Document:

<PAGE>

                                                                   EXHIBIT 10.33

August 10, 2001

David Emerson
2739 Regent Street
Berkley, CA 94705

Re: Employment With Clarent Corporation

Dear Name:

Clarent Corporation (the "Company") is pleased to offer you a position as
General Counsel, on the terms set forth below. Please indicate your acceptance
of these terms by signing where indicated below.

1. Reporting and Duties. In this position you will report to Michael Vargo,
Chief Executive Officer. This offer is for a regular full-time, exempt position,
working out of the Redwood City office of the Company, except as travel to other
locations may be necessary to fulfill your responsibilities.

2. Initial Compensation. Your initial base salary will be equivalent to $200,000
per year, payable in accordance with the Company's customary payroll policies on
a semi-monthly basis. In addition, you will receive a car allowance of $1,250
per month (taxable income).

3. Incentive Compensation. In addition, you will be eligible to receive a target
performance bonus of up to $60,000 per year, based on achievement of company
objectives set by the Board [and personal objectives set by the CEO]. The amount
and timing of this payment of bonus, if any, will be determined according to
Company policy and subject to the approval of the CEO.

4. Benefits. Subject to eligibility requirements, you will be entitled to enroll
in the Company's standard employee benefits package, which may be changed from
time to time, as determined by the Company's management.

5. Stock Option. At the next meeting of the Board of Directors (or its
compensation committee) following your start date of employment, the CEO of the
Company will recommend that the Company's Board of Directors grant you an option
to purchase 125,000 shares of the Company Common Stock pursuant to the Company's
Stock Option Plan. If the Board of Directors approves the grant, the exercise
price for this option will be the then-current fair market value of the Company
Common Stock as of the date of the grant. The option will be exercisable
according to the Company's standard 4-year vesting schedule, which calls for an
initial vesting of 25% of the total (i.e. 31,250 shares) after the first full
year of continuous employment, with the balance of the shares vesting on a
monthly basis over the remaining three years.

6. Senior Executive Change in Control Severance Benefit Plan (the "Plan").
Enclosed is a copy of the Plan document, which describes the severance benefits
available to you in the event of a change in control, should a change occur to
your job that triggers the severance benefits as described in the Plan document.

7. Confidential Information. As an employee of the Company, you will have access
to certain Company confidential information and you may, during the course of
your employment, develop certain information or inventions, which will be the
property of the Company. As a condition of

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David Emerson
Page 2

employment and to protect the interest of the Company, you will be required to
sign the Company's standard "Employee Proprietary Information and Inventions
Agreement" including Exhibit C, the Company's Insider Trading Policy.

This agreement will require that, among other things, you will not use or
disclose any confidential information, including trade secrets of any former
employer or other person to whom you have an obligation of confidentiality. You
will be bound not to bring onto Company premises any unpublished documents or
property belonging to any former employer or other person to whom you have an
obligation of confidentiality. In performing your duties during your employment
with the Company, you will not use or disclose any proprietary information
belonging to any former employer without such employer's express written
permission. Please let your manager know immediately if you ever are asked to
perform any duties which you believe would require you to use or disclose any
such information without such permission.

8. At-Will Employment. While we look forward to a successful relationship,
should you decide to accept our offer, your employment with the Company is on an
"at-will" basis. This means that the employment relationship can be terminated
by either you or the Company at any time, with or without cause or advance
notice. Any statements or representations to the contrary (and, indeed, any
statements contradicting any provision in this letter) shall be null and void
and of no effect. Further, your participation in any Company stock option or
other benefit program shall not be construed as a promise or guarantee of
continuing employment with the Company for any particular period of time.

9. Authorization to Work. Under the Immigration Reform and Control Act (IRCA),
all employers are required to verify the identity of all new employees as well
as the employee's right to work in the United States within three business days
of the employee's start date. Your offer of employment is contingent on your
ability to provide the necessary documentation to the Company in a timely manner
to comply with IRCA.

10. Company Policies. All employees of the Company will receive a copy of the
Company's Employee Handbook that contains the Company's current policies and
procedures. Such policies and procedures shall be subject to modification at any
time by the management of the Company. As a condition of employment with the
Company, you are required to adhere to such policies and procedures, including,
without limitation the Company's Alcohol and Drug Free Workplace policy.

11. Term of Offer. This offer will remain open until August 14, 2001. If you
decide to accept our offer, please sign this letter in the space indicated, and
return it to me. Upon signing below, this letter and the Employee Proprietary
Information and Inventions Agreement (collectively the "Agreement") will form
the complete and exclusive statement of your employment with the Company.

This offer of employment is conditioned upon your signing the required forms
including, but not limited to, the Clarent Insider Trading Policy and Employee
Proprietary Information and Inventions Agreement, and satisfactory results of
the background investigation to verify past employment, education, references
and other relevant information.

