Document:

Performance-Based Annual Incentive Plan

 Exhibit 10.11 
 FORM OF 
 HANESBRANDS INC. 
 PERFORMANCE-BASED ANNUAL INCENTIVE PLAN 
 1. Purpose. The purpose
of the Hanesbrands Inc. Performance-Based Annual Incentive Plan (the “Plan”) is to advance the interests of Hanesbrands Inc. and its stockholders by providing certain of its key executives with annual incentive compensation which is
tied to the achievement of pre-established and objective performance goals. The Plan is intended to provide Participants with annual incentive compensation which is not subject to the deduction limitation rules prescribed under
Section 162(m) of the Internal Revenue Code of 1986, as amended (the “Code”), and should be construed to the extent possible as providing for remuneration which is “performance-based compensation” within the meaning
of Section 162(m) of the Code and the regulations promulgated thereunder. 
 2. Definitions. Where the context of the
Plan permits, words in the masculine gender shall include the feminine gender, the plural form of a word shall include the singular form, and the singular form of a word shall include the plural form. Unless the context clearly indicates
otherwise, the following terms shall have the following meanings: 
 (a) Board means the Board of Directors of
Hanesbrands Inc. 
 (b) Committee means the Compensation and Employee Benefits Committee of the Board, a
subcommittee thereof, or such other committee as may be appointed by the Board. The Committee shall be comprised of two or more non-employee members of the Board who shall qualify to administer the Plan as “outside
directors” under Section 162(m) of the Code and who shall qualify as “independent” under the New York Stock Exchange listing requirements. 
 (c) Corporation means Hanesbrands Inc., a Maryland corporation, and any successor thereto. 
 (d) Incentive Pool Fund means an amount equal to 3.0% of Operating Income. 
 (e) Operating Income means the Corporation’s operating income for the applicable Performance Period as reported
in the Corporation’s income statement and as adjusted to eliminate the effects of charges for restructurings, discontinued 

 
operations, extraordinary items, other unusual or non-recurring items, and the cumulative effect of tax or accounting changes, each as determined in
accordance with Generally Accepted Accounting Principles and identified in the financial statements, in the notes to the financial statements or in the Management’s Discussion and Analysis section of the financial statements. 
 (f) Participant means (i) a “covered employee,” as defined in Section 162(m) of the Code and the
regulations promulgated thereunder, of the Corporation or its Subsidiaries who has been selected by the Committee to participate in the Plan during a Performance Period and (ii) each other employee of the
Corporation or its Subsidiaries who has been selected by the Committee to participate in the Plan during a Performance Period. 
 (g) Performance Award means an award granted pursuant to the terms of section 4 of this Plan. A Participant shall
have no right to any Performance Award until that award is paid. 
 (h) Performance Period means the
Corporation’s fiscal year, or such other period as designated by the Committee. 
 (i) Plan means
the Hanesbrands Inc. Performance-Based Annual Incentive Plan, as amended from time to time. 
 (j) Pool Fund Allocation
means the percentage of the Incentive Pool Fund that is allocated to each Participant with respect to any Performance Period. A maximum of 40% may be allocated to any single Participant. The total allocation may
not exceed 100%. 
 (k) Subsidiary or Subsidiaries means any corporation or entity of which the Corporation
owns directly or indirectly, at least 50% of the total voting power or in which it has at least a 50% economic interest, and which is authorized to participate in the Plan. 
 3. Plan Administration. The Committee shall have full discretion, power and authority to administer and interpret the Plan and to
establish rules and procedures for its 

  

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administration as the Committee deems necessary and appropriate. The Committee may delegate to officers and employees of the Corporation
the authority to manage the day-to-day administration of the Plan including without limitation the discretionary authority to (i) administer and interpret the terms of the Plan, and (ii) amend the Plan only as
necessary to reflect any ministerial, administrative or managerial functions; provided that any such amendment does not increase the Incentive Pool Fund or the Pool Fund Allocation. Pool Fund Allocations shall be established by
the Committee for a Participant (or group of Participants) no later than ninety (90) days after the commencement of each Performance Period (or the date on which 25% of the Performance Period has elapsed, if
earlier). 
 Any interpretation of the Plan or other act of the Committee (or its delegate) in administering the Plan
shall be final and binding upon all Participants. 
 4. Performance Awards. For each Performance Period, the
Committee shall determine the amount of a Participant’s Performance Award as follows: 
 (a)
General. The maximum amount of a Participant’s Performance Award shall be equal to the Participant’s Pool Fund Allocation of the Incentive Pool Fund for the Performance Period. The actual amount of a
Participant’s Performance Award may be reduced or eliminated by the Committee as set forth in subsection (c) below. 
 (b) Allocation of Incentive Pool Fund. The Incentive Pool Fund for each Performance Period shall be allocated among Participants. The maximum award for a Participant is equal to the
Participant’s Pool Fund Allocation. 
 (c) Reduction or Elimination of Pool Fund. The Pool Fund
Allocation for each Participant may be reduced or eliminated by the Committee in its sole discretion; provided, however, that under no circumstances may the amount of the Incentive Pool Fund, or the Pool Fund
Allocation to any Participant, be increased. Once the Committee has determined the amount of a Participant’s Performance Award pursuant to subsections (a), (b), and (c) in this section 4, and upon the certification
required under section 5 hereto, the Committee shall pay the Participant’s  

  

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Performance Award pursuant to such terms and procedures as the Committee shall adopt under section 3 hereto. 
 5. Payment of Performance Awards. Subject to any stockholder approval required by law, payment of any Performance Award to a
Participant for any Performance Period shall be made in cash (or in stock or stock-based awards under the Hanesbrands Inc. Omnibus Incentive Plan of 2006 as restated and/or amended from time to time) after written certification by the
Committee that the performance goal for the Performance Period was achieved, and any other material terms of the Performance Award were satisfied. Any Performance Award may be deferred pursuant to the terms and conditions
of the Corporation’s deferred compensation plan or plans then in effect. 
 A Participant is not
entitled to any award hereunder for the Performance Period during which Participant breaches any confidentiality, proprietary information, or non-compete provisions of any agreement or plan then in effect
between Corporation and Participant, and shall immediately forfeit his right to any accrued but unpaid amounts attributable to any Performance Period. Further, if a
Participant breaches any confidentiality, proprietary information, or non-compete provisions of any agreement or plan between Corporation and the Participant in effect after the
Participant’s termination of employment, the Participant shall repay to Corporation any award paid to the Participant under the Plan within
one year of such breach (plus the cost of collection and a reasonable rate of interest) and shall immediately forfeit his right to any accrued unpaid amounts attributable to any Performance Period.  
 The Committee may make retroactive adjustments to and the Participant shall reimburse to the Corporation any cash or equity based
incentive compensation paid to the Participant where such compensation was predicated upon achieving certain financial results that were substantially the subject of a restatement, and as a result of the restatement it is determined that the
Participant otherwise would not have been paid such compensation, regardless of whether or not the restatement resulted from the Participant’s misconduct. In each such instance, the Corporation will, to the extent
practicable, seek to recover the amount by which the 

  

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Participant’s cash or equity based incentive compensation for the relevant period exceeded the lower payment that would have been made based on
the restated financial results. The Corporation will, to the extent permitted by governing law, require reimbursement of any cash or equity based incentive compensation paid to any named executive officer (for purposes of this policy
“named executive officers” has the meaning given that term in Item 402(a)(3) of Regulation S-K under the Securities Exchange Act of 1934) where: (i) the payment was predicated upon the achievement of certain financial results
that were subsequently the subject of a substantial restatement, and (ii) in the Committee’s view the officer engaged in fraud or misconduct that caused or partially caused the need for the substantial restatement. In each instance
described above, the Corporation will, to the extent practicable, seek to recover the described cash or equity based incentive compensation for the relevant period, plus a reasonable rate of interest. 
 6. Plan Amendment and Termination. Except as explicitly provided by law, this Plan is provided at the Corporation’s sole
discretion and the Board or the Committee may modify or terminate it at any time, prospectively or retroactively, without notice or obligation for any reason, subject to obtaining any necessary stockholder approval as required by law,
regulation, or listing exchange requirement. In addition, there is no obligation to extend the Plan or establish a replacement plan in subsequent years. 
 7. Miscellaneous Provisions. 
 (a) Employment Rights. The Plan does not
constitute a contract of employment and participation in the Plan will not give a Participant the right to continue in the employ of the Corporation, or any of its subsidiaries or affiliates, on a full-time, part-time, or any
other basis. Participation in the Plan will not give any Participant any right or claim to any benefit under the Plan, unless such right or claim has specifically been granted by the Committee under the terms of the
Plan. 
 (b) Committee’s Decision Final. Any interpretation of the Plan and any decision on any
matter pertaining to the Plan which is made by the Committee in its discretion in good faith shall be binding on all persons. 
  

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 (c) Governing Law. Except to the extent superseded by the laws of the United
States, the laws of the State of North Carolina, without regard to any state’s conflict of laws principles, shall govern in all matters relating to the Plan. Any legal action related to this Plan shall be brought only in a federal
or state court located in North Carolina. 
 (d) Interests Not Transferable. Any interests of Participants under
the Plan may not be voluntarily sold, transferred, alienated, assigned or encumbered, other than by will or pursuant to the laws of descent and distribution. 
 (e) Severability. In the event any provision of the Plan shall be held to be illegal or invalid for any reason, such
illegality or invalidity shall not affect the remaining parts of the Plan, and the Plan shall be construed and enforced as if such illegal or invalid provision(s) had never been contained in the Plan. 
 (f) Withholding. The Corporation will withhold from any amounts payable under this Plan all federal, state, foreign,
city and local taxes as shall be legally required. 
 (g) Effect on Other Plans or Agreements. Payments or benefits
provided to a Participant under any stock, deferred compensation, savings, retirement or other employee benefit plan are governed solely by the terms of such plan. 
 8. Effective Date. This Plan shall be effective as of July 2, 2006, as approved by Sara Lee Corporation as the sole shareholder of the Corporation. The Plan shall automatically
terminate as of the first meeting of shareholders on and after the first anniversary of the date on which the Corporation first issues equity securities of the Corporation that are required to be registered under Article II of the
Securities Exchange Act of 1934, as amended, unless resubmitted to and approved by shareholders prior to that date. 
  

 6Hanesbrands, Inc. Employee Stock Purchase Plan

 EXHIBIT 10.12 
 FORM OF 
 HANESBRANDS INC. 
 EMPLOYEE STOCK PURCHASE PLAN OF 2006 
 1. Purpose. The Hanesbrands Inc.
Employee Stock Purchase Plan of 2006 (the “Plan”) provides eligible employees of Hanesbrands Inc. (the “Corporation”), and its Subsidiaries an opportunity to purchase common stock of the Corporation
through payroll deductions on an after-tax basis. The Plan is intended to qualify for favorable tax treatment under section 423 of the Internal Revenue Code of 1986, as amended (the “Code”). 
 2. Definitions. Where the context of the Plan permits, words in the masculine gender shall include the feminine gender, the plural form of
a word shall include the singular form, and the singular form of a word shall include the plural form. Unless the context clearly indicates otherwise, the following terms shall have the following meanings: 
 (a) Administrator means the shareholder services division of the Corporation or such independent third party administrator
as the Corporation may engage to administer the Plan. 
 (b) Authorization Form means a payroll deduction
form which authorizes payroll deductions from a Participant’s Basic Pay and evidences the Participant’s membership in the Plan. 
 (c) Basic Pay means, in relation to a Participant for a payroll period, the Participant’s regular compensation
earned during such payroll period, before any deductions or withholding, but excluding overtime, bonuses, amounts paid as reimbursement of expenses (including those paid as part of commissions) and any other additional compensation. 
 (d) Board means the Board of Directors of the Corporation. 
 (e) Committee means the Compensation and Employee Benefits Committee of the Board. 
 (f) Country Program means detailed rules specific to a country or group of countries as set forth in a supplement to the
Plan. The terms and provisions of each supplement to the Plan that outline the rules for a Country Program are a part of the Plan and supersede the provisions of the Plan to the extent necessary to eliminate
inconsistencies between the Plan and the supplement. 

