Document:

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                                                                   Exhibit 10.19
[BANK OF AMERICA LOGO]

                                                                  LEASE NUMBER
BANC OF AMERICA LEASING & CAPITAL, LLC     LEASE AGREEMENT        15689 - 00400

THIS LEASE AGREEMENT (this "Agreement") dated as of July 26, 2005 between BANC
OF AMERICA LEASING & CAPITAL, LLC ("Lessor"), a Delaware limited liability
company having an office at 2059 Northlake Parkway, 4 South, Tucker, GA 30084,
and Fred's Stores of Tennessee, Inc. ("Lessee"), a Tennessee corporation, having
their chief executive office at 4300 New Getwell Road, Memphis, Tennessee 38118.

1. LEASE AGREEMENT; SCHEDULES; TITLE. Subject to the terms and conditions
hereof, Lessor shall lease to Lessee, and Lessee shall lease from Lessor, the
items of personal property (collectively with all attachments and accessories
thereto, the "Units") described in one or more schedules (each, a "Schedule";
each Schedule, together with this Agreement as it pertains thereto, a "Lease")
which incorporate by reference this Agreement. Each Schedule shall constitute a
separate and independent lease and contractual obligation of Lessee. Upon
delivery and acceptance by Lessee of each Unit, Lessee shall execute and deliver
the Schedule relating to the Unit, with all information required on the Schedule
fully completed, identifying and accepting the Unit. Lessee hereby assigns to
Lessor all of Lessee's interest in any purchase orders, invoices or other
contracts of sale with respect to the Units provided that Lessor assumes no
obligations under such agreements other than the obligation to pay for the Units
if Lessee has complied with the terms of this Agreement. Lessee hereby conveys
whatever right, title and interest it may have in the Units to the Lessor
hereunder.

2. TERM OF LEASE; RENTALS. The lease term with respect to any Unit shall consist
of an "Interim Term" (if any) and a "Base Term" as specified in the Schedule
covering such Unit. Lessee shall pay rent for the Interim Term ("Interim Rent")
and for the Base Term ("Base Rent") as specified in the applicable Schedule.

3. NET LEASE; DISCLAIMER OF WARRANTIES. EACH LEASE IS A NET LEASE. ALL COSTS,
EXPENSES AND OTHER LIABILITIES ASSOCIATED WITH THE UNITS SHALL BE BORNE SOLELY
BY LESSEE. LESSEE'S OBLIGATION TO PAY RENT AND ALL OTHER OBLIGATIONS UNDER ANY
LEASE ARE ABSOLUTE AND UNCONDITIONAL, AND NOT SUBJECT TO ANY ABATEMENT,
DEFERMENT, REDUCTION, SETOFF, DEFENSE, COUNTERCLAIM OR RECOUPMENT FOR ANY REASON
WHATSOEVER. NO LEASE SHALL TERMINATE, EXCEPT AS EXPRESSLY PROVIDED HEREIN, NOR
SHALL THE OBLIGATIONS OF LESSEE BE AFFECTED, BY REASON OF ANY DEFECT OR DAMAGE
TO, OR ANY DESTRUCTION, LOSS, THEFT, FORFEITURE, GOVERNMENTAL REQUISITION OR
OBSOLESCENCE OF ANY UNIT, REGARDLESS OF CAUSE. LESSEE ACKNOWLEDGES THAT LESSOR
IS NOT A MERCHANT OR MANUFACTURER, OR AGENT OF ANY SUCH PERSON, OR ENGAGED IN
THE SALE OR DISTRIBUTION OF THE UNITS, AND HAS NOT MADE, AND DOES NOT HEREBY
MAKE, ANY REPRESENTATION OR WARRANTY AS TO MERCHANTABILITY, PERFORMANCE,
CONDITION, FITNESS OR SUITABILITY FOR LESSEE'S PURPOSES OF ANY OF THE UNITS, OR
MAKE ANY OTHER REPRESENTATION OR WARRANTY WITH RESPECT TO THE UNITS. LESSOR
SHALL NOT BE LIABLE TO LESSEE FOR, NOR SHALL LESSEE'S OBLIGATIONS UNDER ANY
LEASE BE AFFECTED BY, ANY LOSS, CLAIM, LIABILITY, COST, DAMAGE OR EXPENSE OF ANY
KIND CAUSED, OR ALLEGED TO BE CAUSED, DIRECTLY OR INDIRECTLY, BY ANY UNIT, OR BY
ANY INADEQUACY OF THE UNIT FOR ANY PURPOSE, OR BY ANY DEFECT IN, THE USE OR
MAINTENANCE OF, ANY REPAIRS, SERVICING OR ADJUSTMENTS OF, OR ANY INTERRUPTION OR
LOSS OF SERVICE OR USE OF, ANY UNIT, OR ANY LOSS OF BUSINESS, PROFITS,
CONSEQUENTIAL OR OTHER DAMAGE OF ANY NATURE. Lessor hereby transfers and assigns
to Lessee, to the extent allowable by law, for and during the lease term of each
Schedule, a non-exclusive interest in the Unit warranties, if any, of the
manufacturer, and hereby authorizes Lessee, when there exists no Event of
Default, to enforce such warranties and to obtain at its own expense the
customary services furnished by the manufacturer in connection with the Units.

4. USE, MAINTENANCE, LOCATION. Lessee shall use, operate, protect and maintain
the Units in good operating order, repair, condition and appearance, and in
compliance with all applicable insurance policies, laws, ordinances, rules,
regulations and manufacturer's recommended procedures, and shall maintain
comprehensive records regarding the Units. The Units shall be used solely for
commercial or business purposes, and not for any consumer, personal, home, or
family purpose, and shall not be abandoned. Lessee shall not, through
modifications, alterations or otherwise, impair the value or originally intended
function of any Unit without Lessor's prior consent. Any replacement or
substitution of parts, improvements, upgrades, or additions to the Units made by
Lessee shall become and remain the property of Lessor and subject to the Lease,
except that if no Event of Default exists, Lessee may at its expense remove
improvements or additions provided by Lessee that can be readily removed without
impairing the value and function of the Unit. If requested by Lessor, Lessee
shall cause each Unit to be plainly marked to disclose Lessor's ownership, as
specified by Lessor. Lessee shall not change the location or base of any Unit
specified in its Schedule without Lessor's prior consent. Lessee shall notify
Lessor at least 30 days before changing the location of its chief executive
office.

5. LOSS AND DAMAGE. Lessee assumes all risk of, and shall promptly notify Lessor
of any occurrence of, any damage to or loss, theft, confiscation, or destruction
of (together, "Casualty") each Unit from any cause whatsoever from the date the
Unit is shipped by the vendor or manufacturer or otherwise made available to
Lessee ("Shipment Date"). If any Unit suffers a Casualty from the Shipment Date
until the Acceptance Date (as defined in the applicable Schedule), Lessee shall
pay Lessor any sum required to be paid under any Progress Payment Agreement
entered into between Lessor and Lessee in relation to such Unit. If any Unit
suffers a Casualty on or after its Acceptance Date, Lessee shall, if the
Casualty is damage that is reparable in the judgment of Lessor, at its own
expense promptly place the same in good repair, condition or working order, and,
if the Unit is lost, stolen, confiscated, destroyed or damaged beyond repair
("Total Loss"), on the rent payment date following such occurrence (or, if none,
within 30 days) pay Lessor the Stipulated Loss Value (as defined in the
applicable Schedule) therefor, together with all other amounts owing under the
Lease with respect to the Unit. Upon such payment, (a) the Lease of the Unit
shall

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terminate and Lessor thereupon shall become entitled to possession of the Unit
and (b) Lessee shall become entitled to proceeds of insurance maintained by
Lessee to the extent of such payment, any excess proceeds to be retained by
Lessor. If less than all Units in the applicable Schedule suffer Total Loss, the
remaining Base Rent under the Schedule shall be reduced as reasonably calculated
by Lessor and notified to Lessee.

6. INSURANCE. Lessee, at its own expense, shall keep each Unit insured against
all risks for the value of the Unit, and in no event for less than the
Stipulated Loss Value of the Unit, and shall maintain public liability insurance
against such risks and for such amounts as Lessor may require. All such
insurance shall be in such form and with such companies as Lessor shall approve,
shall specify Lessor and Lessee as insureds and shall provide that such
insurance may not be canceled as to Lessor or altered in any way that would
affect the interest of Lessor without at least 30 days' prior written notice to
Lessor (10 days' in the case of nonpayment of premium). All insurance shall be
primary, without right of contribution from any other insurance carried by
Lessor, shall contain waiver of subrogation and "breach of warranty" provisions
satisfactory to Lessor, shall provide that all amounts payable by reason of loss
or damage to the Units shall be payable solely to Lessor, unless Lessor
otherwise agrees, and shall contain such other endorsements as Lessor may
reasonably require. Lessee shall provide Lessor with evidence satisfactory to
Lessor of the required insurance upon the execution of any Schedule and promptly
upon any renewal of any required policy.

7. INDEMNITIES. (a) General Indemnity. Lessee shall indemnify, on an after-tax
basis, Lessor, its successors and assigns, and their respective officers,
directors, employees, agents and affiliates ("Indemnified Persons") against all
claims, liabilities, losses and expenses whatsoever (except those directly and
primarily caused by the Indemnified Person's gross negligence or willful
misconduct), including reasonable attorneys' fees and allocated costs of
internal counsel (together, "Attorney Costs"), in any way relating to or arising
out of this Agreement, the Units or the Leases at any time, or the ordering,
acquisition, rejection, installation, possession, maintenance, use, ownership,
condition, destruction, return, or disposition of the Units, including such
matters based in negligence and strict liability in tort, environmental
liability, statutory liability, or infringement or Lessee's breach of any
representation, warranty or covenant contained herein or any other agreement
related hereto.

(b) General Tax Indemnity. Lessee shall pay or reimburse Lessor and its
successors and assigns on demand for, and indemnify and hold Lessor harmless
from, on an after-tax basis, all taxes, assessments, fees and other governmental
charges paid or required to be paid by Lessor or Lessee in any way arising out
of or related to the Units or the Leases, before, during or after the lease
term, including foreign, Federal, state, county and municipal fees, taxes and
assessments, and property, value-added, sales, use, gross receipts, excise,
stamp and documentary taxes, and all related penalties, fines, additions to tax
and interest charges (together, "Impositions"), excluding only Federal and state
taxes based on Lessor's net income unless such taxes are in lieu of any
Imposition Lessee would otherwise be required to pay hereunder. Lessee shall
timely pay any Imposition for which Lessee is primarily responsible under law
and any other Imposition not payable or not paid by Lessor, but Lessee shall
have no obligation to pay any such Imposition that Lessee is contesting in good
faith and by appropriate legal proceedings, the nonpayment of which does not, in
the opinion of Lessor, result in a material risk of adverse effect on the title,
property, use, disposition or other rights of Lessor with respect to the Units.
Lessee shall furnish on Lessor's request proof of payment of any Imposition paid
by Lessee.

(c) Special Tax Indemnity. (i) All references to "Lessor" in this Section 7(c)
shall include (A) Lessor's successors and assigns, and (B) each member of the
affiliated group of corporations, as defined in Section 1504(a) of the Internal
Revenue Code of 1986, as amended (the "Code"), of which Lessor or such successor
or assign is at any time a member.

    (ii) Lessor shall be treated for Federal, state and local income tax
    purposes as the owner of the Units and shall be entitled to take into
    account in computing its income tax liabilities all items of income,
    deduction (including depreciation consistent with Lessee's representation
    in the applicable Schedule), credit, gain or loss relating to ownership of
    the Units as are provided to owners of similar equipment under the Code
    and applicable state and local tax laws as in effect on the Acceptance
    Date of such Units (collectively, the "Tax Benefits").

    (iii) If (A) Lessor loses, is delayed in claiming, is required to
    recapture (other than in connection with a sale of the Unit following the
    end of the lease term, provided Lessee is not then in default), is not
    allowed or does not claim as a result of a written opinion of Lessor tax
    counsel to the effect that Lessor's claiming of such Tax Benefits probably
    would not be upheld by a court if the matter were litigated (that is, that
    the chances of a finding against Lessor are at least as great as the
    chances of a finding in favor of Lessor) all or any portion of any Tax
    Benefits, under any circumstances, at any time and for any reason, or (B)
    Lessor is required under Section 467 of the Code or otherwise to include
    in its gross income with respect to any Lease or Unit any amount at any
    time other than rentals and other amounts as and when accrued in
    accordance with the express terms of the Lease (together, "Tax Loss"),
    then, upon Lessor's demand and at Lessor's option, either: (x) all further
    rental payments with respect to such Unit, if any, shall be increased by
    an amount, or (y) Lessee shall pay to Lessor a lump sum amount, which
    shall in either case maintain the net economic after-tax yield, cash-flow
    and rate of return Lessor originally anticipated, based on an assumed
    combined Federal, state and local income tax rate for Lessor of 38.20% and
    other assumptions originally used by Lessor in evaluating the transaction
    and setting the rental therefor and the other terms thereof. Lessee shall
    also pay to Lessor on demand all interest, costs (including Attorney
    Costs), penalties and additions to tax associated with the Tax Loss.

    (iv) Lessee shall be under no obligation to make a payment under the
    preceding paragraph (iii) relating to a Tax Loss to the extent that the
    Tax Loss is caused by Lessor's failure to have sufficient taxable income
    to benefit from any Tax Benefits. Lessor shall have no obligation to
    contest any Tax Loss.

8. RETURN; EXTENSIONS; PURCHASES. (a) Upon any termination or expiration of the
lease term with respect to any Unit, Lessee shall, at its own expense, prepare
and adequately protect the Unit for shipment and either surrender it to Lessor
in place or, if instructed by Lessor, ship the Unit to Lessor, freight and
insurance pre-paid, at a place reasonably designated by Lessor, in the condition
required under Section 4 hereof and under the applicable Schedule, and able to
be put into immediate service and to perform at manufacturer's rated levels (if
any), together with all

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related manuals, documents and records. If Lessee does not so surrender or
return a Unit to Lessor, in addition to all other rights and remedies available,
at Lessor's election, such Unit shall continue to be subject to all the terms
and conditions of the Lease, with rent and other charges continuing to accrue
and be payable under the Lease with respect to such Unit until it is so
surrendered or returned to Lessor, except that Base Rent shall accrue, payable
on demand, at the rate of 150% of the rate applicable in the last period for
which Base Rent was payable.

(b) Except as set forth in the applicable Schedule, Lessee has no right to
extend any Lease or purchase any Unit.

9. LESSEE REPRESENTATIONS AND AGREEMENTS. Lessee represents, warrants and agrees
as follows: Lessee is duly organized and is in good standing in all
jurisdictions where legally required in order to carry on its business, has duly
authorized the execution, delivery and performance of this Agreement, each
Schedule and all other documents contemplated hereby, which are, or upon
signing, will be binding on Lessee, do not and will not contravene any other
instrument or agreement to which Lessee is party and there is no pending
litigation, tax claim, proceeding or dispute that may adversely affect Lessee's
financial condition or impair its ability to perform its obligation under the
terms of this Agreement.

10. PERSONAL PROPERTY. The Units shall remain personal property at all times,
notwithstanding the manner in which they may be attached or affixed to realty,
and title shall at all times continue in Lessor. Lessee shall obtain and record
such instruments and take such steps as may be necessary (a) to prevent any
person from acquiring any right or lien in or on any Unit, whether by reason of
such Unit being deemed to be attached to real or other property, or otherwise,
and (b) to ensure Lessor's right of access to and removal of the Unit, in
accordance with the Lease.

11. DEFAULT AND REMEDIES. (a) Each of the following is an "Event of Default"
hereunder and under any and all Leases then in effect: (1) Lessee fails to pay
within five days of the day when due any installment of rent or other sum owing
by Lessee under any Lease; (2) Lessee fails to maintain insurance in respect of
any Unit as required herein, or sells, leases, subleases, assigns, conveys,
encumbers or suffers to exist any lien or charge against, any Unit without
Lessor's prior consent, or any Unit is subjected to levy, seizure or attachment;
(3) Lessee fails to perform and comply with any other covenant or obligation
under any Lease, or any progress payment, assignment, security or other
agreement related to any Lease or Unit (together, "Related Agreements") and, if
curable, such failure continues for 30 days after written notice thereof by
Lessor to Lessee, (4) any representation, warranty or other written statement
made to Lessor in connection with this Agreement, any Lease, Related Agreement,
or any guaranty, by Lessee or any person providing such guaranty ("Guarantor"),
including financial statements, proves to have been incorrect in any material
respect when made; (5) Lessee (x) enters into any merger or consolidation with,
or sells or transfers all, substantially all or any substantial portion of its
assets to, or enters into any partnership or joint venture other than in the
ordinary course of business with, any entity, (y) dissolves, liquidates or
ceases or suspends the conduct of business, or ceases to maintain its existence,
or (z) enters into or suffers any transaction or series of transactions as a
result of which Lessee is directly or indirectly controlled by persons or
entities not affiliates of Lessee as of the date of this Agreement; (6) Lessee
undertakes any general assignment for the benefit of creditors or commences any
voluntary case or proceeding for relief under the Bankruptcy Code, or any other
law for the relief of debtors, or takes any action to authorize or implement any
of the foregoing; (7) the filing of any petition or application against Lessee
under any law for the relief of debtors, including proceedings under the
Bankruptcy Code, or for the subjection of property of Lessee to the control of
any court, receiver or agency for the benefit of creditors if such petition or
application is consented to by Lessee or not dismissed within 60 days from the
date of filing; (8) any payment default or other event of default occurs under
any other bilateral or multi-lateral lease, or credit, or other agreement or
instrument to which Lessee and Lessor or any affiliate of Lessor are now or
hereafter party; (9) any payment default or other event of default occurs under
any other lease, or credit, or other agreement or instrument or any combination
thereof to which Lessee is now or hereafter party and under which there is
outstanding (on a present value basis for all future rent, in the case of
leases), owing or committed an aggregate amount greater than $100,000.00; (10)
the repudiation of or breach or default under any guaranty relating to any
Lease; or (11) the occurrence of any event described in clauses (5), (6), (7),
(8) or (9) of this Section with reference to "any Guarantor" in lieu of
"Lