Document:

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                                                                    Exhibit 10.1

                           ORIENT-EXPRESS HOTELS LTD.

                           2000 STOCK OPTION PLAN(1)

1.   THE PLAN

     Orient-Express Hotels Ltd. (the "Company") may grant, in the manner and
upon the terms and conditions set forth herein, options to purchase not in
excess of an aggregate of 500,000 Class A or Class B common shares of the
Company (adjusted, if necessary, in accordance with Section 12) to eligible
directors, officers and employees of the Company and its subsidiaries (as
determined in accordance with Section 3). Shares may be either authorized but
unissued shares or acquired shares.

2.   ADMINISTRATION OF THE PLAN

     The Plan shall be administered, and the options hereunder shall be granted,
by the Board of Directors of the Company or a committee thereof from time to
time constituted pursuant to the Bye-Laws of the Company. Any decision of the
Board or the committee shall be final and conclusive in all matters relating to
the Plan. The Board or the committee may make or vary regulations for the
administration and operation of the Plan not inconsistent with the provisions
hereof. The Board or the committee may act only by a majority of its members in
office, except that the members may authorize any one or more of their number or
the Secretary of the Company to execute and deliver documents on their behalf.
No member of the Board or the committee shall be liable for anything done or
omitted to be done by him or by any other member in connection with the Plan,
except for his own willful misconduct or as expressly provided by statute.

     The Board or the committee shall have authority to (a) adopt a subsidiary
plan (the "U.K. Plan") under the Plan which provides for the grant of options on
shares reserved under the Plan to eligible United Kingdom resident directors,
officers and employees and complies with the requirements imposed by the United
Kingdom Board of Inland Revenue, and (b) prescribe the form of options granted
under the Plan, provided in each case that the terms and conditions of the U.K.
Plan and the form of the option are not inconsistent with the terms and
conditions of the Plan. Any option granted under the U.K. Plan shall be deemed
to be outstanding also under the Plan.

     The Board or the committee is authorized, in its discretion exercised at
the time of grant, to designate options as "United States incentive stock
options" within the meaning of Section 422 of the United States Internal Revenue
Code.

----------
(1)    As adopted by the Board of Directors on _____________, 2000 and approved
       by the shareholders on _______________, 2000.

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3.   TO WHOM OPTIONS MAY BE GRANTED

     Options may be granted to those directors, officers and employees of the
Company or any subsidiary who, in the opinion of the Board or the committee,
have contributed significantly to the growth and progress of the Company or any
subsidiary or to persons who, in the opinion of the Board or the committee, hold
promise of contributing to the growth and progress of the Company or any
subsidiary and who can be attracted to directorship, officership or employment
through the grant of options under the Plan. The Board or the committee is
hereby given the authority to determine which of the eligible directors,
officers and employees are to be granted options and the number of shares to be
allocated to each.

     No United States incentive stock option shall be granted to a person who is
not an employee or (except as provided in Sections 4 and 7) to an employee who
owns (or would be regarded as owning) shares possessing more than ten percent of
the total combined voting power of all classes of shares of the Company or its
subsidiaries at the time the option is granted. In addition, in the case of
United States incentive stock options, the aggregate fair market value
(determined at the time the option is granted) of the shares with respect to
which incentive stock options are exercisable for the first time by an employee
during any calendar year (under all United States incentive stock option plans
of the Company and its subsidiaries) shall not exceed U.S.$100,000.

     The term "subsidiary" means any corporation in an unbroken chain of
corporations beginning with the Company, each of which owns at the time such
option is granted (except in the case of the last such corporation in the chain)
shares possessing 50 percent or more of the total combined voting power of all
classes of shares in one of the other corporations in such chain.

4.   OPTION PRICE

     The option price per share shall be not less than the fair market value of
the shares subject to the option at the time it is granted, as determined in
good faith by the Board or the committee. If a United States incentive stock
option is granted to an employee who at the time the option is granted owns (or
would be regarded as owning) shares possessing more than ten percent of the
total combined voting power of all classes of shares of the Company or its
subsidiaries, the option price shall be at least 110 percent of the fair market
value of the shares subject to the option at the time it is granted. The option
price shall be subject to adjustment in accordance with Section 12.

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5.   CIRCUMSTANCES UNDER WHICH OPTIONS MAY BE GRANTED

     Options may be granted at any time and from time to time on or after the
date on which the Plan is adopted by the Board of Directors of the Company and
before the expiration of ten years therefrom. If prior to the expiration of ten
years from the date on which the Plan is adopted, an option shall expire or
otherwise terminate without having been exercised in full, the unexercised
shares shall thereupon become available for the granting of options to other
eligible directors, officers and employees. No option shall be granted unless,
at the time such option is granted, the Company shall have available at least
the number of shares covered by such option and by all other options then
outstanding under the Plan.

