Document:

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                                                                    Exhibit 10.4

                               UTi WORLDWIDE INC.

                              AMENDED AND RESTATED
                          2004 LONG-TERM INCENTIVE PLAN

1.   ESTABLISHMENT, PURPOSE, AND TYPES OF AWARDS

     UTi Worldwide Inc. (the "Company") amends and restates this UTi Worldwide
Inc. 2004 Long-Term Incentive Plan (the "Plan"), effective December 2, 2005, for
the purpose of attracting, retaining and motivating select employees, officers,
directors, advisors, and consultants for the Company and its Affiliates and to
provide incentives and awards for superior performance. Notwithstanding the
foregoing, the amendments contained in this amendment and restatement that
reflect the requirements of Section 409A of the Internal Revenue Code of 1986,
as amended, are effective January 1, 2005.

     The Plan permits the granting of the following types of awards ("Awards"),
according to the Sections of the Plan listed here:

<TABLE>
<S>          <C>
Section 6    Options
Section 7    Share Appreciation Rights
Section 8    Restricted Shares and Restricted Share Units
Section 9    Deferred Share Units
Section 10   Performance Awards
</TABLE>

     The Plan is not intended to affect any stock options, equity-based
compensation, or other benefits that the Company or its Affiliates may have
provided, or may separately provide in the future.

2.   DEFINED TERMS

     Terms in the Plan that begin with an initial capital letter have the
defined meaning set forth in APPENDIX A, unless defined elsewhere in this Plan
or the context of their use clearly indicates a different meaning.

3.   SHARES SUBJECT TO THE PLAN

     Subject to the provisions of Section 13 of the Plan, the maximum number of
Shares that the Company may issue pursuant to Awards is 6,000,000.(1) These
Shares may be authorized but unissued Shares, or Shares that the Company has
reacquired or otherwise holds in treasury.

     Shares that are subject to an Award that for any reason expires, is
forfeited, is cancelled, or becomes unexercisable, and Shares that are for any
other reason not paid or delivered under the Plan shall again, except to the
extent prohibited by Applicable Law, be available for subsequent

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(1)  On March 7, 2006, the Company's Board of Directors approved a 3-for-1
     division of the Company's ordinary shares of no par value (the "Stock
     Split"). In connection with the Stock Split and pursuant to Section 13 of
     the Plan, the number of ordinary shares authorized for issuance under the
     Plan was adjusted from 2,000,000 ordinary shares to 6,000,000 ordinary
     shares effective on March 27, 2006.

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Awards under the Plan. In addition, the Committee may make future Awards with
respect to Shares that the Company retains from otherwise delivering pursuant to
an Award either (i) as payment of the exercise price of an Award, or (ii) in
order to satisfy the withholding or employment taxes due upon the grant,
exercise, vesting, or distribution of an Award. Notwithstanding the foregoing,
subject to adjustments pursuant to Section 13 below and to the extent required
under applicable tax laws, the number of Shares that are available for ISO
Awards shall equal the number of Shares designated in the preceding paragraph
reduced by the number of Shares issued pursuant to Awards; provided that any
Shares that are either purchased under the Plan and forfeited back to the Plan
or surrendered in payment of the exercise price for an Award or in order to
satisfy the withholding or employment taxes due upon the grant, exercise,
vesting, or distribution of an Award shall be available for issuance pursuant to
ISO Awards.

4.   ADMINISTRATION

     (a) General. The Committee shall administer the Plan in accordance with its
terms, provided that the Board may act in lieu of the Committee on any matter.
The Committee shall hold meetings at such times and places as it may determine
and make such rules and regulations for the conduct of its business as it deems
advisable. In the absence of a duly appointed Committee or if the Board
otherwise chooses to act in lieu of the Committee, the Board shall function as
the Committee for all purposes of the Plan.

     (b) Committee Composition. The Board shall appoint the members of the
Committee. If and to the extent permitted by Applicable Law, the Committee may
authorize one or more managing directors or officers to make Awards to
individuals who are not Reporting Persons. The Board may at any time appoint
additional members to the Committee, remove and replace members of the Committee
with or without Cause, and fill vacancies on the Committee however caused.

     (c) Powers of the Committee. Subject to the provisions of the Plan, the
Committee shall have the authority, in its sole discretion:

          (i) to determine Eligible Persons to whom Awards shall be granted from
     time to time and the number of Shares, units, or SARs to be covered by each
     Award;

          (ii) to determine, from time to time, the Fair Market Value of Shares;

          (iii) to determine, and to set forth in Award Agreements, the terms
     and conditions of all Awards, including any applicable exercise or purchase
     price, the installments and conditions under which an Award shall become
     vested (which may be based on performance), terminated, expired, cancelled,
     or replaced, and the circumstances for vesting acceleration or waiver of
     forfeiture restrictions, and other restrictions and limitations;

          (iv) to approve the forms of Award Agreements and all other documents,
     notices and certificates in connection therewith which need not be
     identical either as to type of Award or among Participants;

          (v) to construe and interpret the terms of the Plan and any Award
     Agreement, to determine the meaning of their terms, and to prescribe,
     amend, and rescind rules and procedures relating to the Plan and its
     administration; and

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          (vi) in order to fulfill the purposes of the Plan and without amending
     the Plan, modify, cancel, or waive the Company's rights with respect to any
     Awards, to adjust or to modify Award Agreements for changes in Applicable
     Law, and to recognize differences in foreign law, tax policies, or customs;
     and

          (vii) to make all other interpretations and to take all other actions
     that the Committee may consider necessary or advisable to administer the
     Plan or to effectuate its purposes.

     Subject to Applicable Law and the restrictions set forth in the Plan, the
Committee may delegate administrative functions to individuals who are managing
directors, officers, or Employees of the Company or its Affiliates.

     (d) Deference to Committee Determinations. The Committee shall have the
discretion to interpret or construe ambiguous, unclear, or implied (but omitted)
terms in any fashion it deems to be appropriate in its sole discretion, and to
make any findings of fact needed in the administration of the Plan or Award
Agreements. The Committee's prior exercise of its discretionary authority shall
not obligate it to exercise its authority in a like fashion thereafter. The
Committee's interpretation and construction of any provision of the Plan, or of
any Award or Award Agreement, shall be final, binding, and conclusive. The
validity of any such interpretation, construction, decision or finding of fact
shall not be given de novo review if challenged in court, by arbitration, or in
any other forum, and shall be upheld unless clearly arbitrary or capricious.

     (e) No Liability; Indemnification. Neither the Board nor any Committee
member, nor any Person acting at the direction of the Board or the Committee,
shall be liable for any act, omission, interpretation, construction or
determination made in good faith with respect to the Plan, any Award or any
Award Agreement. The Company and its Affiliates shall pay or reimburse any
member of the Committee, as well as any Director, Employee, or Consultant who
takes action in connection with the Plan, for all expenses incurred with respect
to the Plan, and to the full extent allowable under Applicable Law shall
indemnify each and every one of them for any claims, liabilities, and costs
(including reasonable attorney's fees) arising out of their good faith
performance of duties under the Plan. The Company and its Affiliates may obtain
liability insurance for this purpose.

5.   ELIGIBILITY

     (a) General Rule. The Committee may grant ISOs only to Employees (including
officers who are Employees), and may grant all other Awards to any Eligible
Person. A Participant who has been granted an Award may be granted an additional
Award or Awards if the Committee shall so determine, if such person is otherwise
an Eligible Person and if otherwise in accordance with the terms of the Plan.

     (b) Grant of Awards. Subject to the express provisions of the Plan, the
Committee shall determine from the class of Eligible Persons those individuals
to whom Awards under the Plan may be granted, the number of Shares subject to
each Award, the price (if any) to be paid for the Shares or the Award and, in
the case of Performance Awards, in addition to the matters addressed in Section
10 below, the specific objectives, goals and performance criteria that further
define the Performance Award. Each Award shall be evidenced by an Award
Agreement signed by the

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Company and, if required by the Committee, by the Participant. The Award
Agreement shall set forth the material terms and conditions of the Award
established by the Committee.

     (c) Limits on Individual Awards. At no time may the number of Shares
subject to all Awards granted to any one Participant under the Plan exceed
1,500,000,(2) subject to adjustment by the Committee pursuant to Section 13
below.

     (d) Replacement Awards. The Committee may, in its sole discretion and upon
such terms as it deems appropriate, require as a condition of the grant of an
Award to a Participant that the Participant surrender for cancellation some or
all of the Awards that have previously been granted to the Participant under
this Plan or otherwise. An Award that is conditioned upon such surrender may or
may not be the same type of Award, may cover the same (or a lesser or greater)
number of Shares as such surrendered Award, may have other terms that are
determined without regard to the terms or conditions of such surrendered Award,
and may contain any other terms that the Committee deems appropriate. In the
case of Options, these other terms may involve an Exercise Price that is lower
(or higher) than the Exercise Price of the surrendered Option.

6.   OPTION AWARDS

     (a) Types; Documentation. The Committee may in its discretion grant ISOs to
any Employee and Non-ISOs to any Eligible Person, and shall evidence such grant
in an Award Agreement that is delivered to the Participant. Each Option shall be
designated in the Award Agreement as an ISO or a Non-ISO, and the same Award
Agreement may grant both types of Options. At the sole discretion of the
Committee, any Option may be exercisable, in whole or in part, immediately upon
the grant thereof, or only after the occurrence of a specified event, or only in
installments, which installments may vary. Options granted under the Plan may
contain such terms and provisions not inconsistent with the Plan that the
Committee shall deem advisable in its sole and absolute discretion.

     (b) ISO $100,000 Limitation. To the extent that the aggregate Fair Market
Value of Shares with respect to which Options designated as ISOs first become
exercisable by a Participant in any calendar year (under this Plan and any other
plan of the Company or any Affiliate) exceeds $100,000, such excess Options
shall be treated as Non-ISOs. For purposes of determining whether the $100,000
limit is exceeded, the Fair Market Value of the Shares subject to an ISO shall
be determined as of the Grant Date. In reducing the number of Options treated as
ISOs to meet the $100,000 limit, the most recently granted Options shall be
reduced first. In the event that Section 422 of the Code is amended to alter the
limitation set forth therein, the limitation of this Section 6(b) shall be
automatically adjusted accordingly.

     (c) Term of Options. Each Award Agreement shall specify a term at the end
of which the Option automatically expires, subject to earlier termination
provisions contained in Section 6(h) hereof; provided, that, the term of any
Option may not exceed ten years from the Grant Date. In the case of an ISO
granted to an Employee who is a Ten Percent Holder on the Grant Date, the term
of the ISO shall not exceed five years from the Grant Date.

     (d) Exercise Price. The exercise price of an Option shall be determined by
the Committee in its discretion and shall be set forth in the Award Agreement,
subject to the following special rules:

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(2)  Adjusted effective March 27, 2006 to give effect to the Stock Split.

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          (i) ISOs. If an ISO is granted to an Employee who on the Grant Date is
     a Ten Percent Holder, the per Share exercise price shall not be less than
     110% of the Fair Market Value per Share on such Grant Date. If an ISO is
     granted to any other Employee, the per Share exercise price shall not be
     less than 100% of the Fair Market Value per Share on the Grant Date.

          (ii) Non-ISOs. The per Share exercise price for the Shares to be
     issued pursuant to the exercise of a Non-ISO shall not be less than 85% of
     the Fair Market Value per Share on the Grant Date.

          (iii) Named Executives. The per Share exercise price shall not be less
     than 100% of the Fair Market Value per Share on the Grant Date of an Option
     if (A) on such Grant Date, the Participant is subject to the limitations
     set forth in Section 162(m) of the Code, and (B) the grant is intended to
     qualify as performance-based compensation under Section 162(m) of the Code.