 (g) Corporation means Hanesbrands Inc., a Maryland corporation, or any successor
thereto. 
 (h) Eligible Employee is defined in section 4 below. 
 (i) Exchange Act means the Securities Exchange Act of 1934, as amended. 
 (j) Exercise Date with respect to any Offering Period means the Grant Date of the immediately following Offering
Period.  
 (k) Exercise Price with respect to any Offering Period means, subject to the terms and
conditions of each Country Program, an amount established by the Committee prior to the Offering Period which amount shall in no event be less than 85% of the Fair Market Value of Shares on the Offering
Period’s Exercise Date. 
 (l) Fair Market Value of a Share on any date shall be the average between
the highest and lowest quoted selling price of a Share as reported on the New York Stock Exchange Composite Transactions Tape (“Composite Tape”) for such date. 
 (m) Grant Date means the first Monday of each Offering Period on which sales of the Corporation’s Shares are
reported on the Composite Tape or if no Shares are sold on that Monday, then on the next succeeding day on which there is a sale. 
 (n) Offering Period means a three-month period beginning on the first Monday of each February, May, August, and November, respectively, (or such alternative four months in a cycle of three-month intervals as
the Committee may establish in its discretion) and ending on the first Monday of the succeeding three-month period. If no Shares are sold on the first Monday of an Offering Period, then that Offering Period shall commence, and
the immediately preceding Offering Period shall end, on the next succeeding day on which there is a sale. Notwithstanding the definition of Offering Period, the Initial Offering Period means that period commencing on the
date established by the Committee for implementing the Plan provided that such date is not sooner that the date on which the Corporation first issues equity securities of the Corporation that are required to be registered under
Article II of the Exchange Act, and ending on the first Monday of the next following regular Offering Period under the Plan.  
 (o) Participant means an Eligible Employee who has completed an Authorization Form and who continues to make contributions to the Plan, or who no longer contributes to the Plan, but
has Shares still held by the Administrator in accordance with this Plan. 
 (p) Participating
Subsidiaries means corporations, 50% or more of each class of the outstanding voting stock or voting power of which is beneficially owned, directly or indirectly, by the Corporation, which are authorized by the Corporation to
participate in the Plan and which have agreed to participate. 
  

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 (q) Plan means the Hanesbrands Inc. Employee Stock Purchase Plan of 2006, as
amended from time to time. The Plan is effective June 27, 2006 (the “Effective Date”). 
 (r)
Plan Account means a payroll deduction account maintained by the Committee for each Participant to which shall be credited all payroll deductions and from which shall be deducted amounts charged for the purchase of Shares
hereunder and withdrawals. 
 (s) Shares mean shares of Hanesbrands Inc. common stock, par value $.01 per share.

 3. Shares Subject to the Plan. There is hereby reserved for issuance under the Plan an aggregate of
                                 Shares. Available
Shares shall be from such authorized but unissued Shares or from Shares reacquired from time to time. 
 4. Eligible
Employees. All employees of the Corporation or any of its Participating Subsidiaries shall be eligible to participate in the Plan, except employees whose customary employment is 20 hours or less per week or not more than
five months in any calendar year, or who, immediately after any Grant Date, own 5% or more of the total combined voting power or value of all classes of stock of the Corporation or any Participating Subsidiary. 
 5. Participation in the Plan. An Eligible Employee may participate voluntarily, by completing and submitting an Authorization Form
at designated times, according to the applicable Country Program procedures. Such Authorization Form may authorize payroll deductions from the employee’s Basic Pay, or some other means of contributions received from
employees (defined according to local procedures). An employee may actively participate in only one Country Program at a time. 
 6.
Purchase Price. The purchase price of the Shares shall be determined in accordance with the terms of each Country Program. Unless otherwise defined in the Country Program the purchase price shall be the Exercise
Price as defined herein. 
 7. Number of Shares Purchasable. No Participant may be permitted to acquire more than $25,000
worth of Shares under the Plan per year (with such limit being measured using the purchase price set forth in the applicable Country Program). This limit shall be monitored by the Committee or its delegate(s). 

 

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 8. Plan Accounts/Shares Acquired. Participating Subsidiaries shall maintain Plan
Accounts for Participants, where applicable. Shares purchased pursuant to the Plan shall be recorded on the stock transfer records of the Corporation in book entry form and no stock certificates with respect to any
Shares will be issued. Share ownership shall be kept electronically in the Participant’s name, or if specified on the Participant’s Authorization Form, in the Participant’s name and the name of
another person of legal age as joint tenants with right of survivorship. As deemed appropriate by the Committee acting in its discretion, and consistent with the terms of the Country Programs, Participants shall receive periodic
statements detailing their Plan Account balances. 
 9. Changes in Participation. Subject to rules set forth in each Country
Program (and consistent with otherwise applicable Plan limitations), a Participant may change the amount of his or her payroll deduction or contributions pursuant to administrative rules established by the Committee.