6.   OPTIONS NOT ASSIGNABLE

     Every option granted under the Plan shall provide that it is not
transferable by the person to whom it is granted, otherwise than by will or the
laws of descent and distribution, and that it is exercisable, during his
lifetime, only by him.

7.   MANNER OF EXERCISE OF OPTIONS

     Any person to whom an option has been granted may exercise the same,
subject to the provisions of Section 10, at any time and from time to time
before the expiration of not more than ten years (or, in the case of any United
States incentive stock option granted to an employee subject to the second
sentence of Section 4, not more than five years) from the date the option was
granted. Any such exercise shall be effected by giving written notice to the
Company, in a form satisfactory to the Board or the committee, specifying the
number of shares with respect to which the option is being exercised. Any person
to whom an option has been granted under the U.K. Plan may exercise the same
under the Plan, subject to all the provisions hereof and provided that in the
written notice of exercise the person states that he is exercising under the
Plan and not under the U.K. Plan.

8.   MANNER OF PAYMENT ON EXERCISE OF OPTIONS

     At the time of giving such notice, such person shall pay or cause to be
paid to the Company the full option price of the shares as to which the option
is exercised. As soon as practicable thereafter, the Company shall cause a
certificate or certificates for such shares to be registered in the name of such
person, in such denominations as such person may direct, and shall deliver said
certificate or certificates to or upon the order of such person.

     Notwithstanding the foregoing, on concurrence by the Board or the committee
(which concurrence may be granted or withheld in its sole discretion) the person
exercising an option may elect to defer, for a term not to exceed five years

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from the date of exercise, payment of all or a portion of the option price of
the shares as to which the option is exercised, provided, however that:

          (a)  in the case of an optionee who is a "United States person" within
     the meaning of Regulation X of the Board of Governors of the Federal
     Reserve System of the United States of America, the portion of the option
     price so deferred for future payment shall not exceed the "good faith loan
     value" of the shares, within the meaning of the applicable provisions of
     Regulation G of such Board and as may be in effect on the date of exercise
     if such deferral is then subject to such regulation;

          (b)  the shares for which the option is exercised shall be issued to
     and registered in the name of the person exercising the option but shall be
     endorsed by the person in blank (either on the certificate or on a separate
     stock power) and held by the Company as collateral for the deferred portion
     of the option price;

          (c)  the person exercising the option shall execute a promissory note
     or other instrument of like effect in favor of the Company in a principal
     amount equal to the deferred portion of the option price, which instrument
     shall provide for the payment of interest at the rate, determined by the
     Board or the committee, of at least four percent per annum, payable
     quarterly;

          (d)  the person exercising the option shall have the right at any time
     and from time to time to withdraw part or all of the option shares from the
     collateral so held by the Company upon payment of a corresponding portion
     of the deferred option price, together with any accrued interest thereon,
     and that upon such payment the person exercising the option shall be
     discharged under the promissory note or other instrument, pro tanto, and
     shall then be free to dispose of the shares in any manner he may deem
     appropriate, subject to the relevant conditions and restrictions of the
     Plan; and

          (e)  the deferred payment arrangement shall be subject to such further
     terms and conditions as may be prescribed by the Board or the committee
     upon the exercise of options.

     The person exercising an option shall be entitled, from the date of
exercise, to all the rights of a shareholder as to the shares covered by the
exercise, including the right to vote the shares and to receive and retain all
dividends paid thereon.

9.   EXERCISE AFTER DEATH OF PERSON TO WHOM GRANTED

     In the event the person to whom an option is granted

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shall die owning but without having fully exercised the option, his estate or
any person who acquired the right to exercise the option by bequest or
inheritance or by reason of the death of the optionee may, subject to the
provisions of Section 10 (except subsection 10(b) and (d)), exercise the option
at any time and from time to time before the expiration of the period of one
year after the date of death, notwithstanding that the exercise may occur less
than three years or more than ten years after the date of grant thereof, but
only if the person so exercising the option shall have furnished the Company
with evidence satisfactory to the Company of the person's right to exercise the
option and of payment or provision for the payment of any estate, transfer,
inheritance or death taxes payable with respect to the option or the shares to
which it relates. Any such exercise shall be effected in the manner described in
Sections 7 and 8. Any such exercise, however, shall not be permitted in the case
of a United States incentive stock option after the expiration of ten years from
the date the option was granted.

