Document:

Exhibit 10.1

 

Final Draft

 

	Statuten	 	Articles
    of Association
	 	 	 
	der	 	of
	 	 	 
	Garmin Ltd.	 	Garmin Ltd.
	(Garmin AG)	 	(Garmin AG)
	 	 	 
	mit Sitz in Schaffhausen	 	with registered
    office in Schaffhausen

	 	 
	I.	Firma, Sitz und Zweck	4
	I.	Company Name, Registered Office and Objects	4
	 	Art. 1	Firma und Sitz	4
	 	Art. 1	Company Name and Registered Office	4
	 	Art. 2	Zweck	4
	 	Art. 2	Objects	4
	II.	Aktienkapital und Aktien	4
	II.	Share Capital and Shares	4
	 	Art. 3	Aktienkapital	4
	 	Art. 3	Share Capital	4
	 	Art. 3 a)	Sacheinlage	4
	 	Art. 3 a)	Contribution in Kind	4
	 	Art. 4	Anerkennung der Statuten	5
	 	Art. 4	Recognition of Articles of Association	5
	 	Art. 5	Genehmigtes Kapital	5
	 	Art. 5	Authorized Capital	5
	 	Art. 6	Bedingtes Aktienkapital	6
	 	Art. 6	Conditional Share Capital	6
	 	Art. 7	Aktienzertifikate	6
	 	Art. 7	Share Certificates	6
	 	Art. 8	Aktienbuch, Eintragungsbeschränkungen, Nominees	7
	 	Art. 8	Share Register, Restrictions on Registration, Nominees	7
	 	Art. 9	Übertragung	8
	 	Art. 9	Transfer	8
	 	Art. 10	Umwandlung und Zerlegung von Aktien	8
	 	Art. 10	Conversion and Splitting of Shares	8
	 	Art. 11	Bezugsrechte	8
	 	Art. 11	Subscription Rights	8
	III.	Organisation	9
	III.	Organization	9
	A.	Die Generalversammlung	9
	A.	The General Meeting	9
	 	Art. 12	Befugnisse	9
	 	Art. 12	Authority	9
	 	Art. 13	Recht zur Einberufung	9
	 	Art. 13	Right to call a General Meeting	9
	 	Art. 14	Form der Einberufung	10
	 	Art. 14	Form of the calling of a General Meeting	10
	 	Art. 15	Universalversammlung	10
	 	Art. 15	Universal Meeting	10
	 	Art. 16	Vorsitz und Protokoll	11
	 	Art. 16	Chairperson and Minutes	11
	 	Art. 17	Stimmrecht und Vertretung	11

 

     

    	Garmin Ltd., Schaffhausen: Statuten / Articles of Association
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	 	Art. 17	Voting Rights and Representation	11
	 	Art. 18	Teilnahme der Mitglieder des Verwaltungsrates	12
	 	Art. 18	Participation of the Members of the Board of Directors	12
	 	Art. 19	Beschlussfassung und Wahlen	12
	 	Art. 19	Resolutions and Voting	12
	 	Art. 20	Besonderes Stimmen-Quorum	12
	 	Art. 20	Special Vote	12
	 	Art. 21	Auskunfts- und Einsichtsrecht der Aktionäre	14
	 	Art. 21	Information and Inspection Rights of the Shareholders	14
	 	Art. 22	Recht auf Einleitung einer Sonderprüfung	14
	 	Art. 22	Right to Initiate a Special Audit	14
	 	Art. 22 a)	Vergütung des Verwaltungsrates und der Geschäftsleitung	14
	 	Art. 22 a)	Compensation of the Board of Directors and Executive Management	14
	 	Art. 22 b)	Allgemeine Vergütungsprinzipien	16
	 	Art. 22 b)	General Compensation Principles	16
	 	Art. 22 c)	Zusatzbetrag für Wechsel in der Geschäftsleitung	17
	 	Art. 22 c)	Supplementary Amount for Changes to the Executive Management	17
	 	Art. 23	Präsenzquorum	17
	 	Art. 23	Presence Quorum	17
	B.	Der Verwaltungsrat	17
	B.	The Board of Directors	17
	 	Art. 24	Zusammensetzung	17
	 	Art. 24	Composition	17
	 	Art. 25	Amtsdauer	18
	 	Art. 25	Term of Office	18
	 	Art. 26	Konstituierung	18
	 	Art. 26	Constitution	18
	 	Art. 27	Aufgaben	18
	 	Art. 27	Duties	18
	 	Art. 28	Schadloshaltung	19
	 	Art. 28	Indemnification	19
	 	Art. 29	Einberufung und Beschlussfassung	20
	 	Art. 29	Calling of Meetings and Quorum	20
	 	Art. 30	Ausschüsse und Delegation	21
	 	Art. 30	Committees and Delegation	21
	 	Art. 31	Protokoll	22
	 	Art. 31	Minutes	22
	 	Art. 32	Recht auf Auskunft und Einsicht	22
	 	Art. 32	Right to Information and Inspection	22
	 	Art. 32 a)	Verträge betreffend die Vergütung mit Mitgliedern des Verwaltungsrates und der Geschäftsleitung	23
	 	Art. 32 a)	Agreements Regarding Compensation with Members of the Board of Directors and Executive Management	23
	 	Art. 32 b)	Mandate ausserhalb des Konzerns	23
	 	Art. 32 b)	Mandates Outside the Group	23
	 	Art. 32 c)	Vorsorgeleistungen	23
	 	Art. 32 c)	Post-Retirement Benefits	24
	 	Art. 33	Zeichnungsberechtigung	24
	 	Art. 33	Signature Power	24
	C.	Die Revisionsstelle	24
	C.	The Auditors	24
	 	Art. 34	Revision	24
	 	Art. 34	Audit	24
	 	Art. 35	Organisation der Revisionsstelle	25
	 	Art. 35	Organisation of the Auditor	25
	D.	Rechnungslegung und Verwendung des Bilanzgewinnes	25
	D.	Rendering of Accounts and Allocation of Balance Sheet Profit	25

 

     

    	Garmin Ltd., Schaffhausen: Statuten / Articles of Association
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	 	Art. 36	Jahresrechnung	25
	 	Art. 36	Annual Financial Accounts	25
	 	Art. 37	Verwendung des Jahresgewinnes	26
	 	Art. 37	Application of the Annual Profit	26
	E.	Schlussbestimmungen	26
	E.	Final Provisions	26
	 	Art. 38	Auflösung und Liquidation	26
	 	Art. 38	Winding-up and Liquidation	26
	 	Art. 39	Mitteilungen und Bekanntmachungen	27
	 	Art. 39	Communications and Notifications	27
	 	Art. 40	Verbindlicher Originaltext	27
	 	Art. 40	Original Language	27
	 	Art. 41	Definitionen	27
	 	Art. 41	Definitions	27
	 	 	 	 	 	 

 

     

    	Garmin Ltd., Schaffhausen: Statuten / Articles of Association
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	I.             Firma, Sitz und
    Zweck	 	I.               Company Name, Registered
    Office and Objects
	 	 	 
	Art. 1     Firma und Sitz	 	Art. 1       Company Name and Registered Office
	 	 	 
	Unter der Firma Garmin Ltd. (Garmin AG) besteht
    eine Aktiengesellschaft gemäss den vorliegenden Statuten und den Vorschriften des Schweizerischen Obligationenrechtes
    (OR). Der Sitz der Gesellschaft ist in Schaffhausen.	 	Under the company name of Garmin Ltd. (Garmin
    AG) exists a corporation pursuant to the present Articles of Association and the provisions of the Swiss Code of Obligations
    (CO). The registered office of the Company is in Schaffhausen.
	 	 	 
	Art. 2     Zweck	 	Art. 2        Objects
	 	 	 
	Die Gesellschaft bezweckt den Erwerb, das Halten,
    die Finanzierung, die Verwaltung und den Verkauf von Beteiligungen an inländischen sowie auch an ausländischen Unternehmen
    jeglicher Art.	 	The objects of the Company are the acquisition,
    holding, financing, management and sale of participations in Swiss and foreign enterprises of all kinds.
	 	 	 
	Die Gesellschaft kann jede Art von finanzieller
    Unterstützung für und an Gruppengesellschaften gewähren, einschliesslich der Leistung von Garantien.	 	The Company may provide any kind of financial
    assistance, including guarantees, to and for group companies.
	 	 	 
	Die Gesellschaft kann ferner im In- und Ausland
    Zweigniederlassungen und Tochtergesellschaften errichten, sich an anderen Unternehmen im In- und Ausland beteiligen sowie
    solche Unternehmen erwerben und finanzieren. Im Weiteren kann die Gesellschaft im In- und Ausland Grundstücke und gewerbliche
    Schutzrechte erwerben, belasten, veräussern und verwalten sowie alle Geschäfte tätigen, die geeignet sein können,
    den Zweck der Gesellschaft zu fördern, oder die direkt oder indirekt damit in Zusammenhang stehen.	 	The Company may establish branches and subsidiaries
    in Switzerland and abroad as well as participate in, acquire and finance other enterprises in Switzerland and abroad. The
    company may acquire, encumber, sell and manage real estate and intellectual property rights in Switzerland and abroad. It
    may furthermore make all transactions which may be appropriate to promote the purpose of the company or which are directly
    or indirectly connected therewith.
	 	 	 
	II.           Aktienkapital und Aktien	 	II.              Share Capital and Shares
	 	 	 
	Art. 3     Aktienkapital	 	Art. 3        Share Capital
	 	 	 
	Das Aktienkapital der Gesellschaft („Aktienkapital“)
    beträgt CHF 19’807’741.80 und ist eingeteilt in 198’077’418 Namenaktien („Aktien“) mit einem
    Nennwert von je CHF 0.10. Die Aktien sind vollständig liberiert.	 	The share capital of the Company (“Share
    Capital”) amounts to CHF 19,807,741.80 and is divided into 198,077,418 registered shares (“Shares”)
    with a nominal value of CHF 0.10 each. The Shares are fully paid up.
	 	 	 
	Art. 3 a)  Sacheinlage	 	Art. 3 a)    Contribution in Kind
	 	 	 
	Die Gesellschaft übernimmt bei der Kapitalerhöhung
    vom 27. Juni 2010 von der Garmin Ltd. mit Sitz in Camana Bay, Cayman Islands („Garmin-Cayman”), gemäss
    Sacheinlagevertrag vom 27. Juni 2010 („Sacheinlagevertrag”) 198,077,418 Aktien (common shares)
    von Garmin-Cayman. Diese Aktien werden zu einem Übernahmewert von insgesamt CHF 9,515,296,140 übernommen. Als
    Gegenleistung für die Sacheinlage (i) wird der Nennwert jeder Aktie von bisher CHF 0.01 auf neu CHF 10 erhöht und
    (ii) gibt die Gesellschaft insgesamt 198,077,418 voll einbezahlte Aktien mit einem Nennwert von je CHF 10 an Garmin-Cayman,
    handelnd im eigenen Namen und auf Rechnung derjenigen Aktionäre der Garmin-Cayman, die im Zeitpunkt unmittelbar vor Vollzug
    des Sacheinlagevertrages Aktionäre der Garmin Cayman waren, aus. Die Gesellschaft weist den Differenzbetrag von CHF 7,434,621,960
    den Reserven aus Kapitaleinlage der Gesellschaft zu.	 	In connection with the capital increase of June
    27, 2010, and in accordance with the contribution in kind agreement dated as of June 27, 2010 (“Contribution in Kind
    Agreement”), the Company acquires 198,077,418 common shares of Garmin Ltd., with registered office in Camana
    Bay, Cayman Islands (“Garmin-Cayman”) from Garmin-Cayman. The shares of Garmin-Cayman have a total value
    of CHF 9,515,296,140. As consideration for this contribution, (i) the nominal value of each Share is increased from CHF 0.01
    to CHF 10 and (ii) the Company issues a total of 198,077,418 fully paid up Shares with a par value of CHF 10 each to Garmin-Cayman,
    acting in its own name and for the account of the holders of common shares of Garmin-Cayman outstanding immediately prior
    to the completion of the Contribution in Kind Agreement. The difference of CHF 7,434,621,960 is allocated to the reserves
    from capital contribution of the Company.
	 	 	 

 

     

    	Garmin Ltd., Schaffhausen: Statuten / Articles of Association
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	Art. 4          Anerkennung der Statuten	 	Art. 4          Recognition of Articles of Association
	 	 	 
	Jede Ausübung von Aktionärsrechten
    schliesst die Anerkennung der Gesellschaftsstatuten in der jeweils gültigen Fassung in sich ein.	 	Any exercise of shareholders’ rights automatically
    comprises recognition of the version of these Articles of Association in force at the time.
	 	 	 
	Art. 5          Genehmigtes Kapital	 	Art. 5          Authorized Capital
	 	 	 
	Der
        Verwaltungsrat ist ermächtigt, jederzeit bis zum 8. Juni 2020 das Aktienkapital im Maximalbetrag von CHF 3,961,548.30
        durch Ausgabe von höchstens 39,615,483 vollständig zu liberierenden Namenaktien mit einem Nennwert von je CHF 0.10.
        zu erhöhen. Erhöhungen in Teilbeträgen sind gestattet.

         

        Der
        Verwaltungsrat legt den Ausgabebetrag, die Art der Einlagen, den Zeitpunkt der Ausgabe, die Bedingungen der Bezugsrechtsausübung
        und den Beginn der Dividendenberechtigung fest. Dabei kann der Verwaltungsrat neue Aktien mittels Festübernahme durch
        eine Bank oder einen Dritten und anschliessendem Angebot an die bisherigen Aktionäre ausgeben.

         

        Der
        Verwaltungsrat ist ermächtigt, den Handel mit Bezugsrechten zu ermöglichen, zu beschränken oder auszuschliessen.
        Der Verwaltungsrat kann nicht ausgeübte Bezugsrechte verfallen lassen oder er kann diese bzw. Aktien, für welche
        Bezugsrechte eingeräumt, aber nicht ausgeübt werden, zu Marktkonditionen platzieren oder anderweitig im Interesse
        der Gesellschaft verwenden.

         

        Der
        Verwaltungsrat ist ferner ermächtigt, das Bezugsrecht der Aktionäre zu beschränken oder aufzuheben und
        Dritten zuzuweisen, im Falle der Verwendung der Aktien:

         

        (a)    für
        die Ausgabe von neuen Aktien, wenn der Ausgabebetrag der neuen Aktien unter Berücksichtigung des Marktpreises festgesetzt
        wird; oder

         

        (b)    für
        die Übernahme von Unternehmen, Unternehmensteilen oder Beteiligungen oder für neue Investitionsvorhaben oder
        für die Finanzierung oder Refinanzierung solcher Transaktionen; oder

         

        (c)    zum
        Zwecke der Erweiterung des Aktionärskreises in gewissen Finanz- oder Investorenmärkten oder im Zusammenhang
        mit der Kotierung der Aktien an inländischen oder an ausländischen Börsen; oder

         

        (d)    für
nationale und internationale Aktienplatzierungen zum Zwecke der Erhöhung des Streubesitzes oder zur Einhaltung anwendbarer
Kotierungsvorschriften; oder

         
	 	The
        Board of Directors is authorized, at any time until June 8, 2020 to increase the share capital in an amount
        not to exceed CHF 3,961,548.30 through the issuance of up to 39,615,483 fully paid-in registered shares with a nominal
        value of CHF 0.10 each. An increase in partial amounts shall be permitted.

         

        The
        Board of Directors shall determine the issue price, the type of payment, the date of issue of new shares, the conditions
        for the exercise of pre-emptive rights and the beginning date for dividend entitlement. In this regard, the Board of Directors
        may issue new shares by means of a firm underwriting through a banking institution or a third party and a subsequent offer
        of these shares to the current shareholders.

         

        The
        Board of Directors is entitled to permit, to restrict or to exclude the trade with pre-emptive rights. The Board of Directors
        may permit pre-emptive rights that have not been exercised to expire or it may place these rights and/or shares as to
        which pre-emptive rights have been granted but not exercised at market conditions or use them for other purposes in the
        interest of the Company.

         

        The
        Board of Directors is further authorized to limit or withdraw the pre-emptive rights of shareholders and allocate such
        rights to individual shareholders or to third parties if the shares are to be used:

         

        (a)    for
        issuing new shares if the issue price of the new shares is determined by reference to the market price; or

         

        (b)    for
        the acquisition of an enterprise, parts of an enterprise or participations or for new investment projects or for purposes
        of financing or refinancing any such transactions; or

         

        (c)    for
        the purpose of broadening the shareholder constituency in certain financial or investor markets or in connection with
        the listing of new shares on domestic or foreign stock exchanges; or

         

        (d)    for
        purposes of national and international offerings of shares for the purpose of increasing the free float or to meet applicable
        listing requirements; or

        

        

  

     

    	Garmin Ltd., Schaffhausen: Statuten / Articles of Association
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        (e)    zwecks
Beteiligung von strategischen Investoren; oder

         

        (f)    für
        die Einräumung einer Mehrzuteilungsoption (“greenshoe”) an ein oder mehrere Finanzinstitute im Zusammenhang
        mit einer Aktienplatzierung; oder

         

        (g)    für
        die Beteiligung von Verwaltungsräten, Geschäftsleitungsmitgliedern, Mitarbeitern, Beauftragten, Beratern der
        Gesellschaft oder einer Gruppengesellschaft, oder anderen Personen, die Dienstleistungen an die Gesellschaft oder eine
        Gruppengesellschaft erbringen; oder

         

        (h)    um
        Kapital auf eine schnelle und flexible Weise zu beschaffen, welche ohne den Ausschluss der Bezugsrechte der bestehenden
        Aktionäre nur schwer möglich wäre.

         

        Zeichnung
        und Erwerb der neuen Aktien sowie jede nachfolgende Übertragung der Aktien unterliegen den Beschränkungen von
        Artikel 8 dieser Statuten.

         
	 	

        (e)    for
        purposes of the participation of strategic partners; or

         

        (f)    for
        an over-allotment option (“greenshoe”) being granted to one or more financial institutions in connection with
        an offering of shares; or

         

        (g)    for
        the participation of directors, officers, employees, contractors, consultants of, or other persons providing services
        to the Company or a group company; or

         

        (h)    for
        raising capital in a fast and flexible manner which could only be achieved with great difficulty without exclusion of
        the pre-emptive rights of the existing shareholders.

         

        The
        subscription and acquisition of the new shares as well as any subsequent transfer of the shares shall be subject to the
        restrictions pursuant to Article 8 of these articles of association.

         

	Art. 6          Bedingtes Aktienkapital	 	Art. 6          Conditional Share Capital
	 	 	 
	Das Aktienkapital kann sich durch Ausgabe von
    höchstens 99’038’709 voll zu liberierenden Namenaktien im Nennwert von je CHF 0.10 um höchstens CHF 9’903’870.90
    erhöhen durch:	 	The Share Capital may be increased in an amount
    not to exceed CHF 9,903,870.90 through the issuance of up to 99,038,709 fully paid-up registered Shares with a par value
    of CHF 0.10 each through:
	 	 	 
	die Ausübung von Optionsrechten, die Mitarbeitern
    und / oder Mitgliedern des Verwaltungsrates der Gesellschaft oder einer Gruppengesellschaft gewährt werden.	 	the exercise of option rights which are granted
    to employees and / or members of the board of directors of the Company or group companies.
	 	 	 
	Das Bezugsrecht der Aktionäre ist ausgeschlossen.	 	The preferential subscription rights of the
    shareholders are excluded.
	 	 	 
	Die Aktien, welche über die Ausübung
    von Umwandlungsrechten erworben werden, unterliegen den Eintragungsbeschränkungen in das Aktienbuch gemäss Art.
    8 dieser Statuten.	 	The Shares acquired through the exercise of
    rights shall be subject to the limitations for registration in the share register pursuant to Art. 8 of these Articles of
    Association.
	 	 	 
	Art. 7          Aktienzertifikate	 	Art. 7          Share Certificates
	 	 	 
	Anstelle von einzelnen Aktien können Aktienzertifikate
    über mehrere Aktien ausgestellt werden. Aktien und Zertifikate sind durch ein Mitglied des Verwaltungsrates zu unterzeichnen.	 	In lieu of single shares, the Company may issue
    share certificates covering several shares. Shares and certificates shall be signed by a member of the Board of Directors.
	 	 	 
	Ein Aktionär hat nur dann Anspruch auf
    die Ausgabe eines Aktienzertifikates, wenn der Verwaltungsrat die Ausgabe von Aktienzertifikaten beschliesst. Aktienzertifikate
    werden in der vom Verwaltungsrat festgelegten Form ausgegeben. Ein Aktionär kann jederzeit eine Bescheinigung über
    die Anzahl der von ihm gehaltenen Aktien verlangen.	 	A shareholder shall be entitled to a share certificate
    only if the Board of Directors resolves that share certificates shall be issued. Share certificates, if any, shall be in such
    form as the Board of Directors may determine. A shareholder may at any time request an attestation of the number of registered
    Shares held by it.

  

	Die Gesellschaft kann jederzeit
    auf die Ausgabe und Aushändigung von Zertifikaten verzichten und mit Zustimmung des Aktionärs ausgegebene Urkunden,
    die bei ihr eingeliefert werden, ersatzlos annullieren.	 	The Company may dispense
    with the obligation to issue and deliver certificates, and may, with the consent of the shareholder, cancel without replacement
    issued certificates delivered to the Company.

 

     

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	Der Verwaltungsrat kann beschliessen, den Aktionären
    anstelle von Wertpapieren einfache Beweisurkunden über ihre Beteiligung auszustellen.	 	The Board of Directors may decide to issue to
    the shareholders, in lieu of securities, simple documentary evidence for their participation.
	 	 	 
	Die Gesellschaft kann ihre Aktien als Wertrechte
    gemäss Schweizerischem Obligationenrecht und Bucheffekten gemäss Bucheffektengesetz ausgeben.	 	The Company may issue its Shares as uncertificated
    securities within the meaning of the Swiss Code of Obligations and as intermediated securities within the meaning of the Intermediated
    Securities Act.
	 	 	 
	Art.
    8          Aktienbuch, Eintragungsbeschränkungen, Nominees	 	Art.
    8          Share Register, Restrictions on Registration, Nominees
	 	 	 
	Die Gesellschaft selbst oder ein von ihr beauftragter
    Dritter führt ein Aktienbuch („Aktienbuch“). Darin werden die Eigentümer und Nutzniesser der
    Namenaktien sowie Nominees mit Namen und Vornamen, Adresse und Staatsangehörigkeit (bei Rechtseinheiten mit Firma und
    Sitz) eingetragen. Ändert eine im Aktienbuch eingetragene Zivilrechtliche Person ihre Adresse, so hat sie dies dem Aktienbuchführer
    mitzuteilen. Solange dies nicht geschehen ist, gelten alle schriftlichen Mitteilungen der Gesellschaft an die im Aktienbuch
    eingetragenen Zivilrechtlichen Personen als rechtsgültig an die bisher im Aktienbuch eingetragene Adresse erfolgt.	 	The Company shall maintain, itself or through
    a third party, a share register (“Share Register”) that lists the surname, first name, address and citizenship
    (or the name and registered office for legal entities) of the owners and usufructuaries of the registered Shares as well as
    the nominees. A Person recorded in the Share Register shall notify the share registrar of any change in address. Until such
    notification shall have occurred, all written communication from the Company to Persons of record shall be deemed to have
    validly been made if sent to the address recorded in the Share Register.
	 	 	 
	Ein Erwerber von Namenaktien wird auf Gesuch
    als Aktionär mit Stimmrecht im Aktienbuch eingetragen, vorausgesetzt, dass ein solcher Erwerber auf Aufforderung durch
    die Gesellschaft ausdrücklich erklärt, die Namenaktien im eigenen Namen und auf eigene Rechnung erworben zu haben.
    Der Verwaltungsrat kann Nominees, welche Namenaktien im eigenen Namen aber auf fremde Rechnung halten, als Aktionäre
    mit Stimmrecht im Aktienbuch der Gesellschaft eintragen. Der Verwaltungsrat kann Kriterien für die Billigung solcher
    Nominees als Aktionäre mit Stimmrecht festlegen. Die an den Namenaktien wirtschaftlich Berechtigten, welche die Namenaktien
    über einen Nominee halten, üben Aktionärsrechte mittelbar über den Nominee aus.	 	An acquirer of registered Shares shall be recorded
    upon request in the Share Register as a shareholder with voting rights; provided, however, that any such acquirer upon request
    of the Company expressly declares to have acquired the registered Shares in its own name and for its own account. The Board
    of Directors may record nominees who hold registered Shares in their own name, but for the account of third parties, as shareholders
    with voting rights in the Share Register of the Company. The Board of Directors may set forth the relevant requirements for
    the acceptance of nominees as shareholders with voting rights. Beneficial owners of registered Shares who hold registered
    Shares through a nominee exercise the shareholders’ rights through the intermediation of such nominee.
	 	 	 
	Sollte der Verwaltungsrat die Eintragung eines
    Aktionärs als Aktionär mit Stimmrecht ablehnen, muss dem Aktionär diese Ablehnung innerhalb von 20 Tagen nach
    Erhalt des Eintragungsgesuches mitgeteilt werden. Aktionäre, die nicht als Aktionäre mit Stimmrecht anerkannt wurden,
    sind als Aktionäre ohne Stimmrecht im Aktienbuch einzutragen.	 	If the Board of Directors refuses to register
    a shareholder as a shareholder with voting rights, it shall notify the shareholder of such refusal within 20 days upon receipt
    of the application. Nonrecognized shareholders shall be entered in the Share Register as shareholders without voting rights.
	 	 	 
	Der Verwaltungsrat kann nach Anhörung des
    eingetragenen Aktionärs dessen Eintragung im Aktienbuch als Aktionär mit Stimmrecht mit Rückwirkung auf das
    Datum der Eintragung streichen, wenn diese durch falsche oder irreführende Angaben zustande gekommen ist. Der Betroffene
    muss über die Streichung sofort informiert werden.	 	After hearing the registered shareholder concerned,
    the Board of Directors may cancel the registration of such shareholder as a shareholder with voting rights in the Share Register
    with retroactive effect as of the date of registration if such registration was made based on false or misleading information.
    The relevant shareholder shall be informed promptly of the cancellation.

 

     

    	Garmin Ltd., Schaffhausen: Statuten / Articles of Association
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	Sofern die Gesellschaft an einer Börse
    im Ausland kotiert ist, ist es der Gesellschaft mit Bezug auf den Regelungsgegenstand dieses Art. 8 und soweit gesetzlich
    zulässig gestattet, die in der jeweiligen Rechtsordnung geltenden Vorschriften und Normierungen anzuwenden.	 	In case the Company is listed on any foreign
    Exchange, the Company is permitted to comply with the relevant rules and regulations that are applied in that foreign jurisdiction
    with regard to the subject of this Art. 8 to the extent permitted by Swiss law.
	 	 	 
	Zehn Tage vor einer Generalversammlung bis zu
    dem auf die Generalversammlung folgenden Tag nimmt die Gesellschaft keine Eintragungen in das Aktienbuch vor.	 	From ten days prior to a general meeting of
    the shareholders until the day following the general meeting of the shareholders, the Company shall not undertake any registration
    in the Share Register.
	 	 	 
	Art. 9            Übertragung	 	Art. 9            Transfer
	 	 	 
	Die Übertragung von Namenaktien und aller
    damit verbundenen Rechte zu Eigentum oder zur Nutzniessung erfolgt durch Indossament (Unterschrift) auf dem Aktientitel oder
    Zertifikat und Besitzesübertragung. Falls keine Aktientitel oder Zertifikate bestehen, erfolgt die Übertragung der
    Aktien zu Eigentum oder zur Nutzniessung durch eine schriftliche Abtretungserklärung.	 	The transfer of ownership or the granting of
    a usufruct in registered Shares and in all the rights connected therewith shall be made by endorsement (signature) of the
    share title or certificate and by transfer of possession. If neither share titles nor certificates have been issued, such
    transfer shall be made by written declaration of assignment.
	 	 	 
