Document:

Exhibit 10.2

  

  
    KIRBY CORPORATION

    2000 NONEMPLOYEE DIRECTOR STOCK PLAN

    ARTICLE I

      GENERAL

    Section 1.1.          Purpose.  The purpose of this Plan is to advance the interests of Kirby Corporation, a Nevada corporation (the “Company”), by providing
        an additional incentive to attract and retain qualified and competent directors, upon whose efforts and judgment the success of the Company is largely dependent, through the encouragement of stock ownership in the Company by such persons.

    Section 1.2.             Definitions.  As used herein, the following terms shall have the meaning indicated:

    (a)          “Award”

        means a grant under this Plan in the form of an Option or Restricted Stock.

    (b)          “Board”

        means the Board of Directors of the Company.

    (c)          “Change

        in Control” means the occurrence of any of the following events:

    (i)            Any “person” (as such term is used in Sections 13(d) and 14(d)(2) of the Securities Exchange Act of 1934, as amended) becomes the beneficial owner, directly or indirectly, of voting securities representing thirty percent
        (30%) or more of the combined voting power of the Company’s then outstanding voting securities or, if a person is the beneficial owner, directly or indirectly, of voting securities representing thirty percent (30%) or more of the combined voting
        power of the Company’s outstanding voting securities as of the date a particular Award is granted, such person becomes the beneficial owner, directly or indirectly, of additional voting securities representing ten percent (10%) or more of the
        combined voting power of the Company’s then outstanding voting securities;

    (ii)             During any period of twelve (12) months, individuals who at the beginning of such period constitute the Board cease for any reason to constitute a majority of the Directors unless the election, or the nomination for election
        by the Company’s stockholders, of each new Director was approved by a vote of at least a majority of the Directors then still in office who were Directors at the beginning of the period;

    (iii)            (A) Any consolidation or merger of the Company or any Subsidiary that results in the holders of the Company’s voting securities immediately prior to the consolidation or merger having (directly or indirectly) less than a
        majority ownership interest in the outstanding voting securities of the surviving entity immediately after the consolidation or merger, (B) any sale, lease, exchange or other transfer (in one transaction or a series of related transactions) of all
        or substantially all of the assets of the Company or (C) the liquidation or dissolution of the Company; or

     

      

    
      
        

    

    
    (iv)            The
        stockholders of the Company accept a share exchange, with the result that stockholders of the Company immediately before such share exchange do not own, immediately following such share exchange, at least a majority of the voting securities of the
        entity resulting from such share exchange in substantially the same proportion as their ownership of the voting securities outstanding immediately before such share exchange.

    

    

    For purposes of this definition, the term “voting securities” means equity securities, or securities that are convertible or
      exchangeable into equity securities, that have the right to vote generally in the election of Directors.

    (d)          “Code”

        means the Internal Revenue Code of 1986, as amended.

    (e)          “Committee”

        means the Compensation Committee, if any, appointed by the Board.

    (f)         “Compensation

        Plan” means the written plan or program in effect from time to time, as approved by the Board, which sets forth the compensation to be paid to Eligible Directors.

    (g)          “Date

        of Grant” means the date on which an Option or Restricted Stock is deemed granted to an Eligible Director as specified in this Plan.

    (h)          “Director”

        means a member of the Board.

    (i)          “Eligible

        Director” means a Director who is not an employee of the Company or a Subsidiary.

    (j)          “Existing

        Plan” means the 2000 Nonemployee Director Stock Option Plan as adopted by the Board on September 22, 2000 and as amended and restated through April 27, 2021.

    (k)          “Fair

        Market Value” of a Share means the closing price on the New York Stock Exchange on the day of reference.  If the Shares are not listed for trading on the New York Stock Exchange, the Fair Market Value on the date of reference shall be determined by
        any fair and reasonable means prescribed by the Committee.

    (l)           “Nonincentive

        Stock Option” means an option that is not an incentive stock option as defined in Section 422 of the Internal Revenue Code of 1986, as amended.

    (m)          “Option”

        means any option granted under this Plan.

    (n)          “Optionee”
        means a person to whom a stock option is granted under this Plan or any successor to the rights of such person under this Plan by reason of the death of such person.

     

      

    
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    (o)          “Payment Date” means the
        last day of a calendar quarter.

    

    

    (p)          “Plan”

        means this 2000 Nonemployee Director Stock Plan for Kirby Corporation.

    (q)          “Restricted

        Stock” means Shares granted under this Plan that are subject to restrictions described in Article III and the Compensation Plan.

    (r)          “Share”

        means a share of the common stock, par value ten cents ($0.10) per share, of the Company.

    (s)          “Subsidiary”

        means any corporation (other than the Company) in any unbroken chain of corporations beginning with the Company if, at the time of the granting of the Option, each of the corporations other than the last corporation in the unbroken chain owns stock
        possessing 50% or more of the total combined voting power of all classes of stock in one of the other corporations in such chain.

    Section 1.3.             Total Shares and Limitations.

    (a)          The
        maximum number of Shares that may be issued under this Plan shall be One Million Five Hundred Thousand (1,500,000) Shares, which may be from Shares held in the Company’s treasury or from authorized and unissued Shares.  If any Award granted under
        the Plan shall terminate, expire or be cancelled or surrendered as to any Shares, new Options may thereafter be granted covering such Shares or such Shares may thereafter be issued as Restricted Stock.

    (b)          The
        maximum aggregate number of Shares that may be issued upon the exercise of Options granted pursuant to Section 2.3 or as Restricted Stock pursuant to Section 3.3 shall be Ten Thousand (10,000) Shares.

    (c)        Notwithstanding

        any provision to the contrary in the Plan, the sum of the grant date fair value of Awards (determined in accordance with Financial Accounting Standards Board Accounting Standards Codification Topic 718 (or any successor thereto)) and the amount of
        any cash-based awards or other fees granted or paid to an Eligible Director during any calendar year shall not exceed $500,000, in respect of the Eligible Director’s service as a member of the Board during such year.  The Board may make exceptions
        to this limit for individual Eligible Directors in extraordinary circumstances (including, without limitation, in connection with service for the initial fiscal year of service for an Eligible Director or advisory or other services of an Eligible
        Director that exceed those typically provided by a member of a board of directors), as the Board may determine in its discretion, provided that the Eligible Director receiving such additional compensation may not participate in the decision to
        award such compensation or in other contemporaneous compensation decisions involving Eligible Directors.

     

      

    
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    ARTICLE II

      STOCK OPTIONS

    Section 2.1.          Grant of Options.  Options shall be granted to Eligible Directors as provided in Section 2.2 and may be granted in the discretion of the
        Committee as provided in Section 2.3.  All Options shall be Nonincentive Stock Options.  Each Option shall be evidenced by an option agreement containing such terms deemed necessary or desirable by the Committee that are not inconsistent with the
        Plan or any applicable law.  Neither the Plan nor any Option shall confer upon any person any right to continue to serve as a Director.

    Section 2.2.           Election to Receive Options.  If the Compensation Plan permits Eligible Directors to elect to receive an Option in lieu of all or part
        of Director fees otherwise payable in cash, each Eligible Director who has properly and timely made such election as provided in the Compensation Plan shall be granted an Option for a number of Shares equal to (i) the amount of the fee such
        Eligible Director elects to receive in the form of an Option divided by (ii) the Fair Market Value of a Share on the Date of Grant multiplied by (iii) 3, with the result rounded to the nearest whole Share.

    Section 2.3.           Discretionary Grant of Options.  The Committee may in its discretion grant Options to Eligible Directors in addition to the Options
        granted pursuant to Section 2.2.

    Section 2.4.             Option Price.  The option price per Share for any Option shall be the Fair Market Value on the Date of Grant.

    Section 2.5.             Date of Grant.

    (a)          The
        Date of Grant of an Option granted under Section 2.2 shall be the second business day after the Company’s first quarter earnings conference call following the election by the Eligible Director pursuant to the Compensation Plan to receive the Option
        in lieu of cash fees, except that, for a newly elected Eligible Director, the Date of Grant shall be the date of his or her election to receive an Option in lieu of cash fees.

    (b)          The
        Date of Grant of an Option granted under Section 2.3 shall be the date on which the Committee takes formal action to grant the Option or such later date as may be specified by the Committee when granting the Option.

    Section 2.6.             Vesting.

    (a)          An
        Option granted under Section 2.2 shall become exercisable on the Payment Date(s) following the Date of Grant as provided in this Section 2.6(a).  The number of Shares as to which an Option granted under Section 2.2 will become exercisable on each
        Payment Date after the Date of Grant shall equal the number of Shares subject to the Option divided by the number of Payment Dates occurring after the Date of Grant and before the first anniversary of the most recent annual meeting of stockholders
        of the Company.

    (b)          An
        Option granted under Section 2.3 shall become exercisable six months after the Date of Grant.

     

      

    
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    (c)          Notwithstanding

        the other provisions of this Section 2.6, (i) an Option shall only become exercisable as provided in this Section 2.6 if the Optionee is a Director at the time the Option would otherwise become exercisable and (ii) upon the occurrence of a Change
        in Control, all Options outstanding at the time of the Change in Control shall become immediately exercisable.

    Section 2.7.            Term of Options.  The portion of an Option that is exercisable shall automatically and without notice terminate upon the earlier of (a)
        one (1) year after the Optionee ceases to be a Director for any reason or (b) ten (10) years after the Date of Grant of the Option.  The portion of an Option that is not exercisable shall automatically and without notice terminate at the time the
        Optionee ceases to be a Director for any reason.

