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    EXHIBIT
10.8

    
 

    FORM
OF

     

    SCORPIO
TANKERS INC.

    2010
EQUITY INCENTIVE PLAN

    

    

    ARTICLE
I.

    General

    

    1.1.          Purpose

    

    The
Scorpio Tankers Inc. 2010 Equity Incentive Plan (the "Plan") is designed to
provide certain key Persons (as defined below), whose initiative and efforts are
deemed to be important to the successful conduct of the business of Scorpio
Tankers Inc. (the "Company"), with incentives to (a) enter into and remain in
the service of the Company or its Affiliates (as defined below), (b) acquire a
proprietary interest in the success of the Company, (c) maximize their
performance and (d) enhance the long-term performance of the
Company.

    

    1.2.          Administration

    

    (a)           Administration.  The
Plan shall be administered by the Compensation Committee (the "Compensation
Committee") of the Company's Board of Directors (the "Board"), or such other
committee of the Board as may be designated by the Board to administer the Plan
(the "Administrator"); provided that (i) in
the event the Company is subject to Section 16 of the U.S. Securities Exchange
Act of 1934, as amended (the "1934 Act"), the Administrator shall be composed of
two or more directors, each of whom is a "Non-Employee Director" (a
"Non-Employee Director") under Rule 16b-3 (as promulgated and interpreted by the
Securities and Exchange Commission (the "SEC") under the 1934 Act, or any
successor rule or regulation thereto as in effect from time to time), and (ii)
the Administrator shall be composed solely of two or more directors who are
"independent directors" under the rules of any stock exchange on which the
Company's Common Stock (as defined below) is traded; provided further, however,
that, (A) the requirement in the preceding clause (i) shall apply only when
required to exempt an Award intended to qualify for an exemption under the
applicable provisions referenced therein, (B) the requirement in the preceding
clause (ii) shall apply only when required pursuant to the applicable rules of
the applicable stock exchange and (C) if at any time the Administrator is not so
composed as required by the preceding provisions of this sentence, that fact
will not invalidate any grant made, or action taken, by the Administrator
hereunder that otherwise satisfies the terms of the Plan.  Subject to
the terms of the Plan and applicable law, and in addition to other express
powers and authorizations conferred on the Administrator by the Plan, the
Administrator shall have the full power and authority to: (1) designate the
Persons to receive Awards (as defined below) under the Plan; (2) determine the
types of Awards granted to a participant under the Plan; (3) determine the
number of shares to be covered by, or with respect to which payments, rights or
other matters are to be calculated with respect to, Awards; (4) determine the
terms and conditions of any Awards; (5) determine whether, and to what extent,
and under what circumstances, Awards may be settled or exercised in cash,
shares, other securities, other Awards or other property, or cancelled,
forfeited or suspended, and the methods by which Awards may be settled,
exercised, cancelled, forfeited or suspended; (6) determine whether, to what
extent, and under what circumstances cash, shares, other securities, other
Awards, other property and other amounts payable with respect to an Award shall
be deferred, either automatically or at the election of the holder thereof or
the Administrator; (7) 

     

     

    
      
        
        

      

      
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    construe,
interpret and implement the Plan and any Award Agreement (as defined below); (8)
prescribe, amend, rescind or waive rules and regulations relating to the Plan,
including rules governing its operation, and appoint such agents as it shall
deem appropriate for the proper administration of the Plan; (9) make all
determinations necessary or advisable in administering the Plan; (10) correct
any defect, supply any omission and reconcile any inconsistency in the Plan or
any Award Agreement; and (11) make any other determination and take any other
action that the Administrator deems necessary or desirable for the
administration of the Plan.  Unless otherwise expressly provided in
the Plan, all designations, determinations, interpretations and other decisions
under or with respect to the Plan or any Award shall be within the sole
discretion of the Administrator, may be made at any time and shall be final,
conclusive and binding upon all Persons.

    

    (b)           General Right of
Delegation.  Except to the extent prohibited by applicable law,
the applicable rules of a stock exchange or any charter, by-laws or other
agreement governing the Administrator, the Administrator may delegate all or any
part of its responsibilities to any Person or Persons selected by it and may
revoke any such allocation or delegation at any time.

    

    (c)           Indemnification.  No
member of the Board, the Administrator or any employee of the Company or any of
its Affiliates (each such Person, a "Covered Person") shall be liable for any
action taken or omitted to be taken or any determination made in good faith with
respect to the Plan or any Award hereunder.  Each Covered Person shall
be indemnified and held harmless by the Company against and from (i) any loss,
cost, liability or expense (including attorneys' fees) that may be imposed upon
or incurred by such Covered Person in connection with or resulting from any
action, suit or proceeding to which such Covered Person may be a party or in
which such Covered Person may be involved by reason of any action taken or
omitted to be taken under the Plan or any Award Agreement and (ii) any and all
amounts paid by such Covered Person, with the Company's approval, in settlement
thereof, or paid by such Covered Person in satisfaction of any judgment in any
such action, suit or proceeding against such Covered Person; provided that the
Company shall have the right, at its own expense, to assume and defend any such
action, suit or proceeding and, once the Company gives notice of its intent to
assume the defense, the Company shall have sole control over such defense with
counsel of the Company's choice.  The foregoing right of
indemnification shall not be available to a Covered Person to the extent that a
court of competent jurisdiction in a final judgment or other final adjudication,
in either case not subject to further appeal, determines that the acts or
omissions of such Covered Person giving rise to the indemnification claim
resulted from such Covered Person's bad faith, fraud or willful criminal act or
omission or that such right of indemnification is otherwise prohibited by law or
by the Company's amended and restated Articles of Incorporation or
Bylaws.  The foregoing right of indemnification shall not be exclusive
of any other rights of indemnification to which Covered Persons may be entitled
under the Company's amended and restated Articles of Incorporation or Bylaws, as
a matter of law, or otherwise, or any other power that the Company may have to
indemnify such Persons or hold them harmless.

    

    (d)           Delegation of Authority to
Senior Officers.  The Administrator may, in accordance with the
terms of Section 1.2(b), delegate, on such terms and conditions as it
determines, to one or more senior officers of the Company the authority to make
grants of Awards to employees (other than officers) of the Company and its
Subsidiaries (as defined below)(including any such prospective employee) and
consultants of the Company and its Subsidiaries; provided, however, that in no
event shall any such officer be delegated the authority to grant Awards to, or
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    the
following individuals: (i) individuals who are subject to Section 16 of the 1934
Act, or (ii) officers of the Company (or directors of the Company) to whom
authority to grant or amend Awards has been delegated hereunder.

    

    (e)           Awards to Non-Employee
Directors.  Notwithstanding anything to the contrary contained
herein, the Board may, in its sole discretion, at any time and from time to
time, grant Awards to Non-Employee Directors or administer the Plan with respect
to such Awards.  In any such case, the Board shall have all the
authority and responsibility granted to the Administrator herein.

    

    1.3.          Persons
Eligible for Awards

    

    The
Persons eligible to receive Awards under the Plan are those directors, officers
and employees (including any prospective officer or employee) of the Company and
its Subsidiaries and Affiliates and consultants and service providers (including
individuals who are employed by or provide services to any entity that is itself
such a consultant or service provider) to the Company and its Subsidiaries and
Affiliates (collectively, "Key Persons") as the Administrator shall
select.

    

    1.4.          Types
of Awards

    

    Awards
may be made under the Plan in the form of (a) "incentive stock options" that are
intended to qualify for special U.S. federal income tax treatment pursuant to
Sections 421 and 422 of the Code (as defined below), as may be amended from time
to time, or pursuant to a successor provision of the Code, and which is so
designated in the applicable Award Agreement, (b) non-qualified stock options
(i.e., any stock options granted under the Plan that are not "incentive stock
options"), (c) stock appreciation rights, (d restricted stock, (e) restricted
stock units and (f) unrestricted stock, all as more fully set forth in the
Plan.  The term "Award" means any of the foregoing that are granted
under the Plan.

    

    1.5.          Shares
Available for Awards; Adjustments for Changes in Capitalization

    

    (a)           Maximum Number.  Subject to
adjustment as provided in Section 1.5(c), the aggregate number of shares of
common stock of the Company, par value $0.01 ("Common Stock"), with respect to
which Awards may at any time be granted under the Plan shall
be               
..  The following shares of Common Stock shall again become available
for Awards under the Plan: (i) any shares that are subject to an Award under the
Plan and that remain unissued upon the cancellation or termination of such Award
for any reason whatsoever; (ii) any shares of restricted stock forfeited
pursuant to the Plan or the applicable Award Agreement; provided that any
dividend equivalent rights with respect to such shares that have not theretofore
been directly remitted to the grantee are also forfeited; and (iii) any shares
in respect of which an Award is settled for cash without the delivery of shares
to the grantee.  Any shares tendered or withheld to satisfy the grant
or exercise price or tax withholding obligation pursuant to any Award shall
again become available to be delivered pursuant to Awards under the
Plan.

    

    (b)           Source of
Shares.  Shares issued pursuant to the Plan may be authorized
but unissued Common Stock or treasury shares.  The Administrator may
direct that any stock certificate evidencing shares issued pursuant to the Plan
shall bear a legend setting forth such restrictions on transferability as may
apply to such shares.

     

     

    
      
        
        

      

      
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    (c)           Adjustments.  (i)  In
the event that any dividend or other distribution (whether in the form of cash,
Company shares, other securities or other property), stock split, reverse stock
split, reorganization, merger, consolidation, split-up, combination, repurchase
or exchange of Company shares or other securities of the Company, issuance of
warrants or other rights to purchase Company shares or other securities of the
Company, or other similar corporate transaction or event, other than an Equity
Restructuring (as defined below), affects the Company shares such that an
adjustment is determined by the Administrator to be appropriate in order to
prevent dilution or enlargement of the benefits or potential benefits intended
to be made available under the Plan or with respect to an Award, then the
Administrator shall, in such manner as it may deem equitable, adjust any or all
of the number of shares or other securities of the Company (or number and kind
of other securities or property) with respect to which Awards may be granted
under the Plan, including the maximum number of shares issuable to an individual
as set forth in Section 1.5(d).

    

    (ii)      In
the event of any unusual or nonrecurring events (including a change in the
capitalization of the Company or the events described in Section 1.5(c)(i) or
the occurrence of a Change in Control (as defined below)) affecting the Company,
any of its Affiliates, or the financial statements of the Company or any of its
Affiliates, or of changes in applicable rules, rulings, regulations or other
requirements of any governmental body or securities exchange, accounting
principles or law, other than any of the events described in Section
1.5(c)(iii), (iv), (v) or (vi), whenever the Administrator determines that such
adjustments are appropriate in order to prevent dilution or enlargement of the
benefits or potential benefits intended to be made available under the Plan or
with respect to an Award, including providing for (A) adjustment to (1) the
number of shares or other securities of the Company (or number and kind of other
securities or property) subject to outstanding Awards or to which outstanding
Awards relate and (2) the Exercise Price (as defined below) with respect to any
Award and (B) a substitution or assumption of Awards, accelerating the
exercisability or vesting of, or lapse of restrictions on, Awards, or
accelerating the termination of Awards by providing for a period of time for
exercise prior to the occurrence of such event, or, if deemed appropriate or
desirable, providing for a cash payment to the holder of an outstanding Award in
consideration for the cancellation of such Award (it being understood that, in
such event, any option or stock appreciation right having a per share Exercise
Price equal to, or in excess of, the Fair Market Value (as defined below) of a
share subject to such option or stock appreciation right may be cancelled and
terminated without any payment or consideration therefor); provided, however, that with
respect to options and stock appreciation rights, unless otherwise determined by
the Administrator, such adjustment shall be made in accordance with the
provisions of Section 424(h) of the Code.

    

    (iii)           In
the event of (A) a dissolution or liquidation of the Company, (B) a sale of all
or substantially all the Company's assets, (C) a merger, reorganization or
consolidation involving the Company in which the Company is not the surviving
corporation or (D) a merger or consolidation involving the Company in which the
Company is the surviving corporation but the holders of shares of Common Stock
receive securities of another corporation and/or other property, including cash,
the Administrator shall have the power to:

     

     

    
      
        
        

      

      
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    (1)  provide
that outstanding options, stock appreciation rights and/or restricted stock
units (including any related dividend equivalent right) shall either continue in
effect, be assumed or an equivalent award shall be substituted therefor by the
successor corporation or a parent corporation or subsidiary corporation,
including providing for adjustment to (x) the number of shares or other
securities of the Company (or number and kind of other securities or property)
subject to such outstanding Awards or to which such outstanding Awards relate
and (y) the Exercise Price (as defined below) with respect to any such Award;
provided, however, that with
respect to options and stock appreciation rights, unless otherwise determined by
the Administrator, such adjustment shall be made in accordance with the
provisions of Section 424(h) of the Code;

    

    (2)  cancel,
effective immediately prior to the occurrence of such event, options, stock
appreciation rights and/or restricted stock units (including each dividend
equivalent right related thereto) outstanding immediately prior to such event
(whether or not then exercisable) and, in full consideration of such
cancellation, pay to the holder of such Award a cash payment in an amount equal
to the excess, if any, of the Fair Market Value (as of a date specified by the
Administrator) of the shares subject to such Award over the aggregate Exercise
Price of such Award (it being understood that, in such event, any option or
stock appreciation right having a per share Exercise Price equal to, or in
excess of, the Fair Market Value of a share subject to such option or stock
appreciation right may be cancelled and terminated without any payment or
consideration therefor); or

    

    (3)  notify
the holder of an option or stock appreciation right in writing or electronically
that each option and stock appreciation right shall be fully vested and
exercisable for a period of 30 days from the date of such notice, or such
shorter period as the Administrator may determine to be reasonable, and the
option or stock appreciation right shall terminate upon the expiration of such
period (which period shall expire no later than immediately prior to the
consummation of the corporate transaction).

    

    (iv)           In
connection with the occurrence of any Equity Restructuring, and notwithstanding
anything to the contrary in this Section 1.5(c):

    

    (A)           The
number and type of securities or other property subject to each outstanding
Award and the Exercise Price or grant price thereof, if applicable, shall be
equitably adjusted; and

    

    (B)           The
Administrator shall make such equitable adjustments, if any, as the
Administrator may deem appropriate to reflect such Equity Restructuring with
respect to the aggregate number and kind of shares that may be issued under the
Plan (including, but not limited to, adjustments of the limitations set forth in
Sections 1.5(a)).  The adjustments provided under this Section
1.5(c)(iv) shall be nondiscretionary and shall be final and binding on the
affected participant and the Company.

    

    (v)      Subject
to any required action by the stockholders of the Company, unless otherwise
determined by the Administrator (in which case, notwithstanding anything to the
contrary in this Section 1.5(c), the provisions of Section 1.5(c)(ii) shall then
apply), in the event that the Company shall be the surviving corporation in any
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    a result
of which the holders of shares of Common Stock receive securities of another
corporation), each option, stock appreciation right and restricted stock unit
outstanding on the date of such merger or consolidation shall pertain to and
apply to the securities which a holder of the number of shares of Common Stock
subject to such option, stock appreciation right or restricted stock unit would
have received in such merger or consolidation; provided, however, that with
respect to options and stock appreciation rights, unless otherwise determined by
the Administrator, such adjustment shall be made in accordance with the
provisions of Section 424(h) of the Code.

    

    (vi)           The
Administrator may adjust any grant of shares of restricted stock, the issue date
with respect to which has not occurred as of the date of the occurrence of any
of the following events, to reflect any dividend, stock split, reverse stock
split, recapitalization, merger, consolidation, combination, exchange of shares
or similar corporate change as the Administrator may deem appropriate to prevent
the enlargement or dilution of rights of grantees.

    

    (d)           Individual Limit.  Except for the
limits set forth in this Section 1.5, no provision of this Plan shall be deemed
to limit the number or value of shares of Common Stock with respect to which the
Administrator may make Awards to any Key Person.  Subject to
adjustment as provided in Section 1.5(c), the total aggregate number of shares
of Common Stock with respect to which incentive stock options that are granted
under the Plan to any one employee of the Company or a "parent corporation" or
"subsidiary corporation" (as such terms are defined in Section 424 of the Code)
of the Company during any calendar year shall not
exceed                         
..  Incentive stock options granted and subsequently cancelled or
deemed to be cancelled (e.g., as a result of
re-pricing) in a calendar year count against this limit even after their
cancellation.

    

    1.6.          Definitions
of Certain Terms

    

    (a)           "Affiliate"
shall mean (i) any entity that, directly or indirectly, is controlled by,
controls or is under common control with, the Company and (ii) any entity in
which the Company has a significant equity interest, in either case as
determined by the Administrator.

    

    (b)           Unless
otherwise set forth in an Award Agreement, in connection with a termination of
employment or consultancy/service relationship or a dismissal from Board
membership, for purposes of the Plan, the term "for Cause" shall be defined as
follows:

    

    (i)      if
there is an employment, severance, consulting, service, change in control or
other agreement governing the relationship between the grantee, on the one hand,
and the Company or any of its Affiliates, on the other hand, that contains a
definition of "cause" (or similar phrase), for purposes of the Plan, the term
"for Cause" shall mean those acts or omissions that would constitute "cause"
under such agreement; or

     

     

    
      
        
        

      

      
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    (ii)      if
the preceding clause (i) is not applicable to the grantee, for purposes of the
Plan, the term "for Cause" shall mean any of the following:

    

    (A)         any
failure by the grantee substantially to perform the grantee's employment or
consulting/service or Board membership duties;

    

    (B)         any
excessive unauthorized absenteeism by the grantee;

    

    (C)         any
refusal by the grantee to obey the lawful orders of the Board or any other
Person to whom the grantee reports;

    

    (D)         any
act or omission by the grantee that is or may be injurious to the Company or any
of its Affiliates, whether monetarily, reputationally or otherwise;

    

    (E)         any
act by the grantee that is inconsistent with the best interests of the Company
or any of its Affiliates;

    

    (F)         the
grantee's gross negligence that is injurious to the Company or any of its
Affiliates, whether monetarily, reputationally or otherwise;

    

    (G)         the
grantee's material violation of any of the policies of the Company or any of its
Affiliates, as applicable, including, without limitation, those policies
relating to discrimination or sexual harassment;

    

    (H)         the
grantee's material breach of his or her employment or service contract with the
Company or any of its Affiliates;

    

    (I)         the
grantee's unauthorized (1) removal from the premises of the Company or any of
its Affiliates of any document (in any medium or form) relating to the Company
or any of its Affiliates or the customers or clients of the Company or any of
its Affiliates or (2) disclosure to any Person or entity of any of the
Company's, or any of its Affiliate's, confidential or proprietary
information;

    

    (J)         the
grantee's being convicted of, or entering a plea of guilty or nolo contendere
to, any crime that constitutes a felony or involves moral turpitude;
and

    

    (K)         the
grantee's commission of any act involving dishonesty or fraud.

    

    Any
rights the Company or any of its Affiliates may have under the Plan in respect
of the events giving rise to a termination or dismissal "for Cause" shall be in
addition to any other rights the Company or any of its Affiliates may have under
any other agreement with a grantee or at law or in equity.  Any
determination of whether a grantee's employment, consultancy/service
relationship or Board membership is (or is deemed to have been) terminated "for
Cause" shall be made by the Administrator.  If, subsequent to a
grantee's voluntary termination of employment or consultancy/service
relationship or voluntarily resignation from the Board or involuntary
termination of employment or consultancy/service relationship without Cause or

     

     

     

    
      
        
        

      

      
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    removal
from the Board other than "for Cause", it is discovered that the grantee's
employment or consultancy/service relationship or Board membership could have
been terminated "for Cause", the Administrator may deem such grantee's
employment or consultancy/service relationship or Board membership to have been
terminated "for Cause" upon such discovery and determination by the
Administrator.

    

    (c)           "Code"
shall mean the Internal Revenue Code of 1986, as amended.

    

    (d)           "Exercise
Price" shall mean (i) in the case of options, the price specified in the
applicable Award Agreement as the price-per-share at which such share can be
purchased pursuant to the option or (ii) in the case of stock appreciation
rights, the price specified in the applicable Award Agreement as the reference
price-per-share used to calculate the amount payable to the
grantee.

    

    (e)           "Equity
Restructuring" shall mean a non-reciprocal transaction between the Company and
its stockholders, such as a stock dividend, stock split, spin-off, rights
offering or recapitalization through a large, nonrecurring cash dividend, that
affects the shares of Common Stock (or other securities of the Company) or the
share price thereof and causes a change in the per share value of the shares
underlying outstanding Awards.

    

    (f)           The
"Fair Market Value" of a share of Common Stock on any day shall be the closing
price on the stock exchange upon which such shares are listed, as reported for
such day in The Wall Street Journal, or, if no such price is reported for such
day, the average of the high bid and low asked price of Common Stock as reported
for such day.  If no quotation is made for the applicable day, the
Fair Market Value of a share of Common Stock on such day shall be determined in
the manner set forth in the preceding sentence for the next preceding trading
day.  Notwithstanding the foregoing, if there is no reported closing
price or high bid/low asked price that satisfies the preceding sentences, or if
otherwise deemed necessary or appropriate by the Administrator, the Fair Market
Value of a share of Common Stock on any day shall be determined by such methods
and procedures as shall be established from time to time by the
Administrator.  The "Fair Market Value" of any property other than
Common Stock shall be the fair market value of such property determined by such
methods and procedures as shall be established from time to time by the
Administrator.

    

    (g)           "Person"
shall mean any individual, firm, corporation, partnership, limited liability
company, trust, incorporated or unincorporated association, joint venture, joint
stock company, governmental body or other entity of any kind.

    

    (h)           "Repricing"
shall mean (i) lowering the Exercise Price of an option or a stock appreciation
right after it has been granted, (ii) cancellation of an option or a stock
appreciation right in exchange for cash or another Award when the Exercise Price
exceeds the Fair Market Value of the underlying shares subject to the Award and
(iii) any other action with respect to an option or a stock appreciation right
that is treated as a repricing under (A) generally accepted accounting
principles or (B) any applicable stock exchange rules.

    

    (i)           "Subsidiary"
shall mean any entity in which the Company, directly or indirectly, has a 50% or
more equity interest.

     

    
 

    
      
        
        

      

      
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    ARTICLE
II.

    Awards
Under The Plan

    

    2.1.          Agreements
Evidencing Awards

    

    Each
Award granted under the Plan shall be evidenced by a written certificate ("Award
Agreement"), which shall contain such provisions as the Administrator may deem
necessary or desirable and which may, but need not, require execution or
acknowledgment by a grantee.  The Award shall be subject to all of the
terms and provisions of the Plan and the applicable Award
Agreement.

    

    2.2.          Grant
of Stock Options and Stock Appreciation Rights

    

    (a)           Stock Option
Grants.  The Administrator may grant non-qualified stock
options and/or incentive stock options (collectively, "options") to purchase
shares of Common Stock from the Company to such Key Persons, and in such amounts
and subject to such vesting and forfeiture provisions and other terms and
conditions, as the Administrator shall determine, subject to the provisions of
the Plan.  Except to the extent otherwise specifically provided in the
applicable Award Agreement, no option will be treated as an "incentive stock
option" for purposes of the Code.  Incentive stock options may be
granted to employees of the Company and any "parent corporation" or "subsidiary
corporation" (as such terms are defined in Section 424 of the Code) of the
Company.  In the case of incentive stock options, the terms and
conditions of such Awards shall be subject to such applicable rules as may be
prescribed by Sections 421, 422 and 424 of the Code and any regulations related
thereto, as may be amended from time to time.  If an option is
intended to be an incentive stock option, and if for any reason such option (or
any portion thereof) shall not qualify as an incentive stock option for purposes
of Section 422 of the Code, then, to the extent of such non-qualification, such
option (or portion thereof) shall be regarded as a non-qualified stock option
appropriately granted under the Plan; provided that such
option (or portion thereof) otherwise complies with the Plan's requirements
relating to option Awards.  It shall be the intent of the
Administrator to not grant an Award in the form of stock options to an
individual who is then subject to the requirements of Section 409A of the Code
with respect to such Award if the Common Stock (as defined below) underlying
such Award does not then qualify as "service recipient stock" for purposes of
Section 409A.  Furthermore, it shall be the intent of the
Administrator, in granting options to individuals who are subject to Section
409A and/or 457 of the Code, to structure such options so as to comply with the
requirements of Section 409A and/or 457 of the Code, as applicable.

    

    (b)           Stock Appreciation Right
Grants; Types of Stock Appreciation Rights.  The
Administrator may grant stock appreciation rights to such Key Persons, and in
such amounts and subject to such vesting and forfeiture provisions and other
terms and conditions, as the Administrator shall determine, subject to the
provisions of the Plan.  The terms of a stock appreciation right may
provide that it shall be automatically exercised for a payment upon the
happening of a specified event that is outside the control of the grantee and
that it shall not be otherwise exercisable.  Stock appreciation rights
may be granted in connection with all or any part of, or independently of, any
option granted under the Plan.  It shall be the intent of the
Administrator to not grant an Award in the form of stock appreciation rights to
any Key Person (i) who is then subject to the requirements of Section 409A of
the Code with respect to such Award if the Common Stock underlying such Award
does not then qualify as "service recipient stock" for purposes of Section 409A
or (ii) if such Award would create adverse tax consequences for such Key Person
under Section 457A of the Code.

     

     

    
      
        
        

      

      
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    (c)           Nature of Stock Appreciation
Rights.  The grantee of a stock appreciation right shall have
the right, subject to the terms of the Plan and the applicable Award Agreement,
to receive from the Company an amount equal to (i) the excess of the Fair Market
Value of a share of Common Stock on the date of exercise of the stock
appreciation right over the Exercise Price of the stock appreciation right,
multiplied by (ii) the number of shares with respect to which the stock
appreciation right is exercised.  Each Award Agreement with respect to
a stock appreciation right shall set forth the Exercise Price of such Award and,
unless otherwise specifically provided in the Award Agreement, the Exercise
Price of a stock appreciation right shall equal the Fair Market Value of a share
of Common Stock on the date of grant; provided that in no
event may such Exercise Price be less than the greater of (A) the Fair Market
Value of a share of Common Stock on the date of grant and (B) the par value of a
share of Common Stock.  Payment upon exercise of a stock appreciation
right shall be in cash or in shares of Common Stock (valued at their Fair Market
Value on the date of exercise of the stock appreciation right) or any
combination of both, all as the Administrator shall
determine.  Repricing of stock appreciation rights granted under the
Plan shall not be permitted (1) to the extent such action could cause adverse
tax consequences to the grantee under Sections 409A or 457A of the Code or (2)
without prior shareholder approval, to the extent such approval would be
required to be obtained by the Company pursuant to the rules of any applicable
stock exchange on which the Common Stock is then listed, and any action that
would be deemed to result in a Repricing of a stock appreciation right shall be
deemed null and void if it would cause such adverse tax consequences or if any
requisite shareholder approval related thereto is not obtained prior to the
effective time of such action.  Upon the exercise of a stock
appreciation right granted in connection with an option, the number of shares
subject to the option shall be reduced by the number of shares with respect to
which the stock appreciation right is exercised.  Upon the exercise of
an option in connection with which a stock appreciation right has been granted,
the number of shares subject to the stock appreciation right shall be reduced by
the number of shares with respect to which the option is exercised.

    

    (d)           Option Exercise
Price.  Each Award Agreement with respect to an option shall
set forth the Exercise Price of such Award and, unless otherwise specifically
provided in the Award Agreement, the Exercise Price of an option shall equal the
Fair Market Value of a share of Common Stock on the date of grant; provided that in no
event may such Exercise Price be less than the greater of (i) the Fair Market
Value of a share of Common Stock on the date of grant and (ii) the par value of
a share of Common Stock.  Repricing of options granted under the Plan
shall not be permitted (1) to the extent such action could cause adverse tax
consequences to the grantee under Sections 409A or 457A of the Code or (2)
without prior shareholder approval, to the extent such approval would be
required to be obtained by the Company pursuant to the rules of any applicable
stock exchange on which the Common Stock is then listed, and any action that
would be deemed to result in a Repricing of an option shall be deemed null and
void if it would cause such adverse tax consequences or if any requisite
shareholder approval related thereto is not obtained prior to the effective time
of such action.

    

    2.3.          Exercise
of Options and Stock Appreciation Rights

    

    Subject
to the other provisions of this Article II and the Plan, each option and stock
appreciation right granted under the Plan shall be exercisable as
follows:

     

     

    
      
        
        

      

      
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    (a)           Timing and Extent of
Exercise.  Options and stock appreciation rights shall be
exercisable at such times and under such conditions as determined by the
Administrator and set forth in the corresponding Award Agreement, but in no
event shall any portion of such Award be exercisable subsequent to the tenth
anniversary of the date on which such Award was granted.  Unless the
applicable Award Agreement otherwise provides, an option or stock appreciation
right may be exercised from time to time as to all or part of the shares as to
which such Award is then exercisable.

    

    (b)           Notice of
Exercise.  An option or stock appreciation right shall be
exercised by the filing of a written notice with the Company or the Company's
designated exchange agent (the "Exchange Agent"), on such form and in such
manner as the Administrator shall prescribe.

    

    (c)           Payment of Exercise
Price.  Any written notice of exercise of an option shall be
accompanied by payment for the shares being purchased.  Such payment
shall be made: (i) by certified or official bank check (or the equivalent
thereof acceptable to the Company or its Exchange Agent) for the full option
Exercise Price; (ii) with the consent of the Administrator, which consent shall
be given or withheld in the sole discretion of the Administrator, by delivery of
shares of Common Stock having a Fair Market Value (determined as of the exercise
date) equal to all or part of the option Exercise Price and a certified or
official bank check (or the equivalent thereof acceptable to the Company or its
Exchange Agent) for any remaining portion of the full option Exercise Price; or
(iii) at the sole discretion of the Administrator and to the extent permitted by
law, by such other provision, consistent with the terms of the Plan, as the
Administrator may from time to time prescribe (whether directly or indirectly
through the Exchange Agent), or by any combination of the foregoing payment
methods.

    

    (d)           Delivery of Certificates
Upon Exercise.  Subject to Sections 3.2, 3.4 and 3.13, promptly
after receiving payment of the full option Exercise Price, or after receiving
notice of the exercise of a stock appreciation right for which the Administrator
determines payment will be made partly or entirely in shares, the Company or its
Exchange Agent shall (i) deliver to the grantee, or to such other Person as may
then have the right to exercise the Award, a certificate or certificates for the
shares of Common Stock for which the Award has been exercised or, in the case of
stock appreciation rights, for which the Administrator determines will be made
in shares or (ii) establish an account evidencing ownership of the stock in
uncertificated form.  If the method of payment
employed upon an option exercise so requires, and if applicable law permits, an
optionee may direct the Company or its Exchange Agent, as the case may be, to
deliver the stock certificate(s) to the optionee's stockbroker.

    

    (e)           No Stockholder
Rights.  No grantee of an option or stock appreciation right
(or other Person having the right to exercise such Award) shall have any of the
rights of a stockholder of the Company with respect to shares subject to such
Award until the issuance of a stock certificate to such Person for such
shares.  Except as otherwise provided in Section 1.5(c), no adjustment
shall be made for dividends, distributions or other rights (whether ordinary or
extraordinary, and whether in cash, securities or other property) for which the
record date is prior to the date such stock certificate is issued.

    

    2.4.          Termination
of Employment; Death Subsequent to a Termination of Employment

    

    (a)           General
Rule.  Except to the extent otherwise provided in paragraphs
(b), (c), (d), (e) or (f) of this Section 2.4 or Section 3.5(b)(iii), a grantee
who incurs a termination of employment or consultancy/service relationship or
dismissal from the Board may exercise any outstanding option 

     

     

    
      
        
        

      

      
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    or stock appreciation right on the following
terms and conditions: (i) exercise may be made only to the extent that the
grantee was entitled to exercise the Award on the date of termination of
employment or consultancy/service relationship or dismissal from the Board, as
applicable; and (ii) exercise must occur within three months after termination
of employment or consultancy/service relationship or dismissal from the Board
but in no event after the original expiration date of the Award.

    

    (b)           Dismissal "for
Cause".  If a grantee incurs a termination of employment or
consultancy/service relationship or dismissal from the Board "for Cause", all
options and stock appreciation rights not theretofore exercised shall
immediately terminate upon the grantee's termination of employment or
consultancy/service relationship or dismissal from the Board.

    

    (c)           Retirement.  If
a grantee incurs a termination of employment or consultancy/service relationship
or dismissal from the Board as the result of his or her retirement (as defined
below), then any outstanding option or stock appreciation right shall, to the
extent exercisable at the time of such retirement, remain exercisable for a
period of three years after such retirement; provided that in no
event may such option or stock appreciation right be exercised following the
original expiration date of the Award.  For this purpose, "retirement"
shall mean a grantee's resignation of employment or consultancy/service
relationship or dismissal from the Board, with the Company's or its applicable
Affiliate's prior consent, on or after (i) his or her 65th birthday, (ii) the
date on which he or she has attained age 60 and completed at least five years of
service with the Company or one or more of its Affiliates (using any method of
calculation the Administrator deems appropriate) or (iii) if approved by the
Administrator, on or after his or her having completed at least 20 years of
service with the Company or one or more of its Affiliates (using any method of
calculation the Administrator deems appropriate).

    

    (d)           Disability.  If
a grantee incurs a termination of employment or consultancy/service relationship
or a dismissal from the Board by reason of a disability (as defined below), then
any outstanding option or stock appreciation right shall, to the extent
exercisable at the time of such termination or dismissal, remain exercisable for
a period of one year after such termination or dismissal; provided that in no
event may such option or stock appreciation right be exercised following the
original expiration date of the Award.  For this purpose, "disability"
shall mean any physical or mental condition that would qualify the grantee for a
disability benefit under the long-term disability plan maintained by the Company
or its Affiliate, as applicable, or, if there is no such plan, a physical or
mental condition that prevents the grantee from performing the essential
functions of the grantee's position (with or without reasonable accommodation)
for a period of six consecutive months.  The existence of a disability
shall be determined by the Administrator.

    

    (e)           Death.

     

     

    
      
        
        

      

      
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    (i)      Termination of Employment as a
Result of Grantee's Death.  If a grantee incurs a termination
of employment or consultancy/service relationship or leaves the Board as the
result of his or her death, then any outstanding option or stock appreciation
right shall, to the extent exercisable at the time of such death, remain
exercisable for a period of one year after such death; provided that in no
event may such option or stock appreciation right be exercised following the
original expiration date of the Award.

    

    (ii)         Restrictions on Exercise Following
Death.  Any such exercise of an Award following a grantee's
death shall be made only by the grantee's executor or administrator or other
duly appointed representative reasonably acceptable to the Administrator, unless
the grantee's will specifically disposes of such Award, in which case such
exercise shall be made only by the recipient of such specific
disposition.  If a grantee's personal representative or the recipient
of a specific disposition under the grantee's will shall be entitled to exercise
any Award pursuant to the preceding sentence, such representative or recipient
shall be bound by all the terms and conditions of the Plan and the applicable
Award Agreement which would have applied to the grantee.

    

    (f)           Administrator
Discretion.  The Administrator may, in writing, waive or modify
the application of the foregoing provisions of this Section 2.4.

    

    2.5.          Transferability
of Options and Stock Appreciation Rights

    

    Except as
otherwise provided in an applicable Award Agreement evidencing an option or
stock appreciation right, during the lifetime of a grantee, each such Award
granted to a grantee shall be exercisable only by the grantee, and no such Award
shall be assignable or transferable other than by will or by the laws of descent
and distribution.  The Administrator may, in any applicable Award
Agreement evidencing an option or stock appreciation right, permit a grantee to
transfer all or some of the options or stock appreciation rights to (a) the
grantee's spouse, children or grandchildren ("Immediate Family Members"), (b) a
trust or trusts for the exclusive benefit of such Immediate Family Members or
(c) other parties approved by the Administrator.  Following any such
transfer, any transferred options and stock appreciation rights shall continue
to be subject to the same terms and conditions as were applicable immediately
prior to the transfer.

    

    2.6.          Grant
of Restricted Stock

    

    (a)           Restricted Stock
Grants.  The Administrator may grant restricted shares of
Common Stock to such Key Persons, in such amounts and subject to such vesting
and forfeiture provisions and other terms and conditions as the Administrator
shall determine, subject to the provisions of the Plan.  A grantee of
a restricted stock Award shall have no rights with respect to such Award unless
such grantee accepts the Award within such period as the Administrator shall
specify by accepting delivery of a restricted stock Award Agreement in such form
as the Administrator shall determine and, in the event the restricted shares are
newly issued by the Company, makes payment to the Company or its Exchange Agent
by certified or official bank check (or the equivalent thereof acceptable to the
Administrator) in an amount at least equal to the par value of the shares
covered by the Award (which payment may be waived at the time of grant of the
restricted stock Award to the extent the restricted shares granted hereunder are
otherwise deemed to be fully paid and non-assessable).

     

     

    
      
        
        

      

      
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    (b)           Issuance of Stock
Certificate.  Promptly after a grantee accepts a restricted
stock Award in accordance with Section 2.6(a), subject to Sections 3.2, 3.4 and
3.13, the Company or its Exchange Agent shall issue to the grantee a stock
certificate or stock certificates for the shares of Common Stock covered by the
Award or shall establish an account evidencing ownership of the stock in
uncertificated form.  Upon the issuance of such stock certificates, or
establishment of such account, the grantee shall have the rights of a
stockholder with respect to the restricted stock, subject to: (i) the
nontransferability restrictions and forfeiture provisions described in the Plan
(including paragraphs (d) and (e) of this Section 2.6); (ii) in the
Administrator's sole discretion, a requirement, as set forth in the Award
Agreement, that any dividends paid on such shares shall be held in escrow and,
unless otherwise determined by the Administrator, shall remain forfeitable until
all restrictions on such shares have lapsed; and (iii) any other restrictions
and conditions contained in the applicable Award Agreement.