	Die Verfügung über die als Bucheffekten
    ausgegebenen Aktien erfolgt gemäss Bucheffektengesetz.	 	The transfer of Shares issued as intermediated
    securities, including the granting of security interests, shall be made according to the Intermediated Securities Act.
	 	 	 
	Im Rahmen des gesetzlich zulässigen und
    unter Vorbehalt der übrigen Bestimmungen dieses Art. 9 darf die Übertragung von unzertifizierten Aktien, die im
    Namen eines Aktionärs durch einen Transfer Agenten, Trust oder einer ähnlichen Einrichtung (der „Transfer
    Agent“) verwaltet werden, nur in Co-Operation mit diesem Transfer Agenten erfolgen.	 	Subject to the provisions contained in this
    Art. 9 and to the extent permitted by applicable law if uncertificated securities are administered on behalf of a shareholder
    by a transfer agent, trust company or similar entity (“Transfer Agent”), such securities and the rights
    deriving from them may be transferred only with the cooperation of the Transfer Agent.
	 	 	 
	Art. 10          Umwandlung und Zerlegung von Aktien	 	Art. 10          Conversion and Splitting of Shares
	 	 	 
	Durch Änderung der Statuten kann die Generalversammlung
    jederzeit Namenaktien in Inhaberaktien umwandeln und umgekehrt.	 	The general meeting of the shareholders may
    at any time convert registered shares into bearer shares and vice versa by amending the Articles of Association.
	 	 	 
	Sie ist ferner befugt, Aktien in solche von
    kleinerem Nennwert zu zerlegen oder mit Zustimmung des Aktionärs zu solchen von grösserem Nennwert zusammenzulegen.	 	Furthermore, it is authorized to split shares
    into shares with lower nominal value or with the approval of the shareholder to consolidate shares into shares with higher
    nominal value.
	 	 	 
	Art. 11          Bezugsrechte	 	Art. 11          Subscription Rights
	 	 	 
	Im Falle der Erhöhung des Aktienkapitals
    durch Ausgabe neuer Aktien haben die bisherigen Aktionäre ein Bezugsrecht im Verhältnis ihrer bisherigen Beteiligung,
    sofern die Generalversammlung dieses Recht nicht aus wichtigen Gründen einschränkt oder ausschliesst. Wichtige Gründe
    sind insbesondere die Übernahme von Unternehmen, Unternehmensteilen oder Beteiligungen sowie die Beteiligung der Arbeitnehmer.	 	In the event of an increase of the Share Capital
    by issuing new shares, each existing shareholder has subscription rights in proportion to his/her existing shareholding, to
    the extent the general meeting of the shareholders does not restrict or exclude this right for important reasons. Important
    reasons are, in particular, the takeover of companies, of company parts, or of participations, as well as the participation
    of employees.
	 	 	 
	Die Generalversammlung setzt die Emissionsbedingungen
    fest, sofern sie nicht durch Beschluss den Verwaltungsrat dazu ermächtigt. Der Verwaltungsrat setzt die Einzahlungsbedingungen
    fest und gibt die Emissions- und Einzahlungsbedingungen den bezugsberechtigten Aktionären bekannt.	 	The general meeting of the shareholders shall
    determine the terms of the share issue to the extent it has not, by resolution, authorized the Board of Directors to do so.
    The Board of Directors shall determine the payment terms and communicate the issue and payment terms to the shareholders entitled
    to subscription rights.

 

     

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	III.           Organisation	 	III.            Organization
	 	 	 
	A.            Die Generalversammlung	 	A.             The General Meeting
	 	 	 
	Art. 12    Befugnisse	 	Art. 12     Authority
	 	 	 
	Oberstes Organ der Gesellschaft ist die Generalversammlung.
    Ihr stehen folgende unübertragbare Befugnisse zu:	 	The general meeting of the shareholders is the
    supreme corporate body of the Company. It has the following non-transferable powers:
	 	 	 
	1.       Festsetzung
    und Änderung der Statuten; vorbehalten bleibt Art. 27;	 	1.
          adoption and amendment of the Articles of Association; Art. 27 remains reserved;
	2.       Festsetzung
der Zahl der Mitglieder des Verwaltungsrates sowie Wahl und Abberufung derselben;	 	2.
          determination of the number of members of the Board of Directors as well as their election and removal;
	3.       Wahl
    und Abberufung des Verwaltungsratspräsidenten;	 	3.       election
    and removal of the chair of the Board of Directors;
	4.       Wahl
    und Abberufung der Mitglieder des für Vergütungsfragen zuständigen Ausschusses (“Vergütungsausschuss”);	 	4.       election and removal of the members of the committee responsible for compensation matters (“Compensation Committee”);
	5.       Wahl
    und Abberufung des unabhängigen Stimmrechtsvertreters;	 	5.       election and removal of the independent voting rights representative; 
	6.       Wahl
    und Abberufung der Revisionsstelle;	 	6.       appointment
    and removal of the Auditors;
	7.       Genehmigung
    des Lageberichtes des Verwaltungsrates;	 	7.       approval
    of the management report of the Board of Directors;
	8.       Genehmigung
    der Jahresrechnung und einer allfälligen Konzernrechnung;	 	8.       approval
    of the annual financial accounts and (if applicable) the group accounts;
	9.       Beschlussfassung
    über die Verwendung des Bilanzgewinnes, insbesondere Festsetzung der Dividende sowie der Tantième des Verwaltungsrates;	 	9.       resolution
    on the application of the balance sheet profit, in particular, determination of dividend and the profit share of the Board
    of Directors;
	10.     Genehmigung
    der Vergütung des Verwaltungsrates und der Geschäftsleitung gemäss Art. 22 a) dieser Statuten;	 	10.     approval of the compensation of the Board of Directors and Executive Management pursuant to Art. 22 a) of these Articles
    of Association;
	11.     Entlastung
    der Mitglieder des Verwaltungsrates und der übrigen mit der Geschäftsführung betrauten Zivilrechtlichen Personen;	 	11.     discharge
    of the members of the Board of Directors and the Persons entrusted with the management;
	12.     Beschlussfassung
    über die Gegenstände, die der Generalversammlung durch das Gesetz oder die Statuten vorbehalten sind;	 	12.     resolution
    on matters which are reserved to the general meeting of the shareholders either by law or the Articles of Association;
	13.     Die
    Genehmigung von Zusammenschlüssen (die Definition eines Zusammenschlusses findet sich in Art. 41 dieser Statuten), (i)
    soweit sich die Zuständigkeit der Generalversammlung nicht bereits aus Art. 12 Ziff. 1. bis 8 ergibt und (ii) soweit
    nicht zwingend ein anderes Organ der Gesellschaft zuständig ist.	 	13.     the
    approval of Business Combinations (definition of this term is in Art. 41 of these Articles of Association), if and to the
    extent that such approval (i) is not covered by the powers of the general meeting pursuant to Art. 12 (1) to (8) and (ii)
    that it is not an inalienable power of another corporate body of the Company.
	 	 	 
	Art. 13            Recht zur Einberufung	 	Art. 13            Right to call a General Meeting
	 	 	 
	Die Generalversammlung wird vom Verwaltungsrat,
    nötigenfalls von der Revisionsstelle, einberufen. Das Einberufungsrecht steht auch den Liquidatoren und den Vertretern
    der Anleihensgläubiger zu. Sie findet am Gesellschaftssitz oder an einem anderen Ort im In- oder Ausland oder, soweit
    nach den gesetzlichen Bestimmungen zulässig, ausschliesslich in einer vom Verwaltungsrat von Zeit zu Zeit festgelegten
    virtuellen Form statt.	 	The general meeting of the shareholders shall
    be called by the Board of Directors or, if necessary, by the Auditors. Liquidators and representatives of bond creditors are
    also entitled to call the general meeting of the shareholders. It shall be held at the Company’s registered office or at another
    place in Switzerland or abroad or, to the extent permissible under applicable laws, solely in virtual form, as determined
    by the Board of Directors from time to time.

 

     

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	Die ordentliche Generalversammlung findet alljährlich
    innerhalb von sechs Monaten nach Abschluss des Geschäftsjahres statt, ausserordentliche Versammlungen werden nach Bedürfnis
    abgehalten.	 	The ordinary general meeting of the shareholders
    shall take place annually within six months after the end of the business year, extraordinary general meetings of the shareholders
    shall be held as necessary.
	 	 	 
	Art. 14          Form der Einberufung	 	Art. 14          Form of the calling of a General
    Meeting
	 	 	 
	Die Generalversammlung wird durch einmalige
    Anzeige in der in Art. 39 für Mitteilungen an die Aktionäre vorgeschriebenen Art und Weise einberufen. Diese Anzeige
    muss mindestens 20 Tage vor der Generalversammlung ergehen.	 	The general meeting of the shareholders shall
    be convened by a single notice as provided for in Art. 39 regarding the manner of communications to shareholders. Such notice
    must be given at least 20 days prior to the general meeting of the shareholders.
	 	 	 
	Tag, Zeit und Ort der Generalversammlung, die
    Verhandlungsgegenstände (Traktandenliste) sowie die Anträge des Verwaltungsrates und der Aktionäre, welche
    die Durchführung der Generalversammlung oder die Traktandierung eines Verhandlungsgegenstandes verlangt haben, sind bei
    der Einberufung bekannt zu geben.	 	The calling shall state the date, time and place
    of the general meeting of the shareholders as well as the agenda and motions of the Board of Directors and of the shareholders
    who have requested the holding of a general meeting of the shareholders or the inclusion of an item on the agenda.
	 	 	 
	Die Aktionäre sind bei der ordentlichen
    Generalversammlung darüber zu orientieren, dass der Geschäftsbericht (Lagebericht des Verwaltungsrates und Jahresrechnung,
    bestehend aus Erfolgsrechnung, Bilanz und Anhang), der Vergütungsbericht und die Revisionsberichte mindestens 20 Tage
    vor dem Versammlungstag zur Einsicht der Aktionäre am Sitz der Gesellschaft aufliegen, sowie dass jeder Aktionär
    verlangen kann, dass ihm unverzüglich eine Ausfertigung dieser Unterlagen zugestellt wird.	 	As far as the ordinary general meeting is concerned,
    the shareholders have to be notified, that the annual business report (the management report of the Board of Directors and
    the annual financial accounts, comprising the profit and loss statement, the balance sheet and notes), the compensation report
    and the audit reports are open to inspection by the shareholders at the registered office at least 20 days prior to the date
    of the general meeting of the shareholders and that any shareholder may request that a copy of these documents be immediately
    sent to him/her.
	 	 	 
	Über Gegenstände, die nicht in dieser
    Weise angekündigt worden sind, können Beschlüsse nicht gefasst werden, ausser über einen Antrag auf Einberufung
    einer ausserordentlichen Generalversammlung, auf Durchführung einer Sonderprüfung oder auf Wahl einer Revisionsstelle
    infolge eines Begehrens eines Aktionärs nach Art. 727a Abs. 4 OR.	 	No resolutions may be passed on agenda items
    which have not been announced in this manner, except on motions for the calling of an extraordinary general meeting of the
    shareholders, for the conduct of a special audit or the appointment of auditors at the request of a shareholder pursuant to
    Art. 727a paragraph 4 CO.
	 	 	 
	Art. 15          Universalversammlung	 	Art. 15          Universal Meeting
	 	 	 
	Die Eigentümer oder Vertreter sämtlicher
    Aktien können, falls kein Widerspruch erhoben wird, eine Generalversammlung ohne Einhaltung der für die Einberufung
    vorgeschriebenen Formvorschriften abhalten.	 	The holders of all Shares or their representatives
    may, if no objection is raised, hold a general meeting of the shareholders without observing the formalities required for
    the calling of a general meeting of the shareholders.
	 	 	 
	In dieser Versammlung kann über alle in
    den Geschäftskreis der Generalversammlung fallenden Gegenstände gültig verhandelt und Beschluss gefasst werden,
    solange die Eigentümer oder Vertreter sämtlicher Aktien anwesend sind.	 	Provided the holders of all shares or their
    representatives are present, all items within the powers of a general meeting of the shareholders may validly be discussed
    and resolved at such a meeting.
	 	 	 

 

     

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	Art. 16     Vorsitz und Protokoll	 	Art. 16     Chairperson and Minutes
	 	 	 
	Die Generalversammlung wird durch den Präsidenten
    bzw. Vizepräsidenten des Verwaltungsrates, den Chief Executive Officer, den Sekretär des Verwaltungsrates oder eine
    vom Verwaltungsrat ernannte Person geleitet. 	 	The general meeting of the shareholders shall
    be chaired by the Chairman, the vice-chairman of the Board of Directors, Chief Executive Officer, Corporate Secretary or any
    person appointed by the Board of Directors.
	 	 	 
	Der Vorsitzende ernennt den Protokollführer
    und den oder die Stimmenzähler. Der Protokollführer und der oder die Stimmenzähler müssen nicht Aktionäre
    sein. Der Vorsitzende kann zugleich auch Protokollführer und Stimmenzähler sein.	 	The chairperson shall appoint the keeper of
    the minutes and the scrutineer(s). The keeper of the minutes and the scrutineer(s) need not be shareholders. The chairperson
    may also be the keeper of the minutes and the scrutineer.
	Über die Beschlüsse und Wahlen der
    Generalversammlung ist ein Protokoll zu führen, das vom Vorsitzenden und vom Protokollführer zu unterzeichnen ist.
    Es hält die Angaben gemäss Art. 702 Abs. 2 OR fest.	 	Minutes shall be kept of the resolutions and
    votes of the general meeting of the shareholders that shall be signed by the chairperson and the keeper of the minutes. They
    shall contain the information required by Art. 702 paragraph 2 CO.
	 	 	 
	Die Aktionäre sind berechtigt, das Protokoll
    einzusehen.	 	Shareholders may inspect the minutes.
	 	 	 
	Art. 17     Stimmrecht und Vertretung	 	Art. 17     Voting Rights and Representation
	 	 	 
	Jede Aktie berechtigt zu einer Stimme.	 	Each share carries one vote.
	 	 	 
	Sofern die Statuten es vorsehen, ist jeder an
    einem bestimmten, durch den Verwaltungsrat vorgegebenen Stichtag, im Aktienbuch eingetragene Aktionär berechtigt, an
    der Generalversammlung teilzunehmen und an der Beschlussfassung mitzuwirken.	 	If provided in these Articles of Association,
    each shareholder recorded in the Share Register on a specific qualifying day which may be designated by the Board of Directors
    shall be entitled to participate at the general meeting of the shareholders and in any vote taken.
	 	 	 
	Die Aktionäre wählen den unabhängigen
    Stimmrechtsvertreter an einer Generalversammlung für eine Amtszeit bis zum Abschluss der nächsten ordentlichen Generalversammlung.
    Wiederwahl ist möglich. Ist das Amt des unabhängigen Stimmrechtsvertreters aus irgendeinem Grund vakant, ernennt
    der Verwaltungsrat einen unabhängigen Stimmrechtsvertreter für die nächste Generalversammlung. 	 	The shareholders shall elect the independent
    voting rights representative at a general meeting of the shareholders for a term of office extending until completion of the
    next annual general meeting. Re-election is possible. If the office of the independent voting rights representative is vacant,
    for any reason, the Board of Directors shall appoint an independent voting rights representative for the next general meeting
    of shareholders.
	 	 	 
	Jeder Aktionär kann sich in der Generalversammlung
    durch einen anderen Aktionär, einen Dritten oder den unabhängigen Stimmrechtsvertreter vertreten lassen. Vertreter
    haben sich durch eine schriftliche Vollmacht auszuweisen, wobei die Vollmacht und die Weisungen an den unabhängigen Stimmrechtsvertreter
    auch in einer vom Verwaltungsrat von Zeit zu Zeit festgelegten elektronischen Form erteilt werden können.	 	Each shareholder may arrange representation
    through another shareholder, a third party or the independent voting rights representative. The representative must produce
    a written power of attorney; provided, however, that the proxy and the instructions to the independent voting rights representative
    may also be granted by electronic means as determined by the Board of Directors from time to time.
	 	 	 
	Die Gesellschaft anerkennt nur einen Vertreter
    für jede Aktie.	 	The Company shall acknowledge only one representative
    for each share.
	 	 	 
	Der Verwaltungsrat kann die Einzelheiten über
    die Vertretung und Teilnahme an der Generalversammlung in Verfahrensvorschriften regeln, einschliesslich mittels Verfahrensvorschriften
    in der Einladung zur Generalversammlung oder in den Stimmrechtskarten, die den Aktionären im Zusammenhang mit einer Generalversammlung
    zugestellt werden.	 	The Board of Directors may issue the particulars
    of the right to representation and participation at the general meeting of the shareholders in procedural rules, including
    in procedural rules included in the notice of the general meeting of the shareholders or the proxy cards made available to
    shareholders in connection with a general meeting of the shareholders.

 

     

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	Stimmrechte und die damit verbundenen Rechte
    können der Gesellschaft gegenüber von einem Aktionär oder Nutzniesser der Aktien jeweils nur in dem Umfang
    ausgeübt werden, wie diese Person mit Stimmrecht im Aktienbuch eingetragen ist.	 	Voting rights and rights derived from them may
    be exercised in relation to the Company by a shareholder or usufructuary of Shares only to the extent that such Person is
    recorded in the Share Register with the right to exercise his voting rights.
	 	 	 
	Art. 18     Teilnahme der Mitglieder des Verwaltungsrates	 	Art.
    18     Participation of the Members of the Board of Directors
	 	 	 
	Die Mitglieder des Verwaltungsrates sind berechtigt,
    an der Generalversammlung teilzunehmen. Sie können Anträge stellen.	 	The members of the Board of Directors may take
    part in the general meeting of the shareholders. They may submit motions.
	 	 	 
	Art. 19     Beschlussfassung und Wahlen	 	Art. 19     Resolutions and Voting
	 	 	 
	Die Generalversammlung fasst ihre Beschlüsse
    und vollzieht ihre Wahlen mit der Mehrheit der abgegebenen Aktienstimmen, unter Ausschluss der leeren, ungültigen und
    nicht ausübbaren Stimmen, soweit Gesetz oder Statuten nichts anderes bestimmen. Bei Stimmengleichheit gilt ein Beschluss
    als nicht zustande gekommen; bei Wahlen entscheidet das Los.	 	The general meeting of the shareholders shall
    pass its resolutions and elections with a majority of the share votes cast, excluding unmarked, invalid and non-exercisable
    votes, to the extent not otherwise stated by the law or the Articles of Association. Where the votes are tied, a resolution
    shall be deemed not to be passed; in the case of elections, the decision shall be by lot.
	 	 	 
	Art. 20     Besonderes Stimmen-Quorum	 	Art. 20     Special Vote
	 	 	 
	Folgende Beschlüsse müssen von Gesetzes
    wegen mindestens zwei Drittel der vertretenen Stimmen und die absolute Mehrheit der vertretenen Aktiennennwerte auf sich vereinigen:	 	The following resolutions require by law two
    thirds of the votes represented and the absolute majority of the nominal value of the Shares represented in favor:
	 	 	 
	1.      Änderung
    des Gesellschaftszweckes;	 	1.      amendment
    of the Company objects;
	2.      Einführung
    von Stimmrechtsaktien;	 	2.      creation
    of Shares with privileged voting rights;
	3.      Beschränkung
    der Übertragbarkeit von Namenaktien;	 	3.      restriction
    on the transferability of registered Shares;
	4.      Genehmigte
    oder bedingte Kapitalerhöhung;	 	4.      approved
    or conditional capital increase;
	5.      Kapitalerhöhung
    aus Eigenkapital, gegen Sacheinlage oder zwecks Sachübernahme und die Gewährung von besonderen Vorteilen;	 	5.      capital
    increase out of equity, by way of contributions in kind or for the purpose of acquisition of assets and the granting of special
    benefits;
	6.      Einschränkung
    oder Aufhebung des Bezugsrechtes;	 	6.      restriction
    or withdrawal of subscription rights;
	7.      Verlegung
    des Sitzes der Gesellschaft;	 	7.      relocation
    of the registered office of the Company;
	8.      Auflösung
    der Gesellschaft;	 	8.      winding-up
    of the Company;
	9.      Fusionsbeschluss
    gemäss Art. 18 des Fusionsgesetzes (FusG), Spaltungsbeschluss gemäss Art. 43 FusG und Umwandlungsbeschluss
    gemäss Art. 64 FusG.	 	9.      merger
    resolution pursuant to Art. 18 of the Merger Act (FusG), demerger resolution pursuant to Art. 43 FusG and transformation resolution
    pursuant to Art. 64 FusG.
	 	 	 
	Im Rahmen des gesetzlich Zulässigen und
    unter Vorbehalt anderslautender Vorschriften in diesem Art. 20 ist für folgende Gegenstände ein Beschluss der Generalversammlung
    erforderlich, der mindestens 75 % der an der Generalversammlung vertretenen Aktien auf sich vereinigt:	 	Subject to the provisions of the applicable
    law and except as otherwise expressly provided in this Art. 20, the approval of at least 75 % of the Shares represented at
    a general meeting of the shareholders shall be required for:
	 	 	 
	1.      Die
    Genehmigung von Zusammenschlüssen (die Definition eines Zusammenschlusses findet sich in Art. 41 dieser Statuten) gemäss
    Art. 12 (9) dieser Statuten. Dieses besondere Zustimmungserfordernis ist nicht erforderlich für Zusammenschlüsse,
    welche von der Mehrheit der Unparteiischen Mitgliedern des Verwaltungsrates (die Definition der Unparteiischen Mitglieder
    des Verwaltungsrates findet sich in Art. 41 der Statuten) genehmigt wurden. Für solche von der Mehrheit der Unparteiischen
    Mitgliedern des Verwaltungsrates genehmigte Zusammenschlüsse genügen die im Gesetz oder in den Statuten vorgesehenen
    Mehrheiten, je nach dem welche strenger sind. Für den Zweck dieser Bestimmung ist die Mehrheit der Unparteiischen Mitglieder
    des Verwaltungsrates berechtigt und verpflichtet, gestützt auf die ihnen nach angemessenem Aufwand zur Verfügung
    stehenden Informationen zu bestimmen, (i) ob eine Person ein Nahestehender Aktionär ist; (ii) die Anzahl Aktien, die
    eine Person oder eine Gesellschaft direkt oder indirekt hält; (iii) ob eine Gesellschaft eine Nahestehende Gesellschaft
    einer anderen ist; und ob (iv) die Aktiven, welche Gegenstand eines solchen Zusammenschlusses sind oder die von der Gesellschaft
    oder einer ihrer Tochtergesellschaften im Zusammenhang mit einem solchen Zusammenschluss ausgegebenen oder übertragenden
    Effekten einen aggregierten Marktwert von mindestens 25 % des Marktwertes der gesamten Aktiven unmittelbar vor dem Zusammenschluss
    haben. Die Mehrheit der Unparteiischen Mitglieder des Verwaltungsrates hat zudem das Recht, sämtliche Bestimmungen und
    Begriffe dieses Art. 20 auszulegen.	 	1.      The
    approval of Business Combinations (definition of this term is in Art. 41 of these Articles of Association) pursuant to Art.
    12 (9) of these Articles of Association. The foregoing requiring a special resolution of the shareholders shall not be applicable
    to any particular Business Combination, and such Business Combination shall require only such vote as is required by the law
    or by these Articles of Association, whichever is greater, if the Business Combination shall have been approved by a majority
    of the Disinterested Directors (as hereinafter defined in Art. 41 of these Articles of Association) whereby it is understood
    that such majority of the Disinterested Directors shall have the power and duty to determine for the purposes of this Article,
    on the basis of information known to them after reasonable inquiry, (i) whether a person is an Interested Shareholder; (ii)
    the number of Shares of which any person is the beneficial owner; (iii) whether a Person is an Affiliate of another; and (iv)
    whether the assets which are the subject of any Business Combination have, or any securities to be issued or transferred by
    the Company or any Subsidiary in any Business Combination have, an aggregate Fair Market Value equaling or exceeding twenty-five
    percent (25 %) of the Fair Market Value of the combined assets immediately prior to such transfer of the Company and its subsidiaries.
    A majority of the Disinterested Directors shall have the further power to interpret all of the terms and provisions of this
    Art. 20.

 

     

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	2.      Jede
    Änderung dieser Bestimmung.	 	2.      Any
    change to this paragraph of Art. 20 of the Articles of Association.
	 	 	 
	Ein Beschluss der Generalversammlung der mindestens
    zwei Drittel der Gesamtstimmen (die Definition von Gesamtstimmen findet sich in Art. 41 dieser Statuten) auf sich vereinigt,
    ist erforderlich für:	 	The approval of at least two thirds of the Total
    Voting Shares shall be required for (definition of the term Total Voting Shares is in Art. 41 of these Articles of Association):
	 	 	 
	1.      Die
    Abwahl eines amtierenden Mitglieds des Verwaltungsrates	 	1.      A
    resolution with respect to the removal of a serving member of the Board of Directors.
	2.      Jede
    Änderung dieser Bestimmung	 	2.      Any
    change to this paragraph of Art. 20 of the Articles of Association.
	 	 	 
	Ein Beschluss der Generalversammlung der mindestens
    75 % der Gesamtstimmen (die Definition von Gesamtstimmen findet sich in Art. 41 dieser Statuten) auf sich vereinigt, ist erforderlich
    für:	 	The approval of at least 75 % of the Total Voting
    Shares shall be required for (definition of the term Total Voting Shares is in Art. 41 of these Articles of Association):
	 	 	 
	1.      Die
    Reduktion oder Erhöhung der Anzahl Verwaltungsräte in Art. 24 dieser Statuten.	 	1.      The
    increase or reduction of the number of members of the Board of Directors in Art. 24 of these Articles of Association.
	2.      Jede
    Änderung dieser Bestimmung.	 	2.      Any
    change to this paragraph of Art. 20 of the Articles of Association.
	 	 	 
	Auf Verlangen eines Aktionärs erfolgt die
    Wahl der Mitglieder des Verwaltungsrates in geheimer Abstimmung. Die übrigen Wahlen und Beschlussfassungen erfolgen in
    offener Abstimmung, falls die Generalversammlung nichts anderes beschliesst.	 	At the request of a shareholder the election
    of members of the Board of Directors shall take place by secret ballot. All other voting and passing of resolutions shall
    occur by open ballot unless otherwise resolved by the general meeting of the shareholders.
	 	 	 
	Ist die Gesellschaft verpflichtet, ihre Jahresrechnung
    und gegebenenfalls ihre Konzernrechnung durch eine Revisionsstelle prüfen zu lassen, muss der Revisionsbericht vorliegen,
    bevor die Generalversammlung die Jahresrechnung und die Konzernrechnung genehmigt und über die Verwendung des Bilanzgewinns
    beschliesst. Wird eine ordentliche Revision durchgeführt, so muss die Revisionsstelle an der Generalversammlung anwesend
    sein. Die Generalversammlung kann durch einstimmigen Beschluss auf die Anwesenheit der Revisionsstelle verzichten.	 	Where the Company is required to have its annual
    financial accounts and, where relevant, its group accounts audited by auditors, the audit report shall be presented to the
    general meeting of the shareholders prior to approval of the annual financial accounts and group accounts and prior to resolving
    on the application of the balance sheet profit. Where an ordinary audit is to be conducted, the Auditors shall be present
    at the general meeting of the shareholders. The general meeting of the shareholders may by way of a unanimous resolution,
    waive the requirement for the presence of the Auditors.

