Board shall determine for
each Option (which need not be identical) the number of Ordinary Shares for which the Option shall be granted, the exercise price of the Option, the exercisability of the Option, and all other terms
and conditions of the Option not inconsistent with the Plan. Options granted pursuant to the Plan shall be evidenced by written agreements specifying the number of Ordinary Shares covered thereby, in
such form as the Board shall from time to time establish, and shall comply with and be subject to the following terms and conditions: 

        (a)   Exercise Price.    The exercise price per share for each Option shall be equal to the closing sales price of
one ADR as quoted on the NASDAQ market on the most recent date prior to the date of the resolution of the Board to grant the Option (such date, the "Date of Grant") for which a closing sales price was
quoted. 

        (b)   Exercise Period of Options.    Unless otherwise determined by the Board as of the Date of Grant, each Option
granted under the Plan shall have a term of six years, commencing on the Date of Grant. 

        (c)   Vesting/Exercisability of Options.    Unless otherwise determined by the Board, Options granted under the Plan
shall become vested and exercisable with respect to twenty five percent (25%) of the Ordinary Shares covered thereby on the first anniversary of the Date of Grant, and the remainder, once every
quarter thereafter (6.25% per quarter), provided that the Optionee is employed by or providing services to the Participating Company Group as of each such vesting date. 

        (d)   Payment of Exercise Price.    Payment of the exercise price for the number of Ordinary Shares (or ADRs) being
purchased pursuant to any Option shall be made (i) in cash, by certified check or money order, or such cash equivalent as is approved by the Board or any committee thereof, (ii) by the
assignment of the proceeds of a sale of some or all of the Ordinary Shares (or ADRs) being acquired upon the exercise of an Option (including, without limitation, through an exercise complying with
the provisions of Regulation T as promulgated from time to time by the Board of Governors of the Federal Reserve System), or (iii) by a combination thereof. The Board may at any time or
from time to time, by any permissible means, grant Options which do not permit all of the foregoing forms of consideration to be used in payment of the exercise price and/or which otherwise restrict
one or more forms of consideration. 

2

 

        (e)   Manner of Exercise.    Exercise of an Option shall be effected by way of a notice of exercise which shall be in
a form determined by the Company from time to time (the "Exercise Notice"). The Exercise Notice shall be delivered by the Optionee to the offices of the Company on one of the Company's days of
business and shall be addressed to the Company. Payment in full of the exercise price of the Option (or portion thereof) being exercised, unless such Option exercise is to be effected pursuant to
paragraph 6(d)(ii) of the Plan. Once delivered to the Company the Exercise Notice shall be irrevocable. 

        (f)    The
Company reserves, at any and all times, the right, in the Company's sole and absolute discretion, to establish, decline to approve and/or terminate any program
and/or procedures for the exercise of Options by means of an assignment of the proceeds of a sale of some or all of the Ordinary Shares to be acquired upon such exercise. 

        7.    Termination of Employment or Services.    In the event that an Optionee's employment with, or services to, the
Participating Company Group is terminated, the provisions of this paragraph 7 shall apply to Options held by such Optionee. For purposes of the Plan, "Termination Date" shall mean the effective
date on which an Optionee's employment or services to the Participating Company Group is terminated. The transfer of an Optionee from one member of the Participating Company Group to another shall not
be deemed a termination of employment or services. 

        (a)   In
the event that the Optionee's employment with or service to the Participating Company Group is terminated (i) for Cause (as defined below) or (ii) under
circumstances under which the Optionee is not entitled to severance pay pursuant to any local law or regulation, any non-vested Option, then held by such Optionee shall immediately expire
and be forfeited as of the Termination Date. For purposes of the Plan, unless otherwise defined in the agreement evidencing a particular Option or an employment agreement between the Company and the
relevant individual, "Cause" means an individual's (i) intentional failure to perform reasonably assigned duties, (ii) dishonesty or willful misconduct in the performance of duties,
(iii) involvement in a transaction in connection with the performance of duties to the Company which transaction is adverse to the interests of the Company and which is engaged in for personal
profit, (iv) willful violation of any law, rule or regulation in connection with the performance of duties (other than traffic violations or similar offenses), or (v) the
commission of an act of fraud or intentional misappropriation or conversion of assets or opportunities of the Company. 

        (b)   In
the event that an Optionee's employment with or service to the Participating Company Group is terminated by reason of his or her death or disability, with respect to
any Option held by such Optionee as of the Termination Date, (i) the portion of any such Option which is not vested and exercisable as of the Termination Date shall immediately expire and be
forfeited as of the Termination Date and (ii) the portion of any such Option which is vested and exercisable as of the Termination Date shall remain exercisable by the Optionee (or such
Optionee's heirs, distributees or estate, as the case may be) until the first anniversary of such Termination Date, after which period it shall expire and be forfeited. For purposes of the Plan,
"disability" shall mean the inability of an Optionee to fulfill his or her position as a result of injury and/or disease for a period of at least six consecutive months. 