    

    (c)           Custody of Stock
Certificate.  Unless the Administrator shall otherwise
determine, any stock certificates issued evidencing shares of restricted stock
shall remain in the possession of the Company until such shares are free of any
restrictions specified in the applicable Award Agreement.  The
Administrator may direct that such stock certificates bear a legend setting
forth the applicable restrictions on transferability.

    

    (d)           Nontransferability.  Shares
of restricted stock may not be sold, assigned, transferred, pledged or otherwise
encumbered or disposed of prior to the lapsing of all restrictions thereon,
except as otherwise specifically provided in this Plan or the applicable Award
Agreement.  The Administrator at the time of grant shall specify the
date or dates (which may depend upon or be related to the attainment of
performance goals and other conditions) on which the nontransferability of the
restricted stock shall lapse.

    

    (e)           Consequence of Termination
of Employment.  Unless otherwise set forth in the applicable
Award Agreement, (i) a grantee's termination of employment or
consultancy/service relationship or dismissal from the Board for any reason
other than death or disability (as defined in Section 2.4(d)) shall cause the
immediate forfeiture of all shares of restricted stock that have not yet vested
as of the date of such termination of employment or consultancy/service
relationship or dismissal from the Board and (ii) if a grantee incurs a
termination of employment or consultancy/service relationship or dismissal from
the Board as the result of his or her death or disability, all shares of
restricted stock that have not yet vested as of the date of such termination or
departure from the Board shall immediately vest as of such
date.  Unless otherwise determined by the Administrator, all dividends
paid on shares forfeited under this Section 2.6(e) that have not theretofore
been directly remitted to the grantee shall also be forfeited, whether by
termination of any escrow arrangement under which such dividends are held or
otherwise.  The Administrator may, in writing, waive or modify the
application of the foregoing provisions of this Section 2.6(e).

    

    2.7.          Grant
of Restricted Stock Units

    

    (a)           Restricted Stock Unit
Grants.  The Administrator may grant restricted stock units to
such Key Persons, and in such amounts and subject to such vesting and forfeiture
provisions and other terms and conditions, as the Administrator shall determine,
subject to the provisions of the Plan.  A restricted stock unit
granted under the Plan shall confer upon the grantee a right to receive from the
Company, conditioned upon the occurrence of such vesting event as shall be
determined by the Administrator and specified in the Award Agreement, the number
of such grantee's 

     

     

     

    
      
        
        

      

      
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    restricted
stock units that vest upon the occurrence of such vesting event multiplied by
the Fair Market Value of a share of Common Stock on the date of
vesting.  Payment upon vesting of a restricted stock unit shall be in
cash or in shares of Common Stock (valued at their Fair Market Value on the date
of vesting) or both, all as the Administrator shall determine, and such payments
shall be made to the grantee at such time as provided in the Award Agreement,
which the Administrator shall intend to be (i) if Section 409A of the Code is
applicable to the grantee, within the period required by Section 409A such that
it qualifies as a "short-term deferral" pursuant to Section 409A and the
Treasury Regulations issued thereunder, unless the Administrator shall provide
for deferral of the Award intended to comply with Section 409A, (ii) if Section
457A of the Code is applicable to the grantee, within the period required by
Section 457A(d)(3)(B) such that it qualifies for the exemption thereunder, or
(iii) if Sections 409A and 457A of the Code are not applicable to the grantee,
at such time as determined by the Administrator.

    

    (b)           Dividend
Equivalents.  The Administrator may include in any Award
Agreement with respect to a restricted stock unit a dividend equivalent right
entitling the grantee to receive amounts equal to the ordinary dividends that
would be paid, during the time such Award is outstanding and unvested, on the
shares of Common Stock underlying such Award if such shares were then
outstanding.  In the event such a provision is included in a Award
Agreement, the Administrator shall determine whether such payments shall be (i)
paid to the holder of the Award, as specified in the Award Agreement, either (A)
at the same time as the underlying dividends are paid, regardless of the fact
that the restricted stock unit has not theretofore vested, or (B) at the time at
which the Award's vesting event occurs, conditioned upon the occurrence of the
vesting event, (ii) made in cash, shares of Common Stock or other property and
(iii) subject to such other vesting and forfeiture provisions and other terms
and conditions as the Administrator shall deem appropriate and as shall be set
forth in the Award Agreement.

    

    (c)           Consequence of Termination
of Employment.  Unless otherwise set forth in the applicable
Award Agreement, (i) a grantee's termination of employment or
consultancy/service relationship or dismissal from the Board for any reason
other than death or disability (as defined in Section 2.4(d)) shall cause the
immediate forfeiture of all restricted stock units that have not yet vested as
of the date of such termination of employment or consultancy/service
relationship or dismissal from the Board and (ii) if a grantee incurs a
termination of employment or consultancy/service relationship or dismissal from
the Board as the result of his or her death or disability, all restricted stock
units that have not yet vested as of the date of such termination or departure
from the Board shall immediately vest as of such date.  Unless
otherwise determined by the Administrator, any dividend equivalent rights on any
restricted stock units forfeited under this Section 2.7(c) that have not
theretofore been directly remitted to the grantee shall also be forfeited,
whether by termination of any escrow arrangement under which such dividends are
held or otherwise.  The Administrator may, in writing, waive or modify
the application of the foregoing provisions of this Section 2.7(c).

    

    (d)           No Stockholder
Rights.  No grantee of a restricted stock unit shall have any
of the rights of a stockholder of the Company with respect to such Award unless
and until a stock certificate is issued with respect to such Award upon the
vesting of such Award (it being understood that the Administrator shall
determine whether to pay any vested restricted stock unit in the form of cash or
Company shares or both), which issuance shall be subject to Sections 3.2, 3.4
and 3.13.  Except as otherwise provided in Section 1.5(c), no
adjustment to any restricted stock unit shall be made 

     

     

    
      
        
        

      

      
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    for
dividends, distributions or other rights (whether ordinary or extraordinary, and
whether in cash, securities or other property) for which the record date is
prior to the date such stock certificate, if any, is issued.

    

    (e)           Transferability of
Restricted Stock Units.  Except as otherwise provided in an
applicable Award Agreement evidencing a restricted stock unit, no restricted
stock unit granted under the Plan shall be assignable or
transferable.  The Administrator may, in any applicable Award
Agreement evidencing a restricted stock unit, permit a grantee to transfer all
or some of the restricted stock units to (i) the grantee's Immediate Family
Members, (ii) a trust or trusts for the exclusive benefit of such Immediate
Family Members or (iii) other parties approved by the
Administrator.  Following any such transfer, any transferred
restricted stock units shall continue to be subject to the same terms and
conditions as were applicable immediately prior to the transfer.

    

    2.8.          Grant
of Unrestricted Stock

    

    The
Administrator may grant (or sell at a purchase price at least equal to par
value) shares of Common Stock free of restrictions under the Plan to such Key
Persons and in such amounts and subject to such forfeiture provisions as the
Administrator shall determine.  Shares may be thus granted or sold in
respect of past services or other valid consideration.

    

    

    ARTICLE
III.

    Miscellaneous

    

    3.1.          Amendment
of the Plan; Modification of Awards

    

    (a)           Amendment of the
Plan.  The Board may from time to time suspend, discontinue,
revise or amend the Plan in any respect whatsoever, except that no such
amendment shall materially impair any rights or materially increase any
obligations under any Award theretofore made under the Plan without the consent
of the grantee (or, upon the grantee's death, the Person having the right to
exercise the Award).  For purposes of this Section 3.1, any action of
the Board or the Administrator that in any way alters or affects the tax
treatment of any Award shall not be considered to materially impair any rights
of any grantee.

    

    (b)           Stockholder Approval
Requirement.  If (1) required by applicable rules or
regulations of a national securities exchange or the SEC, the Company shall
obtain stockholder approval with respect to any amendment to the Plan that (i)
expands the types of Awards available under the Plan, (ii) materially increases
the number of shares which may be issued under the Plan (except as permitted
pursuant to Section 1.5(c)), (iii) materially increases the benefits to
participants under the Plan, including any material change to (A) permit, or
that has the effect of, a "re-pricing" of any outstanding Award, (B) reduce the
price at which shares of options to purchase shares may be offered or (C)
extends the duration of the Plan or (iv) materially expands the class of Persons
eligible to receive Awards under the Plan, or (2) the Administrator determines
that it desires to retain the ability to grant incentive stock options under the
Plan thereafter, the Company shall obtain stockholder approval with respect to
any amendment to the Plan that (i) increases the number of shares that may be
issued under the Plan or the individual limit set forth under Section 1.5(d) of
the Plan (except, in each case, as permitted pursuant to Section 1.5(c)) or (ii)
expands the class of Persons eligible to receive incentive stock options under
the Plan.

     

     

    
      
        
        

      

      
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    (c)           Modification of
Awards.  The Administrator may cancel any Award under the
Plan.  The Administrator also may amend any outstanding Award
Agreement, including, without limitation, by amendment which would: (i)
accelerate the time or times at which the Award becomes unrestricted, vested or
may be exercised; (ii) waive or amend any goals, restrictions or conditions set
forth in the Award Agreement; or (iii) waive or amend the operation of Sections
2.4, 2.6(e) or 2.7(c) with respect to the termination of the Award upon
termination of employment or consultancy/service relationship or dismissal from
the Board; provided, however, that no such
amendment shall be made without shareholder approval if such approval is
necessary to comply with any tax or regulatory requirement applicable to the
Award.  However, any such cancellation or amendment (other than an
amendment pursuant to Section 1.5, 3.5 or 3.16) that materially impairs the
rights or materially increases the obligations of a grantee under an outstanding
Award shall be made only with the consent of the grantee (or, upon the grantee's
death, the Person having the right to exercise the Award).  In making
any modification to an Award (e.g., an amendment
resulting in a direct or indirect reduction in the Exercise Price or a waiver or
modification under Section 2.4(f), 2.6(e) or 2.7(c)), the Administrator may
consider the implications, if any, of such modification under the Code with
respect to incentive stock options granted under the Plan and/or Sections 409A
and 457A of the Code with respect to Awards granted under the Plan to
individuals subject to such provisions of the Code.

    

    3.2.          Consent
Requirement

    

    (a)           No Plan Action Without
Required Consent.  If the Administrator shall at any time
determine that any Consent (as defined below) is necessary or desirable as a
condition of, or in connection with, the granting of any Award under the Plan,
the issuance or purchase of shares or other rights thereunder, or the taking of
any other action thereunder (each such action being hereinafter referred to as a
"Plan Action"), then such Plan Action shall not be taken, in whole or in part,
unless and until such Consent shall have been effected or obtained to the full
satisfaction of the Administrator.

    

    (b)           Consent
Defined.  The term "Consent" as used herein with respect to any
Plan Action means (i) any and all listings, registrations or qualifications in
respect thereof upon any securities exchange or under any federal, state or
local law, rule or regulation, (ii) any and all written agreements and
representations by the grantee with respect to the disposition of shares, or
with respect to any other matter, which the Administrator shall deem necessary
or desirable to comply with the terms of any such listing, registration or
qualification or to obtain an exemption from the requirement that any such
listing, qualification or registration be made and (iii) any and all consents,
clearances and approvals in respect of a Plan Action by any governmental or
other regulatory bodies.

    

    3.3.          Nonassignability

    

    Except as
provided in Sections 2.4(e), 2.5, 2.6(d) or 2.7(e), (a)
no Award or right granted to any Person under the Plan or under any Award
Agreement shall be assignable or transferable other than by will or by the laws
of descent and distribution and (b) all rights granted under the Plan or any
Award Agreement shall be exercisable during the life of the grantee only by the
grantee or the grantee's legal representative or the grantee's permissible
successors or assigns (as authorized and determined by the
Administrator).  All terms and conditions of the Plan and the
applicable Award Agreements will be binding upon any permitted successors or
assigns.

     

     

    
      
        
        

      

      
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    3.4.          Taxes

    

    (a)           Withholding.  A
grantee or other Award holder under the Plan shall be required to pay, in cash,
to the Company, and the Company and Affiliates shall have the right and are
hereby authorized to withhold from any Award, from any payment due or transfer
made under any Award or under the Plan or from any compensation or other amount
owing to such grantee or other Award holder, the amount of any applicable
withholding taxes in respect of an Award, its grant, its exercise, its vesting,
or any payment or transfer under an Award or under the Plan, and to take such
other action as may be necessary in the opinion of the Company to satisfy all
obligations for payment of such taxes.  Whenever shares of Common
Stock are to be delivered pursuant to an Award under the Plan, with the approval
of the Administrator, which the Administrator shall have sole discretion whether
or not to give, the grantee may satisfy the foregoing condition by electing to
have the Company withhold from delivery shares having a value equal to the
amount of minimum tax required to be withheld.  Such shares shall be
valued at their Fair Market Value as of the date on which the amount of tax to
be withheld is determined.  Fractional share amounts shall be settled
in cash.  Such a withholding election may be made with respect to all
or any portion of the shares to be delivered pursuant to an Award as may be
approved by the Administrator in its sole discretion.