 

     

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	14
	 	 

    

 

	 	 	 
	Art. 21     Auskunfts- und Einsichtsrecht
    der Aktionäre	 	Art.
    21     Information and Inspection Rights of the Shareholders
	 	 	 
	Jeder Aktionär ist berechtigt, an der Generalversammlung
    vom Verwaltungsrat Auskunft über die Angelegenheiten der Gesellschaft und von der Revisionsstelle über Durchführung
    und Ergebnis ihrer Prüfung zu verlangen.	 	At the general meeting of the shareholders,
    any shareholder is entitled to request information from the Board of Directors concerning the affairs of the Company and from
    the Auditors concerning the conduct and the results of their review.
	 	 	 
	Die Auskunft ist insoweit zu erteilen, als sie
    für die Ausübung der Aktionärsrechte erforderlich ist. Sie kann verweigert werden, wenn durch sie Geschäftsgeheimnisse
    oder andere schutzwürdige Interessen der Gesellschaft gefährdet werden.	 	The information shall be given to the extent
    necessary for the exercising of shareholders’ rights. It may be denied if business secrets or other interests of the Company
    worth being protected are jeopardized.
	 	 	 
	Die Geschäftsbücher und Korrespondenzen
    können nur mit ausdrücklicher Ermächtigung der Generalversammlung oder durch Beschluss des Verwaltungsrates
    und unter Wahrung des Geschäftsgeheimnisses eingesehen werden.	 	Company books and correspondence may only be
    inspected with the express authorization of the general meeting of the shareholders or by resolution of the Board of Directors
    and under the condition that business secrets are safeguarded.
	 	 	 
	

    Art. 22     Recht auf Einleitung einer Sonderprüfung	 	Art. 22     Right to Initiate a Special Audit
	 	 	 
	Jeder Aktionär kann der Generalversammlung
    beantragen, bestimmte Sachverhalte durch eine Sonderprüfung abklären zu lassen, sofern dies zur Ausübung der
    Aktionärsrechte erforderlich ist und er das Recht auf Auskunft oder das Recht auf Einsicht bereits ausgeübt hat.	 	Any shareholder may, at the general meeting
    of the shareholders, request that certain matters be subject to a special audit to the extent this is necessary for the exercising
    of shareholders’ rights and he/she has previously exercised the right to information or the right to inspection.
	 	 	 
	Art.
    22 a) Vergütung des Verwaltungsrates und der Geschäftsleitung	 	Art.
    22 a) Compensation of the Board of Directors and Executive Management 
	 	 	 
	(1) Die Aktionäre genehmigen, unter Vorbehalt
    der nachstehenden Abs. 2 und 4, an jeder ordentlichen Generalversammlung die Anträge des Verwaltungsrates betreffend
    den Maximalgesamtbetrag (in US Dollars, Schweizer Franken oder einer anderen Währung):	 	(1) The shareholders shall, subject to paras. 2
    and 4 below, at each annual general meeting ratify the proposals of the Board of Directors as regards the maximum aggregate
    amount (expressed in U.S. dollars, Swiss francs or any other currency) of, respectively:
	 	 	 
	(a) der
    Vergütung des Verwaltungsrates für die Periode zwischen der ordentlichen Generalversammlung, an welcher um Genehmigung
    ersucht wird, und der nächsten ordentlichen Generalversammlung; und	 	(a) the compensation of the Board of Directors for the period between the annual general meeting at which ratification is
    sought and the next annual general meeting; and
	 	 	 
	(b)
der Vergütung der Geschäftsleitung für das Geschäftsjahr, welches nach der ordentlichen Generalversammlung,
    an welcher um Genehmigung ersucht wird, beginnt.	 	(b) the compensation of Executive Management for the fiscal year commencing after the annual general meeting is held at which
    the ratification is sought.
	 	 	 
	(2) Der Verwaltungsrat kann die Aktionäre
    an einer Generalversammlung um Genehmigung eines Gesamtbetrages oder eines Maximalgesamtbetrages der Vergütung für
    den Verwaltungsrat beziehungsweise die Geschäftsleitung, oder von Elementen davon, oder zusätzlicher oder bedingter
    Beträge, in Bezug auf von Abs. 1 dieses Art. 22 a) abweichende Zeitperioden ersuchen, sei es auf retrospektiver
    Basis, prospektiver Basis oder einer Kombination davon.	 	(2) The Board of Directors may seek ratification
    by the shareholders at a general meeting of the shareholders on a retrospective basis, on a prospective basis, or a combination
    thereof, of the aggregate amount, or maximum aggregate amount, of compensation, respectively, of the Board of Directors and
    Executive Management, or any element thereof, or any additional or contingent amount, in relation to different time periods
    than those referred to in para. 1 of this Art. 22 a).

 

     

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	15
	 	 

    

 

	 	 	 
	(3) Innerhalb des von den Aktionären an
    der jeweiligen Generalversammlung genehmigten Maximalgesamtbetrages ist ausschliesslich der Verwaltungsrat oder, soweit an
    ihn delegiert, der Vergütungsausschuss befugt und verantwortlich, die tatsächliche individuelle Vergütung jedes
    Mitglieds des Verwaltungsrates beziehungsweise der Geschäftsleitung zu bestimmen. Zu diesem Zweck wird der Wert der Vergütung
    gemäss allgemein anerkannten Bewertungsmethoden per Datum der Zuteilung des jeweiligen Vergütungselements bestimmt.	 	(3) Within the maximum aggregate amount ratified
    by the shareholders at the relevant general meeting of the shareholders, it shall be the exclusive authority and responsibility
    of the Board of Directors or, where delegated to it, the Compensation Committee to determine the actual individual compensation
    of, respectively, each member of the Board of Directors and Executive Management. For such purposes, the value of compensation
    shall be determined in accordance with generally recognized valuation methods as per the grant date of the respective compensation
    element.
	 	 	 
	(4) Genehmigen die Aktionäre an einer Generalversammlung
    einen Antrag des Verwaltungsrates gemäss Abs. 1 oder 2 hiervor nicht, so zieht der Verwaltungsrat den Antrag, der
    nicht genehmigt wurde, unter Berücksichtigung, soweit feststellbar, der Gründe, aus welchen die Aktionäre den
    Antrag nicht genehmigt haben, in Wiedererwägung, und ersucht die Aktionäre um Genehmigung eines überarbeiteten
    Antrags; die Genehmigung kann an der Generalversammlung, an welcher der Antrag gemäss Abs. 1 oder 2 hiervor nicht
    genehmigt wurde, an einer ausserordentlichen Generalversammlung oder an der nächsten ordentlichen Generalversammlung
    erfolgen.	 	(4) If at the annual general meeting the shareholders
    have not ratified a proposal of the Board of Directors pursuant to para. 1 above or para. 2 above, the Board of
    Directors shall reconsider the proposal that has not been ratified, taking into account, to the extent identifiable, the reasons
    for which the shareholders did not ratify the proposal, and seek shareholder ratification for a revised proposal at the annual
    general meeting at which the proposal pursuant to para. 1 above or para. 2 above has not been ratified, at an extraordinary
    general meeting or at the next annual general meeting. 
	 	 	 
	(5) Die Gesellschaft oder von ihr kontrollierte
    Gesellschaften können Vergütung vor der Genehmigung durch die Aktionäre an einer Generalversammlung auszahlen
    oder zuteilen. Solche Vergütung steht unter dem Vorbehalt der nachträglichen Genehmigung durch die Aktionäre.	 	(5)  The Company or companies under its
    control may pay out or grant compensation prior to shareholder ratification at a general meeting of the shareholders. Such
    compensation is subject to subsequent shareholder ratification.
	 	 	 
	(6) Der Begriff “Vergütung”,
    so wie er in diesen Statuten verwendet wird, umfasst jegliche Form der Entschädigung, einschliesslich, aber nicht beschränkt
    auf Vergütung in bar, in der Form von Aktien, gesperrten Aktien, Bonus-Aktien, ausgeschobenen Einheiten, Optionen, Wertsteigerungsrechten,
    gesperrten Aktieneinheiten, Leistungsprämien oder anderen Finanzinstrumenten oder Derivaten, oder irgendeiner Kombination
    davon, oder andere Leistungen und Vorteile, welche Mitgliedern des Verwaltungsrates und/oder der Geschäftsleitung bezahlt
    oder zugeteilt wird bzw. welche diese erhalten. Der Begriff “Vergütung” umfasst nicht den Ersatz von Auslagen,
    die ein Mitglied des Verwaltungsrates oder der Geschäftsleitung im Interesse der Gesellschaft getätigt hat.	 	(6) The term “compensation”, as
    used in these Articles of Association, shall include any form of remuneration, including, without limitation, cash, shares,
    restricted shares, bonus shares, deferred units, stock options, share appreciation rights, restricted stock units, performance
    awards, awards of other financial instruments or derivatives, or any combination of the foregoing, paid or granted to, and
    any other benefits and perquisites received by, members of the Board of Directors and/or Executive Management. The term “compensation”
    shall not include the reimbursement of expenses incurred by a member Board of Directors or Executive Management in the interests
    of the Company.

 

     

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	16
	 	 

    

 

	 	 	 
	Art. 22 b) Allgemeine Vergütungsprinzipien	 	Art.
    22 b) General Compensation Principles 
	 	 	 
	(1) Die Vergütung des Verwaltungsrates
    kann (i) Barkomponenten, (ii) Aktien, gesperrte Aktien, gesperrte Aktieneinheiten, aufgeschobene Einheiten oder ähnliche
    Instrumente und/oder (iii) Leistungen oder Vorteile in der Form von Sach- oder Dienstleistungen umfassen, wie im Einzelnen
    vom Verwaltungsrat oder, soweit an ihn delegiert, vom Vergütungsausschuss unter Vorbehalt der anwendbaren Planbestimmungen
    festgelegt. Exekutive Verwaltungsräte erhalten keine Vergütung zusätzlich zur Vergütung, welche ihnen
    im Rahmen ihrer Funktion als Mitglied der Geschäftsleitung der Gesellschaft ausgerichtet wird.	 	(1) The compensation of the Board of Directors
    may include (i) cash, (ii) shares, restricted shares, restricted share units, deferred units or similar instruments, and/or
    (iii) benefits and perquisites in kind or in the form of services, as shall be determined by the Board of Directors or, where
    delegated to it, the Compensation Committee and subject to the terms of the applicable plans. Executive directors shall not
    receive any compensation in addition to the compensation paid to them in their roles as officers of the Company.
	 	 	 
	(2) Sofern vom Verwaltungsrat oder, soweit an
    ihn delegiert,  vom Vergütungsausschuss nicht anders festgelegt, besteht die Vergütung der Geschäftsleitung
    in der Regel aus (i) einem Basissalär, (ii) anteilsbasierter oder anderer Leistungs- oder Erfolgsvergütung gemäss
    anwendbaren Plänen und (iii) weiterer Vergütung, die der Verwaltungsrat oder, soweit an ihn delegiert, der Vergütungsausschuss
    als angemessen erachtet, einschliesslich, aber nicht beschränkt auf Beiträge an Vorsorgeleistungspläne und
    Spesenpauschalen.	 	(2) Except as otherwise determined by the Board
    of Directors or, where delegated to it, the Compensation Committee, Executive Management compensation shall generally consist
    of (i) a base salary, (ii) equity incentive and other incentive compensation pursuant to applicable plans and (iii)
    any other compensation as deemed appropriate by the Board of Directors or, where delegated to it, the Compensation Committee,
    including, but not limited to, contributions to post-retirement benefit plans and allowances.
	 	 	 
	(3) Vergütung gemäss Beteiligungs-
    oder Leistungs- und Erfolgsplänen soll so ausgestaltet sein, dass die Interessen der Empfänger auf diejenigen der
    Aktionäre der Gesellschaft ausgerichtet werden, eine Mitarbeiteranbindung erreicht wird und die Vergütung an die
    Leistung infolge der Schaffung von Mehrwert für die Aktionäre geknüpft wird. Der Verwaltungsrat oder, soweit
    an ihn delegiert,  der Vergütungsausschuss berücksichtigen die Funktion, den Umfang der Pflichten und die Verantwortungsstufe
    des jeweiligen Empfängers, die Mitarbeiteranbindung, das gegenwärtige Geschäftsumfeld, die persönliche
    Leistung, die Leistung der Gesellschaft oder von Unternehmensteilen, einschliesslich, aber nicht beschränkt auf die Aktienrendite
    im Verhältnis zum Markt, anderen Unternehmen oder anderen Richtgrössen.	 	(3) Compensation pursuant to participation or
    incentive plans shall be designed so as to align the interests of its recipients with those of the Company’s shareholders,
    provide retention incentives, and tie compensation to performance through the creation of shareholder value. The Board of
    Directors or, where delegated to it,  the Compensation Committee shall take into account the position and level of duties
    and responsibility of the respective recipient, retention considerations, the current business environment, individual performance,
    performance of the Company or parts thereof, including, without limitation, total shareholder return relative to market, other
    companies or other benchmarks.
	 	 	 
	(4) Vorbehältlich der Genehmigung der Bestimmungen
    der Beteiligungs- oder der Leistungs-und Erfolgspläne durch die Aktionäre (soweit gemäss anwendbarem Recht
    oder anwendbaren Börsenregularien erforderlich), legt der Verwaltungsrat oder, soweit an ihn delegiert, der Vergütungsausschuss
    für anteilsbasierte oder Leistungs- und Erfolgsvergütung, soweit anwendbar, die Zuteilungs-, Anfalls- (vesting-),
    Ausübungs- und Verfallsbedingungen fest; der Verwaltungsrat oder, soweit an ihn delegiert,  der Vergütungsausschuss
    kann vorsehen, dass aufgrund des Eintritts von im Voraus bestimmten Ereignissen wie einem Kontrollwechsel oder der Beendigung
    eines Arbeits-, Mandats-oder anderen Vertrags Anfalls- (vesting-) und Ausübungsbedingungen fortbestehen oder
    verkürzt oder aufgehoben werden, Vergütungen unter Annahme der Erreichung der Zielwerte ausgerichtet werden oder
    Vergütungen verfallen.	 	(4) In relation to equity incentive or other
    incentive awards, subject to the approval of the terms of equity incentive or other incentive plans by shareholders as may
    be required under applicable law and stock exchange rules, the Board of Directors or, where delegated to it, the Compensation
    Committee shall, as applicable, determine the grant, vesting, exercise and forfeiture conditions; the Board of Directors or,
    where delegated to it, the Compensation Committee may provide for the continuation, acceleration or removal of vesting and
    exercise conditions, for the payment or grant of compensation based upon assumed target achievement, or for forfeiture, in
    each case with regard to pre-determined events such as a change-in-control or termination of an employment, mandate or other
    agreement.

 

     

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	(5) Die Gesellschaft kann die Aktien der Gesellschaft,
    die im Rahmen der anteilsbasierten Vergütung an die Begünstigten auszugeben oder zu liefern sind, jeweils soweit
    verfügbar aus genehmigtem oder bedingtem Aktienkapital oder unter Verwendung von auf dem Markt erworbenen eigenen Aktien
    bereitstellen.	 	(5) The Company may procure the shares of the
    Company to be issued or delivered to beneficiaries of equity-based awards, to the extent available, from authorized share
    capital, conditional share capital, or through use of treasury shares purchased in the market.
	 	 	 
	(6) Vergütung gemäss diesen Statuten
    kann durch die Gesellschaft oder durch von ihr kontrollierte Gesellschaften ausbezahlt oder zugeteilt werden.	 	(6) Compensation pursuant to these Articles
    of Association may be paid or granted by the Company or companies under its control.
	 	 	 
	Art.
    22 c) Zusatzbetrag für Änderungen in der Geschäftsleitung	 	Art. 22
    c) Supplementary Amount for Changes to the Executive Management
	 	 	 
	Reicht der von den Aktionären an einer
    Generalversammlung genehmigte Maximalgesamtbetrag der Vergütung der Mitglieder der Geschäftsleitung für die
    Vergütung eines Mitglieds der Geschäftsleitung, das nach dem Zeitpunkt der letzten Genehmigung durch die Aktionäre
    an einer Generalversammlung Mitglied der Geschäftsleitung wird oder innerhalb der Geschäftsleitung befördert
    wird, nicht aus, sind die Gesellschaft oder von ihr kontrollierte Gesellschaften ermächtigt, jedem solchem Mitglied der
    Geschäftsleitung für die Dauer der bereits durch die Aktionäre an einer Generalversammlung genehmigten Vergütungsperiode(n)
    eine Vergütung zu bezahlen oder auszurichten. Eine solche Vergütung darf je neu ernanntes oder befördertes
    Mitglied der Geschäftsleitung und je relevante Vergütungsperiode unter keinen Umständen den letzten von den
    Aktionären an einer Generalversammlung genehmigten Maximalgesamtbetrag der Vergütung übersteigen. Vergütung,
    die gemäss diesem Art. 22 c) ausgerichtet wird, bedarf keiner weiteren Genehmigung durch die Aktionäre.	 	If the maximum aggregate amount of compensation
    of Executive Management members ratified by the shareholders at a general meeting of the shareholders is not sufficient to
    also cover the compensation of a member of Executive Management who becomes a member of Executive Management or is being promoted
    within Executive Management after the date of the most recent shareholder ratification at a general meeting of the shareholders,
    the Company or companies under its control shall be authorized to pay and/or grant compensation to such member of Executive
    Management in relation to the compensation period(s) already ratified by the shareholders at a general meeting of the shareholders.
    In no event shall any such compensation for each newly appointed or promoted member of Executive Management and for each relevant
    compensation period exceed the maximum aggregate amount of Executive Management compensation last ratified by shareholders
    at a general meeting of the shareholders. No further shareholder ratification shall be required for any compensation paid
    and/or granted in accordance with this Art. 22 c).
	 	 	 
	Art. 23     Präsenzquorum	 	Art. 23     Presence Quorum
	 	 	 
	Jede Beschlussfassung oder Wahl setzt zu ihrer
    Gültigkeit im Zeitpunkt der Konstituierung der Generalversammlung ein Präsenzquorum von Aktionären, welche
    mindestens die Mehrheit aller Gesamtstimmen vertreten, voraus. Die Aktionäre können mit der Behandlung der Traktanden
    fortfahren, selbst wenn Aktionäre nach Bekanntgabe des Quorums durch den Vorsitzenden die Generalversammlung verlassen.	 	The adoption of any resolution or election requires
    the presence of at least a majority of the Total Voting Shares at the time when the general meeting of the shareholders proceeds
    to business. The shareholders present at a general meeting of the shareholders may continue to transact business, despite
    the withdrawal of shareholders from such general meeting of the shareholders following announcement of the presence quorum
    at that meeting.
	 	 	 
	B.              Der Verwaltungsrat	 	B.      The Board of Directors
	 	 	 
	Art. 24     Zusammensetzung	 	Art. 24     Composition
	 	 	 
	Der Verwaltungsrat besteht aus mindestens einem
    und höchstens zehn Mitgliedern.	 	The Board of Directors shall consist of no less
    than one and no more than ten members.
	 	 	 
	Solange die Namenaktien der Gesellschaft an
    einer in- oder ausländischen Börse kotiert sind, soll der Verwaltungsrat mindestens drei unabhängige Verwaltungsräte
    (Unabhängige Verwaltungsräte) ausweisen.	 	As long as the registered Shares of the Company
    are listed on a domestic or foreign Exchange, the Company shall maintain a minimum of three Independent Directors on its Board
    of Directors.

 

     

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	18
	 	 

    

 

	 	 	 
	Art. 25     Amtsdauer	 	Art. 25     Term of Office
	 	 	 
	Die Aktionäre wählen die Mitglieder
    des Verwaltungsrates und den Verwaltungsratspräsidenten einzeln an einer Generalversammlung für eine Amtsdauer bis
    zum Abschluss der nächsten ordentlichen Generalversammlung. Wiederwahl ist möglich. Ist das Amt des Verwaltungsratspräsidenten
    aus irgendeinem Grund vakant, ernennt der Verwaltungsrat einen Verwaltungsratspräsidenten für eine Amtsdauer bis
    zum Abschluss der nächsten ordentlichen Generalversammlung. 	 	The shareholders shall elect the members of
    the Board of Directors and the chair of the Board of Directors individually at a general meeting of shareholders for a term
    of office extending until completion of the next annual general meeting. Re-election is possible. If the office of the chair
    of the Board of Directors is vacant, for any reason, the Board of Directors shall appoint a new chair from among its members
    for a term of office extending until completion of the next annual general meeting.
	 	 	 
	Wenn ein Verwaltungsratsmitglied vor Ablauf
    seiner Amtsdauer aus irgendeinem Grund ersetzt wird, endet die Amtsdauer des an seiner Stelle gewählten neuen Verwaltungsratsmitgliedes
    mit dem Ende der Amtsdauer seines Vorgängers.	 	If, before the expiration of his term of office,
    a member of the Board of Director should be replaced for any reason, the term of office of the newly elected member of the
    Board of Directors shall expire at the end of the term of office of his predecessor.
	 	 	 
	Ist an der Gesellschaft eine juristische Person
    oder eine Handelsgesellschaft beteiligt, so ist sie als solche nicht als Mitglied des Verwaltungsrates wählbar; dagegen
    können an ihrer Stelle ihre Vertreter gewählt werden.	 	If a legal entity or another commercial enterprise
    is a shareholder of the Company, it shall not be eligible for membership on the Board of Directors; however, its representatives
    may be elected in lieu thereof.
	 	 	 
	Art. 26     Konstituierung	 	Art. 26     Constitution
	 	 	 
	Vorbehältlich der Wahl des Verwaltungsratspräsidenten
    und der Mitglieder des Vergütungsausschusses durch die Aktionäre an einer Generalversammlung  bestimmt
    der Verwaltungsrat seine Organisation selbst. Er kann einen oder mehrere Vize-Präsidenten wählen. Er bestellt einen
    Sekretär, der nicht Mitglied des Verwaltungsrates sein muss. Vorbehältlich des anwendbaren Rechts und dieser Statuten
    regelt der Verwaltungsrat die Einzelheiten seiner Organisation in einem Organisationsreglement.	 	Except for the election of the chair of the
    Board of Directors and the members of the Compensation Committee by the shareholders at a General Meeting of Shareholders,
    the Board of Directors shall determine its own organization. It may elect one or more vice-chairs. It shall appoint a Secretary,
    who need not be a member of the Board of Directors. Subject to applicable law and these Articles of Association, the Board
    of Directors shall establish the particulars of its organization in organizational regulations.
	 	 	 
	Art. 27     Aufgaben	 	Art. 27     Duties
	 	 	 
	Der Verwaltungsrat besorgt die laufenden Geschäfte
    und vertritt die Gesellschaft nach aussen.	 	The Board of Directors shall manage the ongoing
    business and represent the Company externally.
	 	 	 
	Der Verwaltungsrat hat die folgenden unübertragbaren
    und unentziehbaren Aufgaben:	 	The Board of Directors has the following non-transferable
    and inalienable duties:
	 	 	 
	Oberleitung der Gesellschaft und Erteilung der
    nötigen Weisungen;	 	Supreme management
    of the Company and issuance of the relevant instructions;
	Festlegung der Organisation, sofern in diesen
    Statuten nicht anders geregelt;	 	Determination of
    the organisation, except as stated otherwise in these Articles of Association;
	Ausgestaltung des Rechnungswesens, der Finanzkontrolle
    sowie der Finanzplanung, sofern diese für die Führung der Gesellschaft notwendig ist;	 	Structuring of the
    accounting system, the financial controls and the financial planning to the extent that this is necessary for the management
    of the Company;
	Ernennung und Abberufung der mit der Geschäftsführung
    und der Vertretung betrauten Personen sowie Regelung der Zeichnungsberechtigung;	 	Appointment and
    removal of the persons entrusted with the management and representation of the Company as well as regulation of signatory
    power;
	Oberaufsicht über die mit der Geschäftsführung
    betrauten Personen, namentlich im Hinblick auf die Befolgung der Gesetze, Statuten, Reglemente und Weisungen;	 	Overall supervision
    of the persons entrusted with the management of the Company, in particular with regard to their compliance with the law, the
    Articles of Association and other internal rules and regulations;
	Erstellung des Geschäftsberichtes, des
    Vergütungsberichtes sowie Vorbereitung der Generalversammlung und Ausführung ihrer Beschlüsse;	 	Preparation of the
    annual business report, the compensation report and the general meeting of the shareholders, as well as implementation of
    its resolutions;

 

     

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	19
	 	 

    

 

	Benachrichtigung des Richters im Falle der Überschuldung;	 	Notification of
    the judge in the case of over-indebtedness;
	Beschlussfassung über die nachträgliche
    Leistung von Einlagen auf nicht voll liberierte Aktien;	 	Passing of resolutions
    regarding retroactive payments related to partly paid-in shares;
	Feststellungsbeschlüsse bei Kapitalerhöhungen
    und daraus folgende Statutenänderungen.	 	Declaratory resolutions
    regarding capital increases and consequential amendments of the Articles of Association.
	 	 	 
	Er hat überdies die folgenden Aufgaben:	 	In addition, the Board of Directors shall have
    the following duties:
	 	 	 
	Führung der gemäss Organisationsreglement
    dem Verwaltungsrat vorbehaltenen Geschäfte (vgl. Art. 30 Abs. 2);	 	Management of transactions reserved to the Board
    of Directors by the Organizational Regulations (cf. Art. 30 paragraph 2);
	Antragstellung betreffend Verwendung des Bilanzgewinnes;	 	Proposals regarding the application of the balance
    sheet profit;
	Festlegung des Geschäftsjahres (vgl. Art.
    36);	 	Defining the business year (cf. Art. 36).
	Behandlung von Eintragungsgesuchen (vgl. Art.
    8).	 	Treatment of registration applications (cf.
    Art. 8).
	 	 	 
	Im Übrigen kann der Verwaltungsrat in allen
    Angelegenheiten Beschluss fassen, die nicht nach Gesetz, Statuten oder Reglement der Generalversammlung oder einem anderen
    Organ der Gesellschaft vorbehalten oder übertragen sind.	 	Otherwise, the Board of Directors may resolve
    on all matters not reserved or assigned to the general meeting of the shareholders or another corporate body of the Company
    by law, the Articles of Association or other internal rules and regulations.
	 	 	 
	Die Mitglieder des Verwaltungsrates zeichnen
    kollektiv zu zweien. Gehört dem Verwaltungsrat nur eine Person an, so ist diese einzelzeichnungsberechtigt.	 	The members of the Board of Directors shall
    have the power of joint signatories. Where the Board of Directors consists of just one person, he shall have the power of
    single signatory.
	 	 	 
	

    Art. 28     Schadloshaltung	 	Art. 28     Indemnification
	 	 	 
	Im Rahmen des gesetzlich Zulässigen, hält
    die Gesellschaft sämtliche Personen sowie deren Erben, Konkurs- oder Nachlassmassen, welche wegen ihrer Tätigkeit
    als Verwaltungsrat, Mitglied der Geschäftsleitung, Officer, Angestellte, Agent oder weil sie in einer anderen Funktion
    für oder im Namen der Gesellschaft (einschliesslich solcher Tätigkeiten, die diese Personen für eine andere
    Gesellschaft, eine nicht rechtsfähige Personengesellschaft, einen Joint Ventures, einen Trusts, eine sonstige Geschäftseinheit
    oder fiduziarisch im Zusammenhang mit von der Gesellschaft unterhaltenen Mitarbeiterbeteiligungsplänen für oder
    im Namen oder auf Aufforderung der Gesellschaft ausübten oder ausüben) tätig wurden, Partei in drohenden, hängigen
    oder abgeschlossenen Klagen, Verfahren oder Untersuchungen zivil-, straf-, verwaltungsrechtlicher oder anderer Natur (einschliesslich
    allfälliger Klagen der Gesellschaft) waren oder werden, schadlos von sämtlichen Auslagen (einschliesslich Anwaltskosten),
    Abgaben, Verlusten und Schäden, die diese in diesem Zusammenhang zu bezahlen und damit erlitten haben. Im Rahmen des
    gesetzlich zulässigen soll die Gesellschaft Gerichts- und Anwaltskosten im Zusammenhang mit solchen Klagen und Verfahren
    (einschliesslich Rechtsmittelverfahren) bevorschussen.	 	The Company shall indemnify, to the full extent
    now or hereafter permitted by law, any person (including his heirs, executors and administrators) who was or is a party or
    is threatened to be made a party to any threatened, pending or completed action, suit or proceeding, whether civil, criminal,
    administrative or investigative (including, without limitation, an action by or in the right of the Company), by reason of
    his acting as, or having in the past acted as, a member of the Board of Director, member of Executive Management, officer,
    employee or agent of, or his acting in any other capacity for or on behalf of, the Company (including his serving for, on
    behalf of or at the request of the Company as a member of the Board of Director, member of Executive Management, officer,
    employee or agent of another company, partnership, joint venture, trust or other enterprise, or in a fiduciary or other capacity
    with respect to any employee benefit plan maintained by the Company) against any expense (including attorneys’ fees),
    judgments, fines and amounts paid in settlement actually and reasonably incurred by such person (or his heirs, executors and
    administrators) in respect thereof. The Company shall advance the expenses of defending any such action, suit or proceeding
    (including appeals) in accordance with and to the full extent now or hereafter permitted by law.
	 	 	 
	Der Verwaltungsrat ist unabhängig von der
    Interessenlage des einzelnen Mitgliedes berechtigt, namens der Gesellschaft und zugunsten der in Art. 28 Abs. 2 dieser Statuten
    erwähnten Personen Versicherungen für die gegen diese Personen im Zusammenhang mit den oben beschriebenen Funktionen
    erhobenen Haftungsansprüche sowie deren Folgen abzuschliessen, unabhängig davon, ob die Gesellschaft das Recht bzw.
    die Macht hätte, diese Person in Anwendung von Art. 28 schadlos zu halten.	 	The Board of Directors may, notwithstanding
    any interest of the member of the Board of Directors in such action, authorize the Company to purchase and maintain insurance
    on behalf of any person described in Art. 28 paragraph 2 of these Articles of Association, against any liability asserted
    against him and incurred by him in any such capacity, or arising out of his status as such, whether or not the Company would
    have the power to indemnify him against such liability under the provisions of this Art. 28.

 

     

    	Garmin Ltd., Schaffhausen: Statuten / Articles of Association
	20
	 	 

    

 

	 	 	 
	Art. 28 ist auf alle Ansprüche, Klagen,
    Prozesse anwendbar, die nach Inkrafttreten dieser Bestimmung eingeleitet werden, unabhängig davon, ob sich diese auf
    Tätigkeiten oder Unterlassungen vor Inkrafttreten dieser Bestimmung stützen. Die Vorschrift in diesem Art. 28 soll
    als Vertrag zwischen der Gesellschaft und jedem Verwaltungsratsmitglied, Mitglied der Geschäftsleitung, Direktor, Angestellten
    und Agenten, der in den weiter oben beschriebenen Funktionen zu einem beliebigen Zeitpunkt während der Gültigkeit
    dieser Bestimmung und des anwendbaren Rechts tätig war, gelten, und die Aufhebung oder Änderung dieser Bestimmung
    soll die zu jenem Zeitpunkt bestehenden Rechte und Pflichten bezüglich des zu jenem Zeitpunkt bestehenden Tatbestandes
    oder der zu jenem oder einem späteren Zeitpunkt gestützt auf diesen Sachverhalt geltend gemachten oder angedrohten
    Klagen, Ansprüchen oder Prozessen nicht berühren. Sollten einzelne Bestimmungen dieses Art. 28 aus gesetzlichen
    oder regulatorischen Gründen ungültig sein oder in ihrer Anwendung eingeschränkt werden, soll dies die Anwendung
    dieser Bestimmung oder die Gültigkeit dieser Bestimmung nicht berühren. Die Rechte im Zusammenhang mit der Schadloshaltung
    und der Bevorschussung in diesem Artikel sind weder exklusiv noch sollen sie allfällige bestehende andere Rechte der
    betroffenen Verwaltungsratsmitglieder, Geschäftsleitungsmitgliedern, Direktoren, Angestellten oder Agenten limitieren,
    die diese gestützt auf Verträge oder gestützt auf Beschlüsse der Organe der Gesellschaft oder in ihrer
    Funktion haben, limitieren. Die Gesellschaft ist dem Grundsatz verpflichtet, wonach die Schadloshaltung der in diesem Artikel
    definierten Personen im Rahmen des gesetzlich zulässigen entsprochen werden soll.	 	The provisions of this Art. 28 shall be applicable
    to all actions, claims, suits or proceedings made or commenced after the adoption hereof, whether arising from acts or omissions
    to act occurring before or after its adoption. The provisions of this Art. 28 shall be deemed to be a contract between the
    Company and each member of the Board of Director, officer, employee or agent who serves in such capacity at any time while
    this Article and the relevant provisions of the law, if any, are in effect, and any repeal or modification thereof shall not
    affect any rights or obligations then existing with respect to any state of facts or any action, suit or proceeding then or
    theretofore existing, or any action, suit or proceeding thereafter brought or threatened based in whole or in part on any
    such state of facts. If any provision of this Art. 28 shall be found to be invalid or limited in application by reason of
    any law or regulation, it shall not affect any other application of such provision or the validity of the remaining provisions
    hereof. The rights of indemnification and advancement of expenses provided in this Article shall neither be exclusive of,
    nor be deemed in limitation of, any rights to which any such member of the Board of Director, officer, employee or agent may
    otherwise be entitled or permitted by contract, vote of members or directors or otherwise, or as a matter of law, both as
    to actions in his official capacity and actions in any other capacity while holding such office, it being the policy of the
    Company that indemnification of the specified individuals shall be made to the fullest extent permitted by law.
	 	 	 
	Art. 29     Einberufung und Beschlussfassung	 	Art. 29     Calling of Meetings and Quorum
	 	 	 
	Der Verwaltungsrat versammelt sich, so oft es
    die Geschäfte erfordern, jedoch mindestens einmal im Jahr. Er wird durch seinen Präsidenten oder den Vizepräsidenten
    einberufen. Jedes Mitglied hat jederzeit das Recht, unter schriftlicher Angabe der Gründe die unverzügliche Einberufung
    einer Verwaltungsratssitzung zu verlangen.	 	The Board of Directors shall meet as often as
    business demands but at least once a year. It shall be called by the Chairman of the Board of Directors or the vice-chairman.
    Each member may, by giving written reasons therefore, demand that a meeting of the Board of Directors be held without delay.
	 	 	 
	Die Einberufung des Verwaltungsrates hat in
    der Regel mindestens fünf Werktage vor dem Sitzungstage zu erfolgen. Tag, Zeit und Ort der Sitzung und die Verhandlungsgegenstände
    (Traktandenliste) sind bei der Einberufung bekannt zu geben. Gleichzeitig werden die massgebenden Sitzungsunterlagen zugestellt.
    Über Gegenstände, die in der Traktandenliste nicht aufgeführt sind, können in dringenden Fällen Beschlüsse
    gefasst werden.	 	The calling of a meeting of the Board of Directors
    shall, as a rule, be made at least five working days before the date of the meeting. Day, time, and place of the meeting as
    well as the matters for discussion (agenda) shall be notified at the time of the calling. At the same time, the related documents
    for the meeting shall be provided. Matters not contained in the agenda may be resolved upon in urgent cases.
	 	 	 
	Der Verwaltungsrat ist beschlussfähig,
    wenn die absolute Mehrheit der Mitglieder anwesend ist. Für Beschlüsse, die im Rahmen von Kapitalerhöhungen
    zu treffen sind, ist der Verwaltungsrat auch beschlussfähig, wenn nur ein Mitglied anwesend ist.	 	The Board of Directors is quorate when the absolute
    majority of members is present. Where a resolution is to be taken in the context of a capital increase, the Board of Directors
    is also quorate when only one member is present.

 

     

    	Garmin Ltd., Schaffhausen: Statuten / Articles of Association
	21
	 	 

    

 

	 	 	 
	Der Verwaltungsrat fasst seine Beschlüsse
    und trifft seine Wahlen mit der Mehrheit der abgegebenen Stimmen. Er kann höhere Beschlussfassungsquoren einführen.
    Diese müssen in einem Reglement festgehalten werden. Bei Stimmengleichheit gibt der Vorsitzende den Stichentscheid, bei
    Wahlen entscheidet das Los.	 	The Board of Directors shall pass its resolutions
    and votes with a majority of the votes cast. The Board of Directors may introduce higher requirements to pass votes. Such
    requirements shall be contained in an internal regulation. Where votes are tied, the chairperson shall give the casting vote;
    in the case of elections this shall be decided by lot.
	 	 	 
	Beschlüsse können auch auf dem Weg
    der schriftlichen Zustimmung (durch Brief, Telefax oder E-Mail) zu einem Antrag gefasst werden, sofern nicht ein Mitglied
    mündliche Beratung verlangt. Diese Beschlüsse bedürfen der Einstimmigkeit und sind zusammen mit den anderen
    Verwaltungsratsprotokollen aufzubewahren.	 	Resolutions may also be passed by way of written
    consent (by letter, fax or email) provided no member has demanded an oral consultation. These resolutions require unanimity
    and shall be kept with the minutes of the meetings of the Board of Directors.
	 	 	 
	Art. 30     Ausschüsse und Delegation
    	 	Art. 30     Committees and Delegation
	 	 	 
	Der Verwaltungsrat kann die Vorbereitung, die
    Ausführung seiner Beschlüsse und die Überwachung von Geschäften Ausschüssen oder einzelnen Mitgliedern
    zuweisen.	 	The Board of Directors may delegate the preparation
    and implementation of its resolutions and the oversight of business to committees or individual members.
	 	 	 
	Der Vergütungsausschuss besteht aus mindestens
    drei (3) Mitgliedern des Verwaltungsrates. Die Mitglieder des Vergütungsausschusses müssen die anwendbaren Anforderungen
    an Unabhängigkeit, Erfahrung oder andere regulatorische Anforderungen, einschliesslich des NASDAQ Global Select Market
    oder einer anderen Börse, Rule 10C-1(b)(1) des Securities Exchange Act von 1934, in seiner geänderten Version (der
    ”Exchange Act”), Rule 16b-3 des Exchange Act und Section 162(m) des Internal Revenue Code, erfüllen.	 	The Compensation Committee shall consist of
    no fewer than three (3) members of the Board of Directors. The members of the Compensation Committee shall meet any applicable
    independence, experience and other regulatory requirements, including of the NASDAQ Global Select Market or any other stock
    exchange, Rule 10C-1(b)(1) of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), Rule 16b-3
    of the Exchange Act, and Section 162(m) of the Internal Revenue Code.
	 	 	 
	Die Aktionäre wählen die Mitglieder
    des Vergütungsausschusses einzeln an einer Generalversammlung für eine Amtsdauer bis zum Abschluss der nächsten
    ordentlichen Generalversammlung. Wiederwahl ist möglich. Bei Vakanzen im Vergütungsausschuss aus irgendeinem Grund
    ernennt der Verwaltungsrat aus seiner Mitte Ersatzmitglieder für eine Amtsdauer bis zum Abschluss der nächsten ordentlichen
    Generalversammlung.	 	The shareholders shall elect the members of
    the Compensation Committee individually at a general meeting of the shareholders for a term of office extending until completion
    of the next annual general meeting. Re-election is possible. If there are vacancies on the Compensation Committee, for any
    reason, the Board of Directors shall appoint from among its members substitutes for a term of office extending until completion
    of the next annual general meeting.
	 	 	 
	Der Verwaltungsrat ernennt den Vorsitzenden
    des Vergütungsausschusses. Vorbehältlich anwendbaren Rechts und dieser Statuten regelt der Verwaltungsrat die Einzelheiten
    der Organisation des Vergütungsausschusses in einem Reglement oder einer Satzung.	 	The Board of Directors shall elect the chairperson
    of the Compensation Committee. Subject to applicable law and these Articles of Association, the Board of Directors shall establish
    the particulars of the organization of the Compensation Committee in regulations or a charter.

 

     

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	22
	 	 

    

 

	 	 	 
	Der Vergütungsausschuss hat, unter anderem,
    die Aufgabe, (1) die Vergütung und die damit verbundene Offenlegung durch den Verwaltungsrat zu überprüfen
    und dem Verwaltungsrat Empfehlungen diesbezüglich zu unterbreiten; (2) den Verwaltungsrat in der Erfüllung seiner
    Pflichten bezüglich der Vergütung der Mitglieder der Geschäftsleitung und der damit verbundenen Offenlegung,
    einschliesslich der Erarbeitung von Richtlinien betreffend die Vergütungs- und Leistungsprogramme der Geschäftsleitung
    zu unterstützen; und (3) die Anträge des Verwaltungsrates an die Generalversammlung betreffend die Vergütung
    des Verwaltungsrates und der Geschäftsleitung vorzubereiten und dem Verwaltungsrat Empfehlungen diesbezüglich zu
    unterbreiten.	 	The Compensation Committee shall, among other
    things, (1) consider and make recommendations to the Board of Directors on the compensation and related disclosure of
    the Board of Directors; (2) assist the Board of Directors in discharging its responsibilities relating to compensation
    and related disclosure of the members of Executive Management, including the development of policies relating to Executive
    Management compensation and benefit programs; and (3) prepare and recommend to the Board of Directors the proposals of
    the Board of Directors to the general meeting of the shareholders regarding the compensation of the Board of Directors and
    Executive Management.
	 	 	 
	Der Verwaltungsrat regelt die Einzelheiten der
    Befugnisse und Pflichten des Vergütungsausschusses in einem Reglement oder einer Satzung.	 	The Board of Directors shall establish the particulars
    of the powers and duties of the Compensation Committee in regulations or a charter.
	 	 	 
	Unter Vorbehalt seiner unübertragbaren
    und unentziehbaren Aufgaben ist der Verwaltungsrat ferner befugt, die Geschäftsführung oder einzelne Zweige derselben
    und die Vertretung der Gesellschaft an eine oder mehrere Personen, Mitglieder des Verwaltungsrates (Delegierte) oder Dritte
    (Direktoren oder Geschäftsführer), zu übertragen. Die Personen, die vom Verwaltungsrat mit Geschäftsleitungsaufgaben
    betraut sind, und welche gemäss einer solchen Delegation die hauptsächliche Verantwortung für die Geschäftsführung
    der Gesellschaft haben, werden in diesen Statuten als “Geschäftsleitung” bezeichnet. Er legt die dazu
    notwendigen Einzelheiten in einem Organisationsreglement fest. 	 	Subject to its non-transferable and inalienable
    duties, the Board of Directors is furthermore empowered to delegate executive management of the business or individual branches
    of the same and the representation of the Company to one or more persons, members of the Board of Directors (delegates) or
    third parties (directors or managers). The persons to whom the Board of Directors delegates executive management, and who
    pursuant to such delegation shall have the primary responsibility for the executive management of the Company, shall be referred
    to in these Articles of Association as “Executive Management”. The Board of Directors shall stipulate the
    necessary details in the Organizational Regulations. 
	 	 	 
	

    Art. 31     Protokoll	 	Art. 31     Minutes
	 	 	 
	Über die Verhandlungen und Beschlüsse
    des Verwaltungsrates ist ein Protokoll zu führen. Das Protokoll ist vom Vorsitzenden und vom Sekretär zu unterzeichnen.
    Besteht der Verwaltungsrat aus nur einem Mitglied, muss auch dieser über seine Entscheidungen Protokoll führen.	 	Minutes shall be recorded of the discussions
    and resolutions of the Board of Directors. The minutes shall be signed by the Chairperson and the Secretary. Where the Board
    of Directors consists of only one member, such person must also keep a record of his decisions.
	 	 	 
	Die Protokolle sind vom Verwaltungsrat jeweils
    in der nächsten Sitzung zu genehmigen.	 	The minutes shall be approved by the Board of
    Directors in the next meeting.
	 	 	 
	Art. 32     Recht auf Auskunft und Einsicht	 	Art. 32     Right to Information and Inspection
	 	 	 
	Jedes Mitglied des Verwaltungsrates kann Auskunft
    über alle Angelegenheiten der Gesellschaft verlangen. In den Sitzungen sind alle Mitglieder des Verwaltungsrates sowie
    die mit der Geschäftsführung betrauten Personen zur Auskunft verpflichtet. Ausserhalb der Sitzungen kann jedes Mitglied
    von den mit der Geschäftsführung betrauten Personen Auskunft über den Geschäftsgang und, mit Ermächtigung
    des Präsidenten, auch über einzelne Geschäfte verlangen.	 	Each member of the Board of Directors may demand
    information on all matters concerning the Company. At meetings, all members of the Board of Directors as well as the persons
    entrusted with the management of the Company are under a duty to provide information. Outside the meetings, each member can
    demand information from those persons entrusted with the management about the course of business and, with the authorization
    of the president, about individual transactions.
	 	 	 
	Soweit es für die Erfüllung einer
    Aufgabe erforderlich ist, kann jedes Mitglied dem Präsidenten beantragen, dass ihm Bücher und Akten vorgelegt werden.
    Weist der Präsident ein Gesuch auf Auskunft, Anhörung oder Einsicht ab, so entscheidet der Verwaltungsrat. Regelungen
    oder Beschlüsse des Verwaltungsrates, die das Recht auf Auskunft und Einsichtnahme der Mitglieder des Verwaltungsrates
    erweitern, bleiben vorbehalten.	 	To the extent it is necessary for the performance
    of a task, each member may apply to the Chairman of the Board of Directors that the books and files are made available to
    him. Where the Chairman of the Board of Directors rejects an application for information, a hearing or inspection, the Board
    of Directors shall decide. Regulations or resolutions of the Board of Directors that provide the members of the Board of Directors
    with the right to information and inspection remain reserved.

 

     

    	Garmin Ltd., Schaffhausen: Statuten / Articles of Association
	23
	 	 

    

 

	 	 	 
	Art.
    32 a) Verträge betreffend Vergütung mit Mitgliedern des Verwaltungsrates und der Geschäftsleitung	 	Art.
    32 a) Agreements Regarding Compensation with Members of the Board of Directors and Executive Management
	 	 	 
	Die Gesellschaft oder von ihr kontrollierte
    Gesellschaften können mit Mitgliedern des Verwaltungsrates unbefristete oder befristete Mandatsverträge oder andere
    Verträge über deren Vergütung als Verwaltungsräte abschliessen. Die Dauer von befristeten Verträgen
    darf die Amtsdauer eines Verwaltungsrates nicht überschreiten. Eine Erneuerung eines  befristeten Vertrages
    ist zulässig. Unbefristete Verträge haben eine Kündigungsfrist von maximal einer Amtsdauer.	 	The Company or companies under its control may
    enter into fixed or indefinite mandate or other agreements with the members of the Board of Directors regarding their compensation
    as directors. The duration of fixed term agreements may not exceed a director’s term of office. A renewal of a fixed
    term agreement is permissible. Agreements for an indefinite term may have a termination notice period not exceeding a term
    of office.
	 	 	 
	Die Gesellschaft oder von ihr kontrollierte
    Gesellschaften können mit Mitgliedern der Geschäftsleitung unbefristete oder befristete Arbeitsverträge oder
    andere Verträge abschliessen. Befristete Verträge haben eine Höchstdauer von einem (1) Jahr. Eine Erneuerung
    eines befristeten Vertrages ist zulässig. Unbefristete Verträge haben eine Kündigungsfrist von maximal  zwölf
    (12) Monaten.	 	The Company or companies under its control may
    enter into employment or other agreements with the members of Executive Management for a fixed term or for an indefinite term.
    Agreements for a fixed term may have a maximum term of one (1) year. A renewal of a fixed term agreement is permissible. Agreements
    for an indefinite term may have a termination notice period of a maximum twelve (12) months.
	 	 	 
	Mitglieder der Geschäftsleitung können
    während der Kündigungsfrist von ihrer Arbeitspflicht befreit werden. Des Weiteren ist es zulässig, dass die
    Gesellschaft oder von ihr kontrollierte Gesellschaften Aufhebungs- oder ähnliche Vereinbarungen abschliessen.	 	Members of Executive Management may be released
    from their obligation of work during the time of the termination notice period. Further, it shall be permissible for the Company
    or companies under its control to enter into termination or similar agreements.
	 	 	 
	Die Gesellschaft oder von ihr kontrollierte
    Gesellschaften können mit Mitgliedern der Geschäftsleitung Konkurrenzverbote für die Zeit nach Beendigung des
    Arbeitsvertrags vereinbaren. Die gesamte Abgeltung eines solchen Konkurrenzverbots darf die an dieses Mitglied der Geschäftsleitung
    für das letzte volle Geschäftsjahr, während dem er oder sie von der Gesellschaft oder von einer von ihr kontrollierten
    Gesellschaft angestellt war, ausgerichtete Gesamtjahresvergütung nicht übersteigen.	 	The Company or companies under its control may
    enter into non-competition agreements with members of Executive Management for the time after the termination of the employment
    agreement. The total consideration paid for a non-competition undertaking shall not exceed the total annual compensation paid
    to such member of Executive Management during the last full fiscal year in which he or she was employed at the Company or
    companies under its control.
	 	 	 
	Art.
    32 b) Mandate ausserhalb des Konzerns	 	Art. 32 b) Mandates Outside the Group
    
	 	 	 
	(1) Kein Mitglied des Verwaltungsrates, das
    anderweitig eine Vollzeitbeschäftigung oder eine Teilzeitbeschäftigung von mehr als 16 Wochenstunden ausübt,
    und kein Mitglied der Geschäftsleitung kann mehr als sechs (6) zusätzliche Mandate wahrnehmen, wovon nicht mehr
    als  zwei (2) in Zivilrechtlichen Personen sein dürfen, deren Aktien an einer Börse kotiert sind. Kein Mitglied
    des Verwaltungsrates, das ansonsten pensioniert ist oder anderweitig eine Teilzeitbeschäftigung von nicht mehr als 16
    Wochenstunden ausübt, kann mehr als zehn (10) zusätzliche Mandate wahrnehmen, wovon nicht mehr als vier (4) in Zivilrechtlichen
    Personen sein dürfen, deren Aktien an einer Börse kotiert sind.	 	(1) No member of the Board of Directors who
    otherwise holds full-time employment or part-time employment of more than 16 hours per week and no member of Executive Management
    may hold more than six (6) additional Mandates of which not more than two (2) Mandates may be in Persons whose shares
    are listed on a stock exchange. No member of the Board of Directors who is otherwise retired or employed in part-time employment
    not exceeding 16 hours per week may hold more than ten (10) additional Mandates of which not more than four (4) Mandates may
    be in Persons whose shares are listed on a stock exchange.

 

     

    	Garmin Ltd., Schaffhausen: Statuten / Articles of Association
	24
	 	 

    

 

	(2) Die folgenden Mandate fallen nicht unter
    die Beschränkungen gemäss Abs. 1 dieses Art. 32 b):	 	(2) The following Mandates shall not be subject
    to the limitations set forth in para. 1 of this Art. 32 b):
	 	 	 
	(a)   Mandate in Zivilrechtlichen Personen, welche die Gesellschaft kontrollieren, durch die Gesellschaft kontrolliert werden oder
    unter gemeinsamer Kontrolle mit der Gesellschaft stehen;	 	(a)   
    Mandates in any Person which controls, is controlled by or under common control with the Company;
	 	 	 
	(b)  
    Mandate, die auf Anordnung der Gesellschaft oder von Zivilrechtlichen Personen, welche die Gesellschaft kontrollieren, durch
    die Gesellschaft kontrolliert werden oder unter gemeinsamer Kontrolle mit der Gesellschaft stehen, wahrgenommen werden. Kein
    Mitglied des Verwaltungsrates oder der Geschäftsleitung kann mehr als zehn (10) solche Mandate wahrnehmen;	 	(b)  
    Mandates held at the instruction of the Company or any Person which controls, is controlled by or under common control with
    the Company; provided, however, that no member of the Board of Directors or Executive Management shall hold more than ten
    (10) such Mandates;
	 	 	 
	(c)  
    Mandate in Vereinen, gemeinnützigen Organisationen, Stiftungen (einschliesslich Personalfürsorgestiftungen), Trusts
    und ähnliche Zivilrechtliche Personen. Kein Mitglied des Verwaltungsrates oder der Geschäftsleitung kann mehr als
    zehn (10) solche Mandate wahrnehmen.	 	(c)  
    Mandates in associations, charitable organizations,  foundations (including in relation to post-retirement benefits),
    trusts and similar Persons; provided, however, that no member of the Board of Directors or Executive Management shall hold
    more than ten (10) such Mandates.
	  	 	 
	(3) Eine vorübergehende Überschreitung
    der Beschränkungen gemäss Abs. 1 und 2 dieses Art. 32 b) ist zulässig.	 	(3) A temporary exceedance of the limitations
    pursuant to para. 1 and para. 2 of this Art.  32 b) shall be permissible.
	 	 	 
	(4) Der Begriff “Mandate”, so wie
    er in diesen Statuten verwendet wird, umfasst jeglichen Einsitz in das oberste Leitungs- oder Verwaltungsorgan einer Zivilrechtlichen
    Person, die zur Eintragung in ein Schweizerisches Handelsregister oder ein entsprechendes ausländisches Register verpflichtet
    ist. Mandate in verschiedenen Zivilrechtlichen Personen, welche unter einheitlicher Kontrolle oder gleicher wirtschaftlicher
    Berechtigung stehen, gelten als ein Mandat.	 	(4) The term “Mandate”, as used
    in these Articles of Association, shall refer to any position in the supreme governing body of a Person that is required to
    be registered in a Swiss commercial register or a foreign register of equivalent nature. Mandates in different Persons that
    are under joint control or same beneficial ownership shall be deemed to be one Mandate. 
	 	 	 
	Art.
    32 c) Vorsorgeleistungen	 	Art. 32 c) Post-Retirement Benefits 
	 	 	 
	Die Gesellschaft kann an Mitglieder der Geschäftsleitung
    Vorsorgeleistungen ausserhalb der beruflichen Vorsorge ausrichten, soweit solche Vorsorgeleistungen 50% der jeweiligen Gesamtjahresvergütung
    nicht übersteigen.	 	The Company may grant members of the Executive
    Management postretirement benefits beyond occupational pensions, provided, however, that any such post-retirement benefit
    may not exceed 50% of the respective total annual compensation.
	 	 	 
	Art. 33     Zeichnungsberechtigung	 	Art. 33     Signature Power
	 	 	 
	Die rechtsverbindliche Vertretung der Gesellschaft
    durch Mitglieder des Verwaltungsrates und durch Dritte wird in einem Organisationsreglement festgelegt.	 	The due and valid representation of the Company
    by members of the Board of Directors and other persons shall be set forth in Organizational Regulations.
	 	 	 
	C.              Die Revisionsstelle	 	C.             
    The Auditors
	 	 	 
	Art. 34     Revision	 	Art. 34     Audit
	 	 	 
	Die Generalversammlung wählt die Revisionsstelle.	 	The general meeting of the shareholders shall
    elect the Auditor.
	 	 	 
	Sie kann auf die Wahl einer Revisionsstelle
    verzichten, wenn:	 	It can waive the election of auditors where:
	 	 	 
	die Voraussetzungen für eine ordentliche
    Revision nicht gegeben sind;	 	the requirements for an ordinary audit are not
    present;
	die Zustimmung sämtlicher Aktionäre
    vorliegt und;	 	the consent of all shareholders has been given;
    and

 

     

    	Garmin Ltd., Schaffhausen: Statuten / Articles of Association
	25
	 	 

    

 

	die Gesellschaft nicht mehr als zehn Vollzeitstellen
    im Jahresdurchschnitt hat.	 	the Company does not have more than ten full-time
    positions on average per year.
	 	 	 