     (e) Exercise of Option. The times, circumstances and conditions under which
an Option shall be exercisable shall be determined by the Committee in its sole
discretion and set forth in the Award Agreement. The Committee shall have the
discretion to determine whether and to what extent the vesting of Options shall
be tolled during any unpaid leave of absence; provided, however, that in the
absence of such determination, vesting of Options shall be tolled during any
such leave approved by the Company.

     (f) Minimum Exercise Requirements. An Option may not be exercised for a
fraction of a Share. The Committee may require in an Award Agreement that an
Option be exercised as to a minimum number of Shares, provided that such
requirement shall not prevent a Participant from purchasing the full number of
Shares as to which the Option is then exercisable.

     (g) Methods of Exercise. Prior to its expiration pursuant to the terms of
the applicable Award Agreement, each Option may be exercised, in whole or in
part (provided that the Company shall not be required to issue fractional
shares), by delivery of written notice of exercise to the secretary of the
Company accompanied by the full exercise price of the Shares being purchased. In
the case of an ISO, the Committee shall determine the acceptable methods of
payment on the Grant Date and it shall be included in the applicable Award
Agreement. The methods of payment that the Committee may in its discretion
accept or commit to accept in an Award Agreement include:

          (i) cash or check payable to the Company (in U.S. dollars);

          (ii) other Shares that (A) are owned by the Participant who is
     purchasing Shares pursuant to an Option, (B) have a Fair Market Value on
     the date of surrender equal to the aggregate exercise price of the Shares
     as to which the Option is being exercised, (C) were not acquired by such
     Participant pursuant to the exercise of an Option, unless such Shares have
     been owned by such Participant for at least six months or such other longer
     period as the Committee may determine, (D) are all, at the time of such
     surrender, free and clear of any and all claims, pledges, liens and
     encumbrances, or any restrictions which would in any manner restrict the
     transfer of such shares to or by the Company (other than such restrictions
     as may have existed prior to an issuance of such Shares by the Company to
     such Participant), and (E) are duly endorsed for transfer to the Company;

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          (iii) a cashless exercise program that the Committee may approve, from
     time to time in its discretion, pursuant to which a Participant may
     concurrently provide irrevocable instructions (A) to such Participant's
     broker or dealer to effect the immediate sale of the purchased Shares and
     remit to the Company, out of the sale proceeds available on the settlement
     date, sufficient funds to cover the exercise price of the Option plus all
     applicable taxes required to be withheld by the Company by reason of such
     exercise and (B) to the Company to deliver the certificates for the
     purchased Shares directly to such broker or dealer in order to complete the
     sale; or

          (iv) any combination of the foregoing methods of payment.

     The Company shall not be required to deliver Shares pursuant to the
exercise of an Option until payment of the full exercise price therefore is
received by the Company.

     (h) Termination of Continuous Service. The Committee may establish and set
forth in the applicable Award Agreement the terms and conditions on which an
Option shall remain exercisable, if at all, following termination of a
Participant's Continuous Service. The Committee may waive or modify these
provisions at any time. To the extent that a Participant is not entitled to
exercise an Option at the date of his or her termination of Continuous Service,
or if the Participant (or other person entitled to exercise the Option) does not
exercise the Option to the extent so entitled within the time specified in the
Award Agreement or below (as applicable), the Option shall terminate and the
Shares underlying the unexercised portion of the Option shall revert to the Plan
and become available for future Awards. In no event may any Option be exercised
after the expiration of the Option term as set forth in the Award Agreement.

          (i) General Terms of Award Agreements. The following provisions shall
     apply to the extent an Award Agreement does not specify the terms and
     conditions upon which an Option shall terminate when there is a termination
     of a Participant's Continuous Service:

               (i) Termination other than Upon Disability or Death or for Cause.
          In the event of termination of a Participant's Continuous Service
          (other than as a result of Participant's death, disability, retirement
          or termination for Cause), the Participant shall have the right to
          exercise an Option at any time within 90 days following such
          termination to the extent the Participant was entitled to exercise
          such Option at the date of such termination.

               (ii) Disability. In the event of termination of a Participant's
          Continuous Service as a result of being Disabled, the Participant
          shall have the right to exercise an Option at any time within one year
          following such termination to the extent the Participant was entitled
          to exercise such Option at the date of such termination.

               (iii) Retirement. In the event of termination of a Participant's
          Continuous Service as a result of Participant's retirement, the
          Participant shall have the right to exercise the Option at any time
          within six months following such termination to the extent the
          Participant was entitled to exercise such Option at the date of such
          termination.

               (iv) Death. In the event of the death of a Participant during the
          period of Continuous Service since the Grant Date of an Option, or
          within thirty days following termination of the Participant's
          Continuous Service, the Option may be exercised, at any time within
          one year following the date of the Participant's death, by the
          Participant's estate

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          or by a person who acquired the right to exercise the Option by
          bequest or inheritance, but only to the extent the right to exercise
          the Option had vested at the date of death or, if earlier, the date
          the Participant's Continuous Service terminated.

               (v) Cause. If the Committee determines that a Participant's
          Continuous Service terminated due to Cause, the Participant shall
          immediately forfeit the right to exercise any Option, and it shall be
          considered immediately null and void.

               (vi) Buyout Provisions. The Committee may at any time offer to
          buy out an Option, in exchange for a payment in cash or Shares, based
          on such terms and conditions as the Committee shall establish and
          communicate to the Participant at the time that such offer is made. In
          addition, if the Fair Market Value for Shares subject to an Option is
          more than 33% below their exercise price for more than 30 consecutive
          business days, the Committee may unilaterally terminate and cancel the
          Option either (i) by paying the Participant, in cash or Shares, an
          amount not less than the Black-Scholes value of the vested portion of
          the Option, or (ii) by irrevocably committing to grant a new Option,
          on a designated date more than six months after such termination and
          cancellation of such Option (but only if the Participant's Continuous
          Service has not terminated prior to such designated date), on
          substantially the same terms as the cancelled Option, provided that
          the per Share exercise price for the new Option shall equal the per
          Share Fair Market Value of a Share on the date the new grant occurs.

               (vii) Adjustment for Section 409A of the Code. In the event an
          Option is granted with an Exercise Price that is below Fair Market
          Value on the Grant Date, subject to Section 11(e) below, the Option
          shall be subject to any terms and conditions that the Committee may in
          its sole discretion determine in an Award Agreement to be necessary to
          avoid the income tax penalties set forth under Section 409A of the
          Code.

7.   SHARE APPRECIATE RIGHTS (SARS)

     (a) Grants. The Committee may in its discretion grant Share Appreciation
Rights to any Eligible Person, in any of the following forms:

          (i) SARs related to Options. The Committee may grant SARs either
     concurrently with the grant of an Option or with respect to an outstanding
     Option, in which case the SAR shall extend to all or a portion of the
     Shares covered by the related Option. An SAR shall entitle the Participant
     who holds the related Option, upon exercise of the SAR and surrender of the
     related Option, or portion thereof, to the extent the SAR and related
     Option each were previously unexercised, to receive payment of an amount
     determined pursuant to Section 7(e) below. Any SAR granted in connection
     with an ISO will contain such terms as may be required to comply with the
     provisions of Section 422 of the Code and the regulations promulgated
     thereunder.

          (ii) SARs Independent of Options. The Committee may grant SARs which
     are independent of any Option subject to such conditions as the Committee
     may in its discretion determine, which conditions will be set forth in the
     applicable Award Agreement.

          (iii) Limited SARs. The Committee may grant SARs exercisable only upon
     or in respect of a Change in Control or any other specified event, and such
     limited SARs may

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     relate to or operate in tandem or combination with or substitution for
     Options or other SARs, or on a stand-alone basis, and may be payable in
     cash or Shares based on the spread between the exercise price of the SAR,
     and (A) a price based upon or equal to the Fair Market Value of the Shares
     during a specified period, at a specified time within a specified period
     before, after or including the date of such event, or (B) a price related
     to consideration payable to Company's shareholders generally in connection
     with the event.

     (b) Exercise Price. The per Share exercise price of an SAR shall be
determined in the sole discretion of the Committee, shall be set forth in the
applicable Award Agreement, and shall be no less than 85% of the Fair Market
Value of one Share. The exercise price of an SAR related to an Option shall be
the same as the exercise price of the related Option. The exercise price of an
SAR shall be subject to the special rules on pricing contained in paragraphs
(iii) and (iv) of Section 6(d) hereof.

     (c) Exercise of SARs. Unless the Award Agreement otherwise provides, an SAR
related to an Option will be exercisable at such time or times, and to the
extent, that the related Option will be exercisable. An SAR may not have a term
exceeding ten years from its Grant Date. An SAR granted independently of any
other Award will be exercisable pursuant to the terms of the Award Agreement.
Whether an SAR is related to an Option or is granted independently, the SAR may
only be exercised when the Fair Market Value of the Shares underlying the SAR
exceeds the exercise price of the SAR.

     (d) Effect on Available Shares. To the extent that an SAR is exercised,
only the actual number of delivered Shares (if any) will be charged against the
maximum number of Shares that may be delivered pursuant to Awards under this
Plan. The number of Shares subject to the SAR and the related Option of the
Participant will, however, be reduced by the number of underlying Shares as to
which the exercise relates, unless the Award Agreement otherwise provides.

     (e) Payment. Upon exercise of an SAR related to an Option and the attendant
surrender of an exercisable portion of any related Award, the Participant will
be entitled to receive payment of an amount determined by multiplying -

          (i) the excess of the Fair Market Value of a Share on the date of
     exercise of the SAR over the exercise price per Share of the SAR, by

          (ii) the number of Shares with respect to which the SAR has been
     exercised.

     Notwithstanding the foregoing, an SAR granted independently of an Option
(i) may limit the amount payable to the Participant to a percentage, specified
in the Award Agreement but not exceeding one-hundred percent (100%), of the
amount determined pursuant to the preceding sentence, and (ii) shall be subject
to any payment or other restrictions that the Committee may at any time impose
in order to conform with Section 409A of the Code.

     (f) Form and Terms of Payment. Subject to Applicable Law, the Committee
may, in its sole discretion, settle the amount determined under Section 7(e)
above solely in cash, solely in Shares (valued at their Fair Market Value on the
date of exercise of the SAR), or partly in cash and partly in Shares. In any
event, cash shall be paid in lieu of fractional Shares. Absent a contrary
determination by the Committee, all SARs shall be settled in cash as soon as
practicable after exercise. Notwithstanding the foregoing, the Committee may, in
an Award Agreement, determine the

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maximum amount of cash or Shares or combination thereof that may be delivered
upon exercise of an SAR.

     (g) Termination of Employment or Consulting Relationship. The Committee
shall establish and set forth in the applicable Award Agreement the terms and
conditions on which an SAR shall remain exercisable, if at all, following
termination of a Participant's Continuous Service. The provisions of Section
6(h) above shall apply to the extent an Award Agreement does not specify the
terms and conditions upon which an SAR shall terminate when there is a
termination of a Participant's Continuous Service.

     (h) Repricing and Buy-out. The Committee has the same discretion to reprice
and to buy-out SARs as it has to take such actions with respect to Options.

8.   RESTRICTED SHARES AND RESTRICTED SHARE UNITS

     (a) Grants. The Committee may in its discretion grant restricted shares
("Restricted Shares") to any Eligible Person and shall evidence such grant in an
Award Agreement that is delivered to the Participant which sets forth the number
of Restricted Shares, the purchase price for such Restricted Shares (if any) and
the terms upon which the Restricted Shares may become vested. In addition, the
Company may in its discretion grant the right to receive Shares after certain
vesting requirements are met ("Restricted Share Units") to any Eligible Person
and shall evidence such grant in an Award Agreement that is delivered to the
Participant which sets forth the number of Shares that the Participant shall be
entitled to receive upon vesting and the terms upon which the Shares subject to
a Restricted Share Unit may become vested. The Committee may condition any Award
of Restricted Shares or Restricted Share Units to a Participant on receiving
from the Participant such further assurances and documents as the Committee may
require to enforce the restrictions.