10.   CIRCUMSTANCES UNDER WHICH OPTIONS MAY NOT BE EXERCISED

     Every option under the Plan shall provide that it may not be exercised
(except as may be otherwise provided in Sections 9 and 11):

          (a)  until the shares reserved for issuance upon the exercise thereof
     have been listed upon any national securities exchange in the United States
     of America or the United Kingdom on which the Company's Class A or B common
     shares are then listed;

          (b)  until the expiration of a period of three years from the date the
     option was granted, and in any event not after (i) the expiration of a
     period of three months from the date a person ceases to be a director,
     officer or employee of the Company or a subsidiary thereof under
     circumstances not involving misconduct, impropriety or inefficiency on his
     part or (ii) the termination of the directorship, officership or employment
     of a person by the Company or a subsidiary thereof or the shareholders for
     reasons involving misconduct, impropriety or inefficiency on his part,
     except that a person ceasing to be a director, officer or employee of the
     Company or a subsidiary thereof on account of (i) retirement at or after
     the normal retirement date, (ii) early retirement not earlier than five
     years before the normal retirement date, (iii) injury or disability, (iv)
     dismissal for redundancy or (v) on concurrence of the Board or the
     committee (which concurrence may be granted or withheld in its sole
     discretion), the sale or other disposition of the subsidiary for which the
     person acts as director or officer or which employs the employee or the
     operating division of the Company or a subsidiary for which the employee
     performs his employment shall be entitled to

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     exercise an option at any time prior to the expiration of a period of three
     months from the date he ceases to be a director, officer or employee of the
     Company or a subsidiary thereof notwithstanding that such exercise is made
     prior to the expiration of a period of three years from the date such
     option was granted (and for purposes of this Section 10 hereof, the
     directorship, officership or employment of any person with the Company or a
     subsidiary thereof shall not be deemed to have ceased or terminated so long
     as such person shall continuously since the date of grant of the option be
     a director, officer or employee either of the Company or a subsidiary
     thereof or of Sea Containers Ltd. or a subsidiary thereof);

          (c)  unless the Board or the committee shall be satisfied that the
     issuance of shares upon exercise will be in compliance with all relevant
     rules and regulations of the United States Securities and Exchange
     Commission; or

          (d)  after the expiration of ten years from the date the option is
     granted.

11.  CHANGE IN CONTROL

     For purposes of this Section 11, "Change in Control" means any of the
following events:

          (a)  any "person" (as that term is defined for the purposes of Section
     13(d) or 14(d) of the U.S. Securities Exchange Act of 1934), other than
     James B. Sherwood or a group including James B. Sherwood or any subsidiary
     of the Company, shall directly or indirectly acquire more than 40% of the
     voting shares of the Company then outstanding and then entitled to vote
     generally in the election of directors of the Company; or

          (b)  individuals who, as of _____________, 2000 constitute the
     Company's Board of Directors (or the successors of such individuals
     nominated by such Board of Directors or a committee thereof on which such
     individuals or their successors constitute a majority) shall cease to
     constitute a majority of the Company's Board of Directors; or

          (c)  the Company amalgamates, merges or consolidates with or into any
     other corporation, other than a corporation which directly, or indirectly
     through one or more intermediaries, is controlled by James B. Sherwood or a
     group including James B. Sherwood, without the approval of its Board of
     Directors constituted as provided in clause (b) above; or

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          (d)  the Company sells, leases, exchanges or otherwise disposes of all
     or substantially all of its assets and business without the approval of its
     Board of Directors constituted as provided in clause (b) above.

     In the event of a Change in Control, and notwithstanding anything to the
contrary in Section 3, any outstanding option granted under the Plan which an
optionee shall not then have been entitled to exercise shall become exercisable
immediately prior to or concurrently with the occurrence of the Change in
Control and the optionee shall have the right to exercise all such options.

     Notwithstanding anything in the Plan to the contrary, in the event of
exercise of an option following a Change in Control, the optionee may elect, in
the written notice provided for in Sections 7 and 8, (i) to pay or cause to be
paid to the Company the full option price of the shares as to which the option
is exercised, or (ii) to surrender to the Company all or any part of an option
and receive from the Company upon such surrender an amount in cash equal to the
excess, if any, of the determined value of the shares subject to the option or
portion thereof so surrendered over the aggregate exercise price of such shares
as set forth in the applicable option grant letter. The term "determined value"
as used herein means the higher of (A) the highest sale price per Class A or B
common share of the Company on the New York Stock Exchange (or, if any of such
shares are not listed on that exchange at that time, then the highest sale price
of the shares on the principal stock exchange on which such shares are listed,
or if such shares are not listed, then the over-the-counter market) during the
12 months immediately preceding the date of the Change in Control, or (B) the
highest price per share actually paid in connection with any Change in Control
(including, without limitation, prices paid in any subsequent amalgamation,
merger or combination with any entity that acquires control of the Company), in
either case multiplied by the number of shares subject to the option or portion
thereof so surrendered. In the event of a surrender of all or a portion of an
option pursuant to this Section, the number of shares as to which the option was
surrendered shall not again become available for use under the Plan.

     The obligations of the Company under the Plan shall be binding upon any
successor corporation or organization resulting from any amalgamation, merger,
consolidation or other reorganization of the Company, or upon any successor
corporation or organization succeeding to all or substantially all of the assets
and business of the Company, in any such case which would constitute a Change in
Control. The Company agrees that it will make appropriate provisions for the
preservation of all optionees' rights under the Plan in any agreement or plan
that it may enter into or adopt to effect any such amalgamation, merger,
consolidation, reorganization or transfer of assets constituting a Change in
Control.

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12.  ADJUSTMENT OF NUMBER OR KIND OF SHARES

     If the Company shall effect one or more share splits, share dividends,
combinations of shares, exchanges of shares or similar capital adjustments, the
Board or the committee shall appropriately adjust the aggregate number and kind
of shares with respect to which options have been granted or may be granted
under the Plan. Every option granted under the Plan shall provide that, in the
event of any such capital adjustments, the number and kind of the shares with
respect to which it may be exercised, and the option price, shall be
appropriately adjusted.

13.  AMENDMENT

     The Plan may be amended from time to time by the Board of Directors of the
Company. No amendment shall alter or impair any of the rights or obligations of
any person, without his consent, under any option theretofore granted under the
Plan.

14.  TERMINATION

     The Plan shall terminate upon the first of the following dates or events to
occur:

          (a)  if the Company is a participant in any corporate amalgamation,
     merger, consolidation or other transaction and no provision is made at the
     time of the transaction to continue the Plan, except as provided in Section
     11;

          (b)  resolution of the Board of Directors of the Company terminating
     the Plan; or

          (c)  on __________________, 2010.

     In the event of termination of the Plan in any of the ways provided
hereinabove, the provisions of the Plan shall continue in full force and effect
as regards any options granted prior to such termination.

15.  EFFECT OF OPTIONS UPON EMPLOYMENT

     Nothing in the Plan shall be construed as giving any person acting as a
director or officer of or employed by the Company or any subsidiary thereof the
right to be retained in such directorship, officership or employment. The
Company and any subsidiary thereof and the shareholders shall have the right to
dismiss any director, officer or employee at any time with or without cause and
without liability for the effect which such dismissal might have upon him as a
participant under the Plan, and under no circumstances shall a person ceasing to
be a director, officer or employee by reason of dismissal or otherwise be
entitled to or claim against the Company or any subsidiary thereof any
compensation for or in respect of any

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consequent reduction or loss of his rights or benefits (actual or prospective)
under any option held by him in connection with the Plan.

16.  CONSTRUCTION

     In all respects the Plan shall be governed by, and be construed in
accordance with, the laws of the Islands of Bermuda.

                                    * * * * *

                                       -9-<PAGE>

                                                                    Exhibit 10.4

                          (Translated from the Italian)

                                                                 1000 LIRE
                                                                 Fiscal Stamp
                                                                 (Cancelled)
                                                                 BD247497

                                 C O N T R A C T

Between James Blair Sherwood ("the Landlord") Fiscal Code SHR JSB 33M08 Z404J of
Sea Containers House - 20 Upper Ground London SE1 and Hotel Cipriani S.p.A.
("the Tenant") Fiscal Code 00311530273 of 10 Giudecca Venice

                                    Whereas

- The Landlord owns a flat situated on the second floor of the eastern side of
the building with direct views over the lagoon, consisting of a vestibule, two
rooms with bathroom between, and the premises situate on the third floor above
including a bathroom, a terrace on the fourth floor and the adjacent stairwell
which leads to the third floor from the landing stage on the ground floor (as
recorded in a deed under no. 14778 by the Notary Antonino Polizzi dated
22.12.1981);

- Whereas the Tenant owns a building situate at No. 10 Isola della Giudecca,
entered as parcel no. 17668 of the New Urban Land Survey Register of Venice on
map no. 102 under 1,2,3; no. 108; no. 101 under 2; no. 172; no. 173; no. 174;
no. 135 under 3; which is used as an hotel, which business the Tenant carries on
on a continuous basis (hereinafter called the Hotel);

- Whereas as the Flat, being part of the Hotel, may be used by the Tenant
exclusively for those purposes for which the Hotel rooms are used;

- Whereas the Tenant intends intermittently to rent the Landlord's Flat and the
Landlord intends intermittently to let the Flat to the Tenant on the terms and
conditions hereinafter contained.