	Haben die Aktionäre auf eine eingeschränkte
    Revision verzichtet, so gilt dieser Verzicht auch für die nachfolgenden Jahre. Jeder Aktionär hat jedoch das Recht,
    spätestens zehn Tage vor der Generalversammlung eine eingeschränkte Revision zu verlangen. Die Generalversammlung
    muss diesfalls die Revisionsstelle wählen.	 	Where the shareholders have waived a limited
    statutory examination, this waiver applies also to the following year. Each shareholder may, however, demand a limited statutory
    examination at the latest ten days prior to the general meeting of the shareholders. The general meeting of the shareholders
    must in this case elect the Auditor.
	 	 	 
	Art. 35     Organisation
    der Revisionsstelle	 	Art. 35     Organisation of the Auditor
	 	 	 
	Als Revisionsstelle können eine oder mehrere
    natürliche oder juristische Personen oder Personengesellschaften gewählt werden.	 	One or several individuals or legal persons
    or partnerships may be elected as Auditors.
	 	 	 
	Wenigstens ein Mitglied der Revisionsstelle
    muss seinen Wohnsitz, seinen Sitz oder eine eingetragene Zweigniederlassung in der Schweiz haben.	 	As a minimum one member of the Auditor shall
    be resident or have a registered branch in Switzerland.
	 	 	 
	Muss die Gesellschaft ihre Jahresrechnung durch
    eine Revisionsstelle ordentlich prüfen lassen im Sinne von:	 	Where the Company is required to arrange an
    ordinary audit of its annual financial accounts by auditors pursuant to:
	 	 	 
	Art. 727 Abs. 1 Ziff. 2 oder Ziff. 3 OR;	 	Art. 727 paragraph 1 section 2 or section 3
    CO;
	Art. 727 Abs. 2 OR	 	Art. 727 paragraph 2 CO
	 	 	 
	wählt die Generalversammlung einen zugelassenen
    Revisionsexperten nach den Vorschriften des Revisionsaufsichtsgesetzes (RAG) als Revisionsstelle.	 	the general meeting of the shareholders shall
    elect a licensed audit expert in accordance with the provisions of the Audit Oversight Act (RAG) as auditors.
	 	 	 
	Ist die Gesellschaft zur eingeschränkten
    Revision verpflichtet, kann als Revisionsstelle auch ein zugelassener Revisor nach den Vorschriften des RAG bezeichnet werden.
    Vorbehalten bleibt der Verzicht auf die Wahl einer Revisionsstelle nach Art. 34.	 	Where the Company is required to arrange a limited
    statutory examination a licensed auditor in accordance with the provisions of the RAG may also be appointed as auditors. Waiver
    of the election of auditors pursuant to Art. 34 remains reserved.
	 	 	 
	Die Revisionsstelle muss im Sinne von Art. 728
    bzw. 729 OR unabhängig sein.	 	The Auditor must be independent in accordance
    with Art. 728 respectively 729 CO.
	 	 	 
	Die Revisionsstelle wird für ein Geschäftsjahr
    gewählt. Ihr Amt endet mit der Abnahme der letzten Jahresrechnung. Die Wiederwahl ist möglich. Die Generalversammlung
    kann die Revisionsstelle jederzeit mit sofortiger Wirkung abberufen.	 	The Auditor shall be appointed for one business
    year. Their term of office shall end with the approval of the final annual financial accounts. Re-appointment is possible.
    The general meeting of the shareholders may remove the Auditor with immediate effect at any time.
	 	 	 
	D.              Rechnungslegung
    und Verwendung des Bilanzgewinnes	 	D.              Rendering
    of Accounts and Allocation of Balance Sheet Profit
	 	 	 
	Art. 36     Jahresrechnung	 	Art. 36     Annual
    Financial Accounts
	 	 	 
	Die Jahresrechnung wird jährlich auf den
    31. Dezember oder auf einen anderen, durch den Verwaltungsrat zu beschliessenden Termin abgeschlossen.	 	The annual financial accounts shall be closed
    annually on the 31 December or another date determined by the Board of Directors.

 

     

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	Die Erfolgsrechnung, die Bilanz und der Anhang
    sind mindestens gemäss den gesetzlichen Bestimmungen von Art. 662a - 670 und 957 - 961 OR aufzustellen.	 	The profit and loss statement, the balance sheet
    and notes shall be compiled as a minimum in accordance with the provisions of Art. 662a-670 and 957-961 CO.
	 	 	 
	Art. 37     Verwendung des Jahresgewinnes	 	Art. 37     Application of the Annual
    Profit
	 	 	 
	Vom in der Jahresbilanz ausgewiesenen Jahresgewinn
    ist jährlich ein Betrag von 5 % der allgemeinen Reserve zuzuweisen, bis diese 20 % des einbezahlten Aktienkapitals erreicht
    hat.	 	An amount of 5 % of the annual profit identified
    in the annual financial accounts is to be allotted to the general reserves until this has reached 20 % of the paid-up share
    capital.
	 	 	 
	Der verbleibende Jahresgewinnsaldo und ein allfälliger
    Gewinnvortrag früherer Geschäftsjahre stehen unter Vorbehalt der zwingenden gesetzlichen Bestimmungen (Art. 671
    ff. OR) zur freien Verfügung der Generalversammlung. Der Verwaltungsrat unterbreitet der Generalversammlung seine Vorschläge
    betreffend die Behandlung sämtlicher Zuweisungen.	 	The remaining annual profit and any balance
    of profit brought forward from previous business years shall, pursuant to binding provisions of the law (Art. 671 et seq.
    CO), be at the free disposal of the general meeting of the shareholders. The Board of Directors shall submit its proposals
    with respect to the treatment of any allocation to the general meeting of the shareholders.
	 	 	 
	Die Generalversammlung kann jederzeit die Errichtung
    von speziellen Reserven neben den vom Gesetz vorgeschriebenen Reserven beschliessen und über deren Verwendung bestimmen.	 	The general meeting of the shareholders may
    at any time resolve to set up special reserves in addition to those required by law and determine their application.
	 	 	 
	Dividenden, welche nicht innerhalb von fünf
    Jahren nach ihrem Auszahlungsdatum bezogen werden, fallen an die Gesellschaft und werden in die allgemeinen gesetzlichen Reserven
    gebucht.	 	Dividends that have not been collected within
    five years after their payment date shall enure to the Company and be allocated to the general statutory reserves.
	 	 	 
	E.                Schlussbestimmungen	 	E.                 Final Provisions
	 	 	 
	Art. 38     Auflösung und Liquidation	 	Art. 38     Winding-up and Liquidation
	 	 	 
	Die Generalversammlung kann jederzeit die Auflösung
    der Gesellschaft beschliessen. Die Auflösung und Liquidation sind gemäss den Vorschriften von Art. 736 ff. OR durchzuführen.	 	The general meeting of the shareholders may
    at any time resolve to wind-up the Company. The winding-up and liquidation of the Company shall be performed in accordance
    with Art. 736 et seq. CO.
	 	 	 
	Die Befugnisse der Generalversammlung bleiben
    auch während der Liquidation mit der Einschränkung gemäss Art. 739 OR bestehen. Insbesondere unterliegt die
    Liquidationsrechnung der Genehmigung durch die Generalversammlung.	 	The powers of the general meeting of the shareholders
    shall also continue during the liquidation, limited in accordance with Art. 739 CO. In particular, the liquidation accounts
    are subject to the approval of the general meeting of the shareholders.
	 	 	 
	Der Verwaltungsrat besorgt die Liquidation,
    sofern diese nicht durch Beschluss der Generalversammlung Dritten übertragen wird.	 	The Board of Directors shall conduct the liquidation
    to the extent that this is not transferred to a third party by a resolution of the general meeting of the shareholders.
	 	 	 
	Die Liquidatoren sind berechtigt, die Aktiven
    der Gesellschaft freihändig zu veräussern.	 	The liquidators may freely dispose of the assets
    of the Company.
	 	 	 
	Nach erfolgter Tilgung der Schulden wird das
    Vermögen nach Massgabe der eingezahlten Beträge unter den Aktionären verteilt, soweit diese Statuten nichts
    anderes vorsehen.	 	Upon discharge of all liabilities, the assets
    of the Company shall be distributed to the shareholders pursuant to the amounts paid-up, unless these Articles of Association
    provide otherwise.

 

     

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	Art. 39     Mitteilungen und Bekanntmachungen	 	Art. 39     Communications and Notifications
	 	 	 
	Publikationsorgan der Gesellschaft ist das Schweizerische
    Handelsamtsblatt. Der Verwaltungsrat kann weitere Publikationsorgane bestimmen.	 	The Company shall make any announcements in
    the Swiss Official Gazette of Commerce. The Board of Directors may appoint other publication bodies.
	 	 	 
	Soweit keine individuelle Benachrichtigung durch
    das Gesetz, börsengesetzliche Bestimmungen oder diese Statuten verlangt wird, gelten sämtliche Mitteilungen an die
    Aktionäre als gültig erfolgt, wenn sie im Schweizerischen Handelsamtsblatt veröffentlicht worden sind. Die
    Mitteilungen an die Namenaktionäre erfolgen im Falle der in Art. 14 Abs. 3 erwähnten Hinweise an ihre letzte im
    Aktienbuch eingetragene Adresse durch Brief oder E-Mail. In allen anderen Fällen können die Mitteilungen durch Veröffentlichung
    im Publikationsorgan erfolgen. Bekanntmachungen an die Gläubiger erfolgen in den vom Gesetz vorgeschriebenen Fällen
    durch Veröffentlichung im Publikationsorgan. Finanzinstitute, welche Aktien für wirtschaftlich Berechtigte halten
    und entsprechend im Aktienbuch eingetragen sind, gelten als bevollmächtigte Empfänger.	 	To the extent that individual notification is
    not required by law, stock Exchange regulations or these Articles of Association, all communications to the shareholders shall
    be deemed valid if published in the Swiss Official Gazette of Commerce. Notices to the registered shareholders shall in the
    case of the notifications set forth in Art. 14 paragraph 3 be sent by letter or electronic mail to the last address registered
    in the Share Register. In all other cases, they may be made by publication in the Company’s official instrument for publications.
    Notices to creditors shall be given in the cases prescribed by law by publication in the Swiss Official Gazette of Commerce.
    Financial institutions holding Shares for beneficial owners and recorded in such capacity in the Share Register shall be deemed
    to be authorized recipients.
	 	 	 
	Art. 40     Verbindlicher Originaltext	 	Art. 40     Original Language
	 	 	 
	Falls sich zwischen der deutsch- und der englischsprachigen
    Fassung dieser Statuten Differenzen ergeben, hat die deutschsprachige Fassung Vorrang.	 	In the event of deviations between the German
    and English version of these Articles of Association, the German text shall prevail.
	 	 	 
	Art. 41     Definitionen	 	Art. 41     Definitions
	 	 	 
	Aktie	 	Shares
	 	 	 
	Der Begriff Aktie(n) hat die in Art.
    3 dieser Statuten aufgeführte Bedeutung.	 	The term Share(s) has the meaning assigned
    to it in Art. 3 of these Articles of Association.
	 	 	 
	Aktienbuch	 	Share Register
	 	 	 
	Der Begriff Aktienbuch hat die in Art.
    8 dieser Statuten aufgeführte Bedeutung.	 	The term Share Register has the meaning
    assigned to it in Art. 8 of these Articles of Association.
	 	 	 
	Aktienkapital	 	Share Capital
	 	 	 
	Der Begriff Aktienkapital hat die in
    Art. 3 dieser Statuten aufgeführte Bedeutung.	 	The term Share Capital has the meaning
    assigned to it in Art. 3 of these Articles of Association.
	 	 	 
	Börse	 	Exchange
	 	 	 
	Der Begriff Börse bedeutet Einrichtungen
    des Wertschriftenhandels oder vergleichbare Systeme, an welchen die Aktien der Gesellschaft gehandelt oder anderweitig zeitweise
    zum Handel zugelassen sind.	 	The term Exchange shall mean any securities
    exchange or other system on which the registered Shares of the Company may be listed or otherwise authorized for trading from
    time to time.
	 	 	 
	CHF	 	CHF
	 	 	 
	Der Begriff CHF bedeutet Schweizer Franken
    und ist die gültige Schweizer Währung.	 	The term CHF shall mean Swiss Francs,
    the legal currency in Switzerland.

 

     

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	Gesamtstimmen	 	Total Voting Shares
	 	 	 
	Der Begriff Gesamtstimmen bedeutet die
    Gesamtzahl aller an einer Generalversammlung stimmberechtigen Aktien unabhängig davon, ob die stimmberechtigten Aktien
    an der Generalversammlung vertreten sind oder nicht.	 	Total Voting Shares means the total number
    of Shares entitled to vote at a general meeting of the shareholders whether or not represented at such meeting.
	 	 	 
	Gesellschaft	 	Company
	 	 	 
	Der Begriff Gesellschaft bedeutet Garmin
    Ltd.	 	The term Company shall mean Garmin Ltd.
		 	 
	Marktwert	 	Fair Market Value
	 	 	 
	Der Begriff Marktwert bedeutet (i) im
    Falle von Aktien den höchsten Schlusskurs dieser Aktien während der letzten 30 Tage vor dem massgeblichen Stichtag.
    Dabei entspricht der Marktwert dem höchsten von der betreffenden Börse gemeldeten Schlusskurs während der letzten
    30 Tage vor dem massgeblichen Stichtag und, falls eine solche Meldung nicht vorliegt, soll der Marktwert dieser Aktien vom
    Verwaltungsrat in guten Treuen bestimmt werden, wobei er dabei die Art der Aktien, allfällige Dividenden, Zuteilung von
    Aktien sowie Aufteilungen oder Zusammenlegungen von Aktien berücksichtigt, und (ii) im Fall von Vermögenswerten,
    die weder Aktien noch Bargeld sind, soll der Marktwert vom Verwaltungsrat in guten Treuen per Stichtag bestimmt werden.	 	The term Fair Market Value shall mean
    (i) in the case of shares, the highest closing sale price of a share during the 30-day period immediately preceding the date
    in question of such share admitted to trading on an Exchange or any other system then in use, the Fair Market Value shall
    be the highest closing sale price reported by the Exchange or such other system during the 30-day period preceding the date
    in question, or, if no such quotations are available, the Fair Market Value on the date in question of such share as determined
    by the Board of Directors in good faith, in each case with respect to any class of share, appropriately adjusted for any dividend
    or distribution in shares or any combination or reclassification of outstanding shares of such share into a smaller number
    of shares, and (ii) in the case of property other than cash or shares, the Fair Market Value of such property on the date
    in question as determined by the Board of Directors in good faith.
	 	 	 
	Monat	 	Month
	 	 	 
	Der Begriff Monat bedeutet ein Kalendermonat.	 	The term Month shall mean a calendar
    month.
	 	 	 
	Nahestehender Aktionär	 	Interested Shareholder
	 	 	 
	Der Begriff Nahestehender Aktionär
    bedeutet jede natürliche oder juristische Person (unter Ausschluss der Gesellschaft) sowie deren Muttergesellschaften,
    (i) die direkte oder indirekte Eigentümerin von mehr als 20 % der Stimmrechte der ausgegebenen Aktien ist, oder die (ii)
    eine Nahestehende Gesellschaft der Gesellschaft ist und irgendwann in den zwei unmittelbar vorangehenden Jahren vor dem Zeitpunkt,
    zu dem bestimmt werden muss, ob diese Person ein Nahestehender Aktionär ist, direkte oder indirekte Eigentümerin
    von 20 % oder mehr der Stimmrechte der ausgegebenen Aktien war; oder (iii) Aktien übertragen bekommen hat, die irgendwann
    in den zwei unmittelbar vorangehenden Jahren vor dem Zeitpunkt, zu dem bestimmt werden muss, ob eine Person ein Nahestehender
    Aktionär ist, direkt oder indirekt im Eigentum eines Nahestehenden Aktionärs standen, sofern die Übertragung
    (unabhängig davon ob in einer oder mehreren Transaktionen) ausserhalb eines öffentlichen Angebots stattgefunden
    hat.	 	The term Interested Shareholder shall
    mean any person (other than the Company) and any holding company thereof who or which (i) is the beneficial owner directly
    or indirectly, of more than twenty per cent (20%) of the voting power of the outstanding shares of the Company; or, (ii) is
    an Affiliate of the Company and at any time within the two-year period immediately prior to the date in question was the beneficial
    owner, directly or indirectly, of twenty per cent (20%) or more of the voting power of the then-outstanding shares; or (iii)
    is an assignee of or has otherwise succeeded to any shares which were at any time within the two-year period immediately prior
    to the date in question beneficially owned by any Interested Shareholder, if such assignment or succession shall have occurred
    in the course of a transaction or series of transactions not involving a public offering.
	Eine natürliche oder juristische Person
    gilt dann nicht als Nahestehender Aktionär, falls eine solche Person nur darum ein Nahestehender Aktionär wird,
    weil die Anzahl der ausgegebenen Aktien der Gesellschaft reduziert werden, unabhängig davon ob eine solche Reduktion
    auf den Rückkauf von Aktien der Gesellschaft durch die Gesellschaft zurückzuführen ist. Die Reduktion der ausgegebenen
    Aktien erhöht den prozentualen Anteil der ausgegebenen Aktien im direkten oder indirekten Eigentum der betreffenden Person
    bis diese Person direkte oder indirekte Eigentümerin zusätzlicher Aktien wird.	 	A person shall not be deemed an Interested Shareholder
    if such person would become an Interested Shareholder solely as a result of a reduction of the number of shares of the Company
    outstanding, including repurchases of outstanding shares of the Company by the Company, which reduction increases the percentage
    of outstanding shares of the Company of which such person is the beneficial owner, until such person shall thereafter become
    the beneficial owner of any additional shares.

 

     

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	Nahestehende Gesellschaft	 	Affiliate
	 	 	 
	Der Begriff Nahestehende Gesellschaft bedeutet
    bezüglich einer Person, jede andere Person, die direkt oder indirekt über eine oder mehrere Mittelspersonen die
    andere Person kontrolliert, von dieser anderen Person kontrolliert wird, oder unter gemeinsamer Kontrolle mit dieser anderen
    Person steht. “Kontrolle” einschliesslich der Begriffe “kontrollierend” und “kontrolliert”
    für die Zwecke dieser Definition und allgemein dieser Statuten bedeutet die Möglichkeit, direkt oder indirekt auf
    die Geschäftsführung und die Geschäftspolitik einer Person Einfluss zu nehmen, sei es aufgrund des Haltens
    von Stimmrechten oder auf andere Weise.	 	The term Affiliate shall mean with respect
    to any person, any other person controlling or controlled by or under common control with such specified person. For the purposes
    of this definition and generally these Articles of Association, “control”, “controlling” and “controlled”
    when used with respect to any specified person, means the power to direct the management and policies of such person, directly
    or indirectly, whether through the ownership of voting securities or otherwise.
	 	 	 
	Nahestehende Person	 	Associate
	 	 	 
	Der Begriff Nahestehende Person bedeutet,
    wenn verwendet zur Bezeichnung einer Beziehung zu einer Zivilrechtlichen Person, (i) jede Kapitalgesellschaft, rechts-oder
    nicht-rechtsfähige Personengesellschaft oder ein anderer Rechtsträger, von welcher diese Zivilrechtliche Person
    Mitglied des Leitungs- oder Verwaltungsorgans, der Geschäftsleitung oder Gesellschafter ist oder von welcher diese Person,
    direkt oder indirekt, Eigentümerin von 20 % oder mehr einer Kategorie von Aktien oder anderen Anteilsrechten ist, die
    ein Stimmrecht vermitteln, (ii) jedes Treuhandvermögen (Trust) oder jede andere Vermögenseinheit, an der diese Zivilrechtliche
    Person wirtschaftlich einen Anteil von 20 % oder mehr hält oder in Bezug auf welche diese Zivilrechtliche Person als
    Verwalter (trustee) oder in ähnlich treuhändischer Funktion tätig ist, und (iii) jeder Verwandte, Ehe- oder
    Lebenspartner dieser Person, oder jede Verwandte des Ehe- oder Lebenspartners, jeweils soweit diese den gleichen Wohnsitz
    haben wie diese Person.	 	The term Associate, when used to indicate
    a relationship with any Person, means (i) any corporation, partnership, unincorporated association or other entity of which
    such Person is a director, officer or partner or is, directly or indirectly, the Owner of 20% or more of any class of voting
    shares, (ii) any trust or other estate in which such Person has at least a 20% beneficial interest or as to which such Person
    serves as trustee or in a similar fiduciary capacity, and (iii) any relative or spouse of such Person, or any relative of
    such spouse, who has the same residence as such Person.
	 	 	 
	OR	 	CO
	 	 	 
	Der Begriff OR hat die in Art. 1 dieser
    Statuten aufgeführte Bedeutung.	 	The term CO has the meaning assigned
    to it in Art. 1 of these Articles of Association.
	 	 	 
	Revisionsstelle	 	Auditor
	 	 	 
	Der Begriff Revisionsstelle hat die in
    Abschnitt C dieser Statuten aufgeführte Bedeutung.	 	The term Auditor has the meaning assigned
    to it in section C of these Articles of Association.

 

     

    	Garmin Ltd., Schaffhausen: Statuten / Articles of Association
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	Sekretär	 	Secretary
	 	 	 
	Der Begriff Sekretär hat die in
    Art. 26 dieser Statuten aufgeführte Bedeutung.	 	The term Secretary has the meaning assigned
    to it in Art. 26 of these Articles of Association.
	 	 	 
	Sitz	 	Registered Office
	 	 	 
	Der Begriff Sitz hat die in Art. 1 dieser
    Statuten aufgeführte Bedeutung.	 	The term Registered Office has the meaning
    assigned to it in Art. 1 of these Articles of Association.
	 	 	 
	Statuten	 	Articles of Association
	 	 	 
	Der Begriff Statuten bedeutet die Statuten
    der Garmin Ltd. jeweils in ihrer aktuellsten Fassung.	 	The term Articles of Association shall
    mean the Articles of Association of Garmin Ltd. in their most recent version.
	 	 	 
	Tochtergesellschaft	 	Subsidiary
	 	 	 
	Der Begriff Tochtergesellschaft bedeutet
    sämtliche juristischen Personen oder Personenvereinigung, welche von einer anderen juristischen Person beherrscht werden.	 	The term Subsidiary shall mean any corporation,
    company, association, foundation or other incorporated legal entity, that directly, or indirectly through one or more intermediaries
    is under control of the person specified.
	 	 	 
	Unabhängige Verwaltungsräte	 	Independent Directors
	 	 	 
	Der Begriff unabhängige Verwaltungsräte
    bedeutet Verwaltungsräte, welche im Sinne der anwendbaren Bestimmungen derjenigen Börse, an welcher die Gesellschaft
    kotiert ist, unabhängig sind.	 	The term Independent Directors shall
    mean members of the board who are recognized as such by the rules and regulations of the Exchange.
	 	 	 
	Unparteiische Mitglieder des Verwaltungsrates	 	Disinterested Directors
	 	 	 
	Der Begriff Unparteiische Mitglieder des
    Verwaltungsrates bedeutet diejenigen Mitglieder des Verwaltungsrates, welche keine Nahestehenden Personen von Nahestehenden
    Aktionären sind und bereits Mitglieder des Verwaltungsrates waren, bevor ein Nahestehender Aktionär ein Nahestehender
    Aktionär wurde und jedes Verwaltungsratsmitglied, welches erst nachträglich eine Vakanz im Verwaltungsrat schloss
    oder erst nachträglich gewählt wurde und in jedem Fall keine Nahestehende Person des Nahestehenden Aktionärs
    ist und auf Empfehlung einer Mehrheit der damaligen Unparteiischen Mitgliedern des Verwaltungsrates gewählt wurde.	 	The term Disinterested Directors shall
    mean any members of the Board of Directors who are unaffiliated with the Interested Shareholder and who were a member of the
    Board of Directors prior to the time that the Interested Shareholder became an Interested Shareholder, and any director who
    is thereafter chosen to fill any vacancy on the Board of Directors or who is elected and who, in either event, is unaffiliated
    with the Interested Shareholder, and in connection with his or her initial assumption of office is recommended for appointment
    or election by a majority of Disinterested Directors then on the Board of Directors.
	 	 	 
	Verwaltungsrat	 	Board of Directors
	 	 	 
	Der Begriff Verwaltungsrat hat die in
    Abschnitt B dieser Statuten aufgeführte Bedeutung.	 	The term Board of Directors has the meaning
    assigned to it in section B of these Articles of Association.
	 	 	 
	Vewaltungsratspräsident	 	Chairman of the Board of Directors
	 	 	 
	Der Begriff Verwaltungsratspräsident
    (Präsident) hat die in Art. 26 dieser Statuten aufgeführte Bedeutung.	 	The term Chairman of the Board of Directors
    (Chairman) has the meaning assigned to it in Art. 26 of these Articles of Association.

 

     

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	Zivilrechtliche Person	 	Person
	 	 	 
	Der Begriff Zivilrechtliche Person bedeutet
    jede natürliche Person, Kapitalgesellschaft, rechts-oder nichtrechtsfähige Personengesellschaft oder jeder andere
    Rechtsträger. Für die Zwecke von Art. 32 b) dieser Statuten sind Individuen nicht erfasst.	 	The term Person shall mean any individual,
    corporation, partnership, unincorporated association or other entity. For purposes of Art. 32 b) of these Articles of
    Association, it shall not include individuals.
	 	 	 
