Document:

Exhibit 10.2

 

FORM OF NORWEGIAN CRUISE LINE HOLDINGS
LTD.

2013 PERFORMANCE INCENTIVE PLAN

RESTRICTED SHARE UNIT AWARD AGREEMENT

 

THIS RESTRICTED SHARE UNIT AWARD AGREEMENT
(this “Agreement”) is dated as of [_________]
by and between Norwegian Cruise Line Holdings Ltd., a company organized under the laws of Bermuda (the “Company”),
and [Name] (the “Participant”).

 

W I T N E S S E T H

 

WHEREAS, pursuant to the Norwegian
Cruise Line Holdings Ltd. 2013 Performance Incentive Plan (the “Plan”), the Company has granted to the Participant
effective as of the date hereof (the “Award Date”), a credit of restricted share units under the Plan (the “Award”),
upon the terms and conditions set forth herein and in the Plan.

 

NOW THEREFORE, in consideration of
services rendered and to be rendered by the Participant, and the mutual promises made herein and the mutual benefits to be derived
therefrom, the parties agree as follows:

 

1.   Defined
Terms.   Capitalized terms used herein and not otherwise defined herein shall have the meaning assigned to such terms in
the Plan.

 

2.   Grant.
  Subject to the terms of this Agreement, the Company hereby grants to the Participant an Award with respect to an aggregate of
[_________] restricted share units (subject to adjustment as provided
in Section 7.1 of the Plan) (the “Share Units”). As used herein, the term “share unit” shall mean
a non-voting unit of measurement which is deemed for bookkeeping purposes to be equivalent to one outstanding Ordinary Share of
the Company (subject to adjustment as provided in Section 7.1 of the Plan) solely for purposes of the Plan and this Agreement.
The Share Units shall be used solely as a device for the determination of the payment to eventually be made to the Participant
if such Share Units vest pursuant to Section 3. The Share Units shall not be treated as property or as a trust fund of any kind.

 

3.   [Vesting.
 Subject to Section 8 below, the Award shall vest and become nonforfeitable as follows:

 

(a)   Time-Based
Share Units: [Fifty percent (50%)] of the total number of Share Units (the “Time-Based Share Units”) (subject
to adjustment under Section 7.1 of the Plan) shall vest ratably in substantially equal installments on each of [Insert
Vesting Dates].

 

(b)  Performance-Based
Share Units: [Fifty percent (50%)] of the total number of Share Units (the “Performance-Based Share Units”)
(subject to adjustment under Section 7.1 of the Plan) will become vested upon the achievement of the performance hurdles described
below. The Administrator or Board of Directors of the Company (the “Board”) shall determine whether each of
the applicable performance hurdles has been achieved, and the vesting of any installment of the Performance-Based Share Units
is subject to the Administrator’s or Board’s determination.]

 

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[Insert Performance Vesting Terms]

 

4.   Continuance
of Employment/Service.   Except as provided in Section 3, the vesting schedule requires continued employment
or service through each applicable vesting date as a condition to the vesting of the applicable installment of the Award and the
rights and benefits under this Agreement. Except as provided in Section 3, employment or service for only a portion of the vesting
period, even if a substantial portion, will not entitle the Participant to any proportionate vesting or avoid or mitigate a termination
of rights and benefits upon or following a termination of employment or services as provided in Section 8 below or under the Plan.

 

Nothing contained in this Agreement or the
Plan constitutes an employment or service commitment by the Company, affects the Participant’s status as an employee at will
who is subject to termination without cause, confers upon the Participant any right to remain employed by or in service to the
Company or any Subsidiary, interferes in any way with the right of the Company or any Subsidiary at any time to terminate such
employment or services, or affects the right of the Company or any Subsidiary to increase or decrease the Participant’s other
compensation or benefits. Nothing in this Agreement, however, is intended to adversely affect any independent contractual right
of the Participant without his or her consent thereto.

 

5.   Dividend
and Voting Rights.

 

(a)      Limitations
on Rights Associated with Units.   The Participant shall have no rights as a shareholder of the Company, no
dividend rights (except as expressly provided in Section 5(b) with respect to Dividend Equivalent Rights) and no voting rights,
with respect to the Share Units and any Ordinary Shares underlying or issuable in respect of such Share Units until such Ordinary
Shares are actually issued to and held of record by the Participant. No adjustments will be made for dividends or other rights
of a holder for which the record date is prior to the date of issuance of such Ordinary Shares underlying or issuable in respect
of such Share Units.

 

(b)      Dividend Equivalent Rights
Distributions.   As of any date that the Company pays an ordinary cash dividend on its Ordinary Shares, the
Company shall credit the Participant with an additional number of Share Units equal to (i) the per share cash dividend paid by
the Company on its Ordinary Shares on such date, multiplied by (ii) the total number of Share Units (including any dividend equivalents
previously credited hereunder) (with such total number adjusted pursuant to Section 7.1 of the Plan) subject to the Award as of
the related dividend payment record date, divided by (iii) the fair market value of an Ordinary Share on the date of payment of
such dividend. Any Share Units credited pursuant to the foregoing provisions of this Section 5(b) shall be subject to the same
vesting, payment and other terms, conditions and restrictions as the original Share Units to which they relate. No crediting of
Share Units shall be made pursuant to this Section 5(b) with respect to any Share Units which, as of such record date, have either
been paid pursuant to Section 7 or terminated pursuant to Section 3 or Section 8.

 

6.    Restrictions on Transfer.
  Neither the Award, nor any interest therein or amount or shares payable in respect thereof (until such shares underlying the Award
have been issued) may

 

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be sold, assigned, transferred, pledged or
otherwise disposed of, alienated or encumbered, either voluntarily or involuntarily. The transfer restrictions in the preceding
sentence shall not apply to (a) transfers to the Company, or (b) transfers by will or the laws of descent and distribution.

 

7.   Timing
and Manner of Payment of Share Units.   On or as soon as administratively practical following each vesting of the applicable
portion of the total Award pursuant to Section 3 hereof or Section 7 of the Plan (and in all events not later than two and one-half
months after the applicable vesting date), the Company shall deliver to the Participant a number of Ordinary Shares (either
by delivering one or more certificates for such shares or by entering such shares in book entry form, as determined by the Company
in its discretion) equal to the number of Share Units subject to this Award that vest on the applicable vesting date,
unless such Share Units terminate prior to the given vesting date pursuant to Section 3 or Section 8. The
Company’s obligation to deliver Ordinary Shares or otherwise make payment with respect to vested Share Units is subject
to the condition precedent that the Participant or other person entitled under the Plan to receive any shares with respect to
the vested Share Units deliver to the Company any representations or other documents or assurances required pursuant to Section
8.1 of the Plan. The Participant shall have no further rights with respect to any Share Units that are paid or that
terminate pursuant to Section 3 or Section 8.

 

8.   Effect
of Termination of Employment or Service.   Except as provided in Section 3, the Participant’s Share Units shall terminate
and be forfeited to the extent such units have not become vested prior to the first date the Participant is no longer employed
by or in service to the Company or one of its Subsidiaries, regardless of the reason for the termination of the Participant’s
employment or service with the Company or a Subsidiary, whether voluntarily or involuntarily. If any unvested Share Units are
terminated hereunder, such Share Units shall automatically terminate and be forfeited as of the applicable termination date without
payment of any consideration by the Company and without any other action by the Participant, or the Participant’s beneficiary
or personal representative, as the case may be.

 

9.   Adjustments
Upon Specified Events.   Upon the occurrence of certain events relating to the Company’s shares contemplated by Section
7.1 of the Plan (including, without limitation, an extraordinary cash dividend on such Share), the Administrator shall make adjustments
in accordance with such section in the number of Share Units then outstanding and the number and kind of securities that may be
issued in respect of the Award. No such adjustment shall be made with respect to any ordinary cash dividend for which dividend
equivalents are credited pursuant to Section 5(b). Each of the performance hurdles set forth in Section 3 shall also be subject
to equitable and proportionate adjustment under Section 7.1 of the Plan.

 

10.  Tax Withholding.   Subject
to Section 8.1 of the Plan, unless the Participant has previously notified the General Counsel of the Company that the Participant
will pay the amount of any applicable federal, state or local tax law withholding taxes directly to the Company in cash, upon any
distribution of Ordinary Shares in respect of the Share Units, the Company shall automatically reduce the number of shares to be
delivered by (or otherwise reacquire) the appropriate number of whole shares, valued at their then fair
market value (with the “fair market value” of such shares determined in accordance with the applicable provisions of
the Plan), to satisfy any withholding obligations of the Company or its Subsidiaries with respect to such

 

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distribution of shares at the minimum applicable
withholding rates. In the event that the Company cannot legally satisfy such withholding obligations by such reduction of shares,
or in the event of a cash payment or any other withholding event in respect of the Share Units, the Company (or a Subsidiary)
shall be entitled to require a cash payment by or on behalf of the Participant and/or to deduct from other compensation payable
to the Participant any sums required by federal, state or local tax law to be withheld with respect to such distribution or payment.

 

11. Notices.   Any notice to be given under the terms of this Agreement shall be in writing and addressed to the
Company at its principal office to the attention of the General Counsel, and to the Participant at the
Participant’s last address reflected on the Company’s records, or at such other address as either party may
hereafter designate in writing to the other. Any such notice shall be given only when received, but if the Participant is no
longer an employee of or in service to the Company, shall be deemed to have been duly given by the Company when enclosed in a
properly sealed envelope addressed as aforesaid, registered or certified, and deposited (postage and registry or
certification fee prepaid) in a post office or branch post office regularly maintained by the United States Government.

 

12. Plan.   The Award
and all rights of the Participant under this Agreement are subject to the terms and conditions of the provisions of the Plan,
incorporated herein by reference. The Participant agrees to be bound by the terms of the Plan and this Agreement. The Participant
acknowledges having read and understanding the Plan, the Prospectus for the Plan, and this Agreement. Unless otherwise expressly
provided in other sections of this Agreement, provisions of the Plan that confer discretionary authority on the Board or the Administrator
do not (and shall not be deemed to) create any rights in the Participant unless such rights are expressly set forth herein or
are otherwise in the sole discretion of the Board or the Administrator so conferred by appropriate action of the Board or the
Administrator under the Plan after the date hereof.

 

13. Entire Agreement.
  This Agreement and the Plan together constitute the entire agreement and supersede all prior understandings and agreements, written
or oral, of the parties hereto with respect to the subject matter hereof. The Plan and this Agreement may be amended pursuant
to Section 8.6 of the Plan. Such amendment must be in writing and signed by the Company. The Company may, however, unilaterally
waive any provision hereof in writing to the extent such waiver does not adversely affect the interests of the Participant hereunder,
but no such waiver shall operate as or be construed to be a subsequent waiver of the same provision or a waiver of any other provision
hereof.

 

14. Limitation on
Participant’s Rights.   Participation in the Plan confers no rights or interests other
than as herein provided. This Agreement creates only a contractual obligation on the part of the Company as to amounts
payable and shall not be construed as creating a trust. Neither the Plan nor any underlying program, in and of itself, has
any assets. The Participant shall have only the rights of a general unsecured creditor of the Company with respect to amounts
credited and benefits payable, if any, with respect to the Share Units, and rights no greater than the right to receive the
Ordinary Shares as a general unsecured creditor with respect to Share Units, as and when payable hereunder.

 

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15. Counterparts.   This
Agreement may be executed simultaneously in any number of counterparts, each of which shall be deemed an original but all of which
together shall constitute one and the same instrument.

 

16. Section Headings.
  The section headings of this Agreement are for convenience of reference only and shall not be deemed to alter or affect any provision
hereof.

 

17. Governing Law.
  This Agreement shall be governed by and construed and enforced in accordance with the laws of Bermuda without regard to conflict
of law principles thereunder.

 

18. Section 409A.   It
is intended that the terms of the Award will not result in the imposition of any tax liability pursuant to Section 409A of the
Code. This Agreement shall be construed and interpreted consistent with that intent. If the Participant is a “specified
employee” within the meaning of Treasury Regulation Section 1.409A-1(i) as of the date of the Participant’s “separation
from service” (within the meaning of Section 409A of the Code), the Participant shall not be entitled to any payment pursuant
to Section 7 until the earlier of (i) the date which is six (6) months after the Participant’s separation from service for
any reason other than death, or (ii) the date of the Participant’s death. The provisions of this Section shall only apply
if, and to the extent, required to avoid the imputation of any tax, penalty or interest pursuant to Section 409A of the Code.

 

19. Clawback Policy.
  The Share Units are subject to the terms of the Company’s recoupment, clawback or similar policy as it may be in effect
from time to time, as well as any similar provisions of applicable law, any of which could in certain circumstances require repayment
or forfeiture of the Share Units or any Ordinary Shares or other cash or property received with respect to the Share Units (including
any value received from a disposition of the shares acquired upon payment of the Share Units).

 

20. No Advice Regarding
Grant.   The Participant is hereby advised to consult with his or her own tax, legal and/or investment advisors with
respect to any advice the Participant may determine is needed or appropriate with respect to the Share Units (including,
without limitation, to determine the foreign, state, local, estate and/or gift tax consequences with respect to the Award).
Neither the Company nor any of its officers, directors, affiliates or advisors makes any representation (except for the terms
and conditions expressly set forth in this Award Agreement) or recommendation with respect to the Award. Except for the
withholding rights set forth in Section 10 above, the Participant is solely responsible for any and all tax liability that
may arise with respect to the Award.

 

[Remainder of page
intentionally left blank]

 

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IN WITNESS WHEREOF, the Company has
caused this Agreement to be executed on its behalf by a duly authorized officer and the Participant has hereunto set his or her
hand as of the date and year first above written.

 

	NORWEGIAN CRUISE LINE HOLDINGS LTD.,	 	PARTICIPANT
	a Bermuda Company	 	 
	 	 	 
	By:	 	 	Signature
	 	 	 	 

	Print Name:	 	 	 
	 	 	 	Print Name

	Its:	 	 	 

 

    	 	6Exhibit 10.3

 

 

 

Form of Notice of Grant of Option

and

Terms and Conditions of Option

 

 

 

	Grantee:	[Name]	Option Number:	[_________]
	 	[Address]    	Plan:	2013
	 	[Address]    	ID:	[_________]

 

 

 

Effective [_________] (the “Award Date”), you (the
“Grantee”) have been granted a nonqualified option (the “Option”) to buy [_________] Ordinary Shares1
of Norwegian Cruise Line Holdings Ltd. (the “Company”) at a price of $[_________] per share1 (the
“Exercise Price”).

 

The aggregate
Exercise Price of the shares subject to the Option is $ [_________].1

 

The Option will expire on [_________] (the “Expiration
Date”).1,2

 

[Vesting Schedule:

 

Time-Based Options: [Fifty percent (50%)] of the total
number of Ordinary Shares subject to the Option (the “Time-Based Options”) will become vested as follows.2
 

 

	Number of Ordinary Shares

        Subject to the Option
	 	Time-Based Vesting Schedule
	[_________]	 	This number of Time-Based Options will vest on [Insert Vesting Date].
	[_________]	 	This number of Time-Based Options will vest on [Insert Vesting Date]. 

 

Performance-Based Options: [Fifty percent (50%)] of the
total number of Ordinary Shares subject to the Option (the “Performance-Based Options”) will become vested upon the
achievement of the performance hurdles described below.2  The Administrator or Board of Directors of the Company (the
“Board”) shall determine whether each of the applicable performance hurdles has been achieved, and the vesting of any
installment of the Performance-Based Options is subject to the Administrator’s or Board’s determination.]