    

    (b)           Liability for
Taxes.  Grantees and holders of Awards are solely responsible
and liable for the satisfaction of all taxes and penalties that may arise in
connection with Awards (including, without limitation, any taxes arising under
Sections 409A and 457A of the Code) and the Company shall not have any
obligation to indemnify or otherwise hold any such Person harmless from any or
all of such taxes.  The Administrator shall have the discretion to
organize any deferral program, to require deferral election forms, and to grant
or, notwithstanding anything to the contrary in the Plan or any Award Agreement,
to unilaterally modify any Award in a manner that (i) conforms with the
requirements of Sections 409A and 457A of the Code (to the extent applicable),
(ii) voids any participant election to the extent it would violate Sections 409A
or 457A of the Code (to the extent applicable) and (iii) for any distribution
event or election that could be expected to violate Section 409A or 457A of the
Code, make the distribution only upon the earliest of the first to occur of a
"permissible distribution event" within the meaning of Section 409A of the Code
or a distribution event that the participant elects in accordance with Section
409A of the Code.  The Administrator shall have the sole discretion to
interpret the requirements of the Code, including, without limitation, Sections
409A and 457A, for purposes of the Plan and all Awards.

    

    3.5.          Change
in Control

    

    (a)           Change in Control
Defined.  Unless otherwise set forth in the applicable Award
Agreement, for purposes of the Plan, "Change in Control" shall mean the
occurrence of any of the following:

    

    (i)      any
"person" (as defined in Section 13(d)(3) of the 1934 Act), corporation or other
entity (other than (A) the Company, (B) any trustee or other fiduciary holding
securities under an employee benefit plan of the Company or any of its
Affiliates, (C) any company or other entity owned, directly or indirectly, by
the holders of the voting stock of the Company in substantially the same

     

     

    
      
        
        

      

      
        18

        
          

        

      

      
        
        

      

    

     

    proportions
as their ownership of the aggregate voting power of the capital stock ordinarily
entitled to elect directors of the Company or
(D) any entity which Simon Financial Limited or any of its subsidiaries
directly or indirectly “controls” (as defined in Rule 12b-2 under the
1934 Act)) acquires "beneficial ownership" (as defined in Rule 13d-3
under the 1934 Act), directly or indirectly, of more than 50% of the aggregate
voting power of the capital stock ordinarily entitled to elect directors of the
Company;

    

    (ii)      the
sale of all or substantially all the Company's assets in one or more related
transactions to a person or group of persons, other than such a sale (A) to a
Subsidiary which does not involve a material change in the equity holdings of
the Company, (B) to an entity which has acquired all or substantially all the
Company's assets or
(C) to an entity which Simon Financial Limited or any of its subsidiaries
directly or indirectly “controls” (as defined in Rule 12b-2 under the
1934 Act) (any such entity described in clause (A), (B) or
(C), the "Acquiring Entity") if, immediately following such sale, 50% or
more of the aggregate voting power of the capital stock ordinarily entitled to
elect directors of the Acquiring Entity (or, if applicable, the ultimate parent
entity that directly or indirectly has beneficial ownership of more than 50% of
the aggregate voting power of the capital stock ordinarily entitled to elect
directors ofthe Acquiring Entity) is beneficially owned by the
holders of the voting stock of the Company, and such voting power among the
persons who were holders of the voting stock of the Company immediately prior to
such sale is, immediately following such sale, held in substantially the same
proportions as the aggregate voting power of the capital stock ordinarily
entitled to elect directors of the Company immediately prior to such
sale;

    

    (iii)      any
merger, consolidation, reorganization or similar event of the Company or any
Subsidiary as a result of which the holders of the voting stock of the Company
immediately prior to such merger, consolidation, reorganization or similar event
do not directly or indirectly hold 50% or more of the aggregate voting power of
the capital stock of the surviving entity (or, if applicable, the ultimate
parent entity that directly or indirectly has beneficial ownership of more than
50% of the aggregate voting power of the capital stock ordinarily entitled to
elect directors of the surviving entity) and such voting power among the persons
who were holders of the voting stock of the Company immediately prior to such
sale is, immediately following such sale, held in substantially the same
proportions as the aggregate voting power of the capital stock ordinarily
entitled to elect directors of the Company immediately prior to such
sale;

    

    (iv)     the
approval by the Company's stockholders of a plan of complete liquidation or
dissolution of the Company; or

    

    (v)      during
any period of 12 consecutive calendar months, individuals:

    

    
      	
               
      

            	
              (A)

            	
              who
      were directors of the Company on the first day of such period,
      or

            

    

    

    
      	
               
      

            	
              (B)

            	
              whose
      election or nomination for election to the Board was recommended or
      approved by at least a majority of the directors then still in office who
      were directors of the Company on the first day of such period, or whose
      election or nomination for election were so
  approved,

            

    

    
 

    
      
        
        

      

      
        19

        
          

        

      

      
        
        

      

    

     

     

    shall
cease to constitute a majority of the Board.

    

    Notwithstanding
the foregoing, (1) in no event shall a Change in Control be deemed to have
occurred in connection with an initial public offering of Common Stock, and (2)
for each Award subject to Section 409A of the Code, a Change in Control shall be
deemed to occur under this Plan with respect to such Award only if a change in
the ownership or effective control of the Company or a change in the ownership
of a substantial portion of the assets of the Company shall also be deemed to
have occurred under Section 409A of the Code, provided that such
limitation shall apply to such Award only to the extent necessary to avoid
adverse tax effects under Section 409A of the Code.

    

    (b)           Effect of a Change in
Control.  Unless the Administrator provides otherwise in an
Award Agreement, upon the occurrence of a Change in Control:

    

    (i)      notwithstanding
any other provision of this Plan, any Award then outstanding shall become fully
vested and any restriction and forfeiture provisions thereon imposed pursuant to
the Plan and the Award Agreement shall lapse and any Award in the form of an
option or stock appreciation right shall be immediately
exercisable;

    

    (ii)      to
the extent permitted by law and not otherwise limited by the terms of the Plan,
the Administrator may amend any Award Agreement in such manner as it deems
appropriate;

    

    (iii)           a
grantee who incurs a termination of employment or consultancy/service
relationship or dismissal from the Board for any reason, other than a
termination or dismissal "for Cause", concurrent with or within one year
following the Change in Control may exercise any outstanding option or stock
appreciation right, but only to the extent that the grantee was entitled to
exercise the Award on the date of his or her termination of employment or
consultancy/service relationship or dismissal from the Board, until the earlier
of (A) the original expiration date of the Award and (B) the later of (x) the
date provided for under the terms of Section 2.4 without reference to this
Section 3.5(b)(iii) and (y) the first anniversary of the grantee's termination
of employment or consultancy/service relationship or dismissal from the
Board.

    

    (c)           Miscellaneous.  Whenever
deemed appropriate by the Administrator, any action referred to in paragraph
(b)(ii) of this Section 3.5 may be made conditional upon the consummation of the
applicable Change in Control transaction.  For purposes of the Plan
and any Award Agreement granted hereunder, the term "Company" shall include any
successor to Scorpio Tankers Inc.

    

    3.6.          Operation
and Conduct of Business

    

    Nothing
in the Plan or any Award Agreement shall be construed as limiting or preventing
the Company or any of its Affiliates from taking any action with respect to the
operation and conduct of their business that they deem appropriate or in their
best interests, including any or all adjustments, recapitalizations,
reorganizations, exchanges or other changes in the capital structure of the
Company or any of its Affiliates, any merger or consolidation of the Company or
any of its Affiliates, any issuance of Company shares or other securities or
subscription rights, any issuance of 

     

     

    
      
        
        

      

      
        20

        
          

        

      

      
        
        

      

    

     

    bonds,
debentures, preferred or prior preference stock ahead of or affecting the Common
Stock or other securities or rights thereof, any dissolution or liquidation of
the Company or any of its Affiliates, any sale or transfer of all or any part of
the assets or business of the Company or any of its Affiliates, or any other
corporate act or proceeding, whether of a similar character or
otherwise.

    

    3.7.          No
Rights to Awards

    

    No Key
Person or other Person shall have any claim to be granted any Award under the
Plan.

    

    3.8.          Right
of Discharge Reserved

    

    Nothing
in the Plan or in any Award Agreement shall confer upon any grantee the right to
continue his or her employment with the Company or any of its Affiliates, his or
her consultancy/service relationship with the Company or any of its Affiliates,
or his or her position as a director of the Company or any of its Affiliates, or
affect any right that the Company or any of its Affiliates may have to terminate
such employment or consultancy/service relationship or service as a
director.

    

    3.9.          Non-Uniform
Determinations

    

    The
Administrator's determinations and the treatment of Key Persons and grantees and
their beneficiaries under the Plan need not be uniform and may be made and
determined by the Administrator selectively among Persons who receive, or who
are eligible to receive, Awards under the Plan (whether or not such Persons are
similarly situated).  Without limiting the generality of the
foregoing, the Administrator shall be entitled, among other things, to make
non-uniform and selective determinations, and to enter into non-uniform and
selective Award Agreements, as to (a) the Persons to receive Awards under the
Plan, (b) the types of Awards granted under the Plan, (c) the number of shares
to be covered by, or with respect to which payments, rights or other matters are
to be calculated with respect to, Awards and (d) the terms and conditions of
Awards.

    

    3.10.       Other
Payments or Awards

    

    Nothing
contained in the Plan shall be deemed in any way to limit or restrict the
Company from making any award or payment to any Person under any other plan,
arrangement or understanding, whether now existing or hereafter in
effect.

    

    3.11.       Headings

    

    Any
section, subsection, paragraph or other subdivision headings contained herein
are for the purpose of convenience only and are not intended to expand, limit or
otherwise define the contents of such subdivisions.

     

     

    
      
        
        

      

      
        21

        
          

        

      

      
        
        

      

    

    
 

    3.12.       Effective
Date and Term of Plan

    

    (a)           Adoption; Stockholder Approval. 
The Plan was adopted by the Board
on                        
 and approved by the Company's stockholders
on                            
..  The Board may, but need not, make the granting of any Awards under
the Plan subject to the approval of the Company's stockholders.

    

    (b)           Termination of
Plan.  The Board may terminate the Plan at any
time.  All Awards made under the Plan prior to its termination shall
remain in effect until such Awards have been satisfied or terminated in
accordance with the terms and provisions of the Plan and the applicable Award
Agreements.  No Awards may be granted under the Plan following the
tenth anniversary of the date on which the Plan was adopted by the
Board.

    

    3.13.       Restriction
on Issuance of Stock Pursuant to Awards

    

    The
Company shall not permit any shares of Common Stock to be issued pursuant to
Awards granted under the Plan unless such shares of Common Stock are fully paid
and non-assessable under applicable law.  Notwithstanding anything to
the contrary in the Plan or any Award Agreement, at the time of the exercise of
any Award, at the time of vesting of any Award, at the time of payment of shares
of Common Stock in exchange for, or in cancellation of, any Award, or at the
time of grant of any unrestricted shares under the Plan, the Company and the
Administrator may, if either shall deem it necessary or advisable for any
reason, require the holder of an Award (a) to represent in writing to the
Company that it is the Award holder's then-intention to acquire the shares with
respect to which the Award is granted for investment and not with a view to the
distribution thereof or (b) to postpone the date of exercise until such time as
the Company has available for delivery to the Award holder a prospectus meeting
the requirements of all applicable securities laws; and no shares shall
be issued or transferred in connection with any Award unless and until all legal
requirements applicable to the issuance or transfer of such shares have been
complied with to the satisfaction of the Company and the
Administrator.  The Company and the Administrator shall have the right
to condition any issuance of shares to any Award holder hereunder on such
Person's undertaking in writing to comply with such restrictions on the
subsequent transfer of such shares as the Company or the Administrator shall
deem necessary or advisable as a result of any applicable law, regulation or
official interpretation thereof, and all share certificates delivered under the
Plan shall be subject to such stop transfer orders and other restrictions as the
Company or the Administrator may deem advisable under the Plan, the applicable
Award Agreement or the rules, regulations and other requirements of the SEC, any
stock exchange upon which such shares are listed, and any applicable securities
or other laws, and certificates representing such shares may contain a legend to
reflect any such restrictions.  The Administrator may refuse to issue
or transfer any shares or other consideration under an Award if it determines
that the issuance or transfer of such shares or other consideration might
violate any applicable law or regulation or entitle the Company to recover the
same under Section 16(b) of the 1934 Act, and any payment tendered to the
Company by a grantee or other Award holder in connection with the exercise of
such Award shall be promptly refunded to the relevant grantee or other Award
holder.  Without limiting the generality of the foregoing, no Award
granted under the Plan 

     

    
       

    

     

    
      
        
        

      

      
        22

        
          

        

      

      
        
        

      

    

     

    shall be
construed as an offer to sell securities of the Company, and no such offer shall
be outstanding, unless and until the Administrator has determined that any such
offer, if made, would be in compliance with all applicable requirements of any
applicable securities laws.