	Zusammenschluss	 	Business Combination
	 	 	 
	Der Begriff Zusammenschluss bedeutet
    (i) jede Fusion oder andere Form des Zusammenschlusses der Gesellschaft oder einer ihrer Tochtergesellschaften mit (i) einem
    Nahestehenden Aktionär (gemäss Definition in diesem Artikel) oder mit (ii) einer anderen Gesellschaft oder Unternehmung
    (unabhängig davon, ob diese selber ein Nahestehender Aktionär ist), falls diese eine Nahestehende Gesellschaft eines
    Nahestehenden Aktionärs ist oder durch die Fusion oder Zusammenführung eine solche wird oder (ii) jeder Verkauf,
    Vermietung oder Verpachtung, Austausch, hypothekarische Belastung oder andere Verpfändung, Übertragung oder andere
    Verfügung (ob in einer oder mehreren Transaktionen) an oder für einen Nahestehenden Aktionär oder eine Nahestehenden
    Gesellschaft eines solchen Nahestehenden Aktionärs bezüglich Vermögenswerten der Gesellschaft oder einer ihrer
    Tochtergesellschaften mit einem aggregierten Marktwert (gemäss Definition in diesem Artikel) der mindestens 25 % des
    Marktwertes der gesamten Aktiven unmittelbar vor der Transaktion entspricht, oder (iii) die Ausgabe oder Übertragung
    von Anteilen der Gesellschaft oder einer ihrer Tochtergesellschaften (ob in einer oder mehreren Transaktionen) mit einem aggregierten
    Marktwert, der mindestens 25 % des Marktwertes der gesamten Aktiven unmittelbar vor der Transaktion entspricht, an einen Nahestehenden
    Aktionär oder eine Nahestehende Gesellschaft eines solchen Nahestehenden Aktionärs im Austausch gegen Bargeld, Effekten
    oder anderen Vermögenswerten (oder einer Kombination solcher Werte) mit Ausnahme der Ausgabe oder Übertragung von
    Anteilen der Gesellschaft oder einer ihrer Tochtergesellschaften im Zusammenhang mit einem Mitarbeiterbeteiligungsprogramm
    der Gesellschaft oder einer ihrer Tochtergesellschaften, oder (iv) der Beschluss über die Liquidation oder Auflösung
    der Gesellschaft auf Antrag oder im Namen eines Nahestehenden Aktionärs oder einer einem Nahestehenden Aktionär
    Nahestehenden Gesellschaft, oder (v) jede Änderung in der Klassifizierung der Anteile der Gesellschaft (einschliesslich
    das Zusammenlegen von Aktien), Rekapitalisierung der Gesellschaft, Fusion oder andere Form des Zusammenschlusses der Gesellschaft
    mit einer ihrer Tochtergesellschaften oder jede andere Transaktion (unabhängig davon, ob ein Nahestehender Aktionär
    involviert ist), die zu einer direkten oder indirekten Erhöhung des proportionalen Anteils der ausstehenden Anteile der
    Gesellschaft oder einer ihrer Tochtergesellschaften unabhängig von der Art der ausstehenden Anteilen (Aktien, Wandelanleihen)
    führen und die direkt oder indirekt einem Nahestehenden Aktionär oder einer Nahestehenden Gesellschaft eines Nahestehenden
    Aktionärs gehören („Unverhältnismässige Transaktion“), wobei eine solche Transkation
    dann nicht als Unverhältnismässige Transaktion gelten soll, wenn die Erhöhung des Anteils des Nahestehenden
    Aktionärs bzw. der Nahestehenden Gesellschaft des Nahestehenden Aktionärs als Folge dieser Transaktion nicht grösser
    ist als die Erhöhung der Anteile der übrigen Aktionäre.	 	The term Business Combination shall mean
    (i) any merger or consolidation of the Company or any subsidiary with (i) any Interested Shareholder (as defined in this Article)
    or (ii) any other company or other entity (whether or not itself an Interested Shareholder) which is, or after such merger
    or consolidation would be, an Affiliate of an Interested Shareholder; or (ii) any sale, lease, exchange, mortgage, pledge,
    transfer or other disposition (in one transaction or a series of transactions) to or with any Interested Shareholder, or any
    Affiliate of any Interested Shareholder, of any assets of the Company or any subsidiary having an aggregate Fair Market Value
    (as defined in this Article) equaling or exceeding twenty-five percent (25%) of the Fair Market Value of the combined assets
    immediately prior to such transfer of the Company and its subsidiaries; or (iii) the issuance or transfer by the Company or
    any subsidiary (in one transaction or a series of transactions) to any Interested Shareholder or any Affiliate of any Interested
    Shareholder in exchange for cash, securities or other property (or a combination thereof), of any securities of the Company
    or any subsidiary having an aggregate Fair Market Value equaling or exceeding twenty-five percent (25%) of the Fair Market
    Value of the combined assets immediately prior to such transfer of the Company and its subsidiaries except pursuant to an
    employee benefit plan of the Company or any subsidiary thereof; or (iv) the adoption of any plan or proposal for the liquidation
    or dissolution of the Company proposed by or on behalf of any Interested Shareholder or any Affiliate of any Interested Shareholder;
    or (v) any reclassification of securities of the Company (including any reverse share split), recapitalization of the Company,
    merger or consolidation of the Company with any of its subsidiaries or other transaction (whether or not with or into or otherwise
    involving an Interested Shareholder), which has the effect, directly or indirectly, of increasing the proportionate share
    of the outstanding shares of any class of equity or convertible securities of the Company or any subsidiary which is directly
    or indirectly owned by any Interested Shareholder or any Affiliate of any Interested Shareholder (a “Disproportionate
    Transaction”); provided, however, that no such transaction shall be deemed a Disproportionate Transaction if the
    increase in the proportionate ownership of the Interested Shareholder or Affiliate as a result of such transaction is no greater
    than the increase experienced by the other stockholders generally.

 

     

    	Garmin Ltd., Schaffhausen: Statuten / Articles of Association
	32
	 	 

    
 

	Zürich
8. Juni. 2018
	 	 

Zurich,
June 8, 2018

 

	Der
ad hoc Vorsitzende:
	 	 
	The ad hoc chairperson:	 	 
	 	 	 

	  /s/
    Andrew R. Etkind	 
	Andrew R. EtkindExhibit

Exhibit 10.1

INGERSOLL-RAND PLC
INCENTIVE STOCK PLAN OF 2018

GLOBAL STOCK OPTION AWARD AGREEMENT
DATED AS OF [GRANT DATE] ("GRANT DATE")

Ingersoll-Rand plc (the “Company”) hereby grants to [insert name] (“Participant”) a non-qualified stock option (the “Option”) to purchase [insert number of shares subject to Option] ordinary shares of the Company (the “Shares”) at an exercise price of US$[insert option price] per Share, pursuant to and subject to the terms and conditions set forth in the Company’s Incentive Stock Plan of 2018 (the “Plan”) and to the terms and conditions set forth in this Stock Option Award Agreement, including the Appendix (the Stock Option Award Agreement and the Appendix are referred to, collectively, as the “Award Agreement”).  Unless otherwise defined herein, the terms defined in the Plan shall have the same meanings in this Award Agreement.
1.Vesting and Exercisability.  Participant’s right to purchase Shares subject to the Option shall vest in three equal installments on each of the first three anniversaries of the Grant Date, subject to Participant’s continued employment with the Company or an Affiliate on each such anniversary.  Subject to the provisions below, the term of the Option shall be 10 years from the Grant Date.  Participant’s rights with respect to the Option after termination of Participant’s employment shall be as set forth below: 
(a)If Participant’s employment terminates by reason of voluntary resignation or a performance based termination, (including, but not limited to, poor performance or fit with the Company and/or an Affiliate or behavior or results that are incompatible with continued employment), Participant’s right to exercise vested Options will expire 90 days following termination of active employment and all unvested Options shall be cancelled as of the date of termination of active employment.
(b)    If Participant’s employment terminates involuntarily by reason of a group termination (including, but not limited to, terminations resulting from sale of a business or division, outsourcing of an entire function, reduction in workforce or  closing of a facility) (a “Group Termination Event”), any unvested Options that would have vested within 12 months following the termination of Participant’s active employment shall become fully vested, all other unvested Options shall be cancelled as of the date of termination of active employment and all vested Options shall remain exercisable for 3 years following termination of active employment.  In the event Participant’s employer ceases to be an Affiliate (as defined in the Plan) as a result of a Major Restructuring, this will not constitute a Group Termination Event.
(c)    If Participant’s employment terminates involuntarily by reason of job elimination, substantial change in the nature of Participant’s position or job relocation, Participant shall have 1 year from the date of termination of active employment to exercise vested Options and all unvested Options will be cancelled as of the date of termination of active employment.
(d)    If Participant’s employment terminates due to Disability, all unvested Options shall vest as of the date of such termination of employment and vested Options shall remain exercisable for 3 years following termination of employment.
(e)    Notwithstanding the provisions of Section 1(a) through (d) above, if Participant’s employment terminates after attainment of age 55 with at least 5 years of service with the Company and any Affiliate (“Retirement”), all unvested Options shall continue to vest according to their original vesting schedule and Participant shall have 5 years from the date of termination of active employment to exercise all vested Options.

(f)    Notwithstanding the provisions of Section 1(e) above, if Participant’s employment terminates due to death, all unvested Options shall vest as of the date of such termination of employment and vested Options shall remain exercisable for 3 years following termination of employment.
(g)    Notwithstanding the provisions of Section 1(a) through (e) above, if Participant’s employment is terminated due to an Involuntary Loss of Job that occurs between the Grant Date and the first anniversary of completion of a Major Restructuring, any unvested Options shall become fully vested as of the date of such termination of employment and all vested Options shall remain exercisable for 3 years from the date of such termination of employment; however, if Participant has attained age 55 with at least 5 years of service as of such date, all vested Options shall remain exercisable for 5 years from the date of such termination of employment. 
(h)    In the event Participant’s employment is terminated for (i) for any reason or in any circumstances other than those specified in Section 1(a) through (g) above or (ii) for cause, all Options, whether vested or unvested, shall be cancelled immediately upon termination of active employment.  For purposes of this Section 1(h), “cause” shall mean (i) any action by Participant involving willful malfeasance or willful gross misconduct having a demonstrable adverse effect on the Company or an Affiliate; (ii) Participant being convicted of a felony under the laws of the United States or any state or district (or the equivalent in any foreign jurisdiction); or (iii) any material violation of the Company’s code of conduct, as in effect from time to time.
(i)    In no event shall any portion of the Options be exercisable more than 10 years after the Grant Date.
2.    Definitions.
(a)    Cause, for purposes of Section 2(c) below, shall mean (i) any action by Participant involving willful malfeasance or willful gross misconduct having a demonstrable adverse effect on the Company or an Affiliate; (ii) substantial failure or refusal by Participant to perform his or her employment duties, which failure or refusal continues for a period of 10 days following delivery of written notice of such failure or refusal to Participant by the Company or an Affiliate; (iii) Participant being convicted of a felony under the laws of the United States or any state or district (or the equivalent in any foreign jurisdiction); or (iv) any material violation of the Company’s code of conduct, as in effect from time to time.   
(b)    Good Reason shall mean (i) a substantial diminution in Participant’s job responsibilities or a material adverse change in Participant’s title or status (however, performing the same job for a smaller organization following a Major Restructuring shall not constitute Good Reason); (ii) a reduction of Participant’s base salary or target bonus (however, a reduction of Participant’s base salary or target bonus shall not constitute Good Reason if there is a broad-based reduction in the base salary or target bonus applicable to employees in the Company or an Affiliate) or the failure to pay Participant’s base salary or bonus when due or the failure to maintain on behalf of Participant (and his or her dependents) benefits which are at least comparable in the aggregate to those in effect prior to the completion of the Major Restructuring; or (iii) the relocation of the principal place of Participant’s employment by more than 35 miles from Participant’s principal place of employment immediately prior to the completion of the Major Restructuring; however, any of the events described in clauses (i)‐(iii) above shall constitute Good Reason only if the Company (or an Affiliate, if applicable) fails to cure such event within 30 days after receipt from Participant of written notice of the event which constitutes Good Reason; and such Participant shall cease to have a right to terminate due to Good Reason on the 90th day following the later of the occurrence of the event or Participant’s knowledge thereof, unless Participant has given the Company written notice thereof prior to such date.

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(c)    Involuntary Loss of Job shall mean, with respect to any Participant, the termination of such Participant’s employment with the Company or an Affiliate (i) by the Company or an Affiliate without Cause, or (ii) by Participant with Good Reason, unless, with respect to both (i) and (ii), the Company can reasonably demonstrate that such occurrence is not substantially related to, or as a result of, a Major Restructuring. In no event shall Participant’s employer ceasing to be an Affiliate (as defined in the Plan) as a result of a Major Restructuring, on its own, constitute an Involuntary Loss of Job. 
(d)    Major Restructuring shall mean a reorganization, recapitalization, extraordinary stock dividend, merger, sale, spin-off or other similar transaction or series of transactions which, individually or in the aggregate, has the effect of resulting in the elimination of all, or the majority of, any one or more of the Company’s two business segments (i.e., Climate and Industrial), so long as such transaction or transactions do not constitute a Change in Control.
(e)    For purposes of this Award Agreement, the term “Affiliate” shall include any entity that was an Affiliate as of the Grant Date if such entity has ceased to be an Affiliate as a result of a Major Restructuring unless otherwise specified herein.
3.    Responsibility for Taxes.  Participant acknowledges that, regardless of any action taken by the Company or, if different, Participant’s employer (the “Employer”), the ultimate liability for all income tax, social insurance, payroll tax, fringe benefits tax, payment on account or other tax-related items related to Participant’s participation in the Plan and legally applicable to Participant (“Tax-Related Items”) is and remains Participant’s responsibility and may exceed the amount actually withheld by the Company or the Employer.  Participant further acknowledges that the Company and the Employer (a) make no representations or undertakings regarding the treatment of any Tax-Related Items in connection with any aspect of the Option; and (b) do not commit to and are under no obligation to structure the terms of the grant or any aspect of the Option to reduce or eliminate Participant’s liability for Tax-Related Items or achieve any particular tax result.  Further, if Participant is subject to Tax‐Related Items in more than one jurisdiction, Participant acknowledges that the Company and/or the Employer (or former employer, as applicable) may be required to withhold or account for Tax-Related Items in more than one jurisdiction.
Prior to any relevant withholding event, as applicable, Participant will pay or make adequate arrangements satisfactory to the Company and/or the Employer to satisfy all Tax-Related Items.  In this regard, Participant authorizes the Company and/or the Employer, or their respective agents, at their discretion, to satisfy the obligations with regard to all Tax-Related Items by one or a combination of the following:  
		
	(i)
	withholding from Participant’s wages or other cash compensation paid to Participant by the Company and/or the Employer; 

		
	(ii)
	withholding from proceeds of the sale of Shares acquired upon exercise of the Option either through a voluntary sale or through a mandatory sale arranged by the Company (on Participant’s behalf pursuant to this authorization without further consent); 

		
	(iii)
	requiring Participant to tender a cash payment to the Company or an Affiliate in the amount of the Tax-Related Items; and/or 

		
	(iv)
	withholding in Shares to be issued upon exercise of the Option; 

provided, however, that if Participant is a Section 16 officer of the Company under the Exchange Act, then the Committee (as constituted to satisfy Rule 16b-3 of the Exchange Act) will determine the method of withholding from alternatives (i) – (iv) above and, if the Committee does not exercise its discretion prior to 

3

the applicable withholding event, then Participant will be entitled to elect the method of withholding from alternatives (i) – (iv) above.  
Depending on the withholding method, the Company may withhold for Tax-Related Items by considering applicable minimum statutory withholding amounts or other applicable withholding rates, including maximum applicable rates, in which case Participant may receive a refund of any over-withheld amount in cash and will have no entitlement to the equivalent amount in Shares. The Company may refuse to honor the exercise of the Option or refuse to issue or deliver the Shares or the proceeds of the sale of Shares, if Participant fails to comply with his or her obligations in connection with the Tax-Related Items.
4.    Recoupment Provision.     In the event that Participant commits fraud or engages in intentional misconduct that results in a need for the Company to restate its financial statements, then the Committee may direct the Company to (i) cancel any outstanding portion of the Option and (ii) recover all or a portion of the financial gain realized by Participant through exercise of the Option.  Participant shall also be subject to the provisions of Section 19 of the Plan regarding recoupment of compensation payable under the Option.
5.    Electronic Delivery and Participation.  The Company may, in its sole discretion, decide to deliver any documents related to participation in the Plan by electronic means or to request Participant’s consent to participate in the Plan by electronic means.  Participant hereby consents to receive such documents by electronic delivery and agrees to participate in the Plan through an on-line or electronic system established and maintained by the Company or a third party designated by the Company.
6.    Choice of Law and Venue.  The Option grant and the provisions of this Award Agreement shall be governed by and construed in accordance with the laws of the State of North Carolina without regard to such state’s conflict of laws or provisions, as provided in the Plan.  For purposes of litigating any dispute that arises under this grant or this Award Agreement, the parties hereby submit to and consent to the jurisdiction of the State of North Carolina and agree that such litigation shall be conducted in the courts of Mecklenburg County, North Carolina, or the federal courts for the United States for the Western District of North Carolina, where this grant is made and/or to be performed. 
7.    Severability.  The provisions of this Award Agreement are severable and if any one or more provisions are determined to be illegal or otherwise unenforceable, in whole or in part, the remaining provisions shall nevertheless be binding and enforceable.
8.    Country-Specific Provisions.  The Option and any Shares subject to the Option shall be subject to any special terms and conditions for Participant’s country set forth in the Appendix.  Moreover, if Participant relocates to one of the countries included in the Appendix, the special terms and conditions for such country will apply to Participant, to the extent the Company determines that the application of such terms and conditions is necessary or advisable for legal or administrative reasons.  The Appendix constitutes part of this Award Agreement.
9.    Imposition of Other Requirements.  This grant is subject to, and limited by, all applicable laws and regulations and to such approvals by any governmental agencies or national securities exchanges as may be required.  Participant agrees that the Company shall have unilateral authority to amend the Plan and this Award Agreement without Participant’s consent to the extent necessary to comply with securities or other laws applicable to the issuance of Shares.  The Company reserves the right to impose other requirements on Participant’s participation in the Plan, on the Option and on any Shares acquired under the Plan, to the extent the Company determines it is necessary or advisable for legal or administrative reasons, and to require Participant to sign any additional agreements or undertakings that may be necessary to accomplish the foregoing.

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10.    Waiver.  Participant acknowledges that a waiver by the Company of breach of any provision of this Award Agreement shall not operate or be construed as a waiver of any other provision of this Award Agreement, or of any subsequent breach by Participant or any other participant in the Plan.  
11.    No Advice Regarding Grant.  The Company is not providing any tax, legal or financial advice, nor is the Company making any recommendations regarding Participant’s participation in the Plan, or his or her acquisition or sale of the underlying Shares.  Participant should consult with his or her own personal tax, legal and financial advisors regarding Participant’s participation in the Plan before taking any action related to the Plan.
12.    Insider Trading Restrictions/Market Abuse Laws.  Participant acknowledges that Participant may be subject to insider trading restrictions and/or market abuse laws in applicable jurisdictions including, but not limited to, the United States and, if different, Participant’s country of residence, which may affect his or her ability to acquire or sell Shares or rights to Shares (e.g., Options) under the Plan during such times as Participant is considered to have “inside information” regarding the Company (as defined by the laws in the applicable jurisdictions).  Any restrictions under these laws or regulations are separate from and in addition to any restrictions that may be imposed under any applicable Company insider trading policy.  Participant is responsible for ensuring his or her compliance with any applicable restrictions and should speak to his or her personal legal advisor on this matter.
13.    Foreign Asset/Account Reporting; Exchange Controls.  Participant acknowledges that, depending on his or her country, Participant may be subject to foreign asset and/or account reporting requirements and/or exchange controls as a result of the exercise of the Option, the acquisition, holding and/or transfer of Shares or cash resulting from participation in the Plan and/or the opening and maintaining of a brokerage or bank account in connection with the Plan.  For example, Participant may be required to report such assets, accounts, account balances and values and/or related transactions to the tax or other authorities in his or her country.  Participant may also be required to repatriate sale proceeds or other funds received pursuant to the Plan to his or her country through a designated bank or broker and/or within a certain time after receipt.  Participant is responsible for ensuring compliance with any applicable requirements and should speak to his or her personal legal advisor regarding these requirements.
14.    Acknowledgement & Acceptance within 120 Days.  This grant is subject to acceptance, within 120 days of the Grant Date, by electronic acceptance through the website of UBS, the Company’s stock option administrator.  Failure to accept the Option within 120 days of the Grant Date may result in cancellation of the Option.
Signed for and on behalf of the Company:

__________________________________                    
Michael W. Lamach
Chairman and CEO
Ingersoll-Rand plc

This document constitutes part of a prospectus covering securities that have been registered under the Securities Act of 1933.

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APPENDIX

INGERSOLL-RAND PLC
INCENTIVE STOCK PLAN OF 2018
GLOBAL STOCK OPTION AWARD AGREEMENT
COUNTRY-SPECIFIC PROVISIONS

This Appendix includes special terms and conditions applicable to Participant if Participant resides and/or works in one of the countries listed below.  These terms and conditions supplement or replace (as indicated) the terms and conditions set forth in the Stock Option Award Agreement.  Unless otherwise defined herein, the terms defined in the Plan or the Award Agreement, as applicable, shall have the same meanings in this Appendix.
This Appendix also includes information relating to exchange control, foreign asset and/or account reporting and other issues of which Participant should be aware with respect to his or her participation in the Plan.  The information is based on the exchange control, securities and other laws in effect in the respective countries as of April 2018.  Such laws are often complex and change frequently.  As a result, the Company strongly recommends that Participant not rely on the information herein as the only source of information relating to the consequences of participation in the Plan because the information may be out of date at the time the Option is exercised or the Shares acquired under the Plan are sold.

In addition, the information is general in nature and may not apply to Participant’s particular situation.  The Company is not in a position to assure Participant of any particular result.  Accordingly, Participant should to seek appropriate professional advice as to how the relevant laws in his or her country may apply to his or her situation.  Finally, if Participant is a citizen or resident of a country other than the one in which he or she is currently residing and/or working, or if Participant transfers employment or residency to another country after the Option is granted, the information contained herein may not be applicable to Participant.  The Company shall, in its discretion, determine to what extent the terms and conditions contained herein shall apply to Participant. 

PROVISIONS APPLICABLE TO ALL NON-U.S. COUNTRIES
1.    Nature of Grant.  In accepting the Option, Participant acknowledges, understands and agrees that:
(a)    the Plan is established voluntarily by the Company, it is discretionary in nature and it may be amended, altered or discontinued by the Company at any time, to the extent permitted by the Plan;
(b)    the grant of the Option is exceptional, voluntary and occasional and does not create any contractual or other right to receive future grants of options, or benefits in lieu of options, even if options have been granted in the past;
(c)    all decisions with respect to future option grants, if any, will be at the sole discretion of the Company; 
(d)    Participant is voluntarily participating in the Plan; 
(e)    the Option and the Shares subject to the Option are not intended to replace any pension rights or compensation; 

6

(f)    the Option and the Shares subject to the Option, and the income and value of same, are not part of normal or expected compensation or salary for any purpose, including, but not limited to, calculating any severance, resignation, termination, redundancy, dismissal, end of service payments, bonuses, long-service awards, holiday pay, pension or retirement or welfare benefits or similar payments; 
(g)    unless otherwise agreed with the Company, the Option and the Shares subject to the Option, and the income and value of same, are not granted as consideration for, or in connection with, services Participant may provide as a director of an Affiliate
(h)    the Option grant and Participant’s participation in the Plan will not create a right to employment or be interpreted as forming an employment or service contract with the Company, the Employer or any Affiliate and will not interfere with the ability of the Company, the Employer or any Affiliate, as applicable, to terminate Participant’s employment or service relationship (if any); 
(i)    the future value of the underlying Shares is unknown, indeterminable and cannot be predicted with certainty; if the Shares subject to the Option do not increase in value, the Option will have no value; if Participant exercises the Option and acquires Shares, the value of such Shares may increase or decrease, even below the exercise price;
(j)    no claim or entitlement to compensation or damages shall arise from forfeiture of the Option resulting from Participant ceasing to provide employment or other services to the Company or the Employer (for any reason whatsoever, whether or not later found to be invalid or in breach of employment laws in the jurisdiction where Participant is employed or the terms of Participant’s employment agreement, if any) or from cancellation of the Option or recoupment of any financial gain resulting from exercise of the Option as described in Section 4 of the Stock Option Award Agreement;
(k)    in the event of termination of Participant’s employment or other services (for any reason whatsoever, whether or not later found to be invalid or in breach of employment laws in the jurisdiction where Participant is employed or the terms of Participant’s employment agreement, if any), Participant’s right to receive or vest in the Option under the Plan, if any, will terminate effective as of the date that Participant is no longer actively providing services, or will be measured with reference to such date in the case of a Group Termination Event, or other termination described in Section 1(c) of the Stock Option Award Agreement, Involuntary Loss of Job, Retirement or termination due to death or Disability, and will not be extended by any notice period (e.g., active service would not include any contractual notice period or any period of “garden leave” or similar period mandated under employment laws in the jurisdiction where Participant is employed or the terms of Participant’s employment agreement, if any); furthermore, in the event of termination of Participant’s employment or other services  (for any reason whatsoever, whether or not later found to be invalid or in breach of employment laws in the jurisdiction where Participant is employed or the terms of Participant’s employment agreement, if any), Participant’s right to exercise the Option after termination of employment, if any, will be measured with reference to the date that Participant is no longer actively providing services and will not be extended by any notice period; the Committee shall have the exclusive discretion to determine when Participant is no longer actively providing services for purposes of this Option grant (including whether Participant may still be considered to be providing services while on an approved leave of absence);

7

(l)    unless otherwise provided in the Plan or by the Company, in its discretion, the Option and the benefits evidenced by this Award Agreement do not create any entitlement to have the Option or any such benefits transferred to, or assumed by, another company nor to be exchanged, cashed out or substituted for, in connection with any corporate transaction affecting the Shares; and 
(m)    neither the Company, nor the Employer nor any Affiliate will be liable for any foreign exchange rate fluctuation between Participant’s local currency and the United States Dollar that may affect the value of the Option or of any amounts due to Participant pursuant to the exercise of the Option or the subsequent sale of any Shares acquired upon exercise.
2.    Data Privacy.
(a)    Participant is hereby notified of the collection, use and transfer, as described in this Award Agreement, in electronic or other form, of his or her Personal Data (defined below) by and among, as applicable, the Company and its Subsidiaries and Affiliates for the exclusive and legitimate purpose of implementing, administering and managing Participant’s participation in the Plan.
(b)    Participant understands that the Company and the Employer hold certain personal information about Participant, including, but not limited to, Participant’s name, home address and telephone number, email address, date of birth, social insurance number, passport or other identification number, salary, nationality, job title, any Shares or directorships held in the Company, details of all entitlement to Shares awarded, canceled, exercised, vested, unvested or outstanding in Participant’s favor (“Personal Data”), for the purpose of implementing, administering and managing the Plan.
(c)    Participant understands that providing the Company with this Personal Data is necessary for the performance of this Award Agreement and that Participant’s refusal to provide the Personal Data would make it impossible for the Company to perform its contractual obligations and may affect Participant’s ability to participate in the Plan.  Participant’s Personal Data shall be accessible within the Company only by the persons specifically charged with Personal Data processing operations and by the persons that need to access the Personal Data because of their duties and position in relation to the performance of this Award Agreement.
(d)    The Personal Data will be held only as long as is necessary to implement, administer and manage Participant’s participation in the Plan.  Participant may, at any time and without cost, contact Michelle Trumpower, Global Data Protection and Privacy Officer to enforce his or her rights under the data protection laws in Participant’s country, which may include the right to (i) request access or copies of Personal Data subject to processing; (ii) request rectification of incorrect Personal Data; (iii) request deletion of Personal Data; (iv) request restriction on processing of Personal Data; (v) request portability of Personal Data; (vi) lodge complaints with competent authorities in Participant’s country; and/or (vii) request a list with the names and addresses of any potential recipients of Personal Data.
(e)    The Company provides appropriate safeguards for protecting Personal Data that it receives in the U.S. through its adherence to the EU - U.S. Privacy Shield Framework (“Privacy Shield”).  The Privacy Shield Privacy Statement is available at https://company.ingersollrand.com/privacy-policy.html. Further, information about the Privacy Shield is on the U.S. Department of Commerce’s website, including the list of participating companies at http://www.privacyshield.gov/list.  Participant understands that the Company will transfer Personal Data to UBS and/or such other third parties as may be selected by the Company, which are assisting the Company with the implementation, administration and management of the Plan and may transfer the Personal Data to certain other third parties assisting in the implementation, administration and management of the Plan, including any requisite transfer of 

8

such Personal Data as may be required to a broker or other third party with whom Participant may elect to deposit any Shares acquired upon exercise of the Option.
(f)    Participant understands that these recipients, which may receive, use, retain and transfer Personal Data, may be located in Participant’s country or elsewhere, including outside the European Economic Area (e.g., the United States), and that the recipient’s country may have different data privacy laws and protections than Participant’s country.  When transferring Personal Data to these recipients, the Company provides appropriate safeguards in accordance with the Privacy Shield, as discussed above.  Participant may request a copy of these safeguards by contacting Michelle Trumpower, Global Data Protection and Privacy Officer. 
(g)    Finally, the processing activity is necessary for the legitimate purposes of providing the Plan to Participant.  Participant may choose to opt out of allowing the Company to share his or her Personal Data with the stock plan service provider and others as described above, although execution of such choice may mean the Company cannot grant awards under the Plan to Participant.  For questions about this choice or to make this choice, Participant should contact Michelle Trumpower, Global Data Protection and Privacy Officer. 
Further, by clicking the “Accept” or similar button implemented into the relevant web page or platform, Participant consents to the sharing and transfer of Participant’s Personal Data to UBS for the purposes of Participant’s participation in the Plan.  This includes the transfer of Participant’s personal data to the U.S. and other jurisdictions that may not have an equivalent level of data protection as Participant’s home jurisdiction.  Participant understands that he or she may withdraw consent for future transfers at any time by contacting Michelle Trumpower, Global Data Protection and Privacy Officer. 
3.    Language.  If Participant has received this Award Agreement or any other document related to the Plan translated into a language other than English and if the meaning of the translated version is different than the English version, the English version will control.
ARGENTINA
Type of Offering.  Neither the Option nor the underlying Shares are publicly offered or listed on any stock exchange in Argentina.  The offer is private and not subject to the supervision of any Argentine governmental authority.
Exchange Control Information.  If Participant transfers proceeds from the sale of Shares or any cash dividends paid with respect to such Shares into Argentina, Participant may be required to deposit a portion of the funds into a non-interest bearing account in Argentina for 365 days unless certain conditions are met.  The Argentine bank handling the transaction may request certain documentation in connection with Participant’s request to transfer proceeds into Argentina, including evidence of the sale or the dividend payment and proof that Participant acquired the Shares in compliance with Argentine exchange control regulations.
The Company reserves the right to further restrict the exercise of the Option or to amend or cancel the Option at any time in order to comply with applicable exchange control laws in Argentina.  Participant is responsible for complying with exchange control laws in Argentina and neither the Company nor the Employer will be liable for any fines or penalties resulting from Participant’s failure to comply with applicable laws.  Because exchange control laws and regulations change frequently and without notice, Participant should consult with his or her personal legal advisor before accepting the Option and before exercising the Option and/or selling any Shares acquired upon exercise of the Option to ensure compliance with current regulations.