12. Entire Agreement, Choice of Law, Severability. The terms and conditions
contained in this offer letter supersede any other agreements, promises or
representations made to you, whether oral or written and cannot be changed
without the express written approval of the Chief Executive Officer or Chief
Operating Officer of the Company. The terms of this letter shall be governed by
and construed and enforced in accordance with the laws of the State of
California, without giving effect to any choice or conflict of law provision or
rule (whether of the State of

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David Emerson
Page 3

California or any other jurisdiction) that would cause the application of the
laws of any jurisdiction other than the State of California. Any term or
provision of this letter agreement that is invalid or unenforceable in any
situation in any jurisdiction shall not affect the validity or enforceability of
the remaining terms and provisions hereof or the validity or enforceability of
the offending term or provision in any other situation or in any other
jurisdiction.

13. Arbitration. Any dispute, controversy or claim arising out of or in respect
of the terms of this letter (or its validity, interpretation or enforcement),
the subject matter hereof or your employment relationship with the Company
shall, at the request of either party, be settled by binding arbitration in the
State of California in accordance with the Commercial Arbitration Rules of the
American Arbitration Association and judgment upon the award rendered by the
arbitrator(s) may be entered in any court having jurisdiction thereof. The
parties shall have rights to discovery as provided in section 1283.05 of the
California Code of Civil Procedure. The prevailing party in any such matter
shall recover all of its costs and expenses, including reasonable attorney's
fees.

We are excited to have you join us and look forward to working with you. Your
anticipated date of hire is Thursday, August 16, 2001.

Very Truly Yours,

/s/ Charles Spears

Charles Spears
Sr. Director, Human Resources
Clarent Corporation

Acknowledged, Accepted and Agreed

<TABLE>
<S>                                                      <C>
By:  /s/ David Emerson                                   Date Signed:  8/12/01
     ----------------------------                                      -------
         David Emerson

Social Security #: [Social Security Number Redacted]     Expected Start Date: 8/16/01 -- 8/20/01
                                                                              ------------------
</TABLE><PAGE>
                                                                     EXHIBIT 4.7

                               UTi WORLDWIDE INC.

                       2000 STOCK OPTION PLAN, AS AMENDED

                                              Originally adopted by the Board of
                                            Directors of the Company on March 7,
                                              2000, affirmed by the Compensation
                                             Committee of the Board on April 15,
                                              2000, approved by the shareholders
                                        (members) of the Company on May 18, 2000
                                        and amended by the Board of Directors of
                                                   the Company on April 30, 2002

<PAGE>

                               UTi WORLDWIDE INC.

                       2000 STOCK OPTION PLAN, AS AMENDED

        1. PURPOSE. The Plan is intended to provide incentive to employees,
directors, advisors and consultants of the Corporation to encourage proprietary
interest in the Corporation, to encourage such employees to remain in the employ
of the Corporation or such directors, advisors and consultants to remain in the
service of the Corporation, and to attract new employees, directors, advisors
and consultants with outstanding qualifications.

        2. DEFINITIONS. Unless otherwise defined herein or the context otherwise
requires, the capitalized terms used herein shall have the following meanings:

                (a) "Administrator" shall mean the Board or the Plan Committee
of the Board, whichever shall be administering the Plan from time to time in the
discretion of the Board, as described in Section 4 of the Plan.

                (b) "Board" shall mean the Board of Directors of the
Corporation.

                (c) "Change of Control" shall be deemed to have occurred if:

                        (i) the Shareholders of the Corporation approve a
definitive agreement to sell, transfer, or otherwise dispose of all or
substantially all of the Corporation's assets and properties;

                        (ii) any "person" (as such term is used in Section 13(d)
and 14(d) of the Exchange Act), other than the Corporation or any "person" who
as of the date this Plan is adopted by the Board, is a director or officer of
the Corporation (including any trust of such director or officer), is or becomes
the "beneficial owner" (as defined in Rule 13d-3 under the Exchange Act),
directly or indirectly, of securities of the Corporation representing fifty
percent (50%) or more of the combined voting power of the Corporation's then
outstanding securities; provided, however, that the following shall not
constitute a "Change of Control" of the Corporation:

                                (a) any acquisition directly from the
Corporation (excluding any acquisition resulting from the exercise of a
conversion or exchange privilege in respect of outstanding convertible or
exchangeable securities);

                                (b) any acquisition by an employee benefit plan
(or related trust) sponsored or maintained by the Corporation or any corporation
controlled by the Corporation;

                                (c) upon the death of any person who as of the
date of this Agreement is a director or officer of the Corporation, the transfer
(x) by testamentary disposition or the laws of intestate succession to the
estate or the legal beneficiaries or heirs of such person, or (y) by the
provisions of any living trust to the named current income beneficiaries thereof
of the securities of the Corporation beneficially owned by such director or
officer of the Corporation; or

                        (iii) during any period of two consecutive years during
the term of this Plan, individuals who at the beginning of such period
constitute the Board cease for any reason to constitute at least a majority
thereof, unless the election of each director who was not a director at the
beginning of such period has been approved in advance by directors representing
at least two-thirds of the directors then in office who were directors at the
beginning of the period; or

<PAGE>

                        (iv) the Shareholders of the Corporation approve the
dissolution of the Corporation or a definitive agreement to merge or consolidate
the Corporation with or into another entity in which the Corporation is not the
continuing or surviving corporation or pursuant to which any shares of the
Corporation's stock would be converted into cash, securities or other property
of another entity, other than a merger of the Corporation in which holders of
the Shares immediately prior to the merger own, either directly or indirectly,
fifty percent (50%) or more of the equity interests or combined voting power of
the surviving corporation or entity immediately following such merger.

                (d) "Code" shall mean the United States Internal Revenue Code of
1986, as amended.

                (e) "Commission" shall mean the United States Securities and
Exchange Commission.

                (f) "Corporation" shall mean UTi Worldwide Inc., a British
Virgin Islands International Business Company.

                (g) "Disability" shall mean a medically determinable physical or
mental impairment which has made an individual incapable of engaging in any
substantial gainful activity. A condition shall be considered a Disability only
if (i) it can be expected to result in death or has lasted or it can be expected
to last for a continuous period of not less than twelve (12) months, and (ii)
the Administrator, based upon medical evidence, has expressly determined that a
Disability exists.

                (h) "Employee" shall mean an individual who is employed (within
the meaning of Section 3401 of the Code and the regulations thereunder) by the
Corporation.

                (i) "Exchange Act" shall mean the United States Securities
Exchange Act of 1934, as amended.

                (j) "Exercise Price" shall mean the price per Share determined
by the Administrator, at which an Option may be exercised.

                (k) "Fair Market Value" shall mean the value of one (1) Share,
determined as follows:

                        (i) If the Shares are (A) listed on the New York Stock
Exchange or the American Stock Exchange (collectively, the "Exchange"), the
closing price as reported for composite transactions on the date of valuation,
or, if no sale occurred on that date, then the mean between the closing bid and
asked prices on such Exchange on such date, or (B) traded on the National Market
System (the "NMS") of The Nasdaq Stock Market, Inc. ("NASDAQ"), the last sale
price on the date of valuation, or if no sale occurred on that date, the last
sale price on the business day immediately prior to the date of valuation, or,
if no sale occurred on such date, then the mean between the highest bid and
lowest asked prices as of the close of business on the business day immediately
prior to the date of valuation, as reported on Nasdaq;

                        (ii) If the Shares are not traded on the Exchange or the
NMS but are otherwise traded over-the-counter in the United States, the mean
between the highest bid and lowest asked prices quoted on Nasdaq as of the close
of business on the date of valuation, or, if on such day such Shares are not
quoted in NASDAQ, the mean between the representative bid and asked prices on

                                       2
<PAGE>

such date in the United States over-the-counter market as reported by the OTC
Bulletin Board or the National Quotation Bureau, Inc., or any similar successor
organization; or

                        (iii) If neither clause (i) nor (ii) above applies, the
Fair Market Value shall be determined by the Administrator in good faith. Such
determination shall be conclusive and binding on all persons.

                (l) "Grant Date" shall mean the date on which the granting of an
Option is authorized by the Administrator or such other date as prescribed by
the Administrator.

                (m) "Incentive Stock Option" shall mean an option described in
Section 422 of the Code.

                (n) "Nonstatutory Stock Option" shall mean an option that does
not meet the requirements of Section 422(b) of the Code or is not intended to be
an Incentive Stock Option.

                (o) "Option" shall mean any stock option granted pursuant to the
Plan.

                (p) "Option Agreement" shall mean a written stock option
agreement evidencing the grant of an Option.

                (q) "Option Limit" shall have the meaning assigned to it in
Section 6.

                (r) "Optionee" shall mean a Participant who has received an
Option.

                (s) "Participant" shall have the meaning assigned to it in
Section 5(a) hereof.

                (t) "Plan" shall mean this UTi Worldwide Inc. 2000 Stock Option
Plan, as it may be amended from time to time.

                (u) "Plan Committee" shall mean a committee of two or more
directors appointed by the Board to administer the Plan.

                (v) "Purchase Price" shall mean the Exercise Price multiplied by
the number of Shares with respect to which an Option is exercised.

                (w) "Retirement" shall mean the voluntary termination of
employment by an employee after qualifying for early or normal retirement under
any pension plan or profit sharing or benefit plan of the Corporation or its
Subsidiaries. If an employee is not covered by any such plan, "Retirement" shall
mean voluntary termination of employment after the employee has attained age
sixty-five (65) and after the employee has attained the tenth (10th) anniversary
of his or her last preceding date of hire, or as otherwise determined in the
Administrator's sole discretion.

                (x) "Section 16 Participant" shall mean a Participant who is
(or, in the opinion of the Administrator, may be) generally subject to the
Section 16 Requirements with respect to purchases and sales of Shares or other
equity securities of the Corporation.

                (y) "Section 16 Requirements" shall mean those obligations and
requirements imposed on officers and directors by Sections 16(a) and 16(b) of
the Exchange Act and the rules of the Commission promulgated thereunder.

                                       3
<PAGE>

                (z) "Securities Act" shall mean the United States Securities Act
of 1933, as amended.

                (aa) "Subsidiary" shall mean any subsidiary corporation as
defined in Section 425(f) of the Code.

                (bb) "Share" shall mean one voting ordinary share, no par value,
of the Corporation, adjusted in accordance with Section 10 of the Plan (if
applicable).

                (cc) "Shareholders" shall mean holders of Shares.

                (dd) "Transfer Agent" shall mean a third-party organization
retained by the Corporation to maintain the stock transfer records of the
Corporation.