    

    3.14.       Requirement
of Notification of Election Under Section 83(b) of the Code

    

    If an
Award recipient, in connection with the acquisition of Company shares under the
Plan, makes an election under Section 83(b) of the Code (to include in gross
income in the year of transfer the amounts specified in Section 83(b) of the
Code), the grantee shall notify the Administrator of such election within ten
days of filing notice of the election with the U.S. Internal Revenue Service, in
addition to any filing and notification required pursuant to regulations issued
under Section 83(b) of the Code.

    

    3.15.       Severability

    

    If any
provision of the Plan or any Award is or becomes or is deemed to be invalid,
illegal, or unenforceable in any jurisdiction or as to any Person or Award, or
would disqualify the Plan or any Award under any law deemed applicable by the
Administrator, such provision shall be construed or deemed amended to conform to
the applicable laws or, if it cannot be construed or deemed amended without, in
the determination of the Administrator, materially altering the intent of the
Plan or the Award, such provision shall be stricken as to such jurisdiction,
Person or Award and the remainder of the Plan and any such Award shall remain in
full force and effect.

    

    3.16.       Sections
409A and 457A

    

    To the
extent applicable, the Plan and Award Agreements shall be interpreted in
accordance with Sections 409A and 457A of the Code and Department of Treasury
regulations and other interpretive guidance issued
thereunder.  Notwithstanding any provision of the Plan or any
applicable Award Agreement to the contrary, in the event that the Administrator
determines that any Award may be subject to Section 409A or 457A of the Code,
the Administrator may adopt such amendments to the Plan and the applicable Award
Agreement or adopt other policies and procedures (including amendments, policies
and procedures with retroactive effect), or take any other actions, that the
Administrator determines are necessary or appropriate to (i) exempt the Plan and
Award from Sections 409A and 457A of the Code and/or preserve the intended tax
treatment of the benefits provided with respect to the Award, or (ii) comply
with the requirements of Sections 409A and 457A of the Code and related
Department of Treasury guidance and thereby avoid the application of penalty
taxes under Sections 409A and 457A of the Code.

    

    
      	
              3.17.

            	
              Forfeiture;
      Clawback

            

    

    

    The
Administrator may, in its sole discretion, specify in the applicable Award
Agreement that any realized gain with respect to options or stock appreciation
rights and any realized value with respect to other Awards shall be subject to
forfeiture or clawback, in the event of (a) a grantee's breach of any
non-competition, non-solicitation, confidentiality or other restrictive
covenants with respect to the Company or any of its Affiliates or (ii) a
financial restatement that reduces the amount of bonus or incentive compensation
previously awarded to a grantee that would have been earned had results been
properly reported.

     

     

    
      
        
        

      

      
        23

        
          

        

      

      
        
        

      

    

    
 

    
      	
              3.18.

            	
              No
      Trust or Fund Created

            

    

    

    Neither
the Plan nor any Award shall create or be construed to create a trust or
separate fund of any kind or a fiduciary relationship between the Company or any
of its Affiliates and an Award recipient or any other Person.  To the
extent that any Person acquires a right to receive payments from the Company or
any of its Affiliates pursuant to an Award, such right shall be no greater than
the right of any unsecured general creditor of the Company or its
Affiliates.

    

    
      	
              3.19.

            	
              No
      Fractional Shares

            

    

    

    No
fractional shares shall be issued or delivered pursuant to the Plan or any
Award, and the Administrator shall determine whether cash, other securities, or
other property shall be paid or transferred in lieu of any fractional shares or
whether such fractional shares or any rights thereto shall be canceled,
terminated, or otherwise eliminated.

    

    3.20.       Governing
Law

    

    The Plan
will be construed and administered in accordance with the laws of the State of
New York, without giving effect to principles of conflict of laws.

    

    

     

    SK 26596
0002 1062191 v3

    
 

    
 

    

      
        
           

        

        
          24d1079849_ex4-17.htm

    EXHIBIT
4.17

     

     

     

    
 

    STOCK
PURCHASE AGREEMENT

    

    

    by and
among

    

    

    EXCEL MARITIME CARRIERS
LTD.,

    as
Seller

    

    

    and

    

    

    LHADA
HOLDINGS INC.

    

    

    and

    

    

    TANEW
HOLDINGS INC.,

    as
Purchasers

    

    

    

    

    

    

    

    

    

    

    

    

    

    

    Dated
as of March 2nd, 2009

    

    
      
         

      

      
         

        
          

        

      

      
         

      

    

    

    TABLE OF
CONTENTS

     

    
      
        	
                ARTICLE
      I

              	
                PURCHASE
      AND SALE OF SHARES AND WARRANTS

              	
                1

              
	 
      	 
      	 
      
	
                Section
      1.01

              	
                Authorization
      of Issuance and Sale of Shares and Warrants

              	
                1

              
	 
      	 
      	 
      
	
                Section
      1.02

              	
                Sale
      and Purchase

              	
                1

              
	 
      	 
      	 
      
	
                Section
      1.03

              	
                Purchase
      Price

              	
                1

              
	 
      	 
      	 
      
	
                Section
      1.04

              	
                Closing
      Payments and Delivery of Shares

              	
                1

              
	 
      	 
      	 
      
	
                ARTICLE
      II

              	
                CONDITIONS
      TO CLOSING

              	
                2

              
	 
      	 
      	 
      
	
                Section
      2.01

              	
                Mutual
      Conditions

              	
                2

              
	 
      	 
      	 
      
	
                Section
      2.02

              	
                Purchasers'
      Conditions

              	
                2

              
	 
      	 
      	 
      
	
                Section
      2.03

              	
                Company's
      Conditions

              	
                3

              
	 
      	 
      	 
      
	
                ARTICLE
      III

              	
                REPRESENTATIONS,
      WARRANTIES AND AGREEMENTS OF THE COMPANY

              	
                3

              
	 
      	 
      	 
      
	
                Section
      3.01

              	
                Organization

              	
                3

              
	 
      	 
      	 
      
	
                Section
      3.02

              	
                Authorization;
      Enforcement

              	
                3

              
	 
      	 
      	 
      
	
                Section
      3.03

              	
                No
      Conflicts

              	
                3

              
	 
      	 
      	 
      
	
                Section
      3.04

              	
                No
      Misstatement or Omission

              	
                4

              
	 
      	 
      	 
      
	
                ARTICLE
      IV

              	
                REPRESENTATIONS,
      WARRANTIES AND AGREEMENTS OF THE PURCHASERS

              	
                4

              
	 
      	 
      	 
      
	
                Section
      4.01

              	
                Organization

              	
                4

              
	 
      	 
      	 
      
	
                Section
      4.02

              	
                Authorization;
      Enforcement

              	
                4

              
	 
      	 
      	 
      
	
                Section
      4.03

              	
                No
      Conflicts

              	
                4

              
	 
      	 
      	 
      
	
                Section
      4.04

              	
                Investment
      Representations

              	
                5

              
	 
      	 
      	 
      
	
                ARTICLE
      V

              	
                OTHER
      AGREEMENTS

              	
                6

              
	 
      	 
      	 
      
	
                Section
      5.01

              	
                Lock-Up
      and Legends

              	
                6

              
	 
      	 
      	 
      
	
                Section
      5.02

              	
                Indemnification

              	
                6

              
	 
      	 
      	 
      
	
                Section
      5.03

              	
                Confidentiality

              	
                7

              
	 
      	 
      	 
      
	
                Section
      5.04

              	
                Public
      Announcements

              	
                8

              
	 
      	 
      	 
      
	
                Section
      5.05

              	
                Expenses

              	
                8

              
	 
      	 
      	 
      
	
                Section
      5.06

              	
                Sales
      and Transfer Taxes

              	
                8

              
	 
      	 
      	 
      
	
                ARTICLE
      VI

              	
                MISCELLANEOUS

              	
                8

              
	 
      	 
      	 
      
	
                Section
      6.01

              	
                Notices

              	
                8

              

      

       

       

      
        
          
          

        

        
          i

          
            

          

        

        
          
          

        

      

       

      
        
          	
                  Section
      6.02

                	
                  Further
      Assurances

                	
                  9

                
	 
      	 
      	 
      
	
                  Section
      6.03

                	
                  Successors
      and Assigns

                	
                  9

                
	 
      	 
      	 
      
	
                  Section
      6.04

                	
                  Entire
      Agreement

                	
                  10

                
	 
      	 
      	 
      
	
                  Section
      6.05

                	
                  Amendments
      and Waivers

                	
                  10

                
	 
      	 
      	 
      
	
                  Section
      6.06

                	
                  Governing
      Law

                	
                  10

                
	 
      	 
      	 
      
	
                  Section
      6.07

                	
                  Submission
      to Jurisdiction

                	
                  10

                
	 
      	 
      	 
      
	
                  Section
      6.08

                	
                  Waiver
      of Jury Trial

                	
                  10

                
	 
      	 
      	 
      
	
                  Section
      6.09

                	
                  Captions;
      Counterparts, Execution

                	
                  10

                

        

      

       

    

    
      	
              SCHEDULE
      A

            	
              SHARES
      AND WARRANTS AND PURCHASE PRICE
ALLOCATION

            

    

    

    
      
         

      

      
        ii

        
          

        

      

      
         

      

    

    STOCK PURCHASE
AGREEMENT

    

    THIS
STOCK PURCHASE AGREEMENT (this "Agreement"), dated as of March 2nd, 2009, by and
among EXCEL MARITIME CARRIERS LTD., a corporation organized under the laws of
the Republic of Liberia (the "Company"), and LHADA HOLDINGS INC., a corporation
organized under the laws of the Republic of Liberia ("Lhada") and TANEW HOLDINGS
INC., a corporation organized und under the laws of the Republic of Liberia
("Tanew" and together with Lhada, the "Purchasers" and each a
"Purchaser").

    

    WHEREAS,
the Purchasers are companies owned and controlled by entities which are members
of the family business group of Gabriel Panayotides, the Chairman of the Board
of Directors of the Company.

    

    WHEREAS,
the entry into this Agreement is a pre-condition to the agreement of certain
lenders (the "Lenders") under the US$1,400,000,000 Senior Secured Credit
Facility, dated as of April 14, 2008 (the "Credit Facility"), to restructure the
Credit Facility.

    

    WHEREAS,
the Company, in order raise additional equity capital as required by the
Lenders, desires to issue and sell 20.000.000 to 22.858.000 of the Company's
Class A common shares, par value $0.01 per share (the "Shares"), also 5.500.000
warrants (the "Warrants"), to the Purchasers, and the Purchasers desire by buy
the Securities, subject to the terms and conditions set forth in this Agreement.
[The Company in consultation with the banks may increase the upfront amount of
equity to be raised to U.S.$ 45.000.000 in common equity decreasing equivalently
the amount of Warrants.]

    

    NOW,
THEREFORE, in consideration of the mutual covenants herein contained, and for
such other good and valuable consideration, the receipt of which is hereby
acknowledged, the parties hereto hereby agree as follows:

    

    ARTICLE
I

    PURCHASE
AND SALE OF SHARES

    

    Section
1.01       Authorization of Issuance
and Sale of Shares.  The Company's board of directors, acting
through a special independent committee, has authorized the issuance and sale of
the Shares to the Purchasers.

    

    Section
1.02        Sale and
Purchase.  Upon the terms and subject to the conditions of this
Agreement, the Company hereby agrees to issue and sell to the Purchasers, free
and clear of any lien, pledge, claim, security interest, encumbrance or charge
of any kind (together, "Liens"), and the Purchasers agrees to purchase from the
Company the Shares, allocable between the Purchasers in the manner set forth on
Schedule
A.

    

    Section
1.03        Purchase
Price.  The aggregate purchase price for the Shares shall be in
an amount equal to U.S.$ 35.000.000 – 40.000.000 (the "Purchase Price"), while
the aggregate purchase price for the Warrants shall be in an amount equal to
U.S.$ 19.250.000 (the "Purchase Price"), allocable between the Purchasers in the
manner set forth on Schedule
A.