9

Foreign Asset / Account Reporting Information.  Participant must report holdings of any equity interest in a foreign company (e.g., Shares acquired under the Plan) on his or her annual tax return each year.

AUSTRALIA
Tax Information.  The Plan is a plan to which Subdivision 83A-C of the Income Tax Assessment Act 1997 (Cth) applies (subject to the conditions in that Act).

Securities Law Information.  If Participant acquires Shares under the Plan and subsequently offers the Shares for sale to a person or entity resident in Australia, such an offer may be subject to disclosure requirements under Australian law and Participant should obtain legal advice regarding any applicable disclosure requirements prior to making any such offer.

BELGIUM
Vesting and Exercisability.  This provision replaces Section 1(e) of the Stock Option Award Agreement:
Notwithstanding the provisions of Section 1(a) through (d) above, if Participant’s employment terminates due to retirement under the retirement provisions of local law in Participant’s country (“Retirement”), all unvested Options shall continue to vest according to their original vesting schedule and Participant shall have 5 years from the date of termination of active employment to exercise all vested Options.
Acknowledgement and Acceptance within 120 Days.  This provision supplements Section 14 of the Stock Option Award Agreement:
In addition to accepting the Option electronically through the website of UBS, the Company’s stock option administrator, Participant must sign and return the attached form regarding the acceptance of the Option.   
Foreign Asset / Account Reporting Information.  Participant is required to report any bank or brokerage accounts held outside of Belgium in his or her annual tax return.  In a separate report, Participant is required to provide the National Bank of Belgium with certain details regarding such foreign accounts (including the account number, bank name and country in which any such account was opened).  This report, as well as additional information on how to complete it, can be found on the website of the National Bank of Belgium, www.nbb.be, under the Kredietcentrales / Centrales des crédits caption.

10

2018 Stock Option Toekenning

Toekenningsdatum:    [ ]Februari, 2019
Aanvaardingslimiet:    [ ] April, 2019
Annuleringsdatum:     [ ] Juni, 2019
1e uitoefendatum:    1 Januari, 2023

Gelieve één optie aan te tikken:
1.        AANVAARDING VAN AANDELENOPTIES BINNEN 60 DAGEN

 Ik aanvaard de toekenning van de aandelenopties (“stock options”) die me werden aangeboden op de toekenningsdatum.
Ik begrijp en aanvaard dat ik - door het tekenen van dit formulier en het binnen 60 dagen na toekenning, ttz vóór of op de aanvaardingslimiet, aan HR Services Belgium (hrservicesbelgium@irco.com) te doen toekomen - Belgische loonbelasting(*) zal betalen op 23% van de waarde van de onderliggende aandelen op de datum van toekenning.

OF:

2.        AANVAARDING VAN AANDELENOPTIES BINNEN 60 DAGEN MET VERBINTENIS

 Ik aanvaard de toekenning van de aandelenopties (“stock options”) die me werden aangeboden op de toekenningsdatum.
Ik begrijp en aanvaard dat ik - door het tekenen van dit formulier en het binnen 60 dagen na toekenning, ttz vóór of op de aanvaardingslimiet, aan HR Services Belgium (hrservicesbelgium@irco.com) te doen toekomen - Belgische loonbelasting(*) zal betalen met betrekking tot de aandelenopties op de datum van toekenning.
Verder bevestig ik hierbij dat ik de aandelenopties niet zal uitoefenen vóór de 1e uitoefendatum noch de aandelenopties zal overdragen. Deze toezegging wordt gedaan, verwijzend naar artikel 43 van de wet van 26 Maart 1999, met het oog op het toepassen van een verminderde belastbare waarde van 11.5% van de waarde van de onderliggende aandelen op het moment van toekenning.

OF:

3.        AANVAARDING VAN AANDELENOPTIES BINNEN 61 - 120 DAGEN

 Ik bevestig een toekenning te hebben ontvangen van aandelenopties (“stock options”) die me werden aangeboden op de toekenningsdatum .
Ik werd ervan op de hoogte gesteld dat indien ik de aanvaardingsbrief zou ondertekenen vóór of op de aanvaardingslimiet, ik met betrekking tot de aandelenopties belast zou worden op het moment van de toekenning en dit op basis van 23% of 11.5% van de waarde van de onderliggende aandelen, afhankelijk van mijn niet dan wel akkoord gaan om de aandelenopties niet uit te kunnen uitoefenen vóór de 1e uitoefendatum en mijn niet dan wel akkoord gaan om de aandelenopties niet te kunnen overdragen. Ik begrijp 

11

dat zelfs indien ik niet akkoord ga om de aandelenopties niet over te dragen overeenkomstig dit document, de aandelenopties onderworpen zjin aan enige andere overdrachtsbeperking uiteengezet in het Ingersoll-Rand plc Incentive Stock Plan van 2018.
Ik begrijp en aanvaard dat - door het tekenen van dit formulier en het aan HR Services Belgium (hrservicesbelgium@irco.com) te doen toekomen na de aanvaardingslimiet - het toegekende voordeel niet op het moment van toekenning belastbaar is, maar, krachtens de op het moment van toekenning in voege zijnde praktijk van de Belgische belastingautoriteiten, belastbaar wordt op het moment van uitoefening van de aandelenopties.(*) Het belastbaar voordeel zal berekend worden op basis van het verschil tussen de “Fair Market Value” van de aandelen op het moment van uitoefening en de uitoefenprijs.
Ik begrijp en aanvaard dat indien ik dit formulier niet onderteken en terugbezorg aan HR Services Belgium vóór de Annuleringsdatum, de toekenning van aandelenopties kan worden geannuleerd.

Naam:

Handtekening:

Datum:

(*) In alle drie gevallen zal het belastbaar voordeel worden belast aan uw marginale belastingvoet. De Vennootschap is van mening dat, onder de huidige wetgeving, feiten en omstandigheden, dit voordeel – op datum van dit schrijven - niet onderworpen is aan Belgische sociale zekerheidsbijdragen. 

De Vennootschap geeft géén belasting advies. U bent verantwoordelijk om zonodig onafhankelijk belasting advies in te winnen.

12

2018 Stock Option Award

Award Date:        February [ ], 2019
Acceptance Limit:    April [ ], 2019
Cancellation Date:     June [ ], 2019
1st Exercise Date:    January 1, 2023

Please tick ONE option
1.        ACCEPTANCE OF STOCK OPTIONS WITHIN 60 DAYS
I accept the award of Stock Options offered to me on the Award Date. 
I understand and accept that - as a result of signing this letter within 60 days of the Award Date, i.e., on or before the Acceptance Limit, and returning it to HR Services Belgium (hrservicesbelgium@irco.com) - I will be subject to Belgian income tax(*) on 23% of the value of the Shares underlying my award at the time of grant.
OR 
2.        ACCEPTANCE OF STOCK OPTIONS WITHIN 60 DAYS WITH UNDERTAKING
I accept the award of Stock Options offered to me on the Award Date. 
I understand and accept that - as a result of signing this letter within 60 days of the Award Date, i.e., on or before the Acceptance Limit, and returning it to HR Services Belgium (hrservicesbelgium@irco.com) - I will be subject to Belgian income tax(*) with respect to the Stock Options at the time of grant.
I hereby confirm that I shall not exercise the Stock Options before the 1st Exercise Date nor transfer the Stock Options. This undertaking is made pursuant to article 43 of the Law of March 26, 1999, with a view to obtaining the reduced lump sum valuation percentage of 11.5% of the value of the Shares underlying my award at the time of grant. 
OR
3.        ACCEPTANCE OF STOCK OPTIONS WITHIN 61 - 120 DAYS
 I confirm I have received an award of Stock Options offered to me on the Award Date. 
I have been informed that my signature of acceptance on or before the Acceptance Limit causes the award to be taxed at the time of grant, based on the 23% or 11.5% valuation depending on whether or not I agree that I will not exercise the Stock Options before the 1st Exercise Date and whether or not I agree that I will not transfer the Stock Options.  I understand that even if I do not agree that I will not transfer the Stock Options pursuant to this document, the Stock Options are subject to any other restriction on transfer set forth in the Ingersoll-Rand plc Incentive Stock Plan of 2018.
I understand and accept that, as a result of signing this letter and returning it to HR Services Belgium (hrservicesbelgium@irco.com) after the Acceptance Limit, my award will not be taxed at grant.  In this case, the current practice of the Belgian tax authorities is to tax the Stock Options at exercise.(*)  The taxable amount will be based on the difference between the fair market value of the Shares at the time of exercise and the exercise price. 

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I understand and accept that if I do not sign and return this letter to HR Services Belgium prior to the Cancellation Date, the award of Stock Options may be cancelled.

(*) In all three cases, the taxable benefit will be taxed at your marginal rate of income tax. The Company is of the opinion that, under the current legislation, facts and circumstances, this benefit is, at the time of this document, not subject to Belgian social security contributions. 
The Company does not provide tax advice.  You are responsible for seeking your own tax advice as appropriate. 

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BRAZIL
Nature of Grant.  This provision supplements the above “Nature of Grant” provision of the Appendix:

By accepting the Option, Participant agrees that (i) he or she is making an investment decision, (ii) Participant will be entitled to exercise the Option only if the vesting conditions are met and any necessary services are rendered by Participant between the Grant Date and the applicable Vesting Date, and (iii) the value of the underlying Shares is not fixed and may increase or decrease without compensation to Participant.

Compliance with Law.  By accepting the Option, Participant acknowledges that he or she agrees to comply with applicable Brazilian laws and pay any and all applicable taxes associated with the exercise of the Option, the receipt of any dividends and the sale of Shares acquired under the Plan.

Exchange Control Information.  If Participant is a resident or domiciled in Brazil, he or she may be required to submit a declaration of assets and rights held outside of Brazil to the Central Bank of Brazil, depending on the aggregate value of such assets and rights.  If the aggregate value of such assets and rights is US$100,000 or more but less than US$100,000,000, a declaration must be submitted annually.  If the aggregate value exceeds US$100,000,000, a declaration must be submitted quarterly.  Assets and rights that must be reported include Shares.

CANADA
Form of Payment for Options.  Due to legal restrictions in Canada, Participant may not pay the exercise price or Tax-Related Items by surrendering Shares that he or she already owns or by attesting to the ownership of Shares.

Securities Law Information.  Participant is permitted to sell Shares acquired under the Plan through UBS or such other broker designated under the Plan, provided that the resale of such Shares takes place outside of Canada through the facilities of a stock exchange on which the Shares are listed.  The Company’s ordinary shares are currently traded on the New York Stock Exchange which is located outside of Canada, under the ticker symbol “IR” and Shares acquired under the Plan may be sold through this exchange. 

Foreign Asset / Account Reporting Information.  Foreign specified property, including Shares and rights to Shares (e.g., Options),  held by a Canadian resident must be reported annually on Form T1135 (Foreign Income Verification Statement) if the total cost of such foreign specified property exceeds C$100,000 at any time during the year.  If applicable, Form T1135 is due by April 30th of the following year.  Options must be reported – generally at a nil cost – if the C$100,000 cost threshold is exceeded because of other foreign specified property held by the resident.  When Shares are acquired, their cost generally is the adjusted cost base (“ACB”) of the Shares.  The ACB would ordinarily equal the fair market value of the Shares at the time of acquisition, but if other Shares are owned, this ACB may have to be averaged with the ACB of the other Shares.  Participant is responsible for ensuring his or her compliance with any applicable reporting obligations and should speak to his or her personal legal advisor on this matter.

The following provisions will apply to Participant if he or she is a resident of Quebec:

Language Consent.  The parties acknowledge that it is their express wish that the Award Agreement, as well as all documents, notices, and legal proceedings entered into, given or instituted pursuant hereto or relating directly or indirectly hereto, be drawn up in English.

15

Consentement Relatif à la Langue Utilisée.  Les parties reconnaissent avoir expressément souhaité que la convention («Award Agreement»), ainsi que tous les documents, avis et procédures judiciares, éxécutés, donnés ou intentés en vertu de, ou liés directement ou indirectement à la présente convention, soient rédigés en langue anglaise.
Data Privacy.  This provision supplements the above “Data Privacy” provision of the Appendix:

Participant hereby authorizes the Company and the Company’s representatives to discuss with and obtain all relevant information from all personnel, professional or not, involved in the administration and operation of the Plan.  Participant further authorizes the Company, its Affiliates and UBS (or any other stock plan service provider that may be selected by the Company to assist with the Plan) to disclose and discuss the Plan with their respective advisors.  Participant further authorizes the Company and its Affiliates to record such information and to keep such information in Participant’s employee file.

CHILE
Securities Law Information.  The offer of Options constitutes a private offering in Chile effective as of the Grant Date.  The offer of Options is made subject to ruling N° 336 of the Chilean Commission for the Financial Market (“CMF”).  This offer refers to securities not registered at the securities registry or at the foreign securities registry of the CMF, and therefore such securities are not subject to its oversight.  Given that these securities are not registered in Chile, there is no obligation from the issuer to provide public information on them in Chile.  These securities cannot be subject to public offering in Chile while they are not registered at the corresponding securities registry in Chile.

Información bajo la Ley de Mercado de Valores.  Esta oferta de las Opciónes constituye una oferta privada en Chile y se inicia en la Fecha de la Concesión.  Esta oferta de Opciónes se acoge a las disposiciones de la Norma de Carácter General N° 336 de la Comisión para el Mercado Financiero de Chile (“CMF”).  Esta oferta versa sobre valores no inscritos en el registro de valores o en el registro de valores extranjeros que lleva la CMF, por lo que tales valores no están sujetos a la fiscalización de ésta.  Por tratarse de valores no inscritos en Chile, no existe la obligación por parte del emisor de entregar en Chile información pública respecto de los mismos.  Estos valores no podrán ser objeto de oferta pública en Chile mientras no sean inscritos en el registro de valores correspondiente.
Exchange Control Information.  If Participant remits funds in excess of US$10,000 out of Chile to pay the exercise price of the Option, the funds must be transferred through the Formal Exchange Market (“FEM”) (i.e., a commercial bank or registered foreign exchange office).  In addition, exchange control reporting requirements will apply if the value of any Shares acquired without the remittance of funds out of Chile exceeds US$10,000.  This requirement applies in the case of the exercise of the Option without the remittance of funds out of Chile.  Moreover, additional reporting requirements will apply if Participant’s aggregate investments abroad exceed US$5,000,000 at any time in a calendar year.  Finally, if Participant repatriates funds related to the Plan (e.g., sale proceeds, dividends) to Chile and the amount of such funds exceeds $10,000, or if Participant repatriates sale proceeds from Shares that were purchased with funds that were required to be transferred out of Chile through the FEM, such repatriation must be effected through the FEM.
Foreign Asset / Account Reporting Information.  Participant will also be required to provide certain information to the Chilean Internal Revenue Service (“CIRS”) regarding the results of investments held abroad and the taxes paid abroad.  The sworn statements disclosing this information must be submitted electronically through the CIRS website, www.sii/cl, using Form 1929, which is due on June 30 each year.

16

Exchange control and tax reporting requirements in Chile are subject to change. Participant is responsible for ensuring his or her compliance with any applicable reporting obligations and should speak to his or her personal legal advisor on this matter.

CHINA
Form of Payment for Options.  To facilitate compliance with any applicable laws or regulations in China, Participant will be required to pay the exercise price through the delivery of irrevocable instructions to a broker to sell all of the Shares obtained upon exercise of the Option and to deliver promptly to the Company an amount out of the proceeds of such sale equal to the aggregate exercise price for the Shares being purchased.  The remaining proceeds of the sale of the Shares, less any Tax-Related Items and broker’s fees or commissions, will be remitted to Participant in accordance with any applicable exchange control laws and regulations.  The Company reserves the right to allow additional forms of payment depending on the development of local law.

Exchange Control Restrictions.  Participant understands and agrees that, if he or she is a PRC national and subject to exchange control restrictions in China, he or she will be required to immediately repatriate the proceeds of the sale of Shares to China.  Participant further understands that the repatriation of such funds may need to be effected through a special exchange control account established by the Company or an Affiliate and he or she hereby consents and agrees that such funds may be transferred to such special account prior to being delivered to Participant’s personal account.  Participant also understands that the Company will deliver any sale proceeds to Participant as soon as practicable, but that there may be delays in distributing the funds due to exchange control requirements in China.  Proceeds may be paid to Participant in U.S. dollars or local currency at the Company’s discretion.  If the proceeds are paid in U.S. dollars, Participant will be required to set up a U.S. dollar bank account in China so that the proceeds may be deposited into this account.  If the proceeds are paid in local currency, the Company is under no obligation to secure any particular currency conversion rate and the Company may face delays in converting the proceeds to local currency due to exchange control restrictions, and Participant agrees to bear any currency fluctuation risk between the time the Shares are sold and the time (i) the Tax-Related Items are converted to local currency and remitted to the tax authorities and/or (ii) the net proceeds are converted to local currency and distributed to Participant.  Participant further agrees to comply with any other requirements that may be imposed by the Company in the future in order to facilitate compliance with exchange control requirements in China.

Exchange Control Information.  PRC residents are required to report to the State Administration of Foreign Exchange details of their foreign financial assets and liabilities, as well as details of any economic transactions conducted with non-PRC residents, either directly or through financial institutions.  Under these rules, Participant may be subject to reporting obligations for the Options and Plan-related transactions.  Participant should consult his or her personal legal advisor for further information about this requirement.

COLOMBIA

Nature of Grant.  This provision supplements the above “Nature of Grant” provision of the Appendix:

Participant acknowledges that, pursuant to Article 128 of the Colombian Labor Code, the Option and related benefits does not constitute a component of Participant’s “salary” for any legal purpose.  Therefore, the Option and related benefits will not be included and/or considered for purposes of calculating any and all labor benefits, such as legal/fringe benefits, vacations, indemnities, payroll taxes, social insurance contributions and/or any other labor-related amount which may be payable.

17

Securities Law Information.  The Shares are not and will not be registered in the Colombian registry of publicly traded securities (Registro Nacional de Valores y Emisores) and, therefore, the Shares may not be offered to the public in Colombia.  Nothing in the Plan, the Award Agreement or any other document evidencing the grant of the Option shall be construed as the making of a public offer of securities in Colombia.

Exchange Control Information.  Participant is responsible for complying with any and all Colombian foreign exchange requirements in connection with the Option, any Shares acquired and funds remitted out of or into Colombia in connection with the Plan.  This may include, among others, reporting obligations to the Central Bank (Banco de la República) and, in certain circumstances, repatriation requirements.  If applicable, Participant must determine whether Participant will treat his or her investments (e.g., Shares) as a (a) permanent investment or (b) a financial / temporary investment, as follows:
		
	a.
	Permanent investment:  If Participant determines that his or her investment will be permanent (i.e., because Participant wishes to remain a shareholder), Participant will be required to register Participant’s investment with the Central Bank, regardless of the value of the investment.  For this purpose, Participant must file the Central Bank’s Form No. 11.

		
	b.
	Financial / temporary investment:  If Participant determines that his or her investment will be temporary (and therefore considered a “financial investment” under applicable regulations), Participant will be required to register his or her investment with the Central Bank only if the aggregate value of the investment (as of December 31 for each year) is equal to or greater than US$500,000.  In such case, Participant must also file the Central Bank’s Form No. 11.  However, if Participant immediately sells the Shares acquired upon exercise of the Option (i.e., exercises through a cashless sell-all method of exercise), then no registration is required because no funds are remitted from Colombia and no Shares are held abroad.

Colombian law does not provide specific criteria to differentiate between treatment as a permanent investment or financial / temporary investment.  If funds are repatriated to Colombia and Participant has not registered the investment with the Central Bank,  Participant must file Form No. 5 with the Central Bank upon conversion of funds into local currency.  If the investment was previously registered with the Central Bank, then Participant must file Form No. 4 with the Central Bank upon conversion of funds into local currency.  Participant should consult with his or her personal legal advisor to ensure compliance with the applicable requirements.
Foreign Asset / Account Reporting Information.  Participant may be required to file an annual information return detailing any assets held abroad to the Colombian Tax Office.  If the individual value of these assets exceeds a certain threshold (currently 3,580 UVT or approximately COP 114,055,000), Participant must identify and characterize each asset, specify the jurisdiction in which it is located and provide its value.

CZECH REPUBLIC
Vesting and Exercisability.  This provision replaces Section 1(e) of the Stock Option Award Agreement:
Notwithstanding the provisions of Section 1(a) through (d) above, if Participant’s employment terminates due to retirement under the retirement provisions of local law in Participant’s country (“Retirement”), all unvested Options shall continue to vest according to their original vesting schedule and Participant shall have 5 years from the date of termination of active employment to exercise all vested Options.
Exchange Control Information.  Upon request of the Czech National Bank (the “CNB”), Participant may need to report the following to the CNB: foreign direct investments, financial credits from abroad, investment 

18

in foreign securities and associated collection and payments (Shares and proceeds from the sale of Shares may be included in this reporting requirement).

FINLAND
Vesting and Exercisability.  This provision replaces Section 1(e) of the Stock Option Award Agreement:
Notwithstanding the provisions of Section 1(a) through (d) above, if Participant’s employment terminates due to retirement under the retirement provisions of local law in Participant’s country (“Retirement”), all unvested Options shall continue to vest according to their original vesting schedule and Participant shall have 5 years from the date of termination of active employment to exercise all vested Options.

FRANCE
Award Not Tax-Qualified.  The Award is not intended to be French tax-qualified.

Vesting and Exercisability.  This provision replaces Section 1(e) of the Stock Option Award Agreement:
Notwithstanding the provisions of Section 1(a) through (d) above, if Participant’s employment terminates due to retirement under the retirement provisions of local law in Participant’s country (“Retirement”), all unvested Options shall continue to vest according to their original vesting schedule and Participant shall have 5 years from the date of termination of active employment to exercise all vested Options.
Consent to Receive Information in English.  In accepting the Award, Participant confirms having read and understood the documents relating to the Award (the Plan and the Award Agreement), which were provided in English.  Participant accepts the terms of these documents accordingly.

En acceptant cette Attribution, le Participant confirme avoir lu et compris les documents relatifs à cette Attribution (le Plan et le Contrat d’Attribution), qui ont été remis en langue anglaise. Le Participant accepte les termes de ces documents en conséquence.

Foreign Asset / Account Reporting Information.  Participant is required to report all foreign accounts (whether open, current or closed) to the French tax authorities when filing his or her annual tax return.
GERMANY
Vesting and Exercisability.  This provision replaces Section 1(e) of the Stock Option Award Agreement:
Notwithstanding the provisions of Section 1(a) through (d) above, if Participant’s employment terminates due to retirement under the retirement provisions of local law in Participant’s country (“Retirement”), all unvested Options shall continue to vest according to their original vesting schedule and Participant shall have 5 years from the date of termination of active employment to exercise all vested Options.
Exchange Control Information.  Participant must report any cross-border payments in excess of €12,500 to the German Federal Bank (Bundesbank).  The report must be filed electronically and the form of report (Allgemeine Meldeportal Statistik) can be accessed via the Bundesbank’s website (www.bundesbank.de).  Participant is responsible for complying with applicable reporting obligations and should speak to his or her personal legal advisor on this matter.

19

GREECE
Vesting and Exercisability.  This provision replaces Section 1(e) of the Stock Option Award Agreement:
Notwithstanding the provisions of Section 1(a) through (d) above, if Participant’s employment terminates due to retirement under the retirement provisions of local law in Participant’s country (“Retirement”), all unvested Options shall continue to vest according to their original vesting schedule and Participant shall have 5 years from the date of termination of active employment to exercise all vested Options.
Exchange Control Information.  If Participant pays the exercise price of the Option with funds held in Greece, Participant may need to complete an application form in order to remit such funds out of Greece.  The form will be provided to Participant by the foreign exchange bank handling the transaction.
HONG KONG
Nature of Scheme.  The Company specifically intends that the Plan will not be an occupational retirement scheme for purposes of the Occupational Retirement Schemes Ordinance (“ORSO”).  

Securities Law Information.  WARNING:  The Award and the Shares issued upon exercise of the Option do not constitute a public offering of securities under Hong Kong law and are available only to employees of the Company or its Affiliates.  The Award Agreement, the Plan and other incidental communication materials have not been prepared in accordance with and are not intended to constitute a “prospectus” for a public offering of securities under the applicable securities legislation in Hong Kong, nor have the documents been reviewed by any regulatory authority in Hong Kong.  Participant should exercise caution in relation to the offer.  If Participant has any questions about any of the contents of the Award Agreement or the Plan, he or she should obtain independent professional advice.

HUNGARY
Vesting and Exercisability.  This provision replaces Section 1(e) of the Stock Option Award Agreement:
Notwithstanding the provisions of Section 1(a) through (d) above, if Participant’s employment terminates due to retirement under the retirement provisions of local law in Participant’s country (“Retirement”), all unvested Options shall continue to vest according to their original vesting schedule and Participant shall have 5 years from the date of termination of active employment to exercise all vested Options.

INDIA
Form of Payment for Options.  Due to legal restrictions in India, Participant will not be permitted to pay the exercise price through the delivery of irrevocable instructions to a broker to sell some of the Shares obtained upon exercise of the Option and to deliver to the Company an amount out of the proceeds of such sale equal to the aggregate exercise price for the Shares being purchased.  Participant may, however, pay the exercise price through the delivery of irrevocable instructions to a broker to sell all of the Shares obtained upon exercise of the Option and to deliver to the Company an amount out of the proceeds of such sale equal to the aggregate exercise price for the Shares being purchased.   Participant may also pay the exercise price in cash or its equivalent.  The Company reserves the right to allow additional forms of payment depending on the development of local law.

Exchange Control Information.  Any proceeds from the sale of Shares acquired under the Plan must be repatriated to India within ninety (90) days of receipt, and any dividends received in relation to the Shares must be repatriated to India within one hundred and eighty (180) days of receipt , or within such other period 

20

of time as may be required under applicable regulations.  Participant must obtain a foreign inward remittance certificate (“FIRC”) from the bank where he or she deposits the foreign currency and maintain the FIRC as evidence of the repatriation of funds in the event the Reserve Bank of India or the Employer requests proof of repatriation.