    Section 2.8.             Exercise of Options.  Any Option may be exercised in whole or in part to the extent exercisable in accordance with Section 2.6.  An
        Option shall be deemed exercised when (i) the Company has received written notice of such exercise in accordance with the terms of the Option and (ii) full payment of the aggregate option price of the Shares as to which the Option is exercised has
        been made.  Unless further limited by the Committee in any Option, the option price of any Shares purchased shall be paid solely in cash, by certified or cashier’s check, by money order, by personal check, by withholding Shares otherwise
        deliverable upon exercise of the Option or with Shares owned by the Optionee for at least six months, or by a combination of the foregoing.  If the option price is paid in whole or in part with Shares, the value of the Shares withheld or delivered
        shall be their Fair Market Value on the date received by the Company.

    Section 2.9.             Adjustment of Shares.

    (a)          If
        at any time while the Plan is in effect or unexercised Options are outstanding, there shall be any increase or decrease in the number of issued and outstanding Shares through the declaration of a stock dividend or through any recapitalization
        resulting in a stock split, combination or exchange of Shares, then and in such event:

    (i)             appropriate adjustment shall be made in the maximum number of Shares then subject to being optioned under the Plan, and the numbers of Options to be granted under Sections 2.2 and 2.3, so that the same proportion of the
        Company’s issued and outstanding Shares shall continue to be subject to being so optioned, and

    (ii)            appropriate adjustment shall be made in the number of Shares and the exercise price per Share thereof then subject to any outstanding Option, so that the same proportion of the Company’s issued and outstanding Shares shall
        remain subject to purchase at the same aggregate exercise price.

    (b)         In
        the event of a merger, consolidation or other reorganization of the Company in which the Company is not the surviving entity, the Board or the Committee may provide for any or all of the following alternatives: (i) for Options to become immediately
        exercisable, (ii) for exercisable Options to be cancelled immediately prior to such transaction, (iii) for the assumption by the surviving entity of the Plan and the Options, with appropriate adjustments in the number and kind of shares and
        exercise prices or (iv) for payment in cash or stock in lieu of and in complete satisfaction of Options.

     

      

    
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    (c)          Any
        fractional shares resulting from any adjustment under this Section 2.9 shall be disregarded and each Option shall cover only the number of full shares resulting from such adjustment.

    (d)          Except

        as otherwise expressly provided herein, the issuance by the Company of shares of its capital stock of any class, or securities convertible into shares of capital stock of any class, either in connection with direct sale or upon the exercise of
        rights or warrants to subscribe therefor, or upon conversion of shares or obligations of the Company convertible into such shares or other securities, shall not affect, and no adjustment by reason thereof shall be made with respect to, the number
        of or exercise price of Shares then subject to outstanding Options granted under the Plan.

    (e)          Without

        limiting the generality of the foregoing, the existence of outstanding Options granted under the Plan shall not affect in any manner the right or power of the Company to make, authorize or consummate (i) any or all adjustments, recapitalizations,
        reorganizations or other changes in the Company’s capital structure or its business; (ii) any merger or consolidation of the Company; (iii) any issue by the Company of debt securities, or preferred or preference stock that would rank above the
        Shares subject to outstanding Options; (iv) the dissolution or liquidation of the Company; (v) any sale, transfer or assignment of all or any part of the assets or business of the Company; or (vi) any other corporate act or proceeding, whether of a
        similar character or otherwise.

    Section 2.10.          Transferability of Options. Each Option shall provide that such Option shall not be transferable by the Optionee otherwise than by will
        or the laws of descent and distribution and that so long as an Optionee lives, only such Optionee or his guardian or legal representative shall have the right to exercise such Option.

    Section 2.11.          Issuance of Shares.  No person shall be, or have any of the rights or privileges of, a stockholder of the Company with respect to any of
        the Shares subject to any Option unless and until such Shares (whether in certificated or in book entry or other electronic form) shall have been issued and delivered to such person.  As a condition of any transfer of Shares, the Committee may
        obtain such agreements or undertakings, if any, as it may deem necessary or advisable to assure compliance with any provision of the Plan, any agreement or any law or regulation including, but not limited to, the following:

    (a)          a
        representation, warranty or agreement by the Optionee to the Company, at the time any Option is exercised, that the Optionee is acquiring the Shares for investment and not with a view to, or for sale in connection with, the distribution of any such
        Shares; and

    (b)        a
        representation, warranty or agreement to be bound by any restrictions that are, in the opinion of the Committee, necessary or appropriate to comply with the provisions of any securities law deemed by the Committee to be applicable to the issuance
        of the Shares.

     

      

    
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    Section 2.12.           Option Repricing.  Except as provided in Section 4.2, the Committee shall not modify an outstanding Option so as to specify a lower
        exercise price (and will not cancel an Option and substitute for it an Option with a lower exercise price), without the approval of the Company’s stockholders.  In addition, except as provided in Section 6.2, the Committee may not cancel an
        outstanding Option whose exercise price is equal to or greater than the current Fair Market Value of a Share in exchange for cash or substitute for it another Award without the prior approval of the Company’s stockholders.

    ARTICLE III

      RESTRICTED STOCK

    Section 3.1.             Grants of Restricted Stock.  Restricted Stock shall be granted to Eligible Directors as provided in Sections 3.2 and 3.3 and may be
        granted in the discretion of the Committee as provided in Section 3.4.  Each Restricted Stock grant shall be evidenced by an agreement containing such terms deemed necessary or desirable by the Committee that are not inconsistent with the Plan or
        any applicable law.  No grant of Restricted Stock shall confer upon any person any right to continue to serve as a Director.

    Section 3.2.          Automatic Annual Grants.  Following each annual meeting of stockholders of the Company, each Eligible Director shall automatically be
        granted $167,500 in value of Restricted Stock, except that an Eligible Director elected between annual stockholder meetings shall be granted a prorated dollar value of restricted stock for the year in which he or she is first elected.  The number
        of shares of Restricted Stock granted will be equal to (a) the dollar value divided by (b) the Fair Market Value on the Date of Grant multiplied by (c) 1.2, with the result then rounded to the nearest whole share.

    Section 3.3.           Election to Receive Restricted Stock.  If the Compensation Plan permits Eligible Directors to elect to receive Restricted Stock in lieu
        of all or part of Director fees otherwise payable in cash, each Eligible Director who has properly and timely made such election as provided in the Compensation Plan shall automatically be granted a number of Shares of Restricted Stock equal to (i)
        the amount of the fee such Eligible Director elects to receive in the form of Restricted Stock divided by (ii) the Fair Market Value of a Share on the Date of Grant multiplied by (iii) 1.2, with the result rounded to the nearest whole Share.

    Section 3.4.           Discretionary Grant of Restricted Stock.  The Committee may in its discretion grant Restricted Stock to Eligible Directors in addition
        to Restricted Stock granted pursuant to Sections 3.2 and 3.3.

    Section 3.5.             Date of Grant.

    (a)          The
        Date of Grant of Restricted Stock granted under Section 3.2 shall be the second business day after the Company’s first quarter earnings conference call, except that for an Eligible Director elected between annual stockholder meetings, the Date of
        Grant shall be determined as follows:

    (i)            If the Eligible Director is elected at a regular quarterly meeting of the Board, the Date of Grant shall be the second business day after the Company’s earnings conference call for the immediately preceding quarter.

    (ii)              If the Eligible Director is elected at any other time, the Date of Grant shall be the date of his or her election.

     

      

    
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    (b)          The
        Date of Grant of Restricted Stock granted under Section 3.3 shall be the second business day after the Company’s first quarter earnings conference call following the election by the Eligible Director pursuant to the Compensation Plan to receive the
        Restricted Stock in lieu of cash fees, except that, for a newly elected Eligible Director, the Date of Grant shall be the date of his or her election to receive Restricted Stock in lieu of cash fees.

    (c)          The
        Date of Grant of Restricted Stock granted under Section 3.4 shall be the date on which the Committee takes formal action to grant the Restricted Stock.

    Section 3.6.              Vesting.

    (a)          Restricted

        Stock granted under Section 3.2 shall vest six months after the Date of Grant.

    (b)          Restricted

        Stock granted under Section 3.3 shall vest on the Payment Date(s) following the Date of Grant as provided in this Section 3.6(b).  The number of Shares of Restricted Stock granted under Section 3.3 that will vest on each Payment Date after the Date
        of Grant shall equal the number of Shares of Restricted Stock granted divided by the number of Payment Dates occurring after the Date of Grant and before the first anniversary of the most recent annual meeting of stockholders of the Company.

    (c)          Restricted

        Stock granted under Section 3.4 shall vest six months after the Date of Grant.

    (d)         Notwithstanding

        the other provisions of this Section 3.6, (i) Restricted Stock shall only vest as provided in this Section 3.6 if the holder is a Director at the time the Restricted Stock would otherwise vest and (ii) upon the occurrence of a Change in Control,
        all Restricted Stock issued under the Plan that is outstanding at the time of the Change in Control shall immediately vest.

    (e)        Notwithstanding

        the vesting conditions set forth in the Plan or the Compensation Plan, the Committee may in its discretion at any time accelerate the vesting of Restricted Stock or otherwise waive or amend any conditions of a grant of Restricted Stock under the
        Plan.

    Section 3.7.             Restrictions on Transfer.  Restricted Stock granted to an Eligible Director under the Plan (whether represented by stock certificates or
        in book entry or other electronic form) shall be registered in the Director’s name or, at the option of the Committee, not issued until such time as the Restricted Stock shall become vested or as otherwise determined by the Committee.  If
        certificates are issued prior to the Shares of Restricted Stock becoming vested, such certificates shall either be held by the Company on behalf of the Director, or delivered to the Director bearing a legend to restrict transfer of the certificate
        until the Restricted Stock has vested, as determined by the Committee.  The Director shall have the right to vote and receive dividends on the Restricted Stock before it has vested.  Except as may otherwise be expressly permitted by the Committee,
        no Share of Restricted Stock may be sold, transferred, assigned or pledged by the Director until such Share has vested.  In the event that a Director ceases to be a Director before all the Director’s Restricted Stock has vested, the Shares of
        Restricted Stock that have not vested shall be forfeited.  At the time Restricted Stock vests (and, if the Director has been issued legended certificates for Restricted Stock, upon the return of such certificates to the Company), such vested Shares
        shall be issued to the Director, in certificated or book entry or other electronic form, free of restrictions.

     

      

    
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    Section 3.8.             Issuance of Shares.  As a condition of the issuance of any Shares of Restricted Stock, the Committee may obtain such agreements or
        undertakings, if any, as it may deem necessary or advisable to assure compliance with any provision of the Plan, any agreement or any law or regulation including, but not limited to, the following:

    (a)          a
        representation, warranty or agreement by the Eligible Director to the Company that the Eligible Director is acquiring the Shares for investment and not with a view to, or for sale in connection with, the distribution of any such Shares; and

    (b)        a
        representation, warranty or agreement to be bound by any restrictions that are, in the opinion of the Committee, necessary or appropriate to comply with the provisions of any securities law deemed by the Committee to be applicable to the issuance
        of the Shares.

    Section 3.9.             Section 83(b) Election.  If a Director receives Restricted Stock that is subject to a “substantial risk of forfeiture,” the Director may
        elect under Section 83(b) of the Code to include in his or her gross income, for the taxable year in which the Restricted Stock is received, the Fair Market Value of such Restricted Stock on the Date of Grant.  If the Director makes the Section
        83(b) election, the Director shall (a) make such election in a manner that is satisfactory to the Committee, (b) provide the Company with a copy of such election and (c) agree to promptly notify the Company if any Internal Revenue Service or state
        tax agent, on audit or otherwise, questions the validity or correctness of such election or of the amount of income reportable on account of such election.

    ARTICLE IV

      ADDITIONAL PROVISIONS

    Section 4.1.            Administration of the Plan.  The Plan shall be administered by the Committee.  The Committee shall have the authority to interpret the
        provisions of the Plan, to adopt such rules and regulations for carrying out the Plan as it may deem advisable, to decide conclusively all questions arising with respect to the Plan and to make all other determinations and take all other actions
        necessary or desirable for the administration of the Plan.  All decisions and acts of the Committee shall be final and binding upon all affected Optionees and holders of Restricted Stock.  If there is no Committee, the Board shall administer the
        Plan and in such case all references to the Committee shall be deemed to be references to the Board.

    Section 4.2.            Adjustment of Shares.  If at any time while the Plan is in effect, there shall be any increase or decrease in the number of issued and
        outstanding Shares through the declaration of a stock dividend or through any recapitalization resulting in a stock split, combination or exchange of Shares, the Committee shall make an appropriate adjustment in the number and kind of Shares then
        subject to being issued under the Plan, so that the same proportion of the Company’s issued and outstanding Shares shall continue to be subject to issuance under the Plan upon the exercise of Options or as Restricted Stock.

     

      

    
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    Section 4.3.            Amendment.  The Board may amend or modify the Plan in any respect at any time, subject to stockholder approval if required by applicable
        law or regulation or by applicable stock exchange rules.

    Section 4.4.             Duration and Termination.  No Awards shall be made under the Plan after April 27, 2027.  The Board may suspend, discontinue or terminate
        the Plan at any time.  The suspension, discontinuance or termination of the Plan shall not impair any of the rights of any holder of any Option or Restricted Stock outstanding on the date of the Plan’s suspension, discontinuance or termination
        without the holder’s written consent.

    Section 4.5.           Effective Date.  The Plan amends and restates the Existing Plan in its entirety, effective April 27, 2021, subject to the approval of
        the Company’s stockholders at the Company’s 2021 annual meeting of stockholders.

    

      10Exhibit 4.4

 

	VITRU LIMITED	 	VITRU LIMITED
	Plano de Opção de Compra de Ações	 	Stock Option Plan
		 	 
	O presente Plano de Opção de Compra de Ações, aprovado pelo Conselho de Administração da Vitru Limited (“Companhia”) realizada em 19 de novembro de 2020 (“Plano”), estabelece as condições gerais para a outorga de opções de compra de ações de emissão da Companhia.	 	This Stock Option Plan, approved by the  Board of Directors of Vitru Limited (“Company”) held on November 19, 2020 (“Plan”), provides for the general conditions for the grant of options to purchase shares issued by the Company.
	 	 	 
	Esta tradução é disponibilizada apenas para fins de conveniência e, no caso de qualquer conflito entre a tradução em português e inglês, a versão em português prevalecerá.	 	This translation is provided for convenience only and in the event of any conflict between the Portuguese and English translation, the Portuguese meaning shall prevail.
	 	 	 
	1.            Objetivo do Plano	 	1.            Objective of the Plan
	 	 	 
	1.1.        Objetivos. Este Plano tem por objetivo conceder aos Participantes (conforme definição na Cláusula  ‎3 abaixo) o direito de se tornarem acionistas da Companhia. Este direito poderá estar sujeito a determinadas condições a serem impostas pela Companhia e visa a alinhar os interesses dos acionistas da Companhia ao dos Participantes.	 	1.1.        Objectives. This Plan aims to grant the Participants (as defined in Section ‎3 below) the right to become shareholders of the Company. This right may be subject to certain conditions to be imposed by the Company and aims at aligning the interests of the Company's shareholders with those of the Participants.
	 	 	 
	1.2.        Para os fins do presente Plano, serão consideradas “Controladas” todas e quaisquer sociedades nas quais a Companhia detenha ou venha a deter, direta ou indiretamente, direitos de sócia que lhe assegurem, de modo permanente, a maioria nas deliberações sociais e/ou o poder de eleger a maioria dos administradores das referidas sociedades.	 	1.2.        For the purposes of this Plan, “Subsidiaries” will be considered as any and all companies in which the Company holds or may hold, directly or indirectly, shareholding rights that permanently assure it majority in corporate resolutions and/or the power to elect the majority of the directors/officers of the referred companies.
	 	 	 
	2.            Administração do Plano e Competências	 	2.            Plan Administration and Powers
	 	 	 
	2.1.        Administração. O presente Plano será administrado pelo Conselho de Administração da Companhia (“Conselho de Administração”), que terá a competência de: 	 	2.1.        Administration. This Plan will be managed by the Board of Directors of the Company (“Board of Directors”), which shall have powers to:
	 	 	 
	(a)          Criar periodicamente “Programas” nos quais poderão ser estabelecidos, dentre outras matérias: (i) termos e condições específicos e complementares a este Plano, aplicáveis a um ou mais Participantes, (ii) a quantidade global de Opções a serem outorgadas em cada Programa; (iii) parâmetros para a seleção de Participantes, de forma a estabelecer critérios objetivos para sua eleição; (vi) restrições à transferência das Ações 	 	(a)          Periodically create “Programs” which may provide for, among other matters: (i) specific and complementary terms and conditions to this Plan, applicable to one or more Participants; (ii) the total number of Options to be granted in each Program; (iii) parameters for the selection of Participants, in order to establish objective criteria for their election; (iv) restrictions on the transfer of Shares acquired through the exercise of the 

    1

    

    

	adquiridas por meio do exercício das Opções, podendo também atribuir para a Companhia ou suas Controladas opções de recompra ou direitos de preferência em caso de alienação pelo Participante dessas mesmas Ações, até o término do prazo e/ou cumprimento das condições que venham a ser fixados;	 	Options, and may also assign to the Company or its Subsidiaries repurchase options or rights of first refusal in the event of disposal by the Participant of these same Shares, until the end of the term and/or compliance with the conditions that may be fixed; and
	 	 	 
	(b)         Solucionar eventuais dúvidas de interpretação do Plano e/ou Programas;	 	(b)         Resolve any doubts regarding the interpretation of the Plan and/or Programs;
	 	 	 
	(c)          Alterar o prazo de exercício das Opções. 	 	(c)          Change the term for exercising the Options. 
	 	 	 
	2.2.        Autoridade do Conselho de Administração. Sujeito às disposições do Plano, o Conselho de Administração terá plena autoridade e discrição para tomar as medidas que julgar necessárias ou convenientes para a administração do Plano. No que diz respeito aos termos e condições das Opções outorgadas aos Participantes, o Conselho de Administração pode interpretar e até mesmo alterar as disposições do Plano e/ou de um Programa na medida em que determine ser necessário e apropriado para fazer isso, sendo certo que quaisquer alterações a este Plano e/ou Programa somente serão aplicáveis para os Contratos de Opção celebrados após a data da respectiva alteração. Todas as decisões, interpretações e outras ações do Conselho de Administração serão finais e vinculantes para todos os Participantes e todas as pessoas que derivem seus direitos de um Participante.	 	
    2.2.       
    Authority of the Board of Directors. Subject to the provisions of the Plan, the Board of Directors shall have full authority
    and discretion to take any actions it deems necessary or advisable for the administration of the Plan. With respect to the terms and conditions
    of Options granted to Participants, the Board of Directors may interpret and even change the provisions of the Plan and/or Program to
    the extent it determines it necessary and appropriate to do so, provided that any changes to this Plan and/or Program will only apply
    to Option Agreements entered into after the date of the respective change. All decisions, interpretations and other actions of the Board
    of Directors shall be final and binding on all Participants and all persons deriving their rights from a Participant.