    

    
      
         

      

      
        
        

        
          

        

      

      
         

      

    

    Section
1.04       Closing Payments and
Delivery of Shares.  Upon the terms and subject to the
satisfaction of the conditions contained in this Agreement, the Purchasers shall
deliver to the Company, pursuant to wire instructions furnished separately, an
amount equal to the Purchase Price in immediately available U.S. funds, and the
Company shall issue and deliver to the Purchasers stock certificates
representing the Shares, allocable between the Purchasers in the manner set
forth on Schedule
A.  Completion
of the issuance sale and purchase of the Shares (the "Closing") shall take place
no later than three (3) business days after the satisfaction or waiver of the
conditions contained in this Agreement.  The date on which the Closing
occurs is herein referred to as the "Closing Date" and the Closing shall be
deemed to have occurred as of the close of business on the Closing
Date.

    

    ARTICLE
II

    CONDITIONS
TO CLOSING

    

    Section
2.01        Mutual
Conditions.  The respective obligations of each party to
consummate the issuance and sale and the purchase of the Shares shall be subject
to the satisfaction of each of the following conditions (any or all of which may
be waived by a particular party on behalf of itself in writing, in whole or in
part, to the extent permitted by applicable law):

    

    (a)           no
statute, rule, order, decree or regulation shall have been enacted or
promulgated, and no action shall have been taken, by any federal, state, local
or foreign political subdivision, court, administrative agency, board, bureau,
commission or department or other governmental authority or instrumentality
(each, a "Governmental Authority") which temporarily, preliminarily or
permanently restrains, precludes, enjoins or otherwise prohibits the
consummation of the transactions contemplated by this Agreement or makes the
transactions contemplated hereby illegal;

    

    (b)           there
shall not be pending any suit, action or proceeding by any Governmental
Authority or any person seeking to restrain, preclude, enjoin or prohibit the
transactions contemplated by this Agreement;

    

    (c)           the
Lenders shall have agreed to restructure the Credit Facility on terms
satisfactory to the Company; and

    

    (d)           all
other consents, authorizations, waivers, orders and approvals of, notices to,
filings or registrations with and the expiration of all waiting periods imposed
by, any third person, including any Governmental Authority, which are required
for or in connection with the execution and delivery by the parties of this
Agreement and the consummation the transactions contemplated by this Agreement
shall have been obtained or made, in form and substance reasonably satisfactory
to each of the parties, and shall be in full force and effect.

    

    Section
2.02        Purchasers'
Conditions.  The obligation of the Purchasers to consummate the
purchase of the Shares shall be subject to the satisfaction of the condition
(any or all of which may be waived by the Purchasers in writing, in whole or in
part, to the extent permitted by applicable law) that the representations and
warranties of the Company contained in this Agreement shall be true and correct
in all material respects at and as of the Closing Date as if made on and as of
the Closing Date (except that representations made as of a specific date shall
be required to be true and correct as of such date only).

    

    
      
         

      

      
        2

        
          

        

      

      
         

      

    

    Section
2.03       Company's
Conditions.  The obligation of the Company to consummate the
issuance and sale of the Shares to the Purchasers shall be subject to the
satisfaction of the condition (which may be waived by the Company in writing, in
whole or in part, to the extent permitted by applicable law) that the
representations and warranties of the Purchasers contained in this Agreement
shall be true and correct in all material respects at and as of the Closing Date
as if made on and as of the Closing Date (except that representations made as of
a specific date shall be required to be true and correct as of such date
only).

    

    ARTICLE
III

    REPRESENTATIONS,
WARRANTIES AND AGREEMENTS OF THE COMPANY

    

    The
Company hereby represents and warrants to, and agrees with, each of the
Purchasers, as of the date hereof and as of the Closing Date, as
follows:

    

    Section
3.01        Organization.  The
Company is an entity duly incorporated, validly existing and in good standing
under the laws of the Republic of Liberia, with the requisite power and
authority to enter into this Agreement and the transactions contemplated
hereby.

    

    Section
3.02        Authorization;
Enforcement.  The Company has the requisite corporate power and
authority to enter into and to consummate the transactions contemplated by this
Agreement and otherwise to carry out its obligations hereunder.  The
execution and delivery of this Agreement by the Company and the consummation by
it of the transactions contemplated hereby have been duly authorized by all
necessary corporate action.  No other corporate or other action or
proceeding on the part of the Company is necessary to authorize this Agreement
or the consummation of the transactions contemplated hereby.  This
Agreement has been duly executed by the Company and, when delivered, will
constitute the valid and binding obligation of the Company, enforceable against
the Company in accordance with its terms, except (i) as limited by applicable
bankruptcy, insolvency, reorganization, moratorium, fraudulent conveyance and
any other laws of general application affecting enforcement of creditors' rights
generally, (ii) as limited by laws relating to the availability of a specific
performance, injunctive relief or other equitable remedies or (iii) to the
extent the indemnification provisions contained in this Agreement may be limited
by applicable federal or state securities laws, public policy and other
equitable considerations.

    

    Section
3.03       No
Conflicts.  The execution, delivery and performance of this
Agreement by the Company and the consummation by the Company of the transactions
contemplated hereby do not and will not, (i) conflict with or violate any
provision of its Restated Articles of Incorporation or Amended and Restated
Bylaws, (ii) conflict with, or constitute a default (or an event that with
notice or lapse of time or both would become a default) under, or give to others
any rights of termination, amendment, acceleration or cancellation (with or
without notice, lapse of time or both) of, any contract to which the Company is
a party or by which any property or asset of the Company is bound or affected,
(iii) result in a violation of any law, rule, statute or regulation to which the
Company is subject (including federal and state securities laws and regulations)
or (iv) result in any violation of any order, judgment, injunction, decree or
other restriction of any Governmental Authority to which the Company is subject,
or by which any property or asset of the Company is bound or
affected.

    

    
      
         

      

      
        3

        
          

        

      

      
         

      

    

    Section
3.04        No Misstatement or
Omission.  The Company has filed or furnished, as the case may
be, on a timely basis all reports required to be filed or furnished with or to
the U.S. Securities and Exchange Commission (the "Commission").  The
Company's filings with the Commission do not contain any untrue statement of a
material fact or omit to state a material fact required to be stated therein or
necessary to make the statements therein not misleading.

    

    ARTICLE
IV

    

    REPRESENTATIONS,
WARRANTIES AND AGREEMENTS OF THE PURCHASERS

    

    Each
Purchaser, severally and not jointly, hereby represents and warrants to, and
agrees with, the Company, as of the date hereof and as of the Closing Date, as
follows:

    

    Section
4.01        Organization.  Such
Purchaser is an entity duly incorporated, validly existing and in good standing
under the laws of the Republic of Liberia, with the requisite power and
authority to enter into this Agreement and the transactions contemplated
hereby.

    

    Section
4.02       Authorization;
Enforcement.  Such Purchaser has the requisite corporate power
and authority to enter into and to consummate the transactions contemplated by
this Agreement and otherwise to carry out its obligations
hereunder.  The execution and delivery of this Agreement by such
Purchaser and the consummation by it of the transactions contemplated by this
Agreement have been duly authorized by all necessary corporate
action.  No other corporate or other action or proceeding on the part
of a Purchaser is necessary to authorize this Agreement or the consummation of
the transactions contemplated by this Agreement.  This Agreement and
has been duly executed by such Purchaser and when delivered, will constitute the
valid and binding obligation of such Purchaser enforceable against such
Purchaser in accordance with its terms, except: (i) as may be limited by
applicable bankruptcy, insolvency, reorganization, moratorium, fraudulent
conveyance and any other laws of general application affecting enforcement of
creditors' rights generally; (ii) as limited by laws relating to the
availability of specific performance, injunctive relief or other equitable
remedies; or (iii) to the extent the indemnification provisions contained in
this Agreement may be limited by applicable federal or state securities laws,
public policy and other equitable considerations.

    

    Section
4.03        No
Conflicts.  The execution, delivery and performance of this
Agreement by such Purchaser and the consummation of the transactions
contemplated hereby do not and will not: (i) conflict with or violate any
provision of its articles of incorporation, bylaws or other charter documents;
(ii) conflict with, or constitute a default (or an event that with notice or
lapse of time or both would become a default) under, or give to others any
rights of termination, amendment, acceleration or cancellation (with or without
notice, lapse of time or both) of, any contract to which such Purchaser is a
party; (iii) result in a violation of any law, rule, statute or regulation to
which such Purchaser is subject (including federal and state securities laws and
regulations); or (iv) result in any violation of any order, judgment,
injunction, decree or other restriction of any Governmental Authority to which
such Purchaser is subject, or by which any respective property or asset of the
Purchaser is bound or affected.

    

    
      
         

      

      
        4

        
          

        

      

      
         

      

    

    Section
4.04        Investment
Representations.

    

    (a)         Investment
Intent.  Such Purchaser is acquiring the Shares for its own
account, for investment purposes only and not with a view to or for distributing
or reselling the Shares or any part thereof, without prejudice, however, to such
Purchaser's right at all times to sell or otherwise dispose of all or any part
of the Shares in compliance with applicable federal and state securities
laws.  None of the Purchasers has any agreement or understanding,
directly or indirectly, with any person to distribute any of the
Shares.

    

    (b)         General
Solicitation.  Such Purchaser is not purchasing the Shares as a
result of any advertisement, article, notice or other communication regarding
the Shares published in any newspaper, magazine or similar media or broadcast
over television or radio or presented at any seminar or any other general
solicitation or general advertisement.

    

    (c)         Access to
Information.  Such Purchaser acknowledges that it has had the
opportunity to review this Agreement and has been afforded: (i) the reasonable
opportunity to ask such questions as it has deemed necessary of, and to receive
answers from, representatives of the Company concerning the terms and conditions
of the Shares and the merits and risks of investing in the Shares; (ii)
reasonable access to information about the Company and its financial condition,
results of operations, business, properties, management and prospects sufficient
to enable it to evaluate its investment; and (iii) the opportunity to obtain
such additional information that the Company possesses or can acquire without
unreasonable effort or expense that is necessary to make an informed investment
decision with respect to the transactions contemplated hereby.

    

    (d)         Independent Investment
Decision.  Such Purchaser has independently evaluated the
merits of its decision to acquire the Shares pursuant to this Agreement, such
decision has been independently made by such Purchaser and such Purchaser
confirms that it has only relied on the advice of its own counsel and not on the
advice of the Company or its counsel in making such decision.

    

    (e)         Reliance upon Representation
and Warranties.  Such Purchaser understands that the Shares are
being offered and sold to such Purchaser in reliance on exemptions from the
registration requirements of United States federal and state securities laws,
and that the Company is relying upon the truth and accuracy of, and the
compliance by such Purchaser with, the representations, warranties and
agreements of such Purchaser set forth herein in order to determine the
availability of such exemptions and the eligibility of such Purchaser to acquire
the Shares.

    

    (f)         Unregistered
Securities.  Such Purchaser understands that: (a) the Shares
have not been and are not being registered under the United States Securities
Act of 1933, as amended (the "Securities Act"), or
any state securities laws, and may not be offered for sale, sold, assigned or
transferred, unless: (A) subsequently registered thereunder or (B) sold in
reliance on an exemption therefrom; and (b) neither the Company nor any other
person is under any obligation to register the Shares under the Securities Act
or any state
securities laws or to comply with the terms and conditions of any exemption
thereunder.

    

    
      
         

      

      
        5

        
          

        

      

      
         

      

    

    

    ARTICLE
V

    OTHER
AGREEMENTS

    

    Section
5.01        Lock-Up and
Legends

    

    (a)         Lock-Up.  Each
Purchaser hereby agrees that, without the prior written consent of the Company,
it will not, directly or indirectly, offer, sell, agree to offer or sell,
solicit offers to purchase, grant any call option or purchase any put option
with respect to, any of the Shares for a period of 365 days following the date
of issuance of the Shares.  Notwithstanding the foregoing, the Shares
may be pledged in connection with a bona fide margin account or other loan
secured by the Shares.  The
warrants will be exercisable for a period of 12 months from the date of award,
with a 12 months lock up period for their sale from the time they are
granted.

    

    (b)         Legend.  Each
Purchaser hereby acknowledges and agrees that the share certificates
representing the Shares will bear the following legend:

    

    THE
SHARES REPRESENTED BY THIS CERTIFICATE HAVE NOT BEEN REGISTERED UNDER THE
SECURITIES ACT OF 1933, AS AMENDED, OR ANY STATE SECURITIES LAWS, AND MAY NOT BE
SOLD OR OFFERED FOR SALE IN THE ABSENCE OF SUCH REGISTRATION OR UNLESS THE
COMPANY HAS RECEIVED AN OPINION OF COUNSEL SATISFACTORY TO THE COMPANY AND ITS
COUNSEL THAT SUCH TRANSACTION IS EXEMPT FROM, OR NOT SUBJECT TO,
REGISTRATION.  