     (b) Vesting and Forfeiture. The Committee shall set forth in an Award
Agreement granting Restricted Shares or Restricted Share Units, the terms and
conditions under which the Participant's interest in the Restricted Shares or
the Shares subject to Restricted Share Units will become vested. Except as set
forth in the applicable Award Agreement or the Committee otherwise determines,
upon termination of a Participant's Continuous Service for any other reason, the
Participant shall forfeit his or her Restricted Shares and Restricted Share
Units; provided that if a Participant purchases the Restricted Shares and
forfeits them for any reason, the Company shall return the purchase price to the
Participant only if and to the extent set forth in an Award Agreement.

     (c) Issuance of Restricted Shares Prior to Vesting. The Company shall issue
stock certificates that evidence Restricted Shares pending the lapse of
applicable restrictions, and that bear a legend making appropriate reference to
such restrictions. Except as set forth in the applicable Award Agreement or the
Committee otherwise determines, the Company or a third party that the Company
designates shall hold such Restricted Shares and any dividends that accrue with
respect to Restricted Shares pursuant to Section 8(e) below.

     (d) Issuance of Shares upon Vesting. As soon as practicable after vesting
of a Participant's Restricted Shares (or Shares underlying Restricted Share
Units) and the Participant's satisfaction of applicable tax withholding
requirements, but no later than the 15th day of the third month following the
calendar year in which the Participant becomes vested in an Award, the Company
shall release to the Participant, free from the vesting restrictions, one Share
for each vested Restricted Share (or

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issue one Share free of the vesting restriction for each vested Restricted Share
Unit), unless an Award Agreement provides otherwise. No fractional shares shall
be distributed, and cash shall be paid in lieu thereof.

     (e) Dividends Payable on Vesting. Whenever Shares are released to a
Participant or duly-authorized transferee pursuant to Section 8(d) above
pursuant to the vesting of Restricted Shares or the Shares underlying Restricted
Share Units are issued to a Participant pursuant to Section 8(d) above, such
Participant or duly-authorized transferee shall also be entitled to receive,
with respect to each Share released or issued, an amount equal to any cash
dividends (plus simple interest at a rate of five percent per annum or such
other reasonable rate as the Committee may determine and establish in an Award
Agreement) and a number of Shares equal to any stock dividends which were
declared and paid to the holders of Shares between the Grant Date and the date
such Share is released from the vesting restrictions in the case of Restricted
Shares or issued in the case of Restricted Share Units. Notwithstanding the
foregoing, the Committee may provide in an Award Agreement that some or all of
such dividends (plus any interest thereon) may not be paid at all, or may be
paid on a date or dates later than those determined in accordance with the
preceding sentence or may otherwise be subject to such restrictions, limitations
and conditions as provided in the applicable Award Agreement.

     (f) Section 83(b) Elections. A Participant may make an election under
Section 83(b) of the Code (the "Section 83(b) Election") with respect to
Restricted Shares. If a Participant who has received Restricted Share Units
provides the Committee with written notice of his or her intention to make a
Section 83(b) Election with respect to the Shares subject to such Restricted
Share Units, the Committee may in its discretion convert the Participant's
Restricted Share Units into Restricted Shares, on a one-for-one basis, in full
satisfaction of the Participant's Restricted Share Unit Award. The Participant
may then make a Section 83(b) Election with respect to those Restricted Shares.
Shares with respect to which a Participant makes a Section 83(b) Election shall
not be eligible for deferral pursuant to Section 9 below.

     (g) Deferral Elections. At any time within the thirty-day period (or other
shorter or longer period that the Committee selects in its sole discretion) in
which a Participant who is a member of a select group of management or highly
compensated employees (within the meaning of the Code) receives an Award of
either Restricted Shares or Restricted Share Units, the Committee may permit the
Participant to irrevocably elect, on a form provided by and acceptable to the
Committee, to defer the receipt of all or a percentage of the Shares that would
otherwise be transferred to the Participant upon the vesting of such Award,
provided that any such election is made at least twelve months in advance of the
date that the Participant could first become vested in the Award, or before the
calendar year in which the Award occurs (or, if later, before the Grant Date of
the Award, but only in the case of a Participant who is newly-eligible for
Awards under the Plan or for award under any other plan maintained by the
Company). If the Participant makes this election, the Shares subject to the
election, and any associated dividends and interest, shall be credited to an
account established pursuant to Section 9 hereof on the date such Shares would
otherwise have been released or issued to the Participant pursuant to Section
8(d) above.

9.   DEFERRED SHARE UNITS

     (a) Elections to Defer. The Committee may permit any Eligible Person who is
a Director, Consultant or member of a select group of management or highly
compensated employees (within

<PAGE>

the meaning of the Code) to irrevocably elect, on a form provided by and
acceptable to the Committee (the "Election Form"), to forego the receipt of cash
or other compensation (including the Shares deliverable pursuant to any Award
other than Restricted Shares for which a Section 83(b) Election has been made),
and in lieu thereof to have the Company credit to an internal Plan account (the
"Account") a number of deferred share units ("Deferred Share Units") having a
Fair Market Value equal to the Shares and other compensation deferred. These
credits will be made at the end of each calendar month during which compensation
is deferred. Each Election Form shall take effect on the first day of the next
calendar year (or immediately in the case of an initial election by a
Participant who first becomes eligible to participate in this Plan or any other
equity-based compensation plan maintained by the Company) after its delivery to
the Company, subject to Section 8(g) regarding deferral of Restricted Shares and
Restricted Share Units and to Section 10(d) regarding deferral of Performance
Awards, unless during such period the Company sends the Participant a written
notice explaining why the Election Form is invalid. Notwithstanding the
foregoing: (i) Election Forms shall be ineffective with respect to any
compensation that a Participant earns before the date on which the Company
receives the Election Form, and (ii) the Committee may unilaterally make awards
in the form of Deferred Share Units, regardless of whether or not the
Participant forgoes other compensation.

     (b) Vesting. Deferred Share Units shall be 100% vested at all times.

     (c) Issuances of Shares. The Company shall provide a Participant with one
Share for each Deferred Share Unit in five substantially equal annual
installments that are issued before the last day of each of the five calendar
years that end after the date on which the Participant's Continuous Service
terminates, unless -

          (i) the Participant has properly elected a different form of
     distribution, on a form approved by the Committee, that permits the
     Participant to select any combination of a lump sum and annual installments
     that are completed within ten years following termination of the
     Participant's Continuous Service, and

          (ii) the Company received the Participant's distribution election form
     on or before the time the Participant elects to defer the receipt of cash
     or other compensation pursuant to Section 9(a), provided that (subject to
     any prospective changes that the Committee communicates in writing to a
     Participant), the Participant may change such election through any
     subsequent election that (i) is effective on the first day of the
     thirteenth month after the election is made, (ii) is made at least twelve
     months before the date that distributions pursuant to the Participant's
     initial election would have commenced, and (iii) defers the commencement of
     distributions by at least five years from the originally scheduled
     commencement date.

     Fractional shares shall not be issued, and instead shall be paid out in
     cash.

     (d) Crediting of Dividends. Whenever Shares are issued to a Participant
pursuant to Section 9(c) above, such Participant shall also be entitled to
receive, with respect to each Share issued, a cash amount equal to any cash
dividends (plus simple interest at a rate of five percent per annum, or such
other reasonable rate as the Committee may determine in an Award Agreement), and
a number of Shares equal to any stock dividends which were declared and paid to
the holders of Shares between the Grant Date and the date such Share is issued.

<PAGE>

     (e) Emergency Withdrawals. In the event a Participant suffers an
unforeseeable emergency within the contemplation of this Section and Section
409A of the Code, the Participant may apply to the Company for an immediate
distribution of all or a portion of the Participant's Deferred Share Units. The
unforeseeable emergency must result from a sudden and unexpected illness or
accident of the Participant, the Participant's spouse, or a dependent (within
the meaning of Section 152(a) of the Code) of the Participant, casualty loss of
the Participant's property, or other similar extraordinary and unforeseeable
conditions beyond the control of the Participant. Examples of purposes which are
not considered unforeseeable emergencies include post-secondary school expenses
or the desire to purchase a residence. In no event will a distribution be made
to the extent the unforeseeable emergency could be relieved through
reimbursement or compensation by insurance or otherwise, or by liquidation of
the Participant's nonessential assets to the extent such liquidation would not
itself cause a severe financial hardship. The amount of any distribution
hereunder shall be limited to the amount necessary to relieve the Participant's
unforeseeable emergency plus amounts necessary to pay taxes reasonably
anticipated as a result of the distribution. The Committee shall determine
whether a Participant has a qualifying unforeseeable emergency and the amount
which qualifies for distribution, if any. The Committee may require evidence of
the purpose and amount of the need, and may establish such application or other
procedures as it deems appropriate.

     (f) Unsecured Rights to Deferred Compensation. A Participant's right to
Deferred Share Units shall at all times constitute an unsecured promise of the
Company to pay benefits as they come due. The right of the Participant or the
Participant's duly-authorized transferee to receive benefits hereunder shall be
solely an unsecured claim against the general assets of the Company. Neither the
Participant nor the Participant's duly-authorized transferee shall have any
claim against or rights in any specific assets, shares, or other funds of the
Company.

10.  PERFORMANCE AWARDS

     (a) Performance Units. The Committee may in its discretion grant
Performance Units to any Eligible Person and shall evidence such grant in an
Award Agreement which sets forth the terms and conditions of the Award. A
Performance Unit is an Award which is based on the achievement of specific goals
with respect to the Company or any Affiliate or individual performance of the
Participant, or a combination thereof, over a specified period of time. The
maximum Performance Unit compensation that may be paid to any one Participant
with respect to any one Performance Period (hereinafter defined) shall be
200,000 Shares and $1,000,000 in cash.

     (b) Performance Compensation Awards. The Committee may, at the time of
grant of a Performance Unit, designate such Award as a "Performance Compensation
Award" in order that such Award constitutes "qualified performance-based
compensation" under Code Section 162(m), in which event the Committee shall have
the power to grant such Performance Compensation Award upon terms and conditions
that qualify it as "qualified performance-based compensation" within the meaning
of Code Section 162(m). With respect to each such Performance Compensation
Award, the Committee shall establish, in writing within the time required under
Code Section 162(m), a "Performance Period," "Performance Measure(s)", and
"Performance Formula(e)" (each such term being hereinafter defined). Once
established for a Performance Period, the Performance Measure(s) and Performance
Formula(e) shall not be amended or otherwise modified to the extent such
amendment or modification would cause the compensation payable pursuant to the
Award to fail to constitute qualified performance-based compensation under Code
Section 162(m).

<PAGE>

     A Participant shall be eligible to receive payment in respect of a
Performance Compensation Award only to the extent that the Performance
Measure(s) for such Award are achieved and the Performance Formula(e) as applied
against such Performance Measure(s) determines that all or some portion of such
Participant's Award has been earned for the Performance Period. As soon as
practicable after the close of each Performance Period, the Committee shall
review and certify in writing whether, and to what extent, the Performance
Measure(s) for the Performance Period have been achieved and, if so, determine
and certify in writing the amount of the Performance Compensation Award to be
paid to the Participant and, in so doing, may use negative discretion to
decrease, but not increase, the amount of the Award otherwise payable to the
Participant based upon such performance. The maximum Performance Compensation
Award for any one Participant for any one Performance Period shall be 200,000
Shares and $1,000,000 in cash.

     (c) Definitions.