        3. EFFECTIVE DATE. The Plan was adopted by the Board effective April 15,
2000. Options granted prior to obtaining Shareholder approval in accordance with
Section 15 of the Plan shall be granted subject to such shareholder approval and
must be rescinded if such approval is not obtained in accordance with such
section.

        4. ADMINISTRATION.

                (a) Administrator. Subject to subsection (c) below, the Plan
shall be administered, in the discretion of the Board from time to time, by the
Board or by a Plan Committee which shall be appointed by the Board. The Board
may from time to time remove members from, or add members to, the Plan
Committee. Vacancies on the Plan Committee, however caused, shall be filled by
the Board. The Board shall appoint one of the members of the Plan Committee as
Chairman. The Administrator shall hold meetings at such times and places as it
may determine. Acts of a majority of the members of the Administrator at which a
quorum is present, or acts reduced to or approved in writing by the unanimous
consent of the members of the Administrator, shall be the valid acts of the
Administrator.

                (b) Powers of Administrator. The Administrator shall from time
to time at its discretion select the Optionees who are to be granted Options,
determine the number of Shares to be subject to Options to be granted to each
Optionee and designate such Options as Incentive Stock Options or Nonstatutory
Stock Options. The Administrator shall have full power and authority to operate,
manage and administer the Plan and interpret and construe the Plan and the terms
of all Option Agreements. The interpretation and construction by the
Administrator of any provision of the Plan or of any Option or Option Agreement
shall be final. No member of the Administrator shall be liable for any action or
determination made in good faith with respect to the Plan or any Option.

                (c) Disinterested Administration. If the Shares are registered
under the Exchange Act and Section 16 Participants are to receive grants of
Options hereunder, such grants shall be approved by the Board or by a Plan
Committee, or a subcommittee of the Plan Committee or other committee of the
Board, consisting solely of two or more directors, each of whom shall be a
"non-employee director" within the meaning of Rule 16b-3(b)(3) of the Exchange
Act and an "outside director" within the meaning of Section 162(m) of the Code.

                                       4
<PAGE>

        5. PARTICIPATION.

                (a) Eligibility. The Optionee shall be such persons
(collectively, "Participants"; individually a "Participant") as the
Administrator may select from among the following classes of persons, subject to
the terms and conditions of Section 5(b) below:

                        (i) Employees (who may be officers, whether or not they
are directors) of the Corporation or of a Subsidiary and non-employees to whom
an offer of employment has been extended; and

                        (ii) directors, advisors and consultants of the
Corporation or a Subsidiary.

        Notwithstanding provisions of the first paragraph of this Section 5(a),
the Administrator may at any time or from time to time designate one or more
directors as being ineligible for selection as Participants in the Plan for any
period or periods of time. The Administrator may, in its sole discretion and
upon such terms as it deems appropriate, require as a condition of the grant of
an Option to a Participant that the Participant surrender for cancellation some
or all of the Options which have been previously granted to such person under
this Plan or otherwise. An Option, the grant of which is conditioned upon such
surrender, may have an option price lower (or higher) than the exercise price of
such surrendered Option, may cover the same (or a lesser or greater) number of
shares as such surrendered Option, may contain such other terms as the
Administrator deems appropriate, and shall be exercisable in accordance with its
terms, without regard to the number of shares, price, exercise period or any
other term or condition of such surrendered Option.

                (b) Ten Percent Shareholders. A Participant who, at the time of
grant, owns more than ten percent (10%) of the total combined voting power of
all classes of outstanding stock of the Corporation or its parent shall not be
eligible to receive an Incentive Stock Option unless (i) the Exercise Price of
the Shares subject to such Option is at least one hundred ten percent (110%) of
the Fair Market Value of such Shares on the Grant Date.

                (c) Stock Ownership. For purposes of Section 5(b) above, in
determining stock ownership, a Participant shall be considered as owning the
stock owned, directly or indirectly, by or for his or her brothers and sisters,
spouse, ancestors and lineal descendants. Stock owned, directly or indirectly,
by or for a corporation, partnership, estate or trust shall be considered as
being owned proportionately by or for its shareholders, partners or
beneficiaries. Stock with respect to which such Participant holds an Option
shall not be counted.

                (d) Outstanding Stock. For purposes of Section 5(b) above,
"outstanding stock" shall include all stock actually issued and outstanding
immediately after the grant of the Option to the Optionee. "Outstanding stock"
shall not include Shares authorized for issue under outstanding Options held by
the Optionee or by any other person.

        6. STOCK. The stock subject to Options granted under the Plan shall be
from the Corporation's authorized but unissued or reacquired Shares. The
aggregate number of Shares which may be issued upon exercise of Options under
the Plan at any time shall not exceed 2,359,109* Shares (the "Option Limit"),
subject to adjustment as provided for in this Plan. Notwithstanding the
foregoing, upon the full or partial payment of any Purchase Price by the
transfer to the Corporation of Shares or upon satisfaction of tax withholding
provisions in connection with any such exercise or any other payment made or
benefit realized under this Plan by the transfer or relinquishment of Shares,
there shall

-------------
*  This number gives effect to the 1 for 7.63 combination of shares which took
   place on October 18, 2000 after the Plan was adopted. This number originally
   was 18,000,000.