<PAGE>

The preamble being complete the following are
the heads of agreement of the parties:

1. The preamble is an integral and inseparable part of this Contract.

2. The parties agree that the Tenant shall take possession of and shall have
custody of the Flat and the furniture listed in Annexure A hereto and the Tenant
may use the Flat, intermittently, pursuant to the terms of this Contract,
exclusively as part of the Hotel and solely in relation to its hotel business.

3. The Landlord shall be entitled, at any time, to use the Flat or to permit the
Flat to be used by such individual or individuals as he may designate (the
Landlord's "Guests") from time to time at his discretion, giving at least seven
days notice to the Tenant. Moreover the Landlord shall be entitled to suspend
the operation of this Contract from time to time, giving at least one month's
written notice to the Tenant thereof. In this event, for the period or periods
of time stated in the notice (or notices) the Tenant shall cease to have the
right to use the Flat for its hotel business, irrespective of whether or not the
Flat is used by the Landlord or his Guests.

4. The Tenant undertakes to maintain the Flat in good condition, being
responsible for any cleaning, repairs etc. The Tenant shall also be responsible
as custodian of the Flat and the furniture therein and will insure all risks
including fire, flood, third-party risks, etc.

The foregoing shall be the exclusive responsibility of the Tenant, unless the
Flat is made available to the Tenant for less than 90 days in a calendar year
whilst the Hotel is open to guests, in which case, for such calendar year, the
Tenant shall charge the Landlord an amount equal to a proportionate share of the
costs reasonably sustained by the Tenant in providing such services.

<PAGE>

5. The Landlord and his Guests, on every occasion they use the Flat, shall be
entitled to use all the services provided to guests of the Hotel and shall be
debited only drink and food at normal tariffs. No charge shall be made for
electricity, air conditioning, telephone rental, water and room service provided
the Flat is made available to the Tenant for 90 days or more during a calendar
year at a time when the Hotel is open to guests. If the Flat is made available
for less than 90 days, then such services shall be charged to the Landlord at a
tariff which shall correspond to a proportionate share of the costs of such
services reasonably sustained by the Tenant. No charge shall be made for the use
of the swimming pool, the tennis courts or other facilities made available
without charge to other guests in the Hotel, as likewise the boat shuttle
service (water-taxi?) and similar services.

6. The Tenant will pay the Landlord by way of rental an amount equal to fifty
percent of the daily rate paid by Hotel guests for use of the Flat, net of
charges for services (in accordance with the current price list of the Tenant),
for each day the Flat is let by the Tenant to guests of the Hotel in the
ordinary course of hotel business. The rental will be paid quarterly in arrears.

7. The Landlord acknowledges that the Tenant may decide to close the Hotel in
winter and therefore, during this time the Tenant will not be in a position to
provide the Landlord with ordinary hotel services should the Landlord decide to
use the Flat.

8. The Tenant undertakes not to alter the internal part of the Flat without the
prior written consent of the Landlord and to store the Tenant's (sic?) property
situate in the Flat in appropriate cupboards. A list and description of the
present furnishings of the Flat is contained in annexure A of this Contract.

<PAGE>

9. This Contract shall run for one year from 18 February 1982 and shall be
automatically renewed for further periods of one year unless either party gives
at least 90 days written notice of termination before each due date. This
Contract will be automatically terminated in the event there is a change in
ownership of the shares in Hotel Cipriani S.p.A. or Hotel Cipriani Inc.

10. The Tenant shall not assign this Contract or any of the rights or
obligations thereunder, nor shall it transfer any of such rights by way of
sub-letting or otherwise, without the prior written consent of the Landlord.

11. Any registration duty charged on this Contract will be paid by the parties
in equal shares.

The Tenant undertakes to ensure that registration duty is paid debiting the
Landlord his share.

For the purposes of registering this Contract, the parties estimate the total
annual rental payable to be 5,000.000 Lire (five million) subject to adjustment.

Venice, 18 February 1982

(signature)
(signature)

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