        (c)   In
the event that the Optionee's employment with or service to the Participating Group is terminated other than as set forth in subparagraphs (a) or
(b) above, with respect to any Option then held by such Optionee, (i) the portion of any such Option which is not vested and exercisable as of the Termination Date shall immediately
expire and be forfeited as of the Termination Date and (ii) the portion of any such Option which is vested and exercisable as of the Termination Date shall remain exercisable in accordance with
the terms of the Plan and the applicable Option agreement for a period of 90 days following the Termination Date, after which date it shall expire and be forfeited. 

3

 

        8.    Change in Control of the Company.    In the event of a Change in Control (as defined below), the Board shall
have the discretion to: 

        (a)   accelerate
the vesting and exercisability of an Option; or 

        (b)   determine
that an Option be replaced by or converted into an equivalent option in the resulting entity. 

        For
purposes of the Plan, a "Change in Control" shall mean the first to occur of the following: 

        (i)    any
Person (within the meaning of Section 3(a)(9) of the U.S. Exchange Act of 1934, as amended (the "Exchange Act"), as modified and used in Sections 13(d) and
14(d) thereof, except that such term shall not include (A) the Company or any of its subsidiaries, (B) a trustee or other fiduciary holding securities under an employee benefit plan of
the Company or any of its affiliates, (C) an underwriter
temporarily holding securities pursuant to an offering of such securities, or (D) a corporation owned, directly or indirectly, by the shareholders of the Company in substantially the same
proportions as their ownership of Ordinary Shares of the Company, is or becomes the "beneficial owner" (within the meaning set forth in Rule 13d-3 under the Exchange Act), directly
or indirectly, of securities of the Company (not including the securities beneficially owned by such Person any securities acquired directly from the Company or its affiliates) representing 25% or
more of the combined voting power of the Company's then outstanding securities, excluding any Person who becomes such a beneficial owner in connection with a transaction described in clause (A)
of paragraph (iii) below; or 

        (ii)   the
following individuals cease for any reason to constitute a majority of the number of directors then serving: individuals who, on the date hereof, constitute the
Board and any new director (other than a director whose initial assumption of office is in connection with an actual or threatened election contest, including but not limited to a consent
solicitation, relating to the election of directors of the Company) whose appointment or election by the Board or nomination for election by the Company's shareholders was approved or recommended by a
vote of at least two-thirds (2/3) of the directors then still in office who either were directors on the date hereof or whose appointment, election or nomination for
election was previously so approved or recommended; or 

        (iii)  there
is consummated a merger or consolidation of the Company or any direct or indirect subsidiary of the Company with any other corporation, other than (A) a
merger or consolidation which would result in the voting securities of the Company outstanding immediately prior to such merger or consolidation continuing to represent (either by remaining
outstanding or by being converted into voting securities of the surviving entity or any parent thereof), at least 50% of the combined voting power of the securities of the Company or such surviving
entity or any parent thereof outstanding immediately after such merger or consolidation, or (B) a merger or consolidation effected to implement a recapitalization of the Company (or similar
transaction) in which no Person is or becomes the beneficial owner, directly or indirectly, of securities of the Company (not including in the securities beneficially owned by such Person any
securities acquired directly from the Company or its affiliates) representing 25% or more of the combined voting power of the Company's then outstanding securities; or 

        (iv)  the
shareholders of the Company approve a plan of complete liquidation or dissolution of the Company or there is consummated an agreement for the sale or disposition by
the Company of all or substantially all of the Company's assets, other than a sale or disposition by the Company of all or substantially all of the Company's assets to an entity, at least 25% of the
combined voting power of the voting securities of which are owned by shareholders of the Company in substantially the same proportions as their ownership of the Company immediately prior to such sale. 

4

 

        9.    Effect of Change in Shares Subject to Plan.    In the event that the Board determines that any dividend or other
distribution (whether in the form of cash, shares or other property), recapitalization, share split, reverse share split, reorganization, merger, consolidation, spin-off, combination,
repurchase, or share exchange, or other similar corporate transaction or event, affects the Ordinary Shares such that an adjustment is appropriate in order to prevent dilution or enlargement of the
rights of Optionees under the Plan, then the Board shall make such equitable changes or adjustments as it deems necessary or appropriate to any or all of (i) the number and kind of Ordinary
Shares or other securities which may thereafter be issued in connection with Options, (ii) the number and kind of Ordinary Shares or other securities issued or issuable in respect of
outstanding Options, and (iii) the exercise price of any Option. The Board activities and determinations required under this section may not be delegated or assigned to the Committee. 