     

	 	 	 
	2.3.        Seleção de Participantes. O Conselho de Administração deverá criar dois comitês especiais, conforme previsto abaixo: 	 	2.3.        Selection of Participants. The Board of Directors shall create two special committees, as provided below:
	 	 	 
	(a) o comitê de remuneração (“Comitê de Remuneração”) será responsável por recomendar ao Conselho de Administração os Administradores a serem eleitos como Participantes, bem como a quantidade de Opções a serem outorgadas a cada Participante, observada a quantidade máxima de Opções estabelecida em cada Programa, sendo certo que caberá ao Conselho de Administração selecionar os Participantes e a quantidade de Opções outorgada; e	 	(a) the compensation committee (“Compensation Committee”) shall be responsible for recommending to the Board of Directors the Administrators  to be selected as Participants, as well as the number of Options to be granted to each Participant, with due regard to the total number of Options available in each Program, provided that the Board of Directors shall select the Participants and respective number of Options; and
	 	 	 
	(b) o comitê de diretoria (“Comitê de Diretoria”), composto por membros da Diretoria da Companhia e/ou de suas Controladas, será responsável por 	 	(b) the officers committee (“Officers Committee”), composed of members of the Board of Officers of the Company and/or Subsidiaries, shall be 

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	eleger os Participantes que não são Administradores, bem como a quantidade de Opções a serem outorgadas a cada um, observada a quantidade global de Opções estabelecida em cada Programa, sendo que, em caso de empate em decisão do Comitê de Diretoria, o Diretor Presidente (CEO) terá voto de desempate.	 	responsible for electing the Participants that are not Administrators, as well as the number of Options to be granted to each one, with due regard to the total amount of Options set forth in each Program, provided that, in the event of a tie in the resolutions of the Officers Committee, the Chief Executive Officer (CEO) shall have a tie-breaking vote.
	 	 	 
	3.            Participantes	 	3.            Participants
	 	 	 
	3.1.        Participantes. Poderão participar do Plano os Administradores, Empregados e Prestadores de Serviços da Companhia e de suas Controladas, de acordo com as regras deste Plano.	 	3.1.        Participants. May participate in the Plan the Administrators, Employees and Service Providers of the Company and its Subsidiaries, pursuant to the rules of this Plan.
	 	 	 
	3.1.1.    Para os fins deste Plano:	 	3.1.1.    For the purposes of this Plan: 
	 	 	 
	(a)           “Administrador” significa os membros da Diretoria e os membros do Conselho de Administração da Companhia e de suas Controladas, ou qualquer Empregado chave sênior considerado como um Administrador pelo Conselho de Administração;	 	(a)           “Administrator” means the members of the Board of Officers and Board of Directors of the Company and its Subsidiaries, or any other key senior Employee considered as an Administrator by the Board of Directors;
	 	 	 
	(b)          “Empregado” significa os profissionais que trabalham para a Companhia ou suas Controladas com vínculo empregatício, e que não são considerados Administradores; e	 	(b)          “Employee” means the professionals who work for the Company or its Subsidiaries with an employment relationship, and that are not an Administrator; and
	 	 	 
	(c)           “Prestador de Serviço” ou “Prestadores de Serviço” significa(m) os profissionais que desempenham determinadas atividades e/ou funções para a Companhia ou suas Controladas sem possuir vínculo empregatício ou estatutário com referidas sociedades.	 	(c)           “Service Provider” or “Service Providers” means professionals who perform certain activities and/or functions for the Company or its Subsidiaries without having an employment or statutory relationship with said companies. 
	 	 	 
	3.1.2.    Serão considerados participantes do Plano os Administradores, Empregados e Prestadores de Serviços que recebam Opções (“Participantes”).	 	3.1.2.    Administrators, Employees and Service Providers who receive Options (“Participants”) will be considered participants in the Plan.
	 	 	 
	3.2.        Tratamentos Diferenciados. O Conselho de Administração poderá tratar de maneira diferenciada Participantes que se encontrem em situação similar, não estando obrigado, por qualquer regra de isonomia ou analogia, a estender a outros Participantes, qualquer condição, benefício ou deliberação que entenda aplicável apenas a determinados Participantes. O Conselho de Administração poderá, ainda, estabelecer um tratamento especial para casos excepcionais, durante a eficácia de cada direito de Opção, desde 	 	3.2.        Differentiated Treatments. The Board of Directors may treat Participants in a similar situation differently, and is not obliged, by any rule of equality or analogy, to extend to other Participants, any condition, benefit or resolution that it considers applicable only to certain Participants. The Board of Directors may also establish special treatment for exceptional cases, during the effectiveness of each Option right, provided that the rights already granted to the Participants and the basic principles of the Plan are 

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	que não sejam afetados os direitos já concedidos aos Participantes nem os princípios básicos do Plano. Tal tratamento especial não constituirá precedente invocável por outros Participantes.	 	not affected. Such special treatment shall not constitute a precedent that can be claimed by other Participants.
	 	 	 
	3.3.        Permanência no Emprego ou Cargo. Nenhuma disposição do Plano, assim como sua simples existência, conferirá aos Participantes garantia de manutenção do vínculo empregatício, de serviço, estatutário ou contratual com a Companhia ou suas Controladas ou interferirá de qualquer modo no direito da Companhia e de suas Controladas, sujeito às condições legais e àquelas do contrato de trabalho ou do contrato de prestação de serviços, conforme o caso, de rescindir a qualquer tempo o relacionamento com o Participante. Adicionalmente, nenhuma disposição do Plano conferirá a qualquer Administrador titular de uma Opção direitos concernentes à sua permanência até o término do seu mandato ou interferirá de qualquer modo no direito da Companhia ou de suas Controladas em destituí-lo, nem assegurará o direito à sua reeleição para o cargo.	 	3.3.        Permanence in Employment or Position. No provision of the Plan, as well as its simple existence, will grant Participants a guarantee of maintaining an employment, service, statutory or contractual relationship with the Company or its Subsidiaries or interfere in any way with the right of the Company and its Subsidiaries, subject to legal conditions and those of the employment contract or the service provision contract, as the case may be, to terminate the relationship with the Participant at any time. In addition, no provision of the Plan will grant any Administrator holding an Option rights concerning him/her staying until the end of his/her term of office or interfere in any way with the right of the Company or its Subsidiaries to remove him/her, nor guarantee the right to his/her re-election for the post.
	 	 	 
	3.4.        Ausência de Caráter Remuneratório. O Plano constitui negócio oneroso de natureza exclusivamente civil e não cria qualquer obrigação de natureza trabalhista ou previdenciária entre a Companhia ou suas Controladas com os Participantes, sejam eles administradores estatutários ou não ou empregados. Nesse sentido, a participação do Administrador, Empregado ou Prestador de Serviços da Companhia ou de suas Controladas no Plano não interfere na remuneração fixa e variável para ele estabelecida.	 	3.4.        Absence of Remuneration Character. The Plan constitutes an onerous business of an exclusively civil nature and does not create any labor or social security obligation between the Company or its Subsidiaries with the Participants, whether they are statutory or not administrators or employees. Accordingly, the participation of the Administrator, Employee or Service Provider of the Company or its Subsidiaries in the Plan does not interfere with the fixed and variable remuneration provided for it.
	 	 	 
	4.            Contratos de Opção	 	4.            Option Agreement
	 	 	 
	4.1.        Contrato de Opção. Cada Participante deverá aderir expressamente ao Plano, mediante assinatura de Contrato de Opção de Compra de Ações (“Contrato de Opção”), obrigando-se, sem qualquer ressalva, ao cumprimento de todos os dispositivos estabelecidos neste Plano.	 	4.1.        Option Agreement. Each Participant must expressly adhere to the Plan, by signing a Stock Option Agreement (“Option Agreement”), undertaking, without any reservation, to comply with all provisions established in this Plan. 
	 	 	 
	4.1.1.    Os Contratos de Opção deverão especificar, sem prejuízo de outras condições a serem determinadas pelo Conselho de Administração (a) a quantidade das Opções outorgadas; (b) os termos e condições para aquisição do direito ao exercício das Opções; (c) o preço de exercício das Opções e condições de pagamento. 	 	4.1.1.    Option Agreements shall specify, without prejudice to other conditions to be determined by the Board of Directors (a) the quantity of the granted Options; (b) the terms and conditions for the acquisition of the right to exercise the Options; (c) the exercise price of the Options and payment conditions.
	 	 	 

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	4.2.        Termos e Condições da Opção. As Opções a serem outorgadas aos Participantes estarão sujeitas aos termos e condições estabelecidos neste Plano, no Programa e no Contrato de Opção assinado pelo Participante.	 	4.2.        Option Terms and Conditions. The Options to be granted to the Participants will be subject to the terms and conditions established in this Plan, in the Program and in the Option Agreement signed by the Participant.
	 	 	 