          (i) "Performance Formula" means, for a Performance Period, one or more
     objective formulas or standards established by the Committee in writing
     within ninety days of the beginning of the Performance Period and when
     satisfaction of the performance goals is substantially uncertain to occur
     for purposes of determining whether or the extent to which an Award has
     been earned based on the level of performance attained or to be attained
     with respect to one or more Performance Measure(s). Performance Formulae
     may vary from Performance Period to Performance Period and from Participant
     to Participant and may be established on a stand-alone basis, in tandem or
     in the alternative.

          (ii) "Performance Measure" means one or more of the following selected
     by the Committee to measure Company, Affiliate, and/or business unit
     performance for a Performance Period, whether in absolute or relative terms
     (including, without limitation, terms relative to a peer group or index):
     basic or diluted earnings per share; sales or revenue; earnings before
     interest and taxes (in total or on a per share basis); net income; returns
     on equity, assets, capital, revenue or similar measure; economic value
     added; working capital; total shareholder return; and product development,
     product market share, research, licensing, litigation, human resources,
     information services, mergers, acquisitions, sales of assets of Affiliates
     or business units. Each such measure shall be to the extent applicable,
     determined in accordance with generally accepted accounting principles as
     consistently applied by the Company (or such other standard applied by the
     Committee) and, if so determined by the Committee, and in the case of a
     Performance Compensation Award, to the extent permitted under Code Section
     162(m), adjusted to omit the effects of extraordinary items, gain or loss
     on the disposal of a business segment, unusual or infrequently occurring
     events and transactions and cumulative effects of changes in accounting
     principles. Performance Measures may vary from Performance Period to
     Performance Period and from Participant to Participant, and may be
     established on a stand-alone basis, in tandem or in the alternative.

          (iii) "Performance Period" means one or more periods of time (of not
     less than one fiscal year of the Company), as the Committee may designate,
     over which the attainment of one or more Performance Measure(s) will be
     measured for the purpose of determining a Participant's rights in respect
     of an Award.

<PAGE>

     (d) Deferral Elections. At any time prior to the date that is both (i) at
least six months before the close of a Performance Period with respect to an
Award of either Performance Units or Performance Compensation and (ii) before
the Award's performance conditions become substantially certain to be satisfied,
the Committee may permit a Participant who is a member of a select group of
management or highly compensated employees (within the meaning of the Code) and
who has remained a continuous employee of the Company from the date that the
Performance Formula of such Award were established to irrevocably elect, on a
form provided by and acceptable to the Committee, to defer the receipt of all or
a percentage of the cash or Shares that would otherwise be transferred to the
Participant upon the vesting of such Award. If the Participant makes this
election, the cash or Shares subject to the election, and any associated
interest and dividends, shall be credited to an account established pursuant to
Section 9 hereof on the date such cash or Shares would otherwise have been
released or issued to the Participant pursuant to Section 10(a) or Section 10(b)
above.

11.  TAXES

     (a) General. As a condition to the issuance or distribution of Shares
pursuant to the Plan, the Participant (or in the case of the Participant's
death, the person who succeeds to the Participant's rights) shall make such
arrangements as the Company may require for the satisfaction of any applicable
federal, state, local or foreign withholding tax obligations that may arise in
connection with the Award and the issuance of Shares. The Company shall not be
required to issue any Shares until such obligations are satisfied. If the
Committee allows the withholding or surrender of Shares to satisfy a
Participant's tax withholding obligations, the Committee shall not allow Shares
to be withheld in an amount that exceeds the minimum statutory withholding rates
for applicable tax purposes, including payroll taxes.

     (b) Default Rule for Employees. In the absence of any other arrangement, an
Employee shall be deemed to have directed the Company to withhold or collect
from his or her cash compensation an amount sufficient to satisfy such tax
obligations from the next payroll payment otherwise payable after the date of
the exercise of an Award.

     (c) Special Rules. In the case of a Participant other than an Employee (or
in the case of an Employee where the next payroll payment is not sufficient to
satisfy such tax obligations, with respect to any remaining tax obligations), in
the absence of any other arrangement and to the extent permitted under the
Applicable Law, the Participant shall be deemed to have elected to have the
Company withhold from the Shares or cash to be issued pursuant to an Award that
number of Shares having a Fair Market Value determined as of the applicable Tax
Date (as defined below) equal to the amount required to be withheld. For
purposes of this Section 11, the Fair Market Value of the Shares to be withheld
shall be determined on the date that the amount of tax to be withheld is to be
determined under the Applicable Law (the "Tax Date").

     (d) Surrender of Shares. If permitted by the Committee, in its discretion,
a Participant may satisfy the minimum statutory tax withholding and employment
tax obligations associated with an Award by surrendering Shares to the Company
(including Shares that would otherwise be issued pursuant to the Award) that
have a Fair Market Value determined as of the applicable Tax Date equal to the
amount required to be withheld. In the case of Shares previously acquired from
the Company that are surrendered under this Section 11, such Shares must have
been owned by the

<PAGE>

Participant for more than six months on the date of surrender (or such longer
period of time the Company may in its discretion require).

     (e) Income Taxes and Deferred Compensation. Participants are solely
responsible and liable for the satisfaction of all taxes and penalties that may
arise in connection with Awards (including any taxes arising under Section 409A
of the Code), and the Company shall not have any obligation to indemnify or
otherwise hold any Participant harmless from any or all of such taxes. The
Committee shall have the discretion to organize any deferral program, to require
deferral election forms, and to grant or to unilaterally modify any Award in any
manner that (i) conforms with the requirements of Section 409A of the Code with
respect to compensation that is deferred and that vests after December 31, 2004,
(ii) voids any Participant election to the extent it would violate Section 409A
of the Code, and (iii) for any distribution event or election that could be
expected to violate Section 409A 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 Committee
shall have the sole discretion to interpret the requirements of the Code,
including Section 409A, for purposes of the Plan and all Awards.

12.  NON-TRANSFERABILITY OF AWARDS

     (a) General. Except as set forth in this Section 12, or as otherwise
approved by the Committee for a select group of management or highly compensated
Employees, Awards may not be sold, pledged, assigned, hypothecated, transferred
or disposed of in any manner other than by will or by the laws of descent or
distribution. The designation of a beneficiary by a Participant will not
constitute a transfer. An Award may be exercised, during the lifetime of the
holder of an Award, only by such holder, the duly-authorized legal
representative of a Participant who is Disabled, or a transferee permitted by
this Section 12.

     (b) Limited Transferability Rights. Notwithstanding anything else in this
Section 12, the Committee may in its discretion provide that an Award may be
transferred by instrument to an inter vivos or testamentary trust (or other
entity) in which the Award is to be passed to beneficiaries upon the death of
the trustor (settlor), or by gift to charitable institutions, the Participant's
"Immediate Family" (as defined below), on such terms and conditions as the
Committee deems appropriate. "Immediate Family" means any child, stepchild,
grandchild, parent, stepparent, grandparent, spouse, former spouse, sibling,
niece, nephew, mother-in-law, father-in-law, son-in-law, daughter-in-law,
brother-in-law, or sister-in-law, and shall include adoptive relationships.

13.  ADJUSTMENTS UPON CHANGES IN CAPITALIZATION, MERGER OR CERTAIN OTHER
     TRANSACTIONS

     (a) Changes in Capitalization. The Committee shall equitably adjust the
number of Shares covered by each outstanding Award, and the number of Shares
that have been authorized for issuance under the Plan but as to which no Awards
have yet been granted or that have been returned to the Plan upon cancellation,
forfeiture, or expiration of an Award, as well as the price per Share covered by
each such outstanding Award, to reflect any increase or decrease in the number
of issued Shares resulting from a stock-split, reverse stock-split, stock
dividend, combination, recapitalization or reclassification of the Shares, or
any other increase or decrease in the number of issued Shares effected without
receipt of consideration by the Company. In the event of any such transaction or
event, the Committee may provide in substitution for any or all outstanding
Options

<PAGE>

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 is granted Options pursuant to the Plan.
Except as expressly provided herein, no issuance by the Company of shares of
stock of any class, or securities convertible into shares of stock of any class,
shall affect, and no adjustment by reason thereof shall be required to be made
with respect to, the number or price of Shares subject to any Award.

     (b) Dissolution or Liquidation. In the event of the dissolution or
liquidation of the Company other than as part of a Change of Control, each Award
will terminate immediately prior to the consummation of such action, subject to
the ability of the Board to exercise any discretion authorized in the case of a
Change in Control.

     (c) Change in Control. In the event of a Change in Control, each
outstanding Award shall be assumed or a substantially equivalent award shall be
substituted by the surviving or successor corporation or a parent or subsidiary
of such surviving or successor corporation (the "Successor Corporation") upon
the consummation of the transaction; provided, however, that to the extent
outstanding Awards are neither being assumed nor replaced with substantially
equivalent Awards by the Successor Corporation, the Board shall have the
discretion and authority, with respect to such Awards:

          (i) to provide that the vesting of such Awards shall accelerate so
     that Awards shall vest (and, to the extent applicable, become exercisable)
     as to the Shares that otherwise would have been unvested, and provide that
     any repurchase right of the Company with respect to Shares issued upon
     exercise of an Award shall lapse as to the Shares subject to such
     repurchase right;

          (ii) that the Company or Successor Corporation shall pay cash or other
     consideration to Participants in exchange for the satisfaction and
     cancellation of outstanding Awards; and

          (iii) to make such other modifications, adjustments or amendments to
     outstanding Awards or this Plan as the Committee deems necessary or
     appropriate, including terminating Awards upon consummation of a
     transaction or upon the occurrence of any other event.

     Notwithstanding the above, in the event a Participant holding an Award
assumed or substituted by the Successor Corporation in a Change in Control is
Involuntarily Terminated by the Successor Corporation in connection with, or
within 12 months following consummation of, the Change in Control, then any
assumed or substituted Award held by the terminated Participant at the time of
termination shall accelerate and become fully vested (and exercisable in full in
the case of Options and SARs), and any repurchase right applicable to any Shares
shall lapse in full, unless an Award Agreement provides for a more restrictive
acceleration or vesting schedule or more restrictive limitations on the lapse of
repurchase rights or otherwise places additional restrictions, limitations and
conditions on an Award. The acceleration of vesting and lapse of repurchase
rights provided for in the previous sentence shall occur immediately prior to
the effective date of the Participant's termination, unless an Award Agreement
provides otherwise.

<PAGE>

     For purposes of this Section 13(c), an Award shall be considered assumed,
without limitation, if each holder of an Award would be entitled to receive upon
exercise of the Award the same number and kind of Shares or other property, cash
or securities as such holder would have been entitled to receive upon the
consummation of the transaction if the holder had been, immediately prior to
such consummation, the holder of the number of Shares covered by the Award at
such time (after giving effect to any adjustments in the number of Shares
covered by the Award as provided for in this Section 13); provided that if such
consideration received in the transaction is not solely common stock of the
Successor Corporation, the Board may, with the consent of the Successor
Corporation, provide for the consideration to be received upon exercise of the
award to be solely common stock of the Successor Corporation equal to the Fair
Market Value of the per Share consideration received by holders of Shares in the
transaction.

     (d) Certain Distributions. In the event of any distribution to the
Company's shareholders of securities of any other entity or other assets (other
than dividends payable in cash or stock of the Company) without receipt of
consideration by the Company, the Committee may, in its discretion,
appropriately adjust the price per Shares covered by each outstanding Award to
reflect the effect of such distribution.

14. TIME OF GRANTING AWARDS. The date of grant ("Grant Date") of an Award shall
be the date on which the Committee makes the determination granting such Award
or such other date as is determined by the Committee, provided that in the case
of an ISO, the Grant Date shall be the later of the date on which the Committee
makes the determination granting such ISO or the date of commencement of the
Participant's employment relationship with the Company.