 10. Termination of Participation. Subject to rules set forth in each Country Program, a Participant, at any time and
for any reason, may voluntarily terminate participation in the Plan by written notification of withdrawal delivered to the appropriate office pursuant to administrative rules established by the Committee. A Participant’s
participation in the Plan shall be involuntarily terminated by his/her employer upon termination of employment for any reason, or upon the Participant no longer being eligible for participation. In the event of a
Participant’s voluntary or involuntary termination of participation in the Plan, no payroll deduction shall be taken from any pay due thereafter; and at the election of such Participant or Participant’s estate,
as the case may be, the balance in the Participant’s Plan Account shall be paid either to the Participant or the Participant’s estate, or shall be retained to purchase Shares in accordance with normal
procedures. Except as provided above, a Participant may not withdraw any credit balance in the Participant’s Plan Account, in whole or in part. 
 11. Rights as a Stockholder. Except as provided in section 12, none of the rights or privileges of a stockholder of the Corporation shall exist with respect to Shares purchased under the Plan
unless and until a statement representing such Shares shall have been issued to the Participant. 
  

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 12. Dividends. Dividends on Shares acquired under the Plan will accrue to
Participants in the same manner as for other shareholders. Participants shall be invited to enroll in the Corporation’s automatic dividend reinvestment plan (unless such enrollment is automatic pursuant to the applicable
Country Program). 
 13. Rights Not Transferable. Rights under the Plan are not transferable by a Participant
other than by will or the laws of descent, and are exercisable during the Participant’s lifetime only by the Participant. 
 14. Application of Funds. All funds received or held by the Corporation under the Plan may be used for any corporate purposes. 
 15. Adjustments in Case of Changes Affecting Shares. In the event of a subdivision of outstanding Shares, or the payment of a stock dividend, the number of Shares authorized for issuance under the
Plan shall be increased proportionately, and such other adjustments shall be made as may be deemed equitable by the Committee. In the event of any other change affecting the Corporation’s common stock, such adjustment shall
be made as may be deemed equitable by the Committee to give proper effect to such event. 
 16. Administration of Plans. The
Plan and the detailed Country Programs shall be administered by the Committee. The Committee shall have authority to make rules and regulations for the administration of the Country Programs including when and how
purchases shall be made, and its interpretations and decisions with regard thereto shall be final and conclusive. The Committee shall have authority to delegate its ministerial tasks hereunder to the Corporation’s Human Resources
and Shareholder Accounting Departments and the Human Resources Departments of Participating Subsidiaries which employ Participants. 
 17. Amendments to Plans. The Board or any person or persons authorized by the Board, at any time, or from time to time, may amend, suspend, or terminate the Plan or any of the Country Programs, provided,
however, that except to conform the Plan or any Country Program 
  

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 to the requirements of local legislation, no amendment shall be made withdrawing the administration of the Plan or
Country Programs from the Committee, or permitting any rights under the Plan to be granted to any employee who is a member of the Committee administering the Plan. 
 18. Termination. The Plan shall terminate upon the earlier of the date it is terminated by the Board and the date that no more
Shares remain to be acquired under the Plan. Upon the termination of the Plan, all remaining credit balances from authorized payroll deductions in Participants’ Plan Accounts shall be returned to such
Participants. 
 19. Governmental Regulations. The Corporation’s obligation to sell and deliver Shares under
the Plan is subject to the approval of any governmental authority required in connection with the authorization, issuance or sale of such stock. 
 20. Stockholder Approval. This Plan shall be effective as of June 27, 2006, as approved by Sara Lee Corporation as the sole shareholder of the Corporation. 
  

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 SUPPLEMENT A 
 TO 
 HANESBRANDS INC. 
 EMPLOYEE STOCK PURCHASE PLAN OF 2006 
 US PROGRAM 
 1. Purpose. The purpose of this Supplement A to the Hanesbrands Inc. 2006 Employee Stock Purchase Plan is to modify and further specify the terms
and conditions of the Plan as applied to employees in the United States and Puerto Rico (the “US Program”). With respect to employees in the United States, the US Program is intended to qualify as an employee
stock purchase plan under section 423 of the Code. Any defined term not defined in section 2 of this Supplement A shall be defined pursuant to the Plan. 
 2. Contributions. An Eligible Employee may participate in the US Program at any time by completing and filing with the appropriate payroll office an Authorization Form. The
Committee, in its discretion, may establish a minimum deduction per payroll period. Such deductions shall commence with the pay period beginning after such Authorization Form is filed and recorded in the appropriate payroll office and
shall continue until the Participant terminates participation in the US Program or until the US Program is terminated. Subject to the minimum and maximum deductions set forth in the Plan and this US Program, a
Participant may change the amount of his or her payroll deduction no more than twice in each calendar year by filing a new Authorization Form with the appropriate payroll office. The change shall not become effective earlier than the
first payroll period in the next succeeding Offering Period after the Authorization Form is received and recorded by the appropriate payroll office. Payroll deductions will be held in the Corporation or Participating
Subsidiary’s general accounts until the end of the Offering Period at which time they will be applied solely for the purchase of Shares under the US Program. Participants will receive periodic statements of their
Plan Account balance. 
 3. Share Purchases. On each Exercise Date, each Participant’s Plan
Account shall be charged for the amount of the Shares to be purchased on that date. The number of Shares to be purchased on an Exercise Date shall be determined by dividing the balance of the Participant’s

  

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 Plan Account (including any balance in the Participant’s Plan Account after the immediately prior
Exercise Date) by the Exercise Price, and then rounding downward to the nearest whole Share. No fractional Shares shall be purchased, and any balance remaining in the Participant’s Plan Account after the
Shares have been purchased on the Exercise Date shall be carried forward to the next succeeding Offering Period. As soon as practicable after the Exercise Date, a statement shall be delivered to the Participant
which shall include the number of Shares purchased on the Exercise Date and the aggregate number of Shares purchased on behalf of such Participant under the US Program. Share ownership shall be kept
electronically in the name of the Participant, or if so specified in the Participant’s Authorization Form, in the Participant’s name and the name of another person of legal age as joint tenants with right of
survivorship. 
 4. Ceasing Contributions/Rights of Participants Who Leave Service. A Participant whose participation in the
US Program has terminated (either upon the Participant’s request or upon the Participant’s termination of employment for any reason) may not rejoin the US Program until the third succeeding Offering
Period following the date of such termination. 
 5. Contracts of Employment and Other Employment Rights. The US Program
may be terminated at any time at the discretion of the Corporation and no compensation will be due to a Participant as a result. Neither the value of the Shares nor the discount derived from the Purchase Price shall
be added to a Participant’s income for the purpose of calculating any employee benefits. No additional rights arise to a Participant as a result of participating in the US Program or the opportunity to participate.
Participation in the US Program does not confer on any Participant any right to future employment. Participation in the US Program is at the discretion of Eligible Employees. No representation or warranty is given by the
Corporation or Participating Subsidiaries as to the present or future benefit of participation in the US Program. If a Corporation or a Participating Subsidiary ceases participation in the US Program or the
Corporation ceases operation of the Plan, employees will have no right or action against the Participating Subsidiary, the Committee or the Corporation for such termination. 
 6. Administration. 
 (a) The Committee (or its delegate(s)) will be responsible for: 
 (i) administering the US Program in
unison with the Administrator and the Corporation; 
  

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 (ii) informing Participants of the current market price of the Shares upon
request; 
 (iii) informing Participants of the Exercise Price for each Offering Period; 
 (iv) informing Eligible Employees about the US Program, making deductions from Basic Pay, converting foreign
currencies, and maintaining Participants’ Plan Accounts; and 
 (v) obtaining information from the
Administrator needed by the Corporation or Participating Subsidiaries in order to comply with any applicable reporting and withholding requirements. 
 (b) The Administrator will be responsible for: 
 (i) holding the Shares in trust in a book account; 
 (ii) maintaining all relevant records and for issuing documents required for tax purposes by the Corporation, the Participating
Subsidiaries and Participants; 
 (iii) providing quarterly statements and other documents as required to the
Participating Subsidiaries for distribution to Participants; and 
 (iv) providing management information
reports to the Committee and Participating Subsidiaries. 
 7. Amendments to the US Program. The Corporation may
at any time or from time to time amend, suspend or terminate the US Program. No amendment may be made and no suspension or termination may take effect in respect of rights already accrued to a Participant as a holder of Shares.
The Corporation may at any time or from time to time amend the US Program to comply with the requirements of legislation or any regulatory body in the United States. 
  

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 8. Governmental Regulation. The US Program shall be suspended and become inoperative with
respect to Shares not theretofore optioned under the US Program during any period in which no registration statement or amendment thereto under the Securities Act of 1933, as amended, is in effect with respect to the Shares so
remaining to be purchased under the US Program. 
  

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