Foreign Asset / Account Reporting Information.  Participant is required to declare foreign bank accounts and any foreign financial assets (including Shares acquired under the Plan and, possibly, Options) in Participant’s annual tax return.

INDONESIA
Exchange Control Information.  If Participant remits funds out of or into Indonesia (e.g., funds to pay the exercise price of the Option, proceeds from the sale of Shares, cash dividends), the Indonesian bank through which the transaction is made will submit a report of the transaction to Bank Indonesia for statistical reporting purposes.  For transactions of US$10,000 or more, a more detailed description of the transaction must be included in the report and Participant may be required to provide information about the transaction (e.g., the relationship between Participant and the transferor of the funds, the source of the funds, etc.) to the bank in order for the bank to complete the report.

In addition, Participant must provide Bank Indonesia with information on foreign exchange activities (e.g., remittance of funds into or out of Indonesia) via a monthly report submitted online through Bank Indonesia’s website.  The report is due by the 15th of the month following the month in which the activity occurred.

IRELAND
Vesting and Exercisability.  This provision replaces Section 1(e) of the Stock Option Award Agreement:
Notwithstanding the provisions of Section 1(a) through (d) above, if Participant’s employment terminates due to retirement under the retirement provisions of local law in Participant’s country (“Retirement”), all unvested Options shall continue to vest according to their original vesting schedule and Participant shall have 5 years from the date of termination of active employment to exercise all vested Options.

Director Notification Requirement.  If Participant is a director, shadow director or secretary of the Company or an Irish Affiliate and has a 1% or more shareholding interest in the Company, he or she must notify the Company or the Irish Affiliate, as applicable, in writing when he or she receives or disposes of an interest in the Company (e.g., Options, Shares, etc.), when he or she becomes aware of the event giving rise to the notification requirement, or when he or she becomes a director or secretary if such an interest exists at the time.  This notification requirement also applies with respect to the interests of a spouse or minor children (whose interests will be attributed to the director, shadow director or secretary).

ITALY
Form of Payment for Options.  Due to legal restrictions in Italy, Participant will be required to pay the exercise price through the delivery of irrevocable instructions to a broker to sell all of the Shares obtained upon exercise of the Option and to deliver promptly to the Company an amount out of the proceeds of such sale equal to the aggregate exercise price for the Shares being purchased.  The remaining proceeds of the sale of the Shares, less any Tax-Related Items and broker’s fees or commissions, will be remitted to Participant.  The Company reserves the right to allow additional forms of payment depending on the development of local law.

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Vesting and Exercisability.  This provision replaces Section 1(e) of the Stock Option Award Agreement:
Notwithstanding the provisions of Section 1(a) through (d) above, if Participant’s employment terminates due to retirement under the retirement provisions of local law in Participant’s country (“Retirement”), all unvested Options shall continue to vest according to their original vesting schedule and Participant shall have 5 years from the date of termination of active employment to exercise all vested Options.
Data Privacy.  This provision replaces the above “Data Privacy” provision of the Appendix:

Participant understands that the Employer, the Company and any Affiliate may hold certain personal information about Participant, including, but not limited to, Participant’s name, email address, home address and telephone number, date of birth, passport number, social insurance number or other identification number (e.g., resident registration number), salary, nationality, job title, any shares of stock or directorships held in the Company or any Affiliate, details of all Awards, or any other entitlement to shares of stock awarded, canceled, exercised, vested, unvested or outstanding in Participant’s favor (“Data”) and will process such Data for the exclusive purpose of implementing, managing and administering the Plan and in compliance with applicable laws and regulations.

Participant also understands that providing the Company with Data is mandatory for compliance with local law and necessary for the performance of the Plan and that Participant’s refusal to provide such Data would make it impossible for the Company to perform its contractual obligations and may affect Participant’s ability to participate in the Plan.  The Controller of personal data processing is Ingersoll-Rand plc, with registered offices at 170/175 Lakeview Drive, Airside Business Park, Swords, Co. Dublin, Ireland.

Participant understands that Data will not be publicized, but it may be accessible by the Employer and its internal and external personnel in charge of processing of such Data and by the data processor (the “Processor”), if any.  An updated list of Processors and other transferees of Data is available upon request from the Employer.  Furthermore, Data may be transferred to banks, other financial institutions, or brokers involved in the management and administration of the Plan.  Participant understands that Data may also be transferred to the independent registered public accounting firm engaged by the Company.  Participant further understands that the Company and/or any Affiliate will transfer Data among themselves as necessary for the purpose of implementing, administering and managing Participant’s participation in the Plan, and that the Company and/or any Affiliate may each further transfer Data to third parties assisting the Company in the implementation, administration, and management of the Plan, including any requisite transfer of Data to a broker or other third party with whom Participant may elect to deposit any Shares acquired at exercise of the Option.  Such recipients may receive, possess, use, retain, and transfer Data in electronic or other form, for the purposes of implementing, administering, and managing Participant’s participation in the Plan.  Participant understands that these recipients may be acting as controllers, Processors or persons in charge of processing, as the case may be, in accordance with local law and may be located in or outside the European Economic Area in countries such as in the United States that might not provide the same level of protection as intended under Italian data privacy laws.  Should the Company exercise its discretion in suspending all necessary legal obligations connected with the management and administration of the Plan, it will delete Data as soon as it has completed all the necessary legal obligations connected with the management and administration of the Plan.

Participant understands that Data processing related to the purposes specified above shall take place under automated or non-automated conditions, anonymously when possible, that comply with the purposes for which Data is collected and with confidentiality and security provisions as set forth by applicable laws and regulations, with specific reference to Legislative Decree no. 196/2003.

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The processing activity, including communication, the transfer of Data abroad, including outside of the European Economic Area, as herein specified and pursuant to applicable laws and regulations, does not require Participant’s consent thereto as the processing is necessary to performance of contractual obligations related to implementation, administration and management of the Plan.  Participant understands that, pursuant to Section 7 of the Legislative Decree no. 196/2003, Participant has the right to, including but not limited to, access, delete, update, correct, or terminate, for legitimate reason, the Data processing.  Participant should contact the Employer in this regard.

Furthermore, Participant is aware that Data will not be used for direct marketing purposes.  In addition, Data provided can be reviewed and questions or complaints can be addressed by contacting Participant’s human resources department.

Foreign Asset / Account Reporting Information.  Italian residents who, at any time during the fiscal year, hold foreign financial assets (including Options, cash, Shares) which may generate income taxable in Italy are required to report these assets on their annual tax returns (UNICO Form, RW Schedule) for the year during which the assets are held, or on a special form if no tax return is due.  These reporting obligations will also apply to Italian residents who are the beneficial owners of foreign financial assets under Italian money laundering provisions.  Participant is responsible for complying with applicable reporting obligations and should speak to his or her personal legal advisor on this matter.

JAPAN
Exchange Control Information.  If the payment amount to purchase Shares in one transaction exceeds ¥30,000,000, Participant must file a Payment Report with the Ministry of Finance (the “MOF”) (through the Bank of Japan or the bank through which the payment was effected).  If the payment amount to purchase Shares in one transaction exceeds ¥100,000,000, Participant must file a Securities Acquisition Report, in addition to a Payment Report, with the MOF (through the Bank of Japan).  

Foreign Asset / Account Reporting Information.  Participant will be required to report details of any assets held outside of Japan as of December 31st to the extent such assets have a total net fair market value exceeding ¥50,000,000.  Such report will be due by March 15th each year.  Participant should consult with his or her personal tax advisor as to whether the reporting obligation applies to him or her and whether the requirement extends to any outstanding Options, Shares and/or cash acquired under the Plan.

KOREA
Exchange Control Information.  If Participant remits funds out of Korea to pay the exercise price of the Option, the remittance of funds must be confirmed by a foreign exchange bank in Korea.  Participant should submit the following supporting documents evidencing the nature of the remittance to the bank together with the confirmation application: (i) the Award Agreement; (ii) the Plan; and (iii) his or her certificate of employment.  This confirmation is not necessary if Participant pays the exercise price through the delivery of irrevocable instructions to a broker to sell Shares obtained upon exercise of the Option and to deliver promptly to the Company an amount out of the proceeds of such sale equal to the aggregate exercise price for the Shares being purchased, because in this case there is no remittance of funds out of Korea.

Foreign Asset / Account Reporting Information.  Korean residents must declare all foreign financial accounts (e.g., brokerage accounts, bank accounts) to the Korean tax authority and file a report with respect to such accounts if the value of the assets in such accounts exceeds KRW 1,000,000,000 (or the equivalent amount in a foreign currency) on any month-end date during the calendar year.  Participant is responsible 

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for complying with applicable reporting obligations and should speak to his or her personal legal advisor on this matter.

MEXICO
Labor Law Policy and Acknowledgment.  In accepting the Option, Participant expressly recognizes that Ingersoll-Rand plc, with registered offices at 170/175 Lakeview Drive, Airside Business Park, Swords, Co. Dublin, Ireland, is solely responsible for the administration of the Plan and that Participant’s participation in the Plan and acquisition of Shares do not constitute an employment relationship between Participant and the Company since Participant is participating in the Plan on a wholly commercial basis and Participant’s sole Employer is a Mexican Subsidiary or Affiliate of the Company (“Ingersoll-Rand-Mexico”).  Based on the foregoing, Participant expressly recognizes that the Plan and the benefits that Participant may derive from his or her participation in the Plan do not establish any rights between Participant and Ingersoll-Rand-Mexico, and do not form part of the employment conditions and/or benefits provided by Ingersoll-Rand-Mexico and any modification of the Plan or its termination shall not constitute a change or impairment of the terms and conditions of Participant’s employment.
Participant further understands that his or her participation in the Plan is a result of a unilateral and discretionary decision of the Company; therefore, the Company reserves the absolute right to amend and/or discontinue Participant’s participation at any time without any liability to Participant.
Finally, Participant hereby declares that he or she does not reserve any action or right to bring any claim against the Company for any compensation or damages regarding any provision of the Plan or the benefits derived under the Plan, and Participant therefore grants a full and broad release to the Company, its Affiliates, branches, representation offices, its shareholders, officers, agents or legal representatives with respect to any claim that may arise.
Política de la Ley Laboral y Reconocimiento.  Aceptando este Premio (Option), el Participante reconoce expresamente que Ingersoll-Rand plc, con oficinas registradas ubicadas en 170/175 Lakeview Drive, Airside Business Park, Swords, Co. Dublin, Ireland, es el único responsable de la administración del Plan y que participación del Participante en el mismo y la adquisición de Acciones no constituye de ninguna manera una relación laboral entre el Participante y la Compañía, debido a que la participación de esa persona en el Plan deriva únicamente de una relación comercial y el único Patrón del participante es una Subsidiaria o Afiliada Mexicana de la Compañía (“Ingersoll-Rand-México”).  Derivado de lo anterior, el Participante reconoce expresamente que el Plan y los beneficios que pudieran derivar para el Participante por su participación en el mismo, no establecen ningún derecho entre el Participante e Ingersoll-Rand-México, y no forman parte de las condiciones laborales y/o prestaciones otorgadas por Ingersoll-Rand-México, y cualquier modificación al Plan o la terminación del mismo de ninguna manera podrá ser interpretada como una modificación o desmejora de los términos y condiciones de trabajo del Participante.
Asimismo, el Participante reconoce que su participación en el Plan es resultado de la decisión unilateral y discrecional de la Compañía, por lo tanto, la Compañía se reserva el derecho absoluto para modificar y/o discontinuar la participación del Participante en cualquier momento, sin ninguna responsabilidad hacia el Participante.
Finalmente el Participante manifiesta que no se reserva ninguna acción o derecho que ejercitar en contra dela Compañía, por cualquier compensación o daños o perjuicios en relación con cualquier disposición del Plan o de los beneficios derivados del mismo, y en consecuencia exime amplia y completamente a la Compañía, sus Afiliadas, sucursales, oficinas de representación, sus accionistas, administradores, agentes y representantes legales con respecto a cualquier reclamo que pudiera surgir.

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THE NETHERLANDS
Vesting and Exercisability.  This provision replaces Section 1(e) of the Stock Option Award Agreement:
Notwithstanding the provisions of Section 1(a) through (d) above, if Participant’s employment terminates due to retirement under the retirement provisions of local law in Participant’s country (“Retirement”), all unvested Options shall continue to vest according to their original vesting schedule and Participant shall have 5 years from the date of termination of active employment to exercise all vested Options.
POLAND
Vesting and Exercisability.  This provision replaces Section 1(e) of the Stock Option Award Agreement:
Notwithstanding the provisions of Section 1(a) through (d) above, if Participant’s employment terminates due to retirement under the retirement provisions of local law in Participant’s country (“Retirement”), all unvested Options shall continue to vest according to their original vesting schedule and Participant shall have 5 years from the date of termination of active employment to exercise all vested Options.
Exchange Control Information.  Polish residents are obligated to file quarterly reports with the National Bank of Poland incorporating information on transactions and balances related to Options and Shares if the total value of such assets (calculated individually or together with other assets/liabilities possessed abroad) exceeds PLN 7,000,000.  If Participant transfers funds in excess of a specified threshold (currently €15,000, or PLN 15,000 if such transfer of funds is connected with business activity of an entrepreneur) into or out of Poland in connection with the purchase or sale of Shares acquired under the Plan, the funds must be transferred via a bank account.  Participant is required to retain the documents connected with a foreign exchange transaction for a period of five (5) years, as measured from the end of the year in which such transaction occurred.  If Participant holds Shares acquired under the Plan and/or keeps a bank account abroad, Participant will have reporting duties to the National Bank of Poland.  Participant should consult with his or her personal legal advisor to determine what he or she must do to fulfill any applicable reporting duties. 

PUERTO RICO
There are no country-specific provisions.

RUSSIA
Securities Law Information.  This Award Agreement, the Plan and all other materials Participant may receive regarding participation in the Plan do not constitute advertising or an offering of securities in Russia.  Any issuance of Shares under the Plan has not and will not be registered in Russia and, therefore, the Shares described in any Plan-related documents may not be offered or placed in public circulation in Russia. In no event will Shares issued under the Plan be delivered to Participant in Russia.  Any Shares acquired under the Plan will be maintained on Participant's behalf outside of Russia. Moreover, Participant will not be permitted to sell or otherwise alienate any Shares directly to other Russian legal entities or individuals.
Exchange Control Information.  Participant is required to repatriate certain cash amounts received with respect to the Award to Russia as soon as Participant intends to use the amounts for any purpose, including reinvestment.  Such funds must initially be credited to Participant through a foreign currency account at an authorized bank in Russia.  After the funds are initially received in Russia, they may be further remitted to foreign banks in accordance with Russian exchange control laws. 

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As an express statutory exception to the above-mentioned repatriation rule, cash dividends paid on the Shares can be paid directly to a foreign bank or brokerage account opened with a bank located in an OECD (Organization for Economic Co-operation and Development) or FATF (Financial Action Task Force) country (which includes the United States).  In addition, cash proceeds from the sale of shares traded on one of the foreign stock exchanges on the list provided for by the Russian Federal law “On the Securities Market” (which currently includes the New York Stock Exchange) can be paid directly to a foreign bank or brokerage account opened with a bank located in an OECD or FATF country.  Other statutory exceptions may apply and Participant should consult his or her personal legal advisor in this regard.
Foreign Asset/Account Reporting Information.  Participant will be required to notify the Russian tax authorities within one month of opening, closing or changing any account details of a foreign bank account. Participant is also required to report (i) the beginning and ending balances in such foreign bank account each year and (ii) transactions related to such foreign account during the year to the Russian tax authorities, on or before June 1 of the following year.  The tax authorities can require any supporting documents related to the transactions in Participant’s foreign bank account.  Participant should consult his or her personal tax advisor to ensure compliance with applicable requirements.

SINGAPORE
Securities Law Information.  The grant of the Option is being made pursuant to the “Qualifying Person” exemption” under section 273(1)(f) of the Securities and Futures Act (Chapter 289, 2006 Ed.) (“SFA”).  The Plan has not been lodged or registered as a prospectus with the Monetary Authority of Singapore.  Participant should note that the Award is subject to section 257 of the SFA and Participant should not make any subsequent sale of the Shares in Singapore or any offer of such subsequent sale of the Shares subject to the Award in Singapore, unless such sale or offer in is made (i) six months or more after the Grant Date or (ii) pursuant to the exemptions under Part XIII Division 1 Subdivision (4) (other than section 280) of the SFA.  The Shares are currently traded on the New York Stock Exchange, which is located outside of Singapore, under the ticker symbol “IR” and Shares acquired under the Plan may be sold through this exchange.

Chief Executive Officer and Director Notification Requirement.  If Participant is a director, (including an alternate, substitute, or shadow director) or the chief executive officer (“CEO”) of a Singapore Affiliate, he or she is subject to certain notification requirements under the Singapore Companies Act, regardless of whether he or she is a Singapore resident or employed in Singapore.  Among these requirements is the obligation to notify the Singapore Affiliate in writing when Participant receives or disposes of an interest (e.g., Options, Shares) in the Company or an Affiliate.  These notifications must be made within two (2) business days of acquiring or disposing of any interest in the Company or any Affiliate or within two (2) business days of becoming a director or the CEO if such an interest exists at that time.

SPAIN
Vesting and Exercisability.  This provision replaces Section 1(e) of the Stock Option Award Agreement:
Notwithstanding the provisions of Section 1(a) through (d) above, if Participant’s employment terminates due to retirement under the retirement provisions of local law in Participant’s country (“Retirement”), all unvested Options shall continue to vest according to their original vesting schedule and Participant shall have 5 years from the date of termination of active employment to exercise all vested Options.
Nature of Grant.  This provision supplements Section 1 of the Stock Option Award Agreement and the above “Nature of Grant” provision of the Appendix:

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In accepting the Award, Participant consents to participate in the Plan and acknowledges having received and read a copy of the Plan.

Participant understands that the Company has unilaterally, gratuitously and discretionally decided to grant awards under the Plan to individuals who may be employees of the Company or an Affiliate throughout the world.  The decision is a limited decision that is entered into upon the express assumption and condition that any grant will not bind the Company or any Affiliate over and above the specific terms of the Plan and this Award Agreement.  Consequently, Participant understands that the Award is granted on the assumption and condition that such Award and any Shares acquired upon exercise of the Option shall not become a part of any employment contract (either with the Company or any Affiliate) and shall not be considered a mandatory benefit, salary for any purposes (including severance compensation) or any other right whatsoever.  In addition, Participant understands that the Award would not be granted but for the assumptions and conditions referred to above; thus, Participant acknowledges and freely accepts that should any or all of the assumptions be mistaken or should any of the conditions not be met for any reason, then any grant of the Option shall be null and void.

Further, Participant understands and agrees that, as a condition of the grant of the Option, except as provided for in Section 1 of the Stock Option Award Agreement, Participant’s termination of employment for any reason (including for the reasons listed below) will automatically result in the loss of the Option to the extent the Option has not vested and become exercisable as of the date Participant is no longer actively employed.  In particular, except as provided for in Section 1 of the Stock Option Award Agreement, Participant understands and agrees that (i) any unvested portion of the Option as of the date Participant’s active employment ends, and (ii) any vested portion of the Option that is not exercised within the period following the date Participant’s active employment ends set forth in Section 1 of the Stock Option Award Agreement will be forfeited without entitlement to the underlying Shares or to any amount as indemnification in the event of a termination by reason of, including, but not limited to: resignation, disciplinary dismissal adjudged to be with cause, disciplinary dismissal adjudged or recognized to be without cause, individual or collective layoff on objective grounds, whether adjudged to be with cause or adjudged or recognized to be without cause, material modification of the terms of employment under Article 41 of the Workers’ Statute, relocation under Article 40 of the Workers’ Statute, Article 50 of the Workers’ Statute, unilateral withdrawal by the Employer, and under Article 10.3 of Royal Decree 1382/1985.

Exchange Control Information.  Participant must declare the acquisition, ownership and disposition of stock in a foreign company (including Shares acquired under the Plan) to the Spanish Dirección General de Comercio e Inversiones (the “DGCI”), the Bureau for Commerce and Investments, which is a department of the Ministry of Economy and Competitiveness, for statistical purposes.  Generally, the declaration must be filed in January for Shares acquired or sold during (or owned as of December 31 of) the prior year; however, if the value of the Shares acquired under the Plan or the amount of the sale proceeds exceeds €1,502,530, the declaration must be filed within one month of the acquisition or sale, as applicable.  
Participant may be required to declare electronically to the Bank of Spain any foreign accounts (including brokerage accounts held abroad), any foreign instruments (including Shares acquired under the Plan), and any transactions with non-Spanish residents (including any payment of cash or Shares made by the Company) depending on the value of the transactions during the relevant year or the balances in such accounts and the value of such instruments as of December 31 of the relevant year.  Participant should consult with his or her personal legal advisor regarding the applicable thresholds and corresponding reporting requirements. 
Foreign Asset / Account Reporting Information.  Participant is required to report assets or rights deposited or held outside of Spain (including Shares acquired under the Plan or cash proceeds from the sale of Shares acquired under the Plan) if the value of such right or asset exceeds €50,000 per type of asset or right.  This 

27

obligation  applies to assets and rights held as of December 31 (or at any time during the year in which the asset or right is sold or otherwise disposed of) and requires that information on such assets and rights be included in Participant’s tax return filed with the Spanish tax authorities for such year.  After such assets or rights are initially reported, the reporting obligation will apply for subsequent years only if the value of any previously reported asset or right increases by more than €20,000 or if ownership of such asset or right is transferred or relinquished during the year.
Securities Law Information.  No “offer of securities to the public,” within the meaning of Spanish law, has taken place or will take place in the Spanish territory in connection with the Option.  The Plan, the Award Agreement and any other documents evidencing the grant of the Option have not been, nor will they be, registered with the Comisión Nacional del Mercado de Valores (the Spanish securities regulator), and none of those documents constitutes a public offering prospectus.

SWEDEN
Vesting and Exercisability.  This provision replaces Section 1(e) of the Stock Option Award Agreement:
Notwithstanding the provisions of Section 1(a) through (d) above, if Participant’s employment terminates due to retirement under the retirement provisions of local law in Participant’s country (“Retirement”), all unvested Options shall continue to vest according to their original vesting schedule and Participant shall have 5 years from the date of termination of active employment to exercise all vested Options.

TAIWAN
Exchange Control Information.  Participant may acquire and remit foreign currency (including funds for the purchase of Shares and proceeds from the sale of Shares) up to US$5,000,000 per year without justification.  If the transaction amount is TWD500,000 or more in a single transaction, Participant must submit a Foreign Exchange Transaction Form.  If the transaction amount is US$500,000 or more in a single transaction, Participant must also provide supporting documentation to the satisfaction of the remitting bank.

THAILAND
Exchange Control Information.  If the proceeds from the sale of Shares or any cash dividends received in relation to the Shares exceed US$50,000, Participant must (i) immediately repatriate such funds to Thailand and (ii) report the inward remittance to the Bank of Thailand on a Foreign Exchange Transaction Form.  In addition, within 360 days of repatriation, Participant must convert any funds repatriated to Thailand to Thai Baht or deposit the funds in a foreign exchange account with a Thai bank.
TURKEY
Securities Law Information.  The Options are made available only to employees of the Company and its Affiliates, and the offer of participation in the Plan is a private offering.  Participant is not permitted to publicly offer any Shares acquired under the Plan in Turkey unless such public offering is approved by the Turkish Capital Markets Board in accordance with Turkish laws.  The Shares are currently traded on the New York Stock Exchange, which is located outside of Turkey, under the ticker symbol “IR” and Shares acquired under the Plan may be sold through this exchange.

Exchange Control Information.  Exchange control regulations require Turkish residents to conduct any activity related to investments in foreign securities through a bank or financial intermediary institution 

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licensed by the Turkish Capital Markets Board.  Participant should consult with his or her personal legal advisor regarding this requirement.
UNITED ARAB EMIRATES
Securities Law Information.  The Award Agreement, the Plan, and other incidental communication materials related to the Option are intended for distribution only to employees of the Company and its Affiliates for the purposes of an incentive scheme.

The Emirates Securities and Commodities Authority and the Central Bank have no responsibility for reviewing or verifying any documents in connection with this statement.  Neither the Ministry of Economy nor the Dubai Department of Economic Development have approved this statement nor taken steps to verify the information set out in it, and have no responsibility for it.

The securities to which this statement relates may be illiquid and/or subject to restrictions on their resale.  Prospective purchasers of the securities offered should conduct their own due diligence on the securities.

If Participant does not understand the contents of the Award Agreement or the Plan, he or she should consult an authorized financial adviser.

UNITED KINGDOM (THE “U.K.”)
Vesting and Exercisability.  This provision replaces Section 1(e) of the Stock Option Award Agreement:
Notwithstanding the provisions of Section 1(a) through (d) above, if Participant’s employment terminates due to retirement under the retirement provisions of local law in Participant’s country (“Retirement”), all unvested Options shall continue to vest according to their original vesting schedule and Participant shall have 5 years from the date of termination of active employment to exercise all vested Options.
Responsibility for Taxes.  This provision supplements Section 3 of the Stock Option Award Agreement: 

Without limitation to Section 3 of the Stock Option Award Agreement, Participant agrees that Participant is liable for all Tax-Related Items and hereby covenants to pay all such Tax-Related Items, as and when requested by the Company or the Employer or by Her Majesty’s Revenue and Customs (“HMRC”) (or any other tax authority or any other relevant authority). Participant also agrees to indemnify and keep indemnified the Company and the Employer against any Tax-Related Items that they are required to pay or withhold or have paid or will pay to HMRC (or any other tax authority or any other relevant authority) on Participant’s behalf.  

Notwithstanding the foregoing, if Participant is a director or executive officer of the Company (within the meaning of Section 13(k) of the Exchange Act), the immediately foregoing provision will not apply; instead, the amount of any uncollected income tax may constitute a benefit to Participant on which additional income tax and national insurance contributions may be payable.  Participant is responsible for reporting and paying any income tax due on this additional benefit directly to HMRC under the self-assessment regime and for paying the Company or the Employer (as applicable) for the value of any employee national insurance contributions due on this additional benefit.

UNITED STATES

Foreign Asset / Account Reporting Information.  Under the Foreign Account Tax Compliance Act (“FATCA”), United States taxpayers who hold Shares or rights to acquire Shares (i.e., Options) may be required to report certain information related to their holdings to the extent the aggregate value of the Options/

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Shares exceeds certain thresholds (depending on Participant’s filing status) with the Participant’s annual tax return.  Participant should consult with his personal tax or legal advisor regarding any FATCA reporting requirements with respect to the Options or any Shares acquired under the Options.

In addition, Report of Foreign Bank and Financial Account (FBAR) requirements may also apply to Participant if Participants hold assets, such as Shares, outside the U.S.

VENEZUELA
Exchange Control Information.  Exchange control restrictions may limit the ability to remit funds out of Venezuela in order to exercise the Option or remit funds into Venezuela following the receipt of the proceeds from the cashless exercise of the Option.  The Company reserves the right to further restrict the exercise of the Option or to amend or cancel the Option at any time in order to comply with applicable exchange control laws in Venezuela.  Participant is responsible for complying with exchange control laws in Venezuela and neither the Company nor the Employer will be liable for any fines or penalties resulting from Participant’s failure to comply with applicable laws.  Because exchange control laws and regulations change frequently and without notice, Participant should consult with his or her personal legal advisor before accepting the Option and before exercising the Option and/or selling any Shares acquired upon exercise of the Option to ensure compliance with current regulations.
 
Securities Law Information.  Participant has met the eligibility requirements set forth in the Plan.  The offering of the Option is personal, private, exclusive and non-transferable and does not qualify as a public offering under the laws of the Bolivarian Republic of Venezuela.  Therefore, previous authorization of the National Superintendent of Securities is not required for the offer.

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