15.  MODIFICATION OF AWARDS AND SUBSTITUTION OF OPTIONS.

     (a) Modification, Extension, and Renewal of Awards. Within the limitations
of the Plan, the Committee may modify an Award, accelerate the rate at which an
Option or SAR may be exercised (including without limitation permitting an
Option or SAR to be exercised in full without regard to the installment or
vesting provisions of the applicable Award Agreement or whether the Option or
SAR is at the time exercisable, to the extent it has not previously been
exercised), accelerate the vesting of any Award, extend or renew outstanding
Awards, or accept the cancellation of outstanding Awards to the extent not
previously exercised either for the granting of new Awards or for other
consideration in substitution or replacement thereof. The foregoing
notwithstanding, no modification of an outstanding Award shall materially and
adversely affect such Participant's rights thereunder, unless either the
Participant provides written consent or there is an express Plan provision
permitting the Committee to unilaterally make the modification.

     (b) Substitution of Options. Notwithstanding any inconsistent provisions or
limits under the Plan, in the event the Company or an Affiliate acquires
(whether by purchase, merger or otherwise) all or substantially all of
outstanding capital stock or assets of another corporation or in the event of
any reorganization or other transaction qualifying under Section 424 of the
Code, the Committee may, in accordance with the provisions of that Section,
substitute Options for options under the plan of the acquired company provided
(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.

<PAGE>

16. TERM OF PLAN. The Plan shall continue in effect for a term of ten (10) years
from its effective date as determined under Section 20 below, unless the Plan is
sooner terminated under Section 17 below.

17. AMENDMENT AND TERMINATION OF THE PLAN.

     (a) Authority to Amend or Terminate. Subject to Applicable Laws, the Board
may from time to time amend, alter, suspend, discontinue, or terminate the Plan.

     (b) Effect of Amendment or Termination. No amendment, suspension, or
termination of the Plan shall materially and adversely affect Awards already
granted unless either it relates to an adjustment pursuant to Section 13 above,
or it is otherwise mutually agreed between the Participant and the Committee,
which agreement must be in writing and signed by the Participant and the
Company. Notwithstanding the foregoing, the Committee may amend the 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.

18. CONDITIONS UPON ISSUANCE OF SHARES. Notwithstanding any other provision of
the Plan or any agreement entered into by the Company pursuant to the Plan, the
Company shall not be obligated, and shall have no liability for failure, to
issue or deliver any Shares under the Plan unless such issuance or delivery
would comply with the Applicable Law, with such compliance determined by the
Company in consultation with its legal counsel.

19. RESERVATION OF SHARES. The Company, during the term of this Plan, will at
all times reserve and keep available such number of Shares as shall be
sufficient to satisfy the requirements of the Plan.

20. EFFECTIVE DATE. This Plan shall become effective on the date of its approval
by the Board (which occurred on January 23, 2004), provided that this Plan shall
be submitted to the Company's shareholders for approval, and if not so approved
within one year from the date of approval by the Board, this Plan and any Awards
shall be null, void, and of no force and effect. Awards granted under this Plan
before approval of this Plan by the shareholders (which occurred on February 27,
2004) shall be granted subject to such approval and no Shares shall be
distributed before such approval.

21. CONTROLLING LAW. All disputes relating to or arising from the Plan shall be
governed by the internal substantive laws (and not the laws of conflicts of
laws) of the British Virgin Islands, to the extent not preempted by United
States federal law. If any provision of this Plan is held by a court of
competent jurisdiction to be invalid and unenforceable, the remaining provisions
shall continue to be fully effective.

22. LAWS AND REGULATIONS.

     (a) U.S. Securities Laws. This Plan, the grant of Awards, and the exercise
of Options and SARs under this Plan, and the obligation of the Company to sell
or deliver any of its securities (including, without limitation, Options,
Restricted Shares, Restricted Share Units, Deferred Share Units, and Shares)
under this Plan shall be subject to all Applicable Law. In the event that the
Shares are not registered under the Securities Act of 1933, as amended (the
"Act"), or any applicable state securities laws prior to the delivery of such
Shares, the Company may require, as a condition to

<PAGE>

the issuance thereof, that the persons to whom Shares are to be issued represent
and warrant in writing to the Company that such Shares are being acquired by him
or her for investment for his or her own account and not with a view to, for
resale in connection with, or with an intent of participating directly or
indirectly in, any distribution of such Shares within the meaning of the Act,
and a legend to that effect may be placed on the certificates representing the
Shares.

     (b) Other Jurisdictions. To facilitate the making of any grant of an Award
under this Plan, the Committee may provide for such special terms for Awards to
Participants who are foreign nationals or who are employed by the Company or any
Affiliate outside of the United States of America as the Committee may consider
necessary or appropriate to accommodate differences in local law, tax policy or
custom. The Company may adopt rules and procedures relating to the operation and
administration of this Plan to accommodate the specific requirements of local
laws and procedures of particular countries. Without limiting the foregoing, the
Company is specifically authorized to adopt rules and procedures regarding the
conversion of local currency, taxes, withholding procedures and handling of
stock certificates which vary with the customs and requirements of particular
countries. The Company may adopt sub-plans and establish escrow accounts and
trusts as may be appropriate or applicable to particular locations and
countries.

23. NO SHAREHOLDER RIGHTS. Neither a Participant nor any transferee of a
Participant shall have any rights as a shareholder of the Company with respect
to any Shares underlying any Award until the date of entry of their name with
respect to such Shares in the Company's Registry of Members in accordance with
the Company's Memorandum and Articles of Association. Prior to the issuance of
Shares pursuant to an Award (as evidenced by the entry of the Participant's name
with respect to such Shares in the Company's Registry of Members in accordance
with the Company's Memorandum and Articles of Association), a Participant shall
not have the right to vote or to receive dividends or any other rights as a
shareholder with respect to the Shares underlying the Award, notwithstanding its
exercise in the case of Options and SARs. No adjustment will be made for a
dividend or other right that is determined based on a record date prior to the
date the stock certificate is issued, except as otherwise specifically provided
for in this Plan.

24. NO EMPLOYMENT RIGHTS. The Plan shall not confer upon any Participant any
right to continue an employment, service or consulting relationship with the
Company, nor shall it affect in any way a Participant's right or the Company's
right to terminate the Participant's employment, service, or consulting
relationship at any time, with or without Cause.

<PAGE>

                               UTi WORLDWIDE INC.

                              AMENDED AND RESTATED
                          2004 LONG-TERM INCENTIVE PLAN

                                   ----------

                             APPENDIX A: DEFINITIONS

                                   ----------

As used herein, the following definitions shall apply:

     "AFFILIATE" means any entity, including any "parent corporation" or
"subsidiary corporation" within the meaning of Section 424 of the Code, which
together with the Company is under common control within the meaning of Section
414 of the Code.

     "APPLICABLE LAW" means the legal requirements relating to the
administration of options and share-based plans under applicable U.S. federal
and state laws, the Code, any applicable stock exchange rules or regulations,
and the applicable laws of any other country or jurisdiction where Awards are
granted, as such laws, rules, regulations and requirements shall be in place
from time to time.

     "AWARD" means any award made pursuant to the Plan, including awards made in
the form of an Option, an SAR, a Restricted Share, a Restricted Share Unit, a
Deferred Share Unit and a Performance Award, or any combination thereof, whether
alternative or cumulative, authorized by and granted under this Plan.

     "AWARD AGREEMENT" means any written document setting forth the terms of an
Award that has been authorized by the Committee. The Committee shall determine
the form or forms of documents to be used, and may change them from time to time
for any reason, including different documents as may be appropriate or
applicable for particular locations and countries.

     "BOARD" means the Board of Directors of the Company.

     "CAUSE" for termination of a Participant's Continuous Service will exist if
the Participant is terminated from employment or other service with the Company
or an Affiliate for any of the following reasons: (i) the Participant's willful
failure substantially to perform his or her duties and responsibilities to the
Company or deliberate violation of a Company policy; (ii) the Participant's
commission of any material act of fraud, embezzlement, dishonesty or any other
willful misconduct; (iii) material unauthorized use or disclosure by the
Participant of any proprietary information or trade secrets of the Company or
any other party to whom the Participant owes an obligation of nondisclosure as a
result of his or her relationship with the Company; or (iv) Participant's
willful and material breach of any of his or her obligations under any written
agreement or covenant with the Company. The determination as to whether a
Participant is being terminated for Cause shall be made in good faith by the
Committee, and shall be final and binding on the Participant. The foregoing
definition does not in any way limit the Company's ability to terminate a
Participant's employment or consulting relationship at any time, and the term
"Company" will be interpreted herein to include any Affiliate or successor
thereto, if appropriate.

<PAGE>

     "CHANGE IN CONTROL" shall be deemed to have occurred if:

          (i) a sale, transfer, or other disposition of all or substantially all
     of the Company's assets and properties is closed or consummated;

          (ii) any "person", "entity" or "group" (within the meaning of Section
     13(d)(3) or 14(d)(2) of the Exchange Act), other than the Company or any
     majority-owned subsidiary of the Company, is or becomes the "beneficial
     owner" (as defined in Rule 13d-3 under the Exchange Act), directly or
     indirectly, of securities of the Company representing fifty percent (50%)
     or more of the combined voting power of the Company's then outstanding
     securities that have the right to vote in the election of directors
     generally, provided, however, that the following shall not constitute a
     "Change in Control" of the Company:

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

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

          (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

          (iv) the Company is dissolved or liquidated or a merger,
     reorganization, or consolidation involving the Company is closed or
     consummated, other than a merger, reorganization, or consolidation in which
     holders of the combined voting power of the Company's then outstanding
     securities that have the right to vote in the election of directors
     generally immediately prior to such transaction own, either directly or
     indirectly, fifty percent (50%) or more of the combined voting power of the
     securities entitled to vote in the election of directors generally of the
     reorganized, merged or consolidated entity (or its parent company)
     immediately following such transaction.

     "CODE" means the U.S. Internal Revenue Code of 1986, as amended.

     "COMMITTEE" means one or more committees or subcommittees of the Board
appointed by the Board to administer the Plan in accordance with Section 4
above. With respect to any decision involving an Award intended to satisfy the
requirements of Section 162(m) of the Code, the Committee shall consist of two
or more Directors of the Company who are "outside directors" within the meaning
of Section 162(m) of the Code.

     "COMPANY" means UTi Worldwide, Inc. a British Virgin Islands corporation.

<PAGE>

     "CONSULTANT" means any person, including an advisor, who is engaged by the
Company or any Affiliate to render services and is compensated for such
services.

     "CONTINUOUS SERVICE" means the absence of any interruption or termination
of service as an Employee, Director, or Consultant. Continuous Service shall not
be considered interrupted in the case of: (i) sick leave; (ii) military leave;
(iii) any other leave of absence approved by the Committee, provided that such
leave is for a period of not more than 90 days, unless reemployment upon the
expiration of such leave is guaranteed by contract or statute, or unless
provided otherwise pursuant to Company policy adopted from time to time; (iv)
changes in status from Director to advisory director or emeritus status; or (iv)
in the case of transfers between locations of the Company or between the
Company, its Affiliates or their respective successors. Changes in status
between service as an Employee, Director, and a Consultant will not constitute
an interruption of Continuous Service.

     "DEFERRED SHARE UNITS" mean Awards pursuant to Section 9 of the Plan.

     "DIRECTOR" means a member of the Board, or a member of the board of
directors of an Affiliate.

     "DISABLED" means a Participant who

     (a) is unable to engage in any substantial gainful activity by reason of
any medically determinable physical or mental impairment which can be expected
to result in death or can be expected to last for a continuous period of not
less than 12 months, or

     (b) by reason of any medically determinable physical or mental impairment
which can be expected to result in death or can be expected to last for a
continuous period of not less than 12 months, received income replacement
benefits for a period of not less than 3 months under an accident or health plan
covering employees of the Company.

     "ELIGIBLE PERSON" means any Consultant, Director or Employee and includes
non-Employees to whom an offer of employment has been extended.

     "EMPLOYEE" means any person whom the Company or any Affiliate classifies as
an employee (including an officer) for employment tax purposes. The payment by
the Company of a director's fee to a Director shall not be sufficient to
constitute "employment" of such Director by the Company.

     "EXCHANGE ACT" means the Securities Exchange Act of 1934, as amended.

     "FAIR MARKET VALUE" means, as of any date (the "Determination Date") means:
(i) the closing price of a Share on the New York Stock Exchange or the American
Stock Exchange (collectively, the "Exchange"), on the Determination Date, or, if
shares were not traded on the Determination Date, then on the nearest preceding
trading day during which a sale occurred; or (ii) if such stock is not traded on
the Exchange but is quoted on NASDAQ or a successor quotation system, (A) the
last sales price (if the stock is then listed as a National Market Issue under
The Nasdaq National Market System) or (B) the mean between the closing
representative bid and asked prices (in all other cases) for the stock on the
Determination Date as reported by NASDAQ or such successor quotation system; or
(iii) if such stock is not traded on the Exchange or quoted on

<PAGE>

NASDAQ but is otherwise traded in the over-the-counter, the mean between the
representative bid and asked prices on the Determination Date; or (iv) if
subsections (i)-(iii) do not apply, the fair market value established in good
faith by the Board.

     "GRANT DATE" has the meaning set forth in Section 14 of the Plan.

     "INCENTIVE SHARE OPTION OR ISO" hereinafter means an Option intended to
qualify as an incentive stock option within the meaning of Section 422 of the
Code, as designated in the applicable Award Agreement.

     "INVOLUNTARY TERMINATION" means termination of a Participant's Continuous
Service under the following circumstances occurring on or after a Change in
Control: (i) termination without Cause by the Company or an Affiliate or
successor thereto, as appropriate; or (ii) voluntary termination by the
Participant within 60 days following (A) a material reduction in the
Participant's job responsibilities, provided that neither a mere change in title
alone nor reassignment to a substantially similar position shall constitute a
material reduction in job responsibilities; (B) an involuntary relocation of the
Participant's work site to a facility or location more than 25 miles from the
Participant's principal work site at the time of the Change in Control; or (C) a
material reduction in Participant's total compensation other than as part of an
reduction by the same percentage amount in the compensation of all other
similarly-situated Employees, Directors or Consultants.

     "NON-ISO" means an Option not intended to qualify as an ISO, as designated
in the applicable Award Agreement.

     "OPTION" means any stock option granted pursuant to Section 6 of the Plan.

     "PARTICIPANT" means any holder of one or more Awards, or the Shares
issuable or issued upon exercise of such Awards, under the Plan.

     "PERFORMANCE AWARDS" mean Performance Units and Performance Compensation
Awards granted pursuant to Section 10.

     "PERFORMANCE COMPENSATION AWARDS" mean Awards granted pursuant to Section
10(b) of the Plan.

     "PERFORMANCE UNIT" means Awards granted pursuant to Section 10(a) of the
Plan which may be paid in cash, in Shares, or such combination of cash and
Shares as the Committee in its sole discretion shall determine.

     "PLAN" means this UTi Worldwide Inc. Amended and Restated 2004 Long-term
Incentive Plan.

     "REPORTING PERSON" means an officer, Director, or greater than ten percent
shareholder of the Company within the meaning of Rule 16a-2 under the Exchange
Act, who is required to file reports pursuant to Rule 16a-3 under the Exchange
Act.

     "RESTRICTED SHARES" mean Shares subject to restrictions imposed pursuant to
Section 8 of the Plan.

<PAGE>

     "RESTRICTED SHARE UNITS" mean Awards pursuant to Section 8 of the Plan.

     "RULE 16B-3" means Rule 16b-3 promulgated under the Exchange Act, as
amended from time to time, or any successor provision.

     "SAR" OR "SHARE APPRECIATION RIGHT" means Awards granted pursuant to
Section 7 of the Plan.

     "SHARE" means an ordinary voting share of the Company, as adjusted in
accordance with Section 13 of the Plan.

     "TEN PERCENT HOLDER" means a person who owns stock representing more than
ten percent (10%) of the combined voting power of all classes of stock of the
Company or any Affiliate.<PAGE>

                                                                    Exhibit 10.5

                               UTi WORLDWIDE INC.

                              AMENDED AND RESTATED
                2004 NON-EMPLOYEE DIRECTORS SHARE INCENTIVE PLAN

     1. PURPOSE. The purpose of this UTi Worldwide Inc. 2004 Non-Employee
Directors Share Incentive Plan (the "Plan"), as amended and restated herein
effective December 2, 2005, is to advance the interests of UTi Worldwide Inc., a
British Virgin Islands corporation (the "Company"), and its shareholders
(members) (referred to herein as "shareholders") by (a) encouraging increased
share ownership by the Company's directors who are not employees of the Company
or any of its subsidiaries, (b) enhancing the Company's ability to attract and
retain the services of experienced, able and knowledgeable persons to serve as
directors, and (c) providing additional incentive for directors to contribute
their best efforts to the Company's success. Notwithstanding the foregoing, the
amendments contained in this amendment and restatement that reflect the
requirements of Section 409A of the Internal Revenue Code of 1986, as amended
(the "Code"), are effective January 1, 2005.

     2. AWARDS. The Plan permits the granting of the following types of awards
("Awards" or individually, an "Award"), according to the sections of the Plan
listed here:

          Section 5 Restricted Share Units and Restricted Shares
          Section 6 Elective Grants
          Section 7 Deferred Share Units

The date of grant of any Award is referred to herein as the "Grant Date."

     3. ADMINISTRATION AND AGREEMENTS

          (a) Plan Administration. This Plan shall be administered by the
Company's Board of Directors (the "Board"). The Board shall have full authority,
consistent with this Plan, to construe and interpret this Plan and any
agreements defining the rights and obligations of the Company and Eligible
Directors (as defined below) under the Plan, to promulgate, amend and rescind
such rules and regulations with respect to this Plan as it deems desirable and
to make all other determinations necessary or desirable for the administration
of this Plan. Unless arbitrary and capricious, all decisions, determinations and
interpretations of the Board shall be binding upon all Eligible Directors, the
Company, and all other interested persons. The Board may, in its discretion,
delegate any or all of its authority under the Plan to a committee consisting of
two or more non-employee directors of the Company, so long as allowable under
applicable law. If such Board authority is so delegated to a committee, all
references to the Board in this Plan shall mean and relate to such committee to
the extent of the powers so delegated. The Company shall pay or reimburse any
member of the Board, as well as any employee or consultant who takes action in
connection with the Plan, for all expenses incurred with respect to the Plan,
and shall indemnify each and every one of them for any claims, liabilities, and
costs (including reasonable attorneys' fees) arising out of their good faith
performance of duties under the Plan. The Company may obtain liability insurance
for this purpose.

          (b) Award Agreements. Awards made pursuant to this Plan shall be
evidenced by a written agreement executed by the Company and the Eligible
Director receiving such Award. Each such agreement shall state the terms and
conditions of the Award, not inconsistent with this

<PAGE>

Plan, as the Board in its sole discretion shall determine and approve. The
Company shall maintain records as to all Awards granted under the Plan.

     4. SHARES SUBJECT TO THE PLAN. The shares of stock to be issued pursuant to
Awards shall be authorized shares of the Company's voting ordinary shares
("Shares" or, individually, a "Share"), either previously unissued or previously
issued but reacquired by the Company. The aggregate number of Shares to be
issued pursuant to Awards shall be Six Hundred Thousand (600,000), (1) subject
to adjustment as provided in Section 8 below. Any Share subject to an Award
which is cancelled, terminated, forfeited, or otherwise expires shall again be
available for subsequent Awards under this Plan.

     5. RESTRICTED SHARE UNITS AND RESTRICTED SHARES

          (a) Eligible Director. As used herein, "Eligible Director" means any
of the Company's directors who are not employees of the Company or any
subsidiary of the Company and have not been employees of the Company or any
subsidiary of the Company during the twelve (12) months preceding (i) the date
such person first became a director for purposes of Section 5(c) below or (ii)
the date of an Annual Meeting (as defined below) for purposes of Section 5 (d)
below (collectively, "Eligible Directors" and individually, an "Eligible
Director").

          (b) Grants. The Company shall grant to Eligible Directors the right to
receive Shares after certain vesting requirements are met ("Restricted Share
Units") or, in the Board's sole discretion, restricted Shares ("Restricted
Shares") in accordance with the terms and conditions set forth in this Section
5. Subject to the requirements set forth in Sections 5(c), 5(d) and 5(e) below,
the Board shall have the sole discretion to determine whether Restricted Share
Units or Restricted Shares will be granted under this Section 5 at any given
time.

          (c) Initial Awards. The Company shall grant, to each person who first
becomes an Eligible Director after the date this Plan becomes effective pursuant
to Section 13 below (but, excluding each person who was already serving as an
Eligible Director on the date of the Annual Meeting at which this Plan is first
approved by the Company's shareholders) on the date such person first becomes an
Eligible Director, an initial Award (the "Initial Award") of that number of
Restricted Share Units (or, if determined by the Board, Restricted Shares)
determined by dividing $65,000 or such other amount as determined by the Board
in its sole discretion from time to time (the "Initial Award Amount"), by the
Fair Market Value (as defined below) on the Grant Date. If an Eligible Director
first becomes an Eligible Director on a date other than the date of an annual
meeting of the Company's shareholders (an "Annual Meeting"), the Initial Award
Amount then in effect shall be reduced to an amount equal to the product of the
Initial Award Amount times a fraction, (i) the numerator of which shall be the
difference between 365 and the number of days elapsed since the Annual Meeting
immediately preceding such Eligible Director's election and (ii) the denominator
of which shall be 365. If the number of Restricted Share Units or Restricted
Shares in an Initial Award is less than a whole number, such number shall be
rounded to the nearest whole number.

----------
(1)  On March 7, 2006, the Board approved a 3-for-1 division of the Company's
     ordinary shares of no par value (the "Stock Split"). Pursuant to Section 8
     of the Plan, the number of ordinary shares authorized for issuance under
     the Plan was automatically adjusted from 200,000 ordinary shares to 600,000
     ordinary shares on March 27, 2006 as a result of the Stock Split.

<PAGE>

          (d) Automatic Awards. On the date of each Annual Meeting, commencing
with the Annual Meeting at which this Plan is first approved by the Company's
shareholders (subject to the limitations contained in this Section 5(d)), the
Company shall grant to each Eligible Director as of the date of such meeting an
Award (an "Automatic Award") of that number of Restricted Share Units (or, if
determined by the Board, Restricted Shares) determined by dividing $65,000 or
such other amount as determined by the Board in its sole discretion from time to
time, by the Fair Market Value on the Grant Date, provided that such Eligible
Director continues as a director after such Annual Meeting. If an Eligible
Director receives an Initial Award on the date of an Annual Meeting, then such
Eligible Director shall not be entitled to an Automatic Award pursuant to this
Section 5(d) with respect to the same Annual Meeting. Notwithstanding anything
in this Section 5(d) to the contrary, if an Eligible Director received an
initial grant of options pursuant to Section 5(b) of the Company's previously
existing Non-Employee Director Share Option Plan within twelve (12) months of
the Annual Meeting pursuant to which this Plan is first approved by the
Company's shareholders, then such Eligible Director shall not be entitled to
receive an Automatic Award pursuant to this Section 5(d) on the date of the
Annual Meeting at which this Plan is so approved by the shareholders. If the
number of Restricted Share Units or Restricted Shares in an Automatic Award is
less than a whole number, such number shall be rounded to the nearest whole
number.