                                       5
<PAGE>

be deemed to have been issued or transferred under this Plan only the net number
of Shares actually issued or transferred by the Corporation. In the event any
outstanding Option granted under this Plan for any reason expires or is canceled
or terminated, the Shares allocable to the unexercised portion of such Option
shall again be available to be granted as Options under this Plan.
Notwithstanding the previous sentence, to the extent required by Section 162(m)
of the Code, Shares subject to Options which are canceled continue to be counted
against the Option Limit and if, after an Option grant, the price of Shares
subject to such Option is reduced, the transaction is treated as a cancellation
of the Option and a grant of a new Option and both the Option deemed to be
canceled and the Option deemed to be granted are counted against the Option
Limit. The limitations established by this Section 6 shall be subject to
adjustment in the manner provided in Section 10 hereof upon the occurrence of an
event specified in Section 10.

        7. TERMS AND CONDITIONS OF OPTIONS.

                (a) Stock Option Agreements. Each Option shall be evidenced by
an Option Agreement in such other form as the Administrator shall from time to
time determine. Such Option Agreements need not be identical.

                (b) Nature of Option. Each Option shall state whether it is an
Incentive Stock Option or a Nonstatutory Stock Option.

                (c) Optionee's Undertaking. Each Optionee shall agree to remain
in the employ or service of the Corporation and to render services for a period
as shall be determined by the Administrator, from the Grant Date of the Option
or such other date agreed to by the Optionee and the Corporation, but such
agreement shall not impose upon the Corporation any obligation to retain the
Optionee in their employ or service for any period.

                (d) Number of Shares. Each Option shall state the number of
Shares to which it pertains and shall provide for the adjustment thereof in
accordance with the provisions of Section 10 hereof.

                (e) Exercise Price; Exercise of Options. Each Option shall state
the Exercise Price. To the extent required by law or regulation, the Exercise
Price in the case of an Incentive Stock Option granted to an Optionee described
in Section 5(b) hereof, shall not be less than one hundred ten percent (110%) of
the Fair Market Value on the Grant Date. The Exercise Price in the case of any
Nonstatutory Stock Option, shall not be less than eighty-five percent (85%) of
the Fair Market Value on the Grant Date. The Exercise Price in the case of any
Incentive Stock Option granted to persons other than to an Optionee described in
Section 5(b) hereof, shall not be less than the Fair Market Value on the Grant
Date. At the sole discretion of the Administrator, any Option granted under this
Plan to any Participant may be exercisable in whole or in part immediately upon
the grant thereof, or only after the occurrence of a specified event and/or only
in installments, which installments may be equal or otherwise, and which
installments may vary as to the number thereof as well as to whether any
unexercised installments are cumulative through the life of a particular Option.

                (f) Medium and Time of Payment; Notice. The Purchase Price shall
be payable in full in United States dollars upon the exercise of the Option;
provided, however, that if the applicable Option Agreement so provides, or the
Administrator in its sole discretion otherwise approves thereof, the Purchase
Price may (to the extent permitted by applicable law) be paid by the surrender
of Shares in good form for transfer, owned by the person exercising the Option
and having a Fair Market Value on the date of exercise equal to the Purchase
Price.

                                       6
<PAGE>

        In the event the Corporation determines that it is required to withhold
state, United States Federal or foreign income tax as a result of the exercise
of an Option, as a condition to the exercise thereof, an Optionee must make
arrangements satisfactory to the Corporation to enable it to satisfy such
withholding requirements before the Optionee shall be permitted to exercise the
Option. Payment of such withholding requirements may be made, in the discretion
of the Administrator, (i) in cash, (ii) by delivery of Shares registered in the
name of the Optionee and held for a period of six (6) months or more by the
Optionee or (iii) any combination of (i) and (ii) above.

        The Optionee shall exercise an Option by completing and delivering to
the Corporation, concurrently with the payment of the Purchase Price in the
manner described above, an exercise notice in such form as the Administrator
shall from time to time determine.

                (g) Term and Non-Transferability of Options. Each Option shall
state the time or times when all or part thereof becomes exercisable. No Option
shall be exercisable after the expiration of ten (10) years (or less, in the
discretion of the Administrator) from the Grant Date; except that no Incentive
Stock Option granted to an Optionee described in Section 5(b) hereof shall be
exercisable after the expiration of five (5) years from the Grant Date (or less,
in the discretion of the Administrator). During the lifetime of the Optionee,
the Option shall be exercisable only by the Optionee or the Optionee's guardian
or legal representative and shall not be assignable or transferable. The Option
shall not be transferable by the Optionee other than by will or the laws of
descent and distribution. Any other attempted alienation, assignment, pledge,
hypothecation, attachment, execution or similar process, whether voluntary or
involuntary, with respect to all or any part of any Option or right thereunder,
shall be null and void and, at the Corporation's option, shall cause all of the
Optionee's rights under the Option to terminate.