        10.    Withholding; Other Taxes; Information.    The Company may, in its discretion, require that, prior to the
delivery of a certificate or certificates representing Ordinary Shares or ADRs, the Optionee: (a) pay in the form of cash or certified check or money order to the Company any amount as the
Company determines that it is required to withhold under applicable national, state or local tax laws in respect of the exercise of an Option or the transfer of Ordinary Shares, which amounts may, in
the Company's discretion and subject to applicable law, in the alternative be withheld from the Optionee's salary, wages or other compensation payments; (b) agree to be responsible for, and
indemnify the Company from and against, any claim for payment of any other tax or duty that may become payable in connection with the exercise of an Option or the transfer of Ordinary Shares, which
amounts may, in the Company's discretion and subject to applicable law, in the alternative be withheld from the Optionee's salary, wages or other compensation payments; and (c) agree to, if
requested at any time by the Company, provide to the Company within 10 calendar days of such request, any information regarding the transfer or other disposition of Ordinary Shares reasonably required
by the Company in order for the Company to comply with applicable local laws and regulations or obtain any benefits thereunder. 

        11.    Provision of Information.    Each Optionee shall be given access to information concerning the Company
equivalent to that information generally made available to the Company's shareholders. 

        12.    Options Non-Transferable; Limitations on Transfers of ADRs and Ordinary Shares.    Unless otherwise
provided by the Board, during the lifetime of the Optionee, the Option shall be exercisable only by the Optionee, and no Option shall be assignable or transferable by the Optionee, except by will or
by the laws of descent and distribution. Any ADRs or Ordinary Shares acquired upon exercise of Options shall be transferable only in accordance with applicable securities and other local laws, and may
be subject to substantial statutory or regulatory restrictions on transfer except to the extent exemptions (whether by registration or otherwise) are available. 

        13.    Termination or Amendment of Plan or Options.    The Board, may terminate or amend the Plan or any Option at any
time. In any event, no amendment may adversely affect any then outstanding Option or any unexercised portion thereof, without the written consent of the Optionee. Any determination relating to the
amendment or termination of the Plan may not be delegated or assigned to the Committee 

5

 
 
 

Appendix A    
    

NICE SYSTEMS LTD.

2003 STOCK OPTION PLAN  

U.S. Optionees—Incentive Stock Option Requirements  

        Notwithstanding anything to the contrary contained in the Plan, for an Option to qualify as an "incentive stock option" within the meaning of section 422
of the Code ("ISO"), the following requirements shall apply: 

        1.     Solely
individuals who are employees of the Company or a parent corporation or subsidiary corporation of the Company (as defined in section 424(e) and 424(f) of
the Code) shall be eligible for the grant of an ISO. 

        2.     The
exercise price per share under each ISO shall be not less than 100% of the fair market value of an Ordinary Share on the date of grant of such ISO;  provided that the exercise price per share under each
ISO granted to an Optionee who, on the date of grant, owns stock possessing more than 10% of the
total combined voting power of the Company or a parent corporation or subsidiary corporation of the Company (as defined in section 424(e) and 424(f) of the Code) shall not be less than 110% of
the fair market value of an Ordinary Share on the date of grant of such ISO. 

        3.     No
ISO shall be exercisable for more than 10 years from its date of grant; provided that an ISO granted to an
Optionee who, on the date of grant, owns stock possessing more than 10% of the total combined voting power of the Company or a parent corporation or subsidiary corporation of the Company (as defined
in section 424(e) and 424(f) of the Code), shall not be exercisable for more than 5 years from its date of grant. 

        4.     The
aggregate fair market value (determined at the time of grant) of the Ordinary Shares with respect to which ISOs are exercisable for the first time by an Optionee
during any calendar year (under all stock option plans of the Company or any subsidiary or parent corporation of the Company (as defined in section 424(e) and 424(f) of the Code)) shall not
exceed $100,000. 

        5.     For
purposes of the Optionee of an ISO, the term "disability" shall mean the inability to engage in any substantial gainful activity by reason of any medically
determinable physical or mental impairment which can be expected to result in death or which has lasted or can be expected to last for a continuous period of not less than 12 months, all as
described in section 22(e)(3) of the Code. 

        6.     For
all purposes of this Appendix A, the term "fair market value" as of any date shall mean the closing sales price of the Company's American Depositary Receipts
(ADRs) on the trading date immediately preceding such date as quoted on NASDAQ, or, if there have been no quoted closing sales prices with respect to the ADRs or if the NASDAQ is not open for business
on such trading date, as determined by the Board in good faith. 

6

QuickLinks

Exhibit 4.4

NICE SYSTEMS LTD. 2003 STOCK OPTION PLAN

Appendix A

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