    

    THE
SHARES REPRESENTED BY THIS CERTIFICATE ARE SUBJECT TO AN AGREEMENT BY THE
REGISTERED HOLDER WITH THE COMPANY NOT TO TRANSFER, WITHOUT THE PRIOR WRITTEN
CONSENT OF THE COMPANY, SUCH SHARES FOR A PERIOD OF [270][365] DAYS FOLLOWING
THE DATE OF ISSUANCE OF THE SHARES.  THE
SHARES REPRESENTED BY THIS CERTIFICATE MAY BE PLEDGED IN CONNECTION WITH A BONA
FIDE MARGIN ACCOUNT OR OTHER LOAN SECURED BY SUCH SHARES.

    

    Section
5.02        Indemnification

    

    (a)         Indemnification by
the
Company.  The Company agrees to indemnify each of the
Purchasers and its respective officers, directors, employees, agents, counsel,
accountants, investment bankers and other representatives from, and hold each of
them harmless against, any and all losses, actions, suits, proceedings
(including any investigations, litigation or inquiries), demands, and causes of
action, and promptly upon demand, pay or reimburse each of them for all
reasonable costs, losses, liabilities, damages, or expenses of any kind or
nature whatsoever, including, without limitation, the reasonable
fees and disbursements of counsel and all other reasonable expenses incurred in
connection with investigating, defending or preparing to defend any such matter
that may be incurred by them or asserted against or involve any of them as a
result of, arising out of, or in any way related to the breach of any of the
representations, warranties or covenants of the Company contained
herein.

    

    
      
         

      

      
        6

        
          

        

      

      
         

      

    

    

    (b)           Indemnification by the
Purchasers.  Each Purchaser agrees, severally and not jointly,
to indemnify the Company and its officers, directors, employees, agents,
counsel, accountants, investment bankers and other representatives from, and
hold each of them harmless against, any and all losses, actions, suits,
proceedings (including any investigations, litigation or inquiries), demands,
and causes of action, and promptly upon demand, pay or reimburse each of them
for all reasonable costs, losses, liabilities, damages, or expenses of any kind
or nature whatsoever, including, without limitation, the reasonable fees and
disbursements of counsel and all other reasonable expenses incurred in
connection with investigating, defending or preparing to defend any such matter
that may be incurred by them or asserted against or involve any of them as a
result of, arising out of, or in any way related to the breach of any of the
representations, warranties or covenants of such Purchaser contained herein;
provided that the liability of a Purchaser shall not be in an amount greater
than its allocable Purchase Price, as set forth on Schedule
A.

    

    Section
5.03                      Confidentiality.  The
parties hereto hereby agree that the existence and terms of this Agreement and
the transactions contemplated hereby are strictly confidential and further agree
that they and their respective officers, directors, employees, agents, counsel,
accountants, investment bankers and other representatives (collectively, the
"Representatives") shall not disclose to the public or to any third party: (i)
the existence or terms of this Agreement and the transactions contemplated
hereby without the prior written approval of the disclosing party; or (ii) any
other information relating to any party hereto which is not publicly known or
available either at the date of disclosure of such information or at any time
thereafter ("Confidential Information") without the prior written approval of
the disclosing party.  Notwithstanding the foregoing, the provisions
of this Section 5.03 shall not apply to Confidential Information that: (a) is
disclosed to the Representatives of the receiving party and whom the receiving
party shall direct to keep confidential in accordance with the conditions of
this Agreement; (b) becomes generally available to the public other than as a
result of a breach of this Agreement by the receiving party or its
Representatives; (c) became or becomes available to the receiving party on a
non-confidential basis from a third party, provided that such third party was
not breaching an obligation of confidentiality to the disclosing party; (d) was
independently developed by the receiving party without violating any of its
obligations hereunder; or (e) is required to be disclosed pursuant to and in
accordance with any applicable law, regulation or stock exchange rule or is
requested to be disclosed by a Governmental Authority; provided that the
receiving party shall provide the disclosing party with reasonably prompt notice
of such requirement or request, so that the disclosing party may seek, at its
expense, an appropriate protective order or waiver or otherwise seek to protect
the confidentiality of such Confidential Information.

    

    

    
      
         

      

      
        7

        
          

        

      

      
         

      

    

    
      Section
5.04        Public
Announcements.  Except as otherwise required by law, or
regulations or by the rules of any stock exchange, the Company and the
Purchasers will consult with each other before issuing any press release
or otherwise making any public statement thereafter with respect to this
Agreement and the transactions contemplated hereby and neither the Company nor
the Purchaser shall issue any such press release or make any such public
statement prior to such consultation.

    

    

    Section
5.05        Expenses.  Except
as otherwise provided herein, the Company and each Purchaser shall each bear
their own costs and expenses incurred in connection with this Agreement and the
transactions contemplated hereby.

    

    Section
5.06        Sales and Transfer
Taxes.  All sales and transfer taxes (including all stock
transfer taxes, if any) incurred in connection with this Agreement and the
transactions contemplated hereby will be borne by the Company, and the Company
will, at its own expense, file all necessary tax returns and other documentation
with respect to all such sales and transfer taxes, and, if required by
applicable law, the Purchasers will join in the execution of any such tax
returns or other documentation.

    

    ARTICLE
VI

    

    MISCELLANEOUS

    

    Section
6.01        Notices.  All
notices, requests, consents and other communications under this Agreement shall
be in writing and shall be deemed delivered (i) upon delivery when delivered
personally, (ii) upon receipt if by facsimile transmission (with confirmation of
receipt thereof), or (iii) one business day after being sent via a reputable
nationwide overnight courier service guaranteeing next business day delivery, in
each case to the intended recipient as set forth below:

    

    
      	
               
      

            	
              If
      to the Company:

            

    

    

    17th Km
National Road Athens-Lamia & Finikos Street

    145 64
Nea Kifisia

    Athens,
Greece

    Attention:  Chief
Executive Officer

    Facsimile:  +30
210 62 09 514

    

    
      	
               
      

            	
              With
      a copy (which shall not constitute notice)
to:

            

    

    

    Seward
& Kissel LLP

    One
Battery Park Plaza

    New York,
New York  10004

    Attention:  Gary
J. Wolfe

    Facsimile:
+1 212 480-8421

    

    
      
         

      

      
        8

        
          

        

      

      
         

      

    

     

    If to
Lhada:

    

    17th Km
National Road Athens-Lamia & Finikos Street

    145 64
Nea Kifisia

    Athens,
Greece

    Attention:  Villy
Panayotides

    Facsimile:  210
6209514

     

                                  
With a copy (which shall not constitute notice) to:

    

    Seward
& Kissel LLP

    One
Battery Park Plaza

    New York,
New York  10004

    Attention:  Gary
J. Wolfe

    Facsimile:
+1 212 480-8421

    

    
      	
               
      

            	
              If
      to Tanew:

            

    

    

    17th Km
National Road Athens-Lamia & Finikos Street

    145 64
Nea Kifisia

    Athens,
Greece

    Attention:  Villy
Panayotides

    Facsimile:  210
6209514

     

                                   With
a copy (which shall not constitute notice) to:

    

    Seward
& Kissel LLP

    One
Battery Park Plaza

    New York,
New York  10004

    Attention:  Gary
J. Wolfe

    Facsimile:
+1 212 480-8421

    

    Any party
may change the address to which notices, requests, consents or other
communications hereunder are to be delivered by giving the other parties notice
in the manner set forth in this Section 6.01.

    

    Section
6.02        Further
Assurances.  Each party agrees that it will execute and
deliver, or cause to be executed and delivered, on or after the date of this
Agreement, all such other documents and instruments as are reasonably required
for the performance of such party's obligations hereunder and will take all
commercially reasonable actions as may be necessary to consummate the
transactions contemplated hereby and to effectuate the provisions and purposes
hereof.

    

    Section
6.03        Successors and
Assigns.  This Agreement shall be binding upon, inure to the
benefit of and be enforceable by the parties hereto and their respective
successors and assigns; provided, that none of the parties hereto may assign any
of its obligations hereunder without the prior written consent of the other
party.

    

    
      
         

      

      
        9

        
          

        

      

      
         

      

    

    Section
6.04       Entire
Agreement.  This Agreement constitutes the entire agreement by
the parties hereto and supersedes any other agreement, whether written or oral,
that may have been made or entered into between them relating to the matters
contemplated hereby.

    

    Section
6.05       Amendments and
Waivers.  This Agreement may be amended, modified, superseded,
or canceled, and any of the terms, representations, warranties or covenants
hereof may be waived, only by written instrument executed by both of the parties
hereto or, in the case of a waiver, by the party waiving
compliance.

    

    Section
6.06        Governing
Law.  This Agreement shall be governed by and construed in
accordance with the laws of the State of New York without regard to conflicts of
laws principles.

    

    Section
6.07        Submission to
Jurisdiction.  Any legal action or proceeding in connection
with this Agreement or the performance hereof may be brought in the state and
federal courts located in the Borough of Manhattan, City, County and State of
New York, and the parties hereby irrevocably submit to the non-exclusive
jurisdiction of such courts for the purpose of any such action or
proceeding.

    

    Section
6.08        Waiver of Jury
Trial.  The parties hereby irrevocably waive trial by jury in
any action, proceeding or claim brought by any party hereto or beneficiary
hereof on any matter whatsoever arising out of or in any way connected with this
Agreement.

    

    Section
6.09       Captions; Counterparts,
Execution.  The captions in this Agreement are for convenience
only and shall not be considered a part of or affect the construction or
interpretation of any provision of this Agreement.  This Agreement may
be executed in one or more counterparts, each of which shall be an original, but
all of which together shall constitute one and the same
instrument.  All such counterparts may be delivered between the
parties hereto by facsimile or other electronic transmission, which shall not
affect the validity thereof.

    

    [Signature Page
Follows]

    

    
      
         

      

      
        10

        
          

        

      

      
         

      

    

    

    IN
WITNESS WHEREOF, the Company and each of the Purchasers have caused this
Agreement to be duly executed as of the date first above written.

    

    
    

     

    
      	 	
              EXCEL
      MARITIME CARRIERS LTD.

            
	 	Special Independent
      Committee
	 	 
	 	By:	 
	 	 	Name: 	Frithjof
      Platou
	 	 	Title:  	Director

    

     

    
       

      
        	 	By:	 
	 	 	Name: 	Apostolos
      Kontoyannis
	 	 	Title:  	Director

      

       

    

     

    
      	 	By:	 
	 	 	Name: 	Evangelos
      Makris
	 	 	Title:  	Director

    

     

     

    
      
        	 	By:	 
	 	 	Name: 	Trevor
      Williams
	 	 	Title:  	Director

      

       

      
         

         

        
           

          
            	 	
                    LHADA
      HOLDINGS INC.

                  
	 	 
	 	By:	 
	 	 	Name: 	Villy
      Panayotides
	 	 	Title:  	 

          

           

        

        
          
             

            
              	 	
                      TANEW
      HOLDINGS INC.

                    
	 	 
	 	By:	 
	 	 	Name: 	Villy
      Panayotides
	 	 	Title:  	 

            

             

          

        

      

    

    
      [Signature Page to the Stock Purchase
Agreement]

    

    
      
         

      

      
         

        
          

        

      

      
         

      

    

    Schedule
A

    

    SHARES
AND PURCHASE PRICE ALLOCATION

    

    

    
      	
              Purchaser

               

            	
              Shares

               

            	
              Purchase Price

               

            
	
              LHADA
      HOLDINGS INC.

               

            	
              10.000.000
      – 11.429.000

               

            	
              $
      17.500.000 –
      20,000,000

               

            
	
              TANEW
      HOLDINGS INC.

               

            	
              10.000.000
      – 11.429.000

               

            	
              $
      17.500.000 –
      20,000,000

               

            
	
              TOTAL:

               

            	
              20.000.000
      – 22.858.000

               

            	
              $
      35.000.000 - 40,000,000

               

            

    

    

    
      	
              Purchaser

               

            	
              Warrants

               

            	
              Warrants

               

            
	
              LHADA
      HOLDINGS INC.

               

            	
              2.750.000

               

            	
              $
      9.625.000

               

            
	
              TANEW
      HOLDINGS INC.

               

            	
              2.750.000

               

            	
              $
      9.625.000

               

            
	
              TOTAL:

               

            	
              5.500.000

               

            	
              $
      19.250.000

               

            

    

    

    

    

     

    [Schedule A to the Stock
Purchase Agreement]

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