                (h) Cessation of Employment (Except by Death, Disability or
Retirement). If an Optionee's employment or service with the Corporation ceases
for any reason or no reason, whether voluntarily or involuntarily, with or
without cause, other than pursuant to death, Disability or Retirement, such
Optionee shall have the right, subject to the restrictions referred to in
Section 7(g) above, to exercise the Option at any time within ninety (90) days
after such cessation, but, except as otherwise provided in the applicable Option
Agreement, only to the extent that, at the date of such cessation, the
Optionee's right to exercise such Option had accrued pursuant to the terms of
the applicable Option Agreement and had not previously been exercised.

        For purposes of this Section 7(h), the employment relationship shall be
treated as continuing intact while the Optionee is on military leave, sick leave
or other bona fide leave of absence (to be determined in the sole discretion of
the Administrator). The foregoing notwithstanding, in the case of an Incentive
Stock Option, employment shall not be deemed to continue beyond the ninetieth
(90th) day after the Optionee ceased active employment, unless the Optionee's
reemployment rights are guaranteed by statute or by contract.

                (i) Death of Optionee. If an Optionee's employment or service
with the Corporation ceases by reason of the Optionee's death, or after ceasing
to be a Participant but during the period in which he or she could have
exercised the Option under this Section 7, and the Optionee has not fully
exercised the Option, then the Option may be exercised in full, subject to the
restrictions referred to in Section 7(g) above, at any time within twelve (12)
months after the Optionee's death by the executor or administrator of his or her
estate or by any person or persons who have acquired the Option directly from
the Optionee by bequest or inheritance, but, except as otherwise provided in the
applicable Option Agreement, only to the extent that, at the date of death, the
Optionee's right to exercise such Option had

                                       7
<PAGE>

accrued and had not been forfeited pursuant to the terms of the applicable
Option Agreement and had not previously been exercised.

                (j) Disability of Optionee. If an Optionee's employment or
service with the Corporation ceases by reason of the Optionee's Disability, such
Optionee shall have the right, subject to the restrictions referred to in
Section 7(g) above, to exercise the Option at any time within twelve (12) months
after such cessation by reason of Disability, but, except as provided in the
applicable Option Agreement, only to the extent that, at the date of such
cessation, the Optionee's right to exercise such Option had accrued pursuant to
the terms of the applicable Option Agreement and had not previously been
exercised.

                (k) Retirement of Optionee. If an Optionee's employment or
service with the Corporation ceases by reason of the Optionee's Retirement, such
Optionee shall have the right, subject to the restrictions referred to in
Section 7(g) above, to exercise the Option at any time within ninety (90) days
after the date of Retirement, but only to the extent that, at the date of such
cessation, the Optionee's right to exercise such Option had accrued pursuant to
the terms of the applicable Option Agreement and had not previously been
exercised.

                (l) Time of Cessation of Service. For purposes of this Plan, the
Optionee's employment or service shall be deemed to have ceased or be terminated
on the date when the Optionee's employment or service in fact ceased or the
Optionee is in fact terminated.

                (m) Rights as a Shareholder. No one shall have rights as a
Shareholder with respect to any Shares covered by an Option until the date of
entry of their name in the Corporation's registry of members in accordance with
the Corporation's Memorandum and Articles of Association. No adjustment shall be
made for dividends (ordinary or extraordinary, whether in cash, securities or
other property), distributions or other rights for which the record date is
prior to the date such stock certificate is issued, except as expressly provided
in Section 10 hereof.

                (n) Modification, Extension and Renewal of Options. Within the
limitations of the Plan, the Administrator may modify an Option, extend or renew
outstanding Options or accept the cancellation of outstanding Options (to the
extent not previously exercised) for the granting of new Options in substitution
therefor. The foregoing notwithstanding, no modification of an Option shall,
without the consent of the Optionee, alter or impair any rights or obligations
under any Option previously granted. With the consent of the affected Optionee,
the Administrator may cancel any agreement evidencing Options. In the event of
such cancellation, the Administrator may authorize the granting of new Options,
which may or may not cover the same number of Shares that have been the subject
of the prior award, at such Exercise Price and subject to such terms, conditions
and discretions as would have been applicable under this Plan had the canceled
Options not been granted.

                (o) Substitution of Options. Notwithstanding any inconsistent
provisions or limits under the Plan, in the event the Corporation acquires
(whether by purchase, merger or otherwise) all or substantially all of
outstanding capital stock or assets of another corporation or of any
reorganization or other transaction qualifying under Section 424 of the Code,
the Administrator may, in accordance with the provisions of that Section,
substitute Options under the Plan for options under the plan of the acquired
corporation; provided, however, that (i) the excess of the aggregate fair market
value of the shares subject to an option immediately after the substitution over
the aggregate option price of such shares is not more than the similar excess
immediately before such substitution and (ii) the new option does not give
persons additional benefits, including any extension of the exercise period.

                                       8
<PAGE>

                (p) Right of Set-Off. Optionee shall consent to a deduction from
any amounts the Corporation owes Optionee from time to time (including amounts
owed as wages or other compensation, fringe benefits or vacation pay, as well as
any other amounts owed to Optionee by the Corporation), to the extent of the
amounts Optionee owes the Corporation, including pursuant to subparagraph (p)
above. Whether or not the Corporation elects to make any set-off in whole or in
part, if the Corporation does not recover by means of set-off the full amount
Optionee owes to the Corporation, Optionee shall agree to pay immediately the
unpaid balance to the Corporation.

                (q) Other Provisions. An Option Agreement authorized under the
Plan may contain such terms and provisions not inconsistent with the terms of
the Plan (including, without limitation, restrictions upon the exercise of the
Option) as the Administrator shall deem advisable in its sole and absolute
discretion.

        8. LIMITATION ON ANNUAL AWARDS.

                (a) Limitation on Incentive Stock Options. To the extent that
the aggregate Fair Market Value (determined as of the Grant Date) of the Shares
with respect to which Incentive Stock Options are exercisable for the first time
by any Optionee during any calendar year under the Plan and all other plans
maintained by the Corporation or its parent, exceeds $100,000, such excess
Options shall be treated as Nonstatutory Stock Options. For the purposes of this
Section 8, Incentive Stock Options shall be taken into account in the order in
which they were granted.

                (b) Limitation on Total Options Granted. As long as the Plan is
in effect, at no time will Options granted to any Participant pursuant to the
Plan exceed 1,179,555* Shares, subject to adjustment as provided for in Section
10.

        9. TERM OF PLAN. Options may be granted pursuant to the Plan until the
expiration of the Plan ten (10) years after the effective date referred to in
Section 3.

        10. EFFECT OF CERTAIN EVENTS.

                (a) Adjustments Upon Changes in Stock. The Administrator shall
make or provide for such adjustments in the Option Limit, the Exercise Price and
in the number or kind of shares or other securities (including shares or other
securities of another issuer) covered by this Plan and outstanding Options as
the Administrator in its sole discretion, exercised in good faith, shall
determine is equitably required to prevent dilution or enlargement of rights of
optionees that would otherwise result from (a) any stock dividend, stock split,
combination of shares, issuance of rights or warrants to purchase stock,
spin-off, recapitalization or other changes in the capital structure of the
Corporation, (b) any merger, consolidation, reorganization or partial or
complete liquidations, or (c) any other corporate transaction or event having an
effect similar to any of the foregoing. The Administrator also shall make or
provide for such adjustment in the number or kind of shares of the Corporation's
capital stock or other securities (or in shares or other securities of another
issuer) which may be acquired pursuant to Options granted under the Plan and the
number of such securities to be awarded to each Optionee as the Administrator in
its sole discretion, shall determine is appropriate to reflect any transaction
or event described in the preceding sentence. In the event of any such
transaction or event, the Administrator may provide in substitution for any or
all outstanding Options under the Plan such alternative consideration (including
securities of any surviving entity) as it may in good faith determine to be
equitable under the circumstances and may require in connection therewith the
surrender of all Options so replaced. In any case, such substitution of
securities shall not require the consent of any person who

-------------
*  This number gives effect to the 1 for 7.63 combination of shares which took
   place on October 18, 2000 after the Plan was adopted. This number originally
   was 9,000,000.

                                       9
<PAGE>

is granted Options pursuant to the Plan. The determination of the Administrator
as to what adjustments shall be made, and the extent thereof, shall be final,
binding and conclusive.

                (b) Change of Control. In addition to the rights set forth in
Section 10(a) above, in the event of a Change of Control, the Administrator may
in its sole discretion, without obtaining Shareholder approval or the consent of
any person granted Options under the Plan, take one or more of the following
actions:

                        (i) Accelerate the exercise dates of any outstanding
Option, or make the Option fully vested and exercisable;

                        (ii) Pay cash to any or all owners of Options in
exchange for the cancellation of their outstanding Options; or

                        (iii) Make any other adjustments or amendments to the
Plan and outstanding Options and substitute new Options for outstanding Options.

                (c) Adjustment Determination. To the extent that the foregoing
adjustments relate to securities of the Corporation, such adjustments shall be
made by the Administrator, whose determination shall be conclusive and binding
on all persons.

                (d) Limitation on Rights. Except as expressly provided in this
Section 10, the Optionee shall have no rights by reason of any subdivision or
consolidation of shares of stock of any class, the payment of any stock dividend
or any other increase or decrease in the number of shares of stock of any class
or by reason of any dissolution, liquidation, merger or consolidation or spinoff
of assets or stock of another corporation, and any issue by the Corporation of
shares of stock of any class, or securities convertible into shares of stock of
any class, shall not affect, and no adjustment by reason thereof shall be made
with respect to, the number or Exercise Price of Shares subject to an Option.
The grant of an Option pursuant to the Plan shall not affect in any way the
right or power of the Corporation to make adjustments, reclassifications,
reorganizations or changes of its capital or business structure, to merge or
consolidate or to dissolve, liquidate, sell or transfer all or any part of its
business or assets.

        11. SECURITIES LAW REQUIREMENTS.

                (a) Legality of Issuance. No Shares shall be issued upon the
exercise of any Option unless and until the Corporation has determined that:

                        (i) it and the Optionee have taken all actions required
to register the offer and sale of the Shares under all applicable securities
laws, including the Securities Act, or to perfect an exemption from the
registration requirements thereof;

                        (ii) any applicable listing requirement of any stock
exchange on which the Shares are listed has been satisfied; and

                        (iii) any other applicable provision of law has been
satisfied.