	4.3.        Extinção. Sem prejuízo de qualquer disposição adicional ou em contrário prevista no Plano, no Programa ou nos Contratos de Opção, as Opções extinguir-se-ão automaticamente, cessando todos os seus efeitos de pleno direito, nos seguintes casos:	 	4.3.        Lapse. Without prejudice to any additional provision or otherwise provided for in the Plan, in the Program or in the Option Agreements, the Options will be automatically forfeited, lapsing in full, in the following cases:
	 	 	 
	(a)           mediante o exercício integral das Opções;	 	(a)           upon the full exercise of the Options;
	 	 	 
	(b)          se a Companhia for dissolvida, liquidada, tiver sua falência decretada ou tiver aprovado plano de recuperação judicial ou extrajudicial;	 	(b)          if the Company is dissolved, liquidated, has its bankruptcy declared or has approved a judicial or extrajudicial recovery plan;
	 	 	 
	
    (c)          
    Após o transcurso do Período de Exercício conforme definido na Cláusula ‎5.3.

     
	 	
    (c)          
    After the Exercise period as defined in Section ‎5.3.

     

	 	 	 
	(d)          nas hipóteses em que as Opções Não-Vestidas são canceladas no Desligamento, conforme previstas na Cláusula  ‎9 deste Plano.	 	(d)          in the event that the Unvested Options are canceled at the Termination, as provided for in Section ‎9 of this Plan.
	 	 	 
	5.            Exercício da Opção	 	5.            Exercise of the Option
	 	 	 
	5.1.        Prazo de Carência. Exceto se previsto de forma diversa no Contrato de Opção, as Opções tornar-se-ão potencialmente aptas a exercício (isto é, tornar-se-ão Opções Vestidas), de acordo com a seguinte regra (“Prazo de Carência”):	 	5.1.        Grace period. Unless otherwise provided for in the Option Agreement, the Options will become potentially suitable for exercise (that is, they will become Vested Options), in accordance with the following rule (“Grace Period”):
	 	 	 
	(i)            15% (quinze por cento) das Opções tornar-se-ão Opções Vestidas no primeiro aniversário de 18 de setembro de 2020 

(“Abertura das Negociações Vitru”);	 	(i)            15% (fifteen per cent) of the Options will become Vested Options on the first anniversary of the date of September 18, 2020 (“Vitru First Trading Day”);
	 	 	 
	(ii)           30% (trinta por cento) das Opções tornar-se-ão Opções Vestidas no segundo aniversário da Abertura das Negociações Vitru;	 	(ii)           30% (thirty per cent) of the Options will become Vested Options on the second anniversary of the Vitru First Trading Day;
	 	 	 
	(iii)          50% (cinquenta por cento) das Opções tornar-se-ão Opções Vestidas no terceiro aniversário da Abertura das Negociações Vitru;	 	(iii)          50% (fifty per cent) of the Options will become Vested Options on the third anniversary of the Vitru First Trading Day ; 
	 	 	 
	(iv)          70% (setenta por cento) das Opções tornar-se-ão Opções Vestidas no quarto aniversário da Abertura das Negociações Vitru; e	 	(iv)          70% (seventy per cent) of the Options will become Vested Options on the fourth anniversary of the Vitru First Trading Day; and
	 	 	 

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	(v)           100% (cem por cento) das Opções tornar-se-ão Opções Vestidas no quinto aniversário da Abertura das Negociações Vitru.	 	(v)           100% (one hundred per cent) of the Options will become Vested Options on the fifth anniversary of the Vitru First Trading Day.
	 	 	 
	5.2.        Para fins do presente Plano, as Opções cujo Prazo de Carência já tenha decorrido serão denominadas “Opções Vestidas”, enquanto as Opções cujo Prazo de Carência não tenha decorrido serão denominadas “Opções Não-Vestidas”.	 	5.2.        For the purposes of this Plan, the Options whose Grace Period has already elapsed will be called “Vested Options”, while the Options whose Grace Period has not elapsed will be called “Unvested Options”.
	 	 	 
	5.3.        Período de exercício das Opções. O Participante terá o direito de exercer suas Opções Vestidas a partir da data em que se tornarem vestidas até sexto aniversário da data de assinatura do Contrato de Opção (“Período de Exercício”), após o qual as referidas Opções restarão automaticamente extintas, de pleno direito, independentemente de aviso prévio ou notificação, e sem direito a qualquer indenização.	 	5.3.        Options Exercise Period. The Participant will have the right to exercise their Vested Options from the date they become Vested up to the sixth anniversary of the date of execution of the Option Agreement (“Exercise Period”), after which the referred Options will be automatically forfeited, in full, regardless of prior notice or notification, and without the right to any indemnity.
	 	 	 
	5.4.        Exercício das Opções. Durante o Período de Exercício, o Participante poderá exercer as Opções Vestidas, total ou parcialmente, mediante a entrega à Companhia de uma notificação (“Notificação de Exercício”) contendo o número de Opções que pretende exercer. A Companhia, por sua vez, deverá, no prazo de até 5 (cinco) dias úteis contados da data do recebimento da Notificação de Exercício, calcular o Preço do Exercício a ser pago, conforme previsto na Cláusula  ‎7.1 abaixo, com base na quantidade de Ações a serem subscritas ou adquiridas pelo Participante em decorrência do exercício das referidas Opções.	 	5.4.        Exercise of Options. During Exercise Period, the Participant may exercise the Vested Options, in full or in part, through the delivery of a notice to the Company (“Exercise Notice”) containing the number of Options that he/she intends to exercise. The Company, in turn, must, within 5 (five) business days from the date of receipt of the communication, calculate the Exercise Price to be paid, as provided for in Section ‎7.1 below, based on the number of Shares to be subscribed or acquired by the Participant as a result of the exercise of the referred Options.
	 	 	 
	5.4.1.    Aprovado o exercício da opção pelo Conselho de Administração e pago o Preço de Exercício, o Participante deverá firmar os documentos necessários para viabilizar o recebimento das Ações. As reuniões do Conselho de Administração que aprovarão o exercício da Opção serão realizadas exclusivamente nas datas e em periodicidades específicas estabelecidas pelo Conselho de Administração.	 	5.4.1.    Once the exercise of the option has been approved by the Board of Directors and the Exercise Price has been paid, the Participant must sign the necessary documents to enable the receipt of the Shares. The meetings of the Board of Directors that will approve the exercise of the Option will be held exclusively on the dates and at specific intervals established by the Board of Directors. 
	 	 	 
	5.5.        Direitos de Acionista. Nenhum Participante terá quaisquer dos direitos e privilégios de acionista da Companhia até que as Opções sejam devidamente exercidas e as Ações objeto das Opções sejam adquiridas pelo Participante.	 	5.5.        Shareholder Rights. No Participant will have any of the rights and privileges of the Company's shareholders until the Options are duly exercised and the Shares under the Options are acquired by the Participant.
	 	 	 
	6.            Ações Incluídas no Plano	 	6.            Shares Included in the Plan
	 	 	 

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	6.1.        Quantidade de Ações Incluídas no Plano. O número máximo de Ações disponíveis para o exercício de Opções no âmbito do Plano é limitado a 5% (cinco por cento) do capital social total da Companhia a qualquer momento, em bases totalmente diluídas, considerando, inclusive, as Opções outorgadas neste Plano. 	 	6.1.        Number of Shares Included in the Plan. The maximum number of Shares available for the exercise of Options under this Plan is limited to 5% (five per cent) of the total share capital of the Company at any time, on a fully diluted basis, taking into account also the Options granted under this Plan. 
	 	 	 
	6.2.        Cada Opção dará direito ao Participante de adquirir 1 (uma) ação de emissão da Companhia (“Ação”), sujeito aos termos e condições estabelecidos no respectivo Contrato de Opção. 	 	6.2.        Each Option will entitle the Participant to acquire 1 (one) share issued by the Company (“Share”), subject to the terms and conditions established in the respective Option Agreement. 
	 	 	 
	6.3.        Ajustes. De modo a manter os direitos econômicos dos Participantes, se a quantidade de ações que compõem o capital da Companhia for aumentada ou diminuída, incluindo em razão de desdobramento ou grupamento de ações, o Conselho de Administração deverá efetuar os ajustes apropriados no número das ações a serem emitidas de acordo com as Opções que foram exercidas e com as que não tenham sido exercidas, exceto se a alteração do número de ações que compõem o capital da Companhia for em decorrência de emissão de novas ações em virtude de aumentos de capital ou redução de capital e/ou recompra de ações, ocasião em que não serão realizados ajustes no número das ações a serem emitidas de acordo com as Opções. Nenhuma fração de Ação será emitida segundo o Plano ou em virtude de qualquer dos ajustes previstos nesta Cláusula.	 	6.3.        Settings. In order to maintain the economic rights of the Participants, if the number of shares that make up the Company's capital is increased or decreased, including due to the split or reverse stock split, the Board of Directors must make the appropriate adjustments to the number of shares to be issued according to the Options that were exercised and those that have not been exercised, except if the change in the number of shares that make up the Company's capital is due to the issuance of new shares due to capital increases or capital reduction and/or repurchase of shares, when no adjustments will be made to the number of shares to be issued in accordance with the Options. No fraction of Shares will be issued under the Plan or due to any of the adjustments provided for in this Section.
	 	 	 