          (e) Chairman Awards. On the date of each Annual Meeting, commencing
with the Annual Meeting at which this Plan is first approved by the Company's
shareholders, the Company shall grant to the Chairman of the Board, if the
Chairman of the Board is then an Eligible Director, as of the date of such
meeting, an Award of that number of Restricted Share Units (or, if determined by
the Board, Restricted Shares) determined by dividing $12,000 or such other
amount as determined by the Board in its sole discretion from time to time, by
the Fair Market Value on the Grant Date, provided that such person continues to
be both an Eligible Director and Chairman of the Board after the Annual Meeting
(a "Chairman Award"). A Chairman Award made pursuant to this Section 5(e) shall
be in addition to any Initial Awards or Automatic Awards an Eligible Director
might otherwise be entitled to receive pursuant to Sections 5(c) and 5(d) above.
If the number of Restricted Share Units or Restricted Shares in a Chairman Award
is less than a whole number, such number shall be rounded to the nearest whole
number.

          (f) Definition of Fair Market Value. For purposes of this Plan, "Fair
Market Value" as of a certain date (the "Determination Date") means: (i) the
closing price of a Share on the New York Stock Exchange or the American Stock
Exchange (collectively, the "Exchange"), on the Determination Date, or, if
Shares were not traded on the Determination Date, then on the nearest preceding
trading day during which a sale occurred; or (ii) if Shares are not traded on
the Exchange but are quoted on NASDAQ or a successor quotation system, (A) the
last sales price (if Shares are then listed as a National Market Issue under The
Nasdaq National Market System) or (B) the mean between the closing
representative bid and asked prices (in all other cases) for the Shares on the
Determination Date as reported by NASDAQ or such successor quotation system; or
(iii) if such Shares are not traded on the Exchange or quoted on NASDAQ but are
otherwise traded in the over-the-counter, the mean between the representative
bid and asked prices on the Determination Date; or (iv) if subsections (i)-(iii)
do not apply, the fair market value established in good faith by the Board.

          (g) No Award Where Prohibited. No person shall be granted an Award
under this Plan if at the time of such Award, the Award is prohibited by
applicable law or by the policies of

<PAGE>

the employer of such person or the policies of any other company of which such
person is a member of the board of directors, officer, executive, a general
partner or a manager.

          (h) Vesting and Forfeiture. Initial Awards made pursuant to Section
5(c) above shall become vested and non-forfeitable on the date immediately
preceding the Annual Meeting which follows the Grant Date of the Initial Award,
provided that the Eligible Director is then serving as an Eligible Director on
the particular vesting date. Automatic Awards made pursuant to Section 5(d) and
Chairman Awards made pursuant to Section 5(e) above shall become vested and
non-forfeitable on the date immediately preceding the Annual Meeting which
follows the Annual Meeting on which such Award was made, provided that on such
date the Eligible Director is then an Eligible Director and, in the case of a
Chairman Award, is also serving as Chairman of the Board. Notwithstanding the
foregoing, in the event the date of an Annual Meeting is delayed by more than
thirty (30) days from the first anniversary of the preceding year's Annual
Meeting, then the Initial Awards, Automatic Awards and Chairman Awards
outstanding on such thirtieth day shall become vested and non-forfeitable.
Notwithstanding the preceding sentences, outstanding Initial Awards, Automatic
Awards and Chairman Awards shall become fully vested and non-forfeitable upon a
Change in Control or upon termination of an Eligible Director's membership on
the Board due to death or upon such other circumstances as the Board may
determine in its sole discretion. Any Shares underlying Awards granted pursuant
to Sections 5(c), (d) and (e) above that do not become vested and
non-forfeitable pursuant to this Section 5(h) shall be forfeited.

          (i) Definition of Change in Control. For purposes of this Plan, a
"Change in Control" of the Company shall be deemed to have occurred if:

               (i) a sale, transfer, or other disposition of all or
substantially all of the Company's assets and properties is closed or
consummated;

               (ii) any "person", "entity" or "group" (within the meaning of
Section 13(d)(3) or 14(d)(2) of the Exchange Act), other than the Company or any
majority-owned subsidiary of the Company, is or becomes the "beneficial owner"
(as defined in Rule 13d-3 under the Exchange Act), directly or indirectly, of
securities of the Company representing fifty percent (50%) or more of the
combined voting power of the Company's then outstanding securities that have the
right to vote in the election of directors generally, provided, however, that
the following shall not constitute a "Change in Control" of the Company:

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

                    (2)  any acquisition by an employee benefit plan (or related
                         trust) sponsored or maintained by the Company or any
                         entity controlled by the Company;

               (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

<PAGE>

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

               (iv) the Company is dissolved or liquidated or a merger,
reorganization, or consolidation involving the Company is closed or consummated,
other than a merger, reorganization, or consolidation in which holders of the
combined voting power of the Company's then outstanding securities that have the
right to vote in the election of directors generally immediately prior to such
transaction own, either directly or indirectly, fifty percent (50%) or more of
the combined voting power of the securities entitled to vote in the election of
directors generally of the reorganized, merged or consolidated entity (or its
parent company) immediately following such transaction.

          (j) Issuance of Restricted Shares Prior to Vesting. The Company shall
issue stock certificates that evidence Restricted Shares pending the lapse of
applicable restrictions, and that bear a legend making appropriate reference to
such restrictions. Except as set forth in the applicable Award Agreement or the
Board otherwise determines, the Company or a third party that the Company
designates shall hold such Restricted Shares. The Company may require that an
Eligible Director who receives Restricted Shares execute an assignment separate
from certificate or such other documents as it deems necessary or desirable.

          (k) Issuance of Shares upon Vesting. As soon as practicable after the
vesting of an Award made pursuant to this Section 5 but no later than the
fifteenth (15th) day of the third (3rd) month following the calendar year in
which the Participant becomes vested in the Award, the Company shall release to
the Eligible Director, free from vesting restrictions, one Share for each vested
Restricted Share or issue one Share free from vesting restrictions for each
vested Restricted Share Unit, unless an Award Agreement provides otherwise or
the Eligible Director has irrevocably elected to defer receiving such Shares
pursuant to Section 5(n) hereof.

          (l) Cash Dividends. If cash dividends are declared and paid on
outstanding Shares based on a record date on or after a Grant Date, then the
Board may, in its discretion, provide in an Award Agreement that an Eligible
Director holding Restricted Shares on such record date shall receive the cash
dividends payable on such Shares and, in the case of Restricted Share Units, an
amount equal to the per share cash dividend otherwise paid on outstanding Shares
equal to the number of Restricted Share Units held by an Eligible Director at
the time the cash dividend is paid. If an Award Agreement provides for payments
on account of cash dividends declared and paid on or after the Grant Date to be
made at the time such cash dividends are declared and paid, such payments will
be made no later than the end of the calendar year in which such cash dividends
are declared and paid to by the Company, or, if later, the fifteenth (15th) day
of the third (3rd) month following the date that the cash dividends are declared
and paid by the Company. Notwithstanding the foregoing, the Board may provide in
an Award Agreement that some or all of such cash dividends or amounts equal to
such cash dividends may not be paid at all, or may be paid on a later day or
dates (with or without interest) or may otherwise be subject to restrictions,
limitations and conditions as provided in the applicable Award Agreement.

          (m) Section 83(b) Elections. If an Eligible Director who has received
Restricted Share Units provides the Company with written notice of his or her
intention to make an election under Section 83(b) of the Code, within the
prescribed time period (or a similar election under the laws of another
country), with respect to the Shares subject to Restricted Share Units (the
"Section

<PAGE>

83(b) Election"), the Board may, in its discretion, convert the Eligible
Director's Restricted Share Units into Restricted Shares, on a one-for-one
basis, in full satisfaction of the Eligible Director's Restricted Share Unit
Award. Any Restricted Shares issued pursuant to this Section 8(m) shall continue
to vest as provided in Section 8(h) and such Restricted Shares which do not vest
in accordance with Section 8(h) above shall be forfeited and cancelled by the
Company.

          (n) Deferral Elections.

               (i) Initial Awards. At any time on or before the Grant Date of an
Initial Award, the Eligible Director who receives such Initial Award may
irrevocably elect, on a form provided by and acceptable to the Company, to defer
the receipt of all or a percentage of the Shares that would otherwise be issued
to the Eligible Director upon the vesting of such Initial Award in the future.

               (ii) Automatic Awards. At any time before and not later than the
December 31 of the calendar year preceding the Grant Date of any Automatic
Award, the Eligible Director may irrevocably elect, on a form provided by and
acceptable to the Company, to defer the receipt of all or a percentage of the
Shares that would otherwise be issued to the Eligible Director upon the vesting
of such Automatic Award in the future.

               (iii) If an Eligible Director makes a deferral election pursuant
to this Section 5(n), the Shares subject to such election shall be deferred
pursuant to Section 7 hereof on the date such Shares would otherwise have been
released or issued to the Eligible Director. Notwithstanding the foregoing
provisions of this Section 5(n), Shares with respect to which an Eligible
Director has made a Section 83(b) Election shall not be eligible for deferral
pursuant to Section 5(n) and Section 7 hereof.

     6. ELECTIVE GRANTS.

          (a) Election. Each Eligible Director may make an election to receive
up to 100 percent (100%) of his or her Quarterly Compensation (as defined below)
in increments of five percent (5%), in the form of Shares (an "Elective Grant")
in accordance with this Section 6. The election by the Eligible Director to
receive an Elective Grant of Shares must be in writing and must be delivered to
the Secretary of the Company before the start of the fiscal quarter during which
services are to be rendered by the Eligible Director giving rise to the
Quarterly Compensation. The election made by an Eligible Director pursuant to
this Section 6 shall be in effect as to Quarterly Compensation payable for
services rendered during the fiscal quarter of the Company covered by the
election.

          (b) Shares Issued. The number of Shares to be granted to an Eligible
Director who makes an Elective Grant shall equal (i) the amount of the Quarterly
Compensation earned during the Company's fiscal quarter subject to the Elective
Grant, divided by (ii) the Fair Market Value on the last day of such fiscal
quarter. In no event shall the Company be required to issue fractional Shares
and any fractional Share will be rounded to the nearest whole Share. As soon as
practicable after each Eligible Director's Elective Grant of Shares is
determined, and in no event later than the fifteenth day of the third month
following the year in which such Elective Grant of Shares is determined, the
Company shall cause to be issued and delivered to such Eligible Director a

<PAGE>

stock certificate registered in the name of the Eligible Director evidencing his
or her Elective Grant, less any Shares withheld by the Company pursuant to
Section 9 below.

          (c) No Assignment. No right to an Elective Grant and no interest
therein may be assigned, pledged, hypothecated, or otherwise transferred by an
Eligible Director except that, in the event of the death of an Eligible Director
prior to the issuance of a stock certificate evidencing an Elective Grant, such
right to such Elective Grant may be transferred to the Eligible Director's
designated beneficiary or, in the absence of such designation, by will or the
laws of descent and distribution.

          (d) Quarterly Compensation. For purposes of this Plan, "Quarterly
Compensation" shall mean the sum of all meeting fees, annual retainer fees, fees
for chairing the Board or a Board committee, and committee fees for service as a
director earned by an Eligible Director during a quarter. Compensation paid to
an Eligible Director for service to the Company in any other capacity shall be
excluded from the calculation of Quarterly Compensation.

          (e) Deferral Elections. An Eligible Director may irrevocably elect, on
a form provided by and acceptable to the Company, to defer the receipt of all or
a percentage of the Quarterly Compensation that would otherwise be payable to
the Eligible Director in a future calendar year by delivering such deferral
election to the Company on or before December 31st of the year preceding the
year in which the first deferral of Quarterly Compensation is to occur.
Notwithstanding the foregoing, an Eligible Director may make such deferral
election within the 30-day period after he or she first becomes an Eligible
Director, provided that such deferral election will be effective only with
respect to Quarterly Compensation earned after the end of the fiscal quarter in
which such deferral election is made. If an Eligible Director makes a deferral
election pursuant to this Section 6(e), the Quarterly Compensation subject to
the election shall be deferred pursuant to Section 7 hereof on the date such
compensation would otherwise have been paid to the Eligible Director.