                (b) Restrictions on Transfer; Representations of Optionee;
Legends. Regardless of whether the offering and sale of Shares under the Plan
has been registered under the Securities Act or has been registered or qualified
under the securities laws of any country, the Corporation may impose
restrictions upon the grant of Options and the sale, pledge or other transfer of

                                       10
<PAGE>

Shares (including the placement of appropriate legends on stock certificates)
if, in the judgment of the Corporation and its counsel, such restrictions are
necessary or desirable in order to achieve compliance with the provisions of the
Securities Act, the securities laws of any country or any other law. In the
event that the sale of Shares under the Plan is not registered under the
Securities Act or the securities law of any other country, but exemptions are
available which require that the Optionee make various representations and
warranties, the Corporation may require such representations and warranties from
the Optionees as are deemed necessary or appropriate by the Corporation and its
counsel as a condition precedent to granting any Options or issuing any Shares.
To the extent that restrictive legends or other notations are required with
regard to any Shares, the Corporation shall be entitled to put such legends or
notations as appropriate in its registery of members and, to the extent that the
certificates are issued representing such Shares, the Corporation shall be
entitled to place such restrictive legends and notations as are deemed necessary
or appropriate by the Corporation and its counsel in order to comply with any
applicable law. In the event the sale of the Shares is not registered under the
Securities Act, to the extent the Corporation and its counsel deem it advisable,
the Shares shall bear the following restrictive legend:

        "THE SHARES REPRESENTED BY THIS CERTIFICATE HAVE NOT BEEN
        REGISTERED UNDER THE SECURITIES ACT OF 1933 (THE "ACT")
        AND ARE "RESTRICTED SECURITIES" AS THAT TERM IS DEFINED
        IN RULE 144 UNDER THE ACT. THE SHARES MAY NOT BE OFFERED
        FOR SALE, SOLD OR OTHERWISE TRANSFERRED EXCEPT PURSUANT
        TO THE EFFECTIVE REGISTRATION STATEMENT UNDER THE ACT, OR
        PURSUANT TO AN EXEMPTION FROM REGISTRATION UNDER THE ACT,
        THE AVAILABILITY OF WHICH IS TO BE ESTABLISHED TO THE
        SATISFACTION OF THE COMPANY."

        Any determination by the Corporation and its counsel in connection with
any of the matters set forth in this Section 11 shall be conclusive and binding
on all persons.

                (c) Registration or Qualification of Securities. The Corporation
may, but shall not be obligated to, register or qualify the sale of Shares under
the Securities Act, the securities laws of any country or any other applicable
law. The Corporation shall not be obligated to take any affirmative action in
order to cause the sale of Shares under the Plan to comply with any law.

                (d) Exchange of Certificates. If, in the opinion of the
Corporation and its counsel, any legend placed on a stock certificate
representing Shares sold under the Plan is no longer required, the holder of
such certificate shall be entitled to exchange such certificate for a
certificate representing the same number of Shares but without such legend.

        12. AMENDMENT OF THE PLAN. The Board may from time to time, with respect
to any Shares at the time not subject to Options, suspend or discontinue the
Plan or revise or amend it in any respect whatsoever except that, without the
approval of the Corporation's Shareholders, no such revision or amendment shall:

                (a) Be made if Shareholder approval is required by applicable
law, regulation or the requirements of NASDAQ or any exchange or interdealer
network where the Shares are trading;

                (b) Increase the number of Shares which may be issued under the
Plan; or

                (c) Amend this Section 12 to defeat its purpose.

                                       11
<PAGE>

        Without limiting the generality of the foregoing, the Administrator may
amend this Plan to eliminate provisions which are no longer necessary as a
result of changes in tax or securities laws or regulations, or in the
interpretation thereof.

        13. FINANCIAL STATEMENTS. Each Optionee shall receive financial
statements of the Corporation not less than annually.

        14. APPLICATION OF FUNDS. The proceeds received by the Corporation from
the sale of Shares pursuant to the exercise of an Option will be used for
general corporate purposes.

        15. APPROVAL OF SHAREHOLDERS. The Plan must be approved by the
affirmative vote of the holders of a majority of the Corporation's outstanding
shares of voting capital stock on or before the date twelve (12) months from the
date the Plan was adopted by the Board.

        16. GOVERNING LAW. This Plan, and the Option Agreements, shall be
governed by and enforced and construed in accordance with the internal
substantive laws (and not the laws of conflicts of laws) of the British Virgin
Islands.

                                       12
<PAGE>

    [Signature Page to UTi Worldwide Inc. 2000 Stock Option Plan, as amended]

        To record the original adoption of the Plan by the Board as of March 7,
2000, the affirmation of the Plan by the Compensation Committee of the Board as
of April 15, 2000, the approval of the Plan by the shareholders (members) of the
Company on May 18, 2000 and the amendment of the Plan by the Board on April 30,
2002, the Board has caused its authorized officer to sign the Plan and affix the
corporate seal hereto.

                                        UTi WORLDWIDE INC.

                                        By: /s/ Roger I. MacFarlane
                                           -------------------------------------
                                        Name:  Roger I. MacFarlane
                                        Title: Chief Executive Officer
                                               and Director

                                       13

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