	7.            Preço de Exercício da Opção e Pagamento	 	7.            Option Exercise Price and Payment
	 	 	 
	7.1.        Preço de Exercício da Opção. Para o exercício das Opções Vestidas, os Participantes deverão pagar um preço de exercício por Opção, o qual corresponderá ao preço de emissão ou de aquisição da ação, conforme definido pelo Conselho de Administração e previsto nos Programas e/ou no Contratos de Opção (“Preço de Exercício”). O Programa e/ou os Contratos de Opção poderão prever que o Preço de Exercício será corrigido monetariamente.	 	7.1.        Option Exercise Price. For the exercise of the Vested Options, the Participants must pay an exercise price per Option, which will correspond to the issue or acquisition price of the share, as defined by the Board of Directors and provided for in the Programs and/or in the Option Agreements (“Exercise Price”). The Programs and/or Option Agreements may provide that the Exercise Price will be monetarily adjusted.
	 	 	 
	7.1.1.    O Conselho de Administração poderá prever no Programa e/ou Contrato de Opção que o Preço de Exercício será reduzido pelo valor por ação distribuído a seus acionistas a partir da data do outorga da Opção, seja a título de dividendos, juros 	 	7.1.1.    The Board of Directors may provide in the Program and/or in the Option Agreement that the Exercise Price will be reduced by the amount per share distributed to its shareholders from the date of grant of the Option, whether as dividends, 

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	sobre o capital próprio, resgate, redução de capital ou outros.	 	interest on capital, redemption, capital reduction or others.
	 	 	 
	7.2.        Dividendos pós exercício das Opções. Esclarece-se que as ações adquiridas em razão do exercício das Opções somente farão jus a dividendos em dinheiro, incluindo juros sobre capital próprio, sobre os lucros declarados após a aquisição da Ação decorrente do exercício da Opção.	 	7.2.        Dividends after exercise of the Options. It is clarified that the shares acquired due to the exercise of the Options will only be entitled to dividends in cash, including interest on own capital, on the profits declared after the acquisition of the Share resulting from the exercise of the Option.
	 	 	 
	7.3.        Forma de Pagamento. O Preço de Exercício deverá ser pago à vista, simultaneamente à formalização da aquisição da Ação objeto da Opção pelo Participante, e necessariamente previamente à transferência das Ações ao Participante. 	 	7.3.        Form of payment. The Exercise Price must be paid in cash, simultaneously with the formalization of the acquisition of the Shares under the Option by the Participant, and necessarily prior to the transfer of the hares to the Participant.
	 	 	 
	8.            Entrega das Ações	 	8.            Delivery of Shares
	 	 	 
	8.1.        Entrega das Ações. Nenhuma Ação será entregue ao Participante em decorrência do exercício das Opções, a não ser que todas as exigências legais, regulamentares e estatutárias decorrentes deste Plano tenham sido integralmente cumpridas. O Participante será considerado como detentor da Ação após a emissão do correspondente certificado de emissão da Ação, nos termos da legislação aplicável.	 	8.1.        Delivery of Shares. No Shares will be delivered to the Participant as a result of the exercise of the Options, unless all legal, regulatory and statutory requirements arising from this Plan have been fully complied with. The Participant will be considered as the holder of the Share after the issue of the corresponding share issuance certificate, under the terms of the applicable legislation.
	 	 	 
	9.            Desligamento	 	9.            Termination
	 	 	 
	9.1.        Desligamento. Para os fins deste Plano, “Desligamento” significa o término da relação jurídica de Administrador, Empregado ou Prestador de Serviço entre o Participante e a Companhia ou suas Controladas, por qualquer motivo, incluindo sem limitação renúncia, destituição, substituição ou término do mandato sem reeleição ao cargo de Administrador, pedido de demissão voluntária ou demissão, com ou sem justa causa, rescisão de contrato de prestação de serviços, aposentadoria, invalidez permanente ou falecimento. Para maior clareza, fica estabelecido que eventual desligamento do Participante do cargo de Administrador ou Empregado, ou encerramento de relação contratual como Prestador de Serviço seguido de eleição e investidura ou contratação de tal Participante para outro cargo como Administrador, Empregado ou Prestador de Serviços não caracteriza Desligamento, para fins deste Plano.	 	9.1.        Termination. For the purposes of this Plan, “Termination” means the termination of the legal relationship of Administrator, Employee or Service Provider between the Participant and the Company or its Subsidiaries, for any reason, including without limitation, resignation, removal, replacement or termination of the mandate without reelection to the position of Administrator, request for voluntary resignation or resignation, with or without cause, termination of service contract, retirement, permanent disability or death. For the sake of clarity, it is established that any termination of the Participant from the position of Administrator or Employee, or termination of the contractual relationship as a Service Provider followed by the election and investiture or hiring of such Participant to another position as Administrator, Employee or Service Provider does not characterize Termination, for the purposes of this Plan.
	 	 	 
	9.2.        Exceto de previsto de forma diversa no Contrato de Opção, nas hipóteses de Desligamento 	 	9.2.        Except as otherwise provided for in the Option Agreement, in the event of Participant’s 

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	do Participante, os direitos a ele conferidos de acordo com o Plano poderão ser extintos ou modificados, conforme Cláusula  ‎9.3 abaixo:	 	Termination, the rights granted to him / her under the Plan may be extinguished or modified, as per Section ‎9.3 below.
	 	 	 
	9.3.        Se, a qualquer tempo, o Participante:	 	9.3.        If, at any time, the Participant:
	 	 	 
	
    (a)        
    (i) for desligado por vontade da Companhia ou de suas Controladas, sem Justa Causa, mediante demissão, destituição
    do cargo ou rescisão antecipada e imotivada do contrato de prestação de serviços pela Companhia ou suas Controladas;
    (ii) desligar-se da Companhia ou de suas Controladas, conforme o caso, por vontade própria do Participante mediante
    pedido de demissão ou renúncia ao cargo ou rescisão unilateral ou antecipada pelo Participante do respectivo contrato
    de prestação de serviços; ou (iii) ou desligar-se da Companhia ou de suas Controladas por aposentadoria
    ou invalidez permanente: (A) as Opções Não Vestidas na data do Desligamento serão consideradas
    automaticamente extintas, de pleno direito, independentemente de aviso prévio ou notificação, sem direito a qualquer
    indenização e/ou pagamento ao Participante; e (B) as Opções Vestidas na data do seu Desligamento serão
    mantidas pelo Participante e poderão ser exercidas pelo Participante em até 60 (sessenta) dias após a data do Desligamento,
    após o qual as referidas Opções Vestidas restarão automaticamente extintas, de pleno direito, independentemente
    de aviso prévio ou notificação, e sem direito a qualquer indenização;

     
	 	(a)          (i) is terminated by the Company or its Subsidiaries at will, without Just Cause, upon dismissal, removal from office or early termination by the or its Subsidiaries of the service provision contract without cause; (ii) leaves the Company or its Subsidiaries, as the case may be, at the Participant's own discretion upon request for resignation or resignation from the position or unilateral or early termination by the Participant of the respective service provision contract; or (iii) leaves the Company or its Subsidiaries due to retirement or permanent disability: (A) Unvested Options on the date of Termination will be considered automatically lapsed in full, regardless of prior notice or notification, without the right to any indemnity and/or payment to the Participant; and (B) the Vested Options on the date of Termination will be maintained by the Participant and may be exercised by the Participant within 60 (sixty) days  as of the date of Termination, after which the referred Options will be automatically lapsed, in full, regardless of prior notice or notification, and without the right to any indemnity;
	 	 	 
	
    (b)        
    for desligado da Companhia ou suas Controladas por vontade desta, com Justa Causa, mediante demissão, destituição,
    rescisão unilateral ou antecipada do contrato de prestação de serviços pela Companhia; as Opções
    Não Vestidas e as Opções Vestidas na data do seu Desligamento serão consideradas automaticamente extintas,
    de pleno direito, independentemente de aviso prévio ou notificação, sem direito a qualquer indenização
    e/ou pagamento ao Participante;

     
	 	(b)         is terminated by the Company or its Subsidiaries, as the case may be, at the will of the Company, with Just Cause, upon resignation, removal from office or termination of the service agreement with cause: the Vested Options and the Unvested Options on the date of Termination will be considered automatically lapsed, in full, regardless of prior notice or notification, without the right to any indemnity to the Participant;
	 	 	 
	(c)          desligar-se da Companhia ou de suas Controladas por falecimento: (A) as Opções Não Vestidas na data do seu Desligamento serão consideradas automaticamente extintas, de pleno 	 	(c)          leaves the Company or its Subsidiaries due to death: (A) Unvested Options on the date of their Termination will be considered automatically lapsed, in full, regardless of prior notice or 

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	direito, independentemente de aviso prévio ou notificação, sem direito a qualquer indenização e/ou pagamento ao Participante; e (B) as Opções Vestidas na data do seu Desligamento serão mantidas pelo Participante e poderão ser exercidas pelos herdeiros e sucessores legais do Participante, conforme aplicável, até o prazo de 12 (doze) meses contados da data do Desligamento, após o que as referidas Opções Vestidas restarão automaticamente extintas, de pleno direito, independentemente de aviso prévio ou notificação, e sem direito a qualquer indenização.	 	notification, without the right to any indemnity and/or payment to the Participant; and (B) the Vested Options on the date of their Termination will be maintained by the Participant and may be exercised by the Participant’s heirs or successors within 12 (twelve) as of the date of the Termination, after which the referred Options will be automatically lapsed, in full, regardless of prior notice or notification, and without the right to any indemnity.
	 	 	 
	9.3.1.    Para os fins do presente Plano, “Justa Causa” significa (A) a demissão por justa causa, conforme previsto na Consolidação das Leis do Trabalho; (B) a rescisão motivada do contrato que regule o vínculo entre a Companhia (ou suas Controladas) e o Participante; e (C) a destituição do Participante do seu cargo por iniciativa da Companhia (ou suas Controladas) decorrente de (i) violação, pelo Participante, de quaisquer dos deveres e atribuições de administrador, incluindo, mas não se limitando, os previstos nos arts. 153 a 157 da Lei 6.404/76 (“Lei das S.A.”); (ii) desídia do Participante no exercício das suas atribuições; (iii) condenação penal relacionada a crimes dolosos; (iv) a prática, pelo Participante, de atos desonestos ou fraudulentos contra a Companhia ou suas Controladas; (v) a prática, pelo Participante, de qualquer tipo de assédio; (vi) qualquer ato ou omissão decorrente de dolo ou culpa do Participante e que seja prejudicial aos negócios, imagem, ou situação financeira da Companhia, de seus acionistas, ou de suas Controladas; (vii) violação do instrumento que regule o exercício do mandato de administrador estatutário celebrado pelo Participante com a Companhia e/ou com Controladas; (viii) o descumprimento do Estatuto Social da Companhia e/ou de Controladas e demais disposições societárias aplicáveis; ou, ainda, (ix) o descumprimento da legislação anticorrupção brasileira e/ou da legislação contra a lavagem de dinheiro.	 	9.3.1.    For the purposes of this Program, “Just Cause” means (A) dismissal for cause, as provided for in the Consolidation of Labor Laws; (B)  the motivated termination of the contract that regulates the link between the Company and the Participant; and (C) the removal of the Participant from his position at the initiative of the Company arising from (i) breach, by the Participant, of any manager's duties, including, but not limited to, those provided for in arts. 153 to 157 of the Law No. 6,404/76 (“Brazilian Corporate Law); (ii) the Participant's negligence in the exercise of their duties; (iii) criminal conviction related to intentional crimes; (iv) dishonest or fraudulent acts by the Participant against the Company or its Subsidiaries; (v) the practice, by the Participant, of any type of harassment; (vi) any act or omission resulting from the Participant's intent or fault and which is harmful to the business, image, or financial situation of the Company, its shareholders, or its Subsidiaries; (vii) violation of the instrument that regulates the exercise of the mandate of statutory administrator entered into by the Participant with the Company and / or with Subsidiaries; (viii) non-compliance with the Company's and / or Subsidiaries' Bylaws and other applicable corporate provisions; or yet, (ix) non-compliance with Brazilian anti-corruption legislation and/or anti-money laundering legislation.
	 	 	 
	9.4.        Exceto se previsto de forma diversa no Programa ou no Contrato de Opção, na hipótese de Desligamento, o direito do Participante de manter as Opções Vestidas ficará condicionado  ao cumprimento, pelo Participante, das obrigações abaixo durante todo o prazo em que o Participante 	 	9.4.        Except as otherwise provided for in the Program or in the Option Agreement, in the event of Termination, the Participant's right to maintain the Vested Options will be subject to the Participant's compliance with the obligations below for the entire period in which the Participant holds 

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	detiver Opções Vestidas, sendo que o descumprimento de qualquer das obrigações abaixo resultará na perda e extinção, imediata, automática e sem necessidade de qualquer notificação prévia, de todas as Opções Vestidas, sem que o Participante tenha direito a qualquer indenização e/ou pagamento:	 	Vested Options, and failure to comply with any of the obligations below will result in the loss and lapse, immediate, automatic and without the need for any prior notification, of all Vested Options, without the Participant being entitled to any indemnity and/or payment:
	 	 	 
	9.4.1.    Entre a data de Desligamento até a data de exercício de todas as Opções Vestidas, o Participante não deverá figurar como investidor, prestador de serviços, consultor, agente, administrador, executivo, empregado ou de qualquer forma prestar serviços a qualquer sociedade que desempenhe, no território do Brasil, atividades concorrentes às desenvolvidas pela Companhia e suas Controladas. Para fins desta Cláusula, serão consideradas atividades concorrentes quaisquer negócios desenvolvidos ou distribuídos pela Companhia ou por suas Controladas, ou relacionados às atividades da Companhia ou de suas Controladas, incluindo, mas não se limitando às atividades de prestação de serviços de educação para o ensino superior, profissionalizante ou qualquer outro setor do ramo de educação que a Companhia e suas Controladas atuem.	 	9.4.1.    Between the date of Termination until the date of exercise of all Vested Options, the Participant must not appear as an investor, service provider, consultant, agent, administrator, executive, employee or in any way provide services to any company that performs, in Brazil, competing activities to those developed by the Company and its Subsidiaries. For the purpose of this Section, it will be considered competing activities any businesses developed or distributed by the Company or by its Subsidiaries, or related to the activities of the Company or its Subsidiaries, including, but not limited to the activities of providing services related to higher education, vocational/professional education or any other sector of the education business that the Company and its Subsidiaries operate. 
	 	 	 
	9.4.2.    Entre a data de Desligamento até a data de liquidação de todas as Opções Vestidas, o Participante não deverá: (i) aliciar, induzir ou encorajar qualquer diretor, empregado ou prestador de serviço da Companhia ou suas Controladas a deixar tal cargo, emprego ou relação de prestação de serviços, conforme for o caso, ou contratar, empregar ou de outra forma atrair qualquer destas  pessoas; e (ii) induzir ou encorajar qualquer cliente, fornecedor, prestador de serviço ou licenciador da Companhia ou suas Controladas, atual ou potencial, ou qualquer outra pessoa que possua um relacionamento comercial significativo com a Companhia e suas Controladas, a rescindir ou modificar tal relacionamento atual ou potencial.	 	9.4.2.    Between the date of Termination until the settlement date of all Vested Options, the Participant shall not: (i) entice, induce or encourage any director, employee or service provider of the Company or its Subsidiaries to leave such position, employment or relationship to provide services, as the case may be, or to hire, employ or otherwise attract any of these people; and (ii) induce or encourage any customer, supplier, service provider or licensor of the Company or its Subsidiaries, current or potential, or any other person who has a significant business relationship with the Company and its Subsidiaries, to terminate or modify such relationship current or potential. 
	 	 	 
	9.4.3.    Durante o período de 5 (cinco) anos após o Desligamento, o Participante não deverá divulgar, revelar ou comunicar, direta ou indiretamente, a qualquer pessoa ou utilizar ou por outro meio explorar em benefício próprio ou de qualquer pessoa salvo a Companhia, suas Controladas e advogados e consultores tributários (desde que estejam submetidos ao dever de confidencialidade nos mesmos termos aqui previstos), quaisquer 	 	9.4.3.    During the period of 5 (five) years after the Termination, the Participant shall not disclose, reveal or communicate, directly or indirectly, to any person or use or otherwise exploit for his own benefit or that of any person except the Company, its Subsidiaries and legal and tax advisors (provided they are subject to the duty of confidentiality in the same terms provided for herein), any information contained in this Plan as 

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	informações constantes deste Plano bem como quaisquer outras informações confidenciais da Companhia e suas Controladas, sendo certo que a obrigação de confidencialidade não impedirá o Participante de divulgar informações confidenciais se e na medida em que tal divulgação seja especificamente exigida por lei; ficando entendido, todavia, que caso a divulgação seja exigida pela lei, o Participante deverá, na medida do razoavelmente possível, notificar imediatamente a Companhia dessa exigência antes de fazer qualquer divulgação, de forma que a Companhia possa buscar uma proteção adequada. Caso a Companhia não consiga obter tal proteção ou outra tutela apropriada, o Participante fornecerá somente a parte das informações confidenciais que estiver legalmente obrigado a divulgar.	 	well as any other confidential information of the Company and its Subsidiaries, being certain that the obligation of confidentiality will not prevent the Participant from disclosing confidential information if and to the extent that such disclosure is specifically required by law; it being understood, however, that if disclosure is required by law, the Participant shall, to the extent reasonably possible, immediately notify the Company of this requirement before making any disclosure, so that the Company can seek adequate protection. If the Company is unable to obtain such protection or other appropriate protection, the Participant will provide only the part of the confidential information that it is legally required to disclose.
	 	 	 
	10.         Operação Relevante, Reorganização Societária Relevante ou Dissolução	 	10.         Relevant Operation, Relevant Corporate Reorganization or Dissolution
	 	 	 
	10.1.     Evento de Antecipação. Na hipótese de (i) ocorrer uma Operação Relevante, Reorganização Societária Relevante ou Dissolução e (ii) o Participante ser Desligado da Companhia a partir de um dos referidos eventos (“Eventos de Antecipação”), o Prazo de Carência das Opções detidas pelo Participante Desligado será integralmente antecipado, de modo que o Participante deverá exercer as Opções em até 60 (sessenta) dias após a data do Desligamento. 	 	10.1.      Anticipation Event. In the event (i) a Material Transaction, Relevant Corporate Reorganization or Dissolution occurs and (ii) the Participant is Terminated as from such event (“Anticipation Events”), the Grace Period of the Option held by the Terminated Participant will be fully anticipated, so that the Participant must exercise the Options within 60 (sixty) days as of the date of Termination. 
	 	 	 
	10.2.     Na hipótese de um Desligamento decorrente de uma Operação Relevante, o Conselho de Administração poderá optar pela liquidação das Opções em dinheiro, considerando o preço das ações na bolsa de valores no dia útil imediatamente anterior à data de pagamento. 	 	10.2.     In the event a Termination occurs as a result of a Material Transaction, the Board of Directors may choose to settle the Options in cash, considering the price of the Share in the market in the business day immediately preceding the payment day.
	 	 	 
	10.3.     Para os fins desta Cláusula  ‎10, serão considerados Eventos de Antecipação os seguintes eventos:	 	
    10.3.    
    For the purposes of this Clause ‎10, the following events shall be considered as Anticipation Events:

     

	 	 	 
	(a)          Operação Relevante: a consumação de uma operação ou série de operações correlatas de aquisição de ações de emissão da Companhia por um único acionista ou por mais de um acionista sob controle comum, que envolva a aquisição de mais do que 30% (trinta por cento) do capital social total da Companhia. Para que não pairem dúvidas, não será considerada uma Operação Relevante: (i) a 	 	
    (a)        
    Material Transaction: the consummation of an operation or series of related operations for the acquisition of shares
    issued by the Company by a single shareholder or by more than one shareholder under common control, which involves the acquisition of
    more than 30% (thirty percent) of the Company's total share capital. For the avoidance of doubt, it will not be considered a

     

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	transferência de ações de emissão da Companhia entre os acionistas atuais, direta ou indiretamente, e/ou entre os acionistas atuais e suas Afiliadas e/ou herdeiros e/ou sucessores legais, a qualquer título, inclusive, mas não limitado, em razão de reorganizações societárias, sucessão legal ou testamentária, doação e/ou alienação; e (ii) operações que não representem a alienação de ações de emissão da Companhia pelos atuais acionistas a um terceiro em contrapartida ao pagamento de um preço em dinheiro aos acionistas vendedores, incluindo, mas não limitado, operações de aumento de capital com ou sem a cessão do direito de preferência, permuta de ações e/ou reorganizações societária (“Operação Relevante”).	 	Material Transaction: (i) the transfer of shares issued by the Company between the current shareholders, directly or indirectly, and/or between the current shareholders and their Affiliates and/or heirs and/or legal successors, in any capacity, including, but not limited to, due to corporate reorganizations, legal or testamentary succession, donation and/or alienation; and (ii) transactions that do not represent the sale of shares issued by the Company, including, but not limited to, capital increase operations with or without the assignment of preemptive rights, exchange of shares and/or corporate reorganizations ("Material Transaction").
	 	 	 
	(b)         Reorganização Societária Relevante: a consumação de uma operação de reorganização societária em que o patrimônio líquido da Companhia passe a representar 50% (cinquenta por cento) ou menos do patrimônio líquido da nova Companhia.	 	(b)         Relevant Corporate Reorganization: the consummation of a corporate reorganization in which the Company's net equity comes to represent 50% (fifty percent) or less of the new Company's net equity.
	 	 	 
	(c)          Dissolução: a dissolução da Companhia.	 	(c)         Dissolution: the dissolution of the Company.
	 	 	 
	11.         Regulamentação Aplicável	 	11.         Applicable Regulation
	 	 	 
	11.1.     Direito de Preferência dos Acionistas. Os Participantes que se tornarem acionistas da Companhia em decorrência do exercício das Opções não terão direito de preferência na outorga ou exercício de Opções, sendo certo que a Companhia poderá alienar ações em tesouraria para satisfazer as Opções.	 	11.1.     Shareholders' Preemptive Right. The Participants that become shareholders of the Company as a result of the exercise of the Options will not have preemptive rights in the granting or exercise of Options, provided that the Company may sell treasury shares to satisfy the Options.
	 	 	 
	11.2.     Alterações. Salvo na hipótese da Cláusula  ‎11.3 abaixo, quaisquer alterações a este Plano somente serão aplicáveis para os Contratos de Opção celebrados após a data da respectiva alteração.	 	11.2.     Changes. Except in the case of Section ‎11.3  below, any changes to this Plan will only apply to Option Agreements entered into after the date of the respective change.
	 	 	 
	11.3.     Superveniência Legal. Qualquer alteração legal significativa no tocante à regulamentação das sociedades por ações e/ou aos efeitos fiscais de um plano de opções de compra que tenha impacto na Companhia e no Plano, poderá levar a revisão integral do Plano, resguardado o racional econômico das Opções outorgadas aos Participantes.	 	11.3.     Legal Supervenience. Any significant legal change with regard to the regulation of corporations and / or the tax effects of a call option plan that has an impact on the Company and the Plan, may lead to a full review of the Plan, safeguarding the economic rationale of the Options granted to the Participants.
	 	 	 
	12.         Reestruturação Societária	 	12.          Corporate Restructuring
	 	 	 

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	12.1.     Reestruturação Societária. A outorga de Opções nos termos do Plano não impedirá a Companhia e suas Controladas de se envolverem em operações de reorganização/reestruturação societária, tais como transformação, incorporação, fusão, cisão e qualquer outra forma de reestruturação societária (“Reestruturação”), observadas as disposições da Cláusula  ‎10.3 ‎10 ‎(b).	 	12.1.     Corporate Restructuring. The grant of Options under the Plan will not prevent the Company and its Subsidiaries from getting involved in corporate reorganization/ restructuring operations, such as transformation, incorporation, merger, spin-off and any other form of corporate restructuring (“Restructuring”), observed the provisions of Section ‎10.3‎(b).
	 	 	 
	12.1.1. O Conselho de Administração poderá determinar, a seu exclusivo critério, mantendo-se o mesmo racional econômico das Opções adquiridas pelos Participantes, e sem prejuízo de outras medidas: (a) a substituição das ações objeto das Opções por ações, quotas ou outros valores mobiliários de emissão da sociedade sucessora da Companhia, desde que o faça nos exatos termos e condições do Plano, sendo que caso a Reestruturação resulte em transferência de controle, as ações objeto das Opções serão substituídas por ações da nova controladora, devendo assim ser feito nos exatos termos e condições do Plano; (b) a antecipação da aquisição do direito ao exercício das Opções, de forma a assegurar a inclusão das ações correspondentes na operação em questão; e/ou (c) o pagamento em dinheiro da quantia a que o Participante faria jus caso tivesse exercido as Opções e alienado suas respectivas Ações, nos termos do Plano.	 	12.1.1. The Board of Directors may determine, at its sole discretion, maintaining the same economic rationale for the Options acquired by the Participants, and without prejudice to other measures: (a) the replacement of the shares under the Options by shares, quotas or other values issued by the successor company of the Company, provided that it does so under the exact terms and conditions of the Plan, and if the Restructuring is through results in a transfer of control, the shares under the Options shall be replaced by shares of the new controller company, and must be done so in the exact terms and conditions of the Plan; (b) the anticipation of the acquisition of the right to exercise the Options, in order to ensure the inclusion of the corresponding shares in the transaction in question; and/or (c) the payment in cash of the amount to which the Participant would be entitled if he had exercised the Options and sold his respective Shares, under the terms of the Plan.
	 	 	 
	13.         Data de Vigência	 	13.          Effective Date
	 	 	 
	13.1.     Vigência. O Plano entrará em vigor na data de sua aprovação pelo Conselho de Administração e expirará, a qualquer tempo, por decisão do Conselho de Administração. O término de vigência do Plano não afetará a eficácia das Opções ainda em vigor, anteriormente adquiridas.	 	13.1.     Term. The Plan will come into effect on the date of its approval by the Board of Directors and will expire, at any time, by decision of the Board of Directors. The expiration of the Plan will not affect the effectiveness of the Options still in force, previously acquired.
	 	 	 

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	14.         Disposições Complementares	 	14.         Complementary Provisions
	 	 	 
	14.1.     Tutela Específica. As obrigações contidas no Plano, no Programa e no Contrato de Opção são assumidas em caráter irrevogável, valendo como título executivo extrajudicial nos termos da legislação processual civil, obrigando as partes e seus sucessores a qualquer título e a todo tempo. Fica estabelecido que tais obrigações estão sujeitas à tutela específica, na forma da Lei no 13.105/2015 (Código de Processo Civil), conforme alterada.	 	14.1.     Specific performance. The obligations contained in the Plan, in the Program and in the Option Agreement are irrevocably assumed, with an extrajudicial enforcement order under civil procedural law, binding the parties and their successors at any title and at all times. It is established that such obligations are subject to specific performance, in the form of the Law No. 13.105/2015 (Brazilian Civil Procedure Code), as amended.
	 	 	 
	14.2.     Cessão. Os direitos e obrigações decorrentes do Plano, do Programa e do Contrato de Opção e de quaisquer outros instrumentos firmados em decorrência de referidos documentos têm caráter personalíssimo e não poderão ser cedidos ou transferidos pelo Participante a terceiros, no todo ou em parte, nem dados em garantia de obrigações, sem a prévia anuência escrita da Companhia ou de suas Controladas.	 	14.2.     Assignment. The rights and obligations arising from the Plan, the Program and the Option Agreement and any other instruments signed as a result of said documents are very personal and cannot be assigned or transferred by the Participant to third parties, in whole or in part, nor given as guarantee of obligations, without the prior written consent of the Company or its Subsidiaries.
	 	 	 
	14.3.     Lei Aplicável e Solução de Controvérsias. Este Plano será regido e interpretado de acordo com as Leis da República Federativa do Brasil e quaisquer alegações ou controvérsias oriundas ou em conexão com este Plano deverão ser solucionadas de forma definitiva pelo foro da comarca de Florianópolis/SC, Brasil.	 	14.3.     Applicable Law and Dispute Resolution. This Plan will be governed and interpreted in accordance with the Laws of the Federative Republic of Brazil and any allegations or disputes arising from or in connection with this Plan must be resolved definitively by the jurisdiction of the district of Florianópolis/SC, Brazil.
	 	 	 

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