 

[Insert Performance Vesting Terms]

 

________________________________________

 

 

1 Subject to adjustment under Section 7.1 of the
Plan.

2
Subject to early termination under Section 5 of the Terms and Section 7.2
of the Plan.

 

    	 	 	 

     

    

 

________________________________________________

 

By your signature and the Company’s signature below, you
and the Company agree that the Option is granted under and governed by the terms and conditions of the Company’s 2013 Performance
Incentive Plan (the “Plan”) and the Terms and Conditions of Nonqualified Option (the “Terms”), which are
attached and incorporated herein by this reference. This Notice of Grant of Option, together with the Terms, will be referred to
as your Option Agreement. The Option has been granted to you in addition to, and not in lieu of, any other form of compensation
otherwise payable or to be paid to you. Capitalized terms are defined in the Plan if not defined herein or in the Terms. You acknowledge
receipt of a copy of the Terms, the Plan and the Prospectus for the Plan.

 

 

 

 

	 	 	 
	Norwegian Cruise Line Holdings Ltd.	 	Date
	 	 	 
	 	 	 
	[Name]	 	Date

 

    	 	 	 

     

    

 

NORWEGIAN CRUISE LINE HOLDINGS LTD.

2013 PERFORMANCE INCENTIVE PLAN

TERMS AND CONDITIONS OF NONQUALIFIED
OPTION 

 

		1.	General.

 

These Terms and Conditions of Nonqualified
Option (these “Terms”) apply to a particular option (the “Option”) if incorporated by reference
in the Notice of Grant of Option (the “Grant Notice”) corresponding to that particular grant. The recipient
of the Option identified in the Grant Notice is referred to as the “Grantee.” The per share exercise price of
the Option as set forth in the Grant Notice is referred to as the “Exercise Price.” The effective date of grant
of the Option as set forth in the Grant Notice is referred to as the “Award Date.” The exercise price and the
number of shares covered by the Option are subject to adjustment under Section 7.1 of the Plan.

 

The Option was granted under and subject
to the Norwegian Cruise Line Holdings Ltd. 2013 Performance Incentive Plan (the “Plan”). Capitalized terms are
defined in the Plan if not defined herein. The Option has been granted to the Grantee in addition to, and not in lieu of, any other
form of compensation otherwise payable or to be paid to the Grantee. The Grant Notice and these Terms are collectively referred
to as the “Option Agreement” applicable to the Option.

 

		2.	Vesting; Limits on Exercise; Incentive Stock Option Status.

 

The Option shall vest and become exercisable
in percentage installments of the aggregate number of shares subject to the Option as set forth on the Grant Notice. The Option
may be exercised only to the extent the Option is vested and exercisable.

 

		·	Cumulative Exercisability. To the extent that the Option is vested and exercisable, the Grantee has the right to exercise
the Option (to the extent not previously exercised), and such right shall continue, until the expiration or earlier termination
of the Option.

 

		·	No Fractional Shares. Fractional share interests shall be disregarded, but may be cumulated.

 

		·	Minimum Exercise. No fewer than 100 Ordinary Shares (subject to adjustment under Section 7.1 of the Plan) may be purchased
at any one time, unless the number purchased is the total number at the time exercisable under the Option.

 

		·	Nonqualified Option. The Option is a nonqualified option and is not, and shall not be, an incentive stock option within
the meaning of Section 422 of the Code.

 

		3.	Continuance of Employment/Service Required; No Employment/Service Commitment.

 

The vesting schedule applicable to the Option
requires continued employment or service through each applicable vesting date as a condition to the vesting of the applicable installment
of the Option and the rights and benefits under this Option Agreement. Employment or service for only a portion of the vesting
period, even if a substantial portion, will not entitle the Grantee to any proportionate vesting or avoid or mitigate a termination
of rights and benefits upon or following a termination of employment or services as provided in Section 5 below or under the Plan.

 

Nothing contained in this Option Agreement
or the Plan constitutes a continued employment or service commitment by the Company or any of its Subsidiaries, affects the Grantee’s
status, if he or she is an employee, as an employee at will who is subject to termination without cause, confers upon the Grantee
any

 

    	 	 	 

     

    

 

right to remain employed by or in service to the Company or
any Subsidiary, interferes in any way with the right of the Company or any Subsidiary at any time to terminate such employment
or service, or affects the right of the Company or any Subsidiary to increase or decrease the Grantee’s other compensation.
Nothing in this Option Agreement, however, is intended to adversely affect any independent contractual right of the Grantee without
his/her consent thereto.

 

		4.	Method of Exercise of Option.

 

The Option shall be exercisable by the delivery
to the General Counsel of the Company (or such other person as the Administrator may require pursuant to such administrative exercise
procedures as the Administrator may implement from time to time) of:

 

		·	a written notice stating the number of Ordinary Shares to be purchased pursuant to the Option or by the completion of such
other administrative exercise procedures as the Administrator may require from time to time;

 

		·	payment in full for the Exercise Price of the shares to be purchased in cash, check or by electronic funds transfer to the
Company;

 

		·	any written statements or agreements required pursuant to Section 8.1 of the Plan; and

 

		·	satisfaction of the tax withholding provisions of Section 8.5 of the Plan.

 

The Administrator also may, but is not required
to, authorize a non-cash payment alternative by one or more of the following methods (subject in each case to compliance with all
applicable laws, rules, regulations and listing requirements and further subject to such rules as the Administrator may adopt as
to any such payment method):

 

		·	notice and third party payment in such manner as may be authorized by the Administrator;

 

		·	in Ordinary Shares already owned by the Grantee, valued at their fair market value (as determined under the Plan) on the exercise
date;

 

		·	a reduction in the number of Ordinary Shares otherwise deliverable to the Grantee (valued at their fair market value on the
exercise date, as determined under the Plan) pursuant to the exercise of the Option; or

 

		·	a “cashless exercise” with a third party who provides simultaneous financing for the purposes of (or who otherwise
facilitates) the exercise of the Option.

 

		5.	Early Termination of Option.

 

5.1        Expiration
Date. Subject to earlier termination as provided below in this Section 5, the Option will
terminate on the “Expiration Date” set forth in the Grant Notice (the “Expiration Date”).

 

5.2        Possible
Termination of Option upon Certain Corporate Events. The Option is subject to termination
in connection with certain corporate events as provided in Section 7.2 of the Plan.

 

5.3        Termination
of Option upon a Termination of Grantee’s Employment or Services. Subject to earlier
termination on the Expiration Date of the Option or pursuant to Section 5.2 above, if the Grantee ceases to be employed by or ceases
to provide services to the Company or a Subsidiary, the following 

 

    	 	 	 

     

    

 

rules shall apply (the last day that the Grantee
is employed by or provides services to the Company or a Subsidiary is referred to as the Grantee’s “Severance Date”):

 

(a) the Grantee (or the Grantee’s estate as
the case may be) will have until the date that is 12 months after his or her Severance Date to exercise the Option (or portion
thereof) to the extent that it was vested as of the Severance Date,

 

(b) the Option, to the extent not vested as of the
Severance Date, shall terminate as of the Severance Date, and

 

(c) the Option, to the extent exercisable for the
12-month period following the Severance Date and not exercised during such period, shall terminate at the close of business on
the last day of the 12-month period.

 

In all events the Option is subject to earlier
termination on the Expiration Date of the Option or as contemplated by Section 5.2. The Administrator shall be the sole judge of
whether the Grantee continues to render employment or services for purposes of this Option Agreement.

 

		6.	Non-Transferability.

 

The Option and any other rights of the Grantee
under this Option Agreement or the Plan are nontransferable and exercisable only by the Grantee, except as set forth in Section
5.6 of the Plan.

 

		7.	Notices.

 

Any notice to be given under the terms of
this Option Agreement shall be in writing and addressed to the Company at its principal office to the attention of the General
Counsel, and to the Grantee at the address last reflected on the Company’s payroll records, or at such other address as either
party may hereafter designate in writing to the other. Any such notice shall be delivered in person or shall be enclosed in a properly
sealed envelope addressed as aforesaid, registered or certified, and deposited (postage and registry or certification fee prepaid)
in a post office or branch post office regularly maintained by the United States Government. Any such notice shall be given only
when received, but if the Grantee is no longer employed by the Company or a Subsidiary, shall be deemed to have been duly given
five business days after the date mailed in accordance with the foregoing provisions of this Section 7.

 

		8.	Plan.

 

The Option and all rights of the Grantee
under this Option Agreement are subject to the terms and conditions of the Plan, incorporated herein by this reference. The Grantee
agrees to be bound by the terms of the Plan and this Option Agreement. The Grantee acknowledges having read and understanding the
Plan, the Prospectus for the Plan, and this Option Agreement. Unless otherwise expressly provided in other sections of this Option
Agreement, provisions of the Plan that confer discretionary authority on the Board or the Administrator do not and shall not be
deemed to create any rights in the Grantee unless such rights are expressly set forth herein or are otherwise in the sole discretion
of the Board or the Administrator so conferred by appropriate action of the Board or the Administrator under the Plan after
the date hereof.

 

		9.	Entire Agreement.

 

This Option Agreement and the Plan together
constitute the entire agreement and supersede all prior understandings and agreements, written or oral, of the parties hereto with
respect to the subject matter hereof. The Plan and this Option Agreement may be amended pursuant to Section 8.6 of the Plan.
Such amendment

 

    	 	 	 

     

    

 

must be in writing and signed by the Company. The Company may,
however, unilaterally waive any provision hereof in writing to the extent such waiver does not adversely affect the interests of
the Grantee hereunder, but no such waiver shall operate as or be construed to be a subsequent waiver of the same provision or a
waiver of any other provision hereof.

 

		10.	Governing Law.

 

This Option Agreement shall be governed
by and construed and enforced in accordance with the laws of Bermuda without regard to conflict of law principles thereunder.

 

		11.	Effect of this Agreement.

 

Subject to the Company’s right to
terminate the Option pursuant to Section 7.2 of the Plan, this Option Agreement shall be assumed by, be binding upon and inure
to the benefit of any successor or successors to the Company.

 

		12.	Counterparts.

 

This Option Agreement may be executed simultaneously
in any number of counterparts, each of which shall be deemed an original but all of which together shall constitute one and the
same instrument.

 

		13.	Section Headings.

 

The section headings of this Option Agreement
are for convenience of reference only and shall not be deemed to alter or affect any provision hereof.

 

		14.	Clawback Policy.

 

The Option is subject to the terms of the
Company’s recoupment, clawback or similar policy as it may be in effect from time to time, as well as any similar provisions
of applicable law, any of which could in certain circumstances require forfeiture of the Option and repayment or forfeiture of
any Ordinary Shares or other cash or property received with respect to the Option (including any value received from a disposition
of the shares acquired upon exercise of the Option).

 

		15.	No Advice Regarding Grant. 

 

The Grantee is hereby advised to consult
with his or her own tax, legal and/or investment advisors with respect to any advice the Grantee may determine is needed or appropriate
with respect to the Option (including, without limitation, to determine the foreign, state, local, estate and/or gift tax consequences
with respect to the Option and any shares that may be acquired upon exercise of the Option). Neither the Company nor any of its
officers, directors, affiliates or advisors makes any representation (except for the terms and conditions expressly set forth in
this Option Agreement) or recommendation with respect to the Option. Except for the withholding rights contemplated by Section
4 above and Section 8.5 of the Plan, the Grantee is solely responsible for any and all tax liability that may arise with respect
to the Option and any shares that may be acquired upon exercise of the Option.

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