     7. DEFERRED SHARE UNITS

          (a) Elections to Defer. Any Eligible Director may irrevocably elect,
on a form provided by and acceptable to the Company (the "Election Form"), to
defer the receipt of Restricted Shares for which a Section 83(b) Election has
not been made, Shares subject to Restricted Share Units, and Quarterly
Compensation, and in lieu thereof to have the Company credit to an internal Plan
account (the "Account") that number of deferred share units ("Deferred Share
Units") equal to the Restricted Shares or Restricted Share Units that the
Eligible Director has deferred, and in the case of Quarterly Compensation which
is deferred, the number of Deferred Share Units determined by dividing the
amount of Quarterly Compensation that the Eligible Director has deferred by the
Fair Market Value of a Share on the last day of the quarter for which
compensation has been deferred. Each Election Form will be effective only if it
is delivered to the Company in accordance with the election timing restrictions
set forth in Section 5(n) or Section 6(e), whichever shall be applicable to the
Election Form.

          (b) Vesting. Deferred Share Units shall be 100% vested at all times.

<PAGE>

          (c) Cash Dividends. If cash dividends are declared and paid on
outstanding Shares based on a record date on or after the date that receipt of
Restricted Shares, Restricted Share Units or Quarterly Compensation is
effectively deferred pursuant to Section 7(a) above, then the Board may in its
sole discretion, provide that an amount equal to the per share cash dividend
otherwise paid on outstanding Shares be paid to the deferring Eligible Director
on the number of Deferred Share Units credited to the Account of such person.
Notwithstanding the foregoing, the Board may provide in an Award Agreement that
some or all of such amounts equal to such cash dividends may not be paid at all,
or may be paid on a later date or dates (with or without interest) or may
otherwise be subject to restrictions, limitations and conditions as determined
by the Board.

          (d) Distributions of Shares. The Company shall provide an Eligible
Director with one Share for each Deferred Share Unit in three (3) substantially
equal annual installments that are issued before the last day of each of the
three (3) calendar years that end after the date on which the Eligible
Director's membership on the Board terminates; provided, however, in the event
of a Change in Control that is a permissible distribution event under Code
Section 409A(a)(2)(A)(v) (as certified by the Board), the Company shall provide
an Eligible Director one Share for each Deferred Share Unit issued at one time
upon the occurrence of such Change in Control; unless in either case-

               (i) the Eligible Director has properly elected a different form
of distribution, on a form approved by the Board that permits the Participant to
select any combination of a lump sum and annual installments that are completed
within ten years following termination of the Participant's Continuous Service,
and

               (ii) the Company has received the Eligible Director's
distribution election form on or before the effective date of the Eligible
Director's deferral election in accordance with Section 5(n) or Section 6(e),
whichever shall be applicable.

Cash shall be paid in lieu of any fractional shares.

          (e) Emergency Withdrawals. In the event an Eligible Director suffers
an unforeseeable emergency within the contemplation of this Section and Section
409A of the Code, the Eligible Director may apply to the Company for an
immediate distribution of all or a portion of his or her Deferred Share Units.
The unforeseeable emergency must result from a sudden and unexpected illness or
accident of the Eligible Director, the Eligible Director's spouse, or a
dependent (within the meaning of Section 152(a) of the Code) of the Eligible
Director, casualty loss of the Eligible Director's property, or other similar
extraordinary and unforeseeable conditions beyond the control of the Eligible
Director. Examples of purposes which are not considered hardships include
post-secondary school expenses or the desire to purchase a residence. In no
event will a distribution be made to the extent the unforeseeable emergency
could be relieved through reimbursement or compensation by insurance or
otherwise, or by liquidation of the Eligible Director's nonessential assets to
the extent such liquidation would not itself cause a severe financial hardship.
The amount of any distribution hereunder shall be limited to the amount
necessary to relieve the Eligible Director's unforeseeable emergency plus
amounts necessary to pay taxes reasonably anticipated as a result of the
distribution. The Board shall determine whether an Eligible Director has a
qualifying unforeseeable emergency and the amount which qualifies for
distribution, if any. The Board may require evidence of the purpose and amount
of the need, and may establish such application or other procedures as it deems
appropriate.

<PAGE>

          (f) No Rights to Deferred Share Units. An Eligible Director's right to
Deferred Share Units shall at all times constitute an unsecured promise of the
Company to pay benefits as they come due. Deferred Share Units shall have no
voting rights. The right of an Eligible Director or his or her beneficiary to
receive benefits hereunder shall be solely an unsecured claim against the
general assets of the Company. Neither the Eligible Director nor his or her
beneficiary shall have any claim against or rights in any specific assets,
shares, or other funds of the Company.

     8. ADJUSTMENT UPON CHANGES IN CAPITALIZATION. If a reorganization,
recapitalization, stock split, stock dividend, combination of shares, merger,
consolidation, rights offering, or any other change in the corporate structure
or shares of voting ordinary shares of the Company occurs, the number and kind
of Shares authorized by this Plan and the number and kind of Shares subject to
Awards, shall be automatically adjusted as required in order to prevent an
unfavorable effect upon the value of the Shares covered by the then outstanding
Awards and Shares covered by Awards subsequently granted.

     9. TAXES.

          (a) Withholding. Any distribution of Shares pursuant to this Plan
shall be subject to withholding of state and federal income taxes, or other
taxes to the extent required by applicable law. In the discretion of the Board,
an Eligible Director may satisfy the applicable tax withholding and employment
tax obligations (if any) associated with an Award by surrendering to the Company
Shares (including Shares subject to the Award) that have a Fair Market Value
determined as of the applicable tax date equal to the amount required to be
withheld. In the case of Shares previously acquired from the Company that are
surrendered under this Section, such Shares must have been owned by the Eligible
Director for more than six months on the date of surrender (or such longer
period of time that the Board may in its discretion require).

          (b) Income Taxes and Deferred Compensation. Participants are solely
responsible and liable for the satisfaction of all taxes and penalties that may
arise in connection with Awards (including any taxes arising under Section 409A
of the Code), and the Company shall not have any obligation to indemnify or
otherwise hold any Participant harmless from any or all of such taxes. The Board
shall have the discretion to organize any deferral program, to require deferral
election forms, and to grant or to unilaterally modify any Award in any manner
that (i) conforms with the requirements of Section 409A of the Code with respect
to compensation that is deferred and that vests after December 31, 2004, (ii)
voids any Participant election to the extent it would violate Section 409A of
the Code, and (iii) for any distribution event or election that could be
expected to violate Section 409A 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 Board shall
have the sole discretion to interpret the requirements of the Code, including
Section 409A, for purposes of the Plan and all Awards.

     10. NO SHAREHOLDER RIGHTS. Except as otherwise provided in this Plan,
neither an Eligible Director nor any transferee of an Eligible Director shall
have any rights as a shareholder of the Company with respect to any Shares
underlying an Award until the date of entry of their name with respect to such
Shares in the Company's Registry of Members in accordance with the Company's
Memorandum and Articles of Association. Prior to the issuance of Shares pursuant
to an Award (as evidenced by the entry of the Eligible Director's name with
respect to such Shares in

<PAGE>

the Company's Registry of Members in accordance with the Company's Memorandum
and Articles of Association), an Eligible Director shall not have the right to
vote or any other rights as a shareholder with respect to the Shares underlying
the Award. No adjustment will be made for a dividend or other right that is
determined based on a record date prior to the date of entry of their name with
respect to such Shares in the Company's Registry of Members, except as otherwise
specifically provided for in this Plan.

     11. LAWS AND REGULATIONS.

          (a) U.S. Securities Laws. This Plan, the award of Restricted Share
Units, Restricted Shares or Deferred Share Units, and the obligation of the
Company to sell or deliver any of its securities (including, without limitation,
Restricted Share Units, Deferred Share Units, and Shares) under this Plan shall
be subject to all applicable laws, regulations and rules. In the event that the
Shares are not registered under the Securities Act of 1933, as amended (the
"Act"), or any applicable state securities laws prior to the delivery of such
Shares, the Company may require, as a condition to the issuance thereof, that
the persons to whom Shares are to be issued represent and warrant in writing to
the Company that such Shares are being acquired by him or her for investment for
his or her own account and not with a view to, for resale in connection with, or
with an intent of participating directly or indirectly in, any distribution of
such Shares within the meaning of the Act, and a legend to that effect may be
placed on the certificates representing the Shares.

          (b) Other Jurisdictions. To facilitate the making of any grant of an
Award under this Plan, the Board may provide for such special terms for Awards
to Eligible Directors who are foreign nationals as the Board may consider
necessary or appropriate to accommodate differences in local law, tax policy or
custom. The Board may adopt rules and procedures relating to the operation and
administration of this Plan to accommodate the specific requirements of local
laws and procedures of particular countries. Without limiting the foregoing, the
Board is specifically authorized to adopt rules and procedures regarding the
conversion of local currency, taxes, withholding procedures and handling of
stock certificates which vary with the customs and requirements of particular
countries. The Board may adopt sub-plans applicable to particular locations and
countries.

     12. TERM OF PLAN; TERMINATION AND AMENDMENT OF THIS PLAN. The Plan shall
continue in effect for a term of ten (10) years from its effective date as
determined by Section 13 hereof, unless earlier terminated by this Section 12.
The Board may at any time terminate this Plan or may at any time or times amend
or modify this Plan for any purpose which at the time may be permitted by
applicable law. No amendment, suspension, or termination of the Plan or any
Awards shall materially and adversely affect Awards already granted and
outstanding, unless either (i) it relates to an adjustment pursuant to Section 8
above, (ii) it is mutually agreed otherwise between the Eligible Director and
the Company, which agreement must be in writing and signed by both parties, or
(iii) the Board determines with respect to outstanding Awards that the amendment
or modification is for the purpose of satisfying the requirements of any changes
in applicable laws or regulations or to avoid or minimize adverse tax
consequences for Eligible Directors.

     13. EFFECTIVE DATE. This Plan shall become effective on the date of its
approval by the Company's shareholders (which was June 25, 2004).

<PAGE>

     14. NONTRANSFERABILITY. Except as set forth in this Section 14 or as
otherwise approved by the Board, Awards shall be nonassignable and
nontransferable other than by will or the laws of descent and distribution.
Notwithstanding the foregoing, Awards (except for Elective Grants which are
governed by Section 6(c) above) may be transferred, with the consent of the
Board, by gift to charitable institutions, or by gift to an Eligible Director's
"Immediate Family." "Immediate Family" means any child, stepchild, grandchild,
parent, stepparent, grandparent, spouse, former spouse, sibling, niece, nephew,
mother-in-law, father-in-law, son-in-law, daughter-in-law, brother-in-law, or
sister-in-law, and shall include adoptive relationships, any person sharing the
Eligible Director's household (other than as a tenant or employee), a trust in
which these persons have more than fifty percent (50%) of the beneficial
interest, a foundation in which these persons (or the Eligible Director) control
the management of assets, and any other entity in which these persons (or the
Eligible Director) own more than fifty percent (50%) of the voting interest.

     15. CONTROLLING LAW. All disputes relating to or arising from the Plan
shall be governed by the internal substantive laws (and not the conflicts of
laws) of the British Virgin Islands to the extent not preempted by United States
federal laws. If any provision of this Plan is held by a court of competent
jurisdiction to be invalid and unenforceable, the remaining provisions shall
continue to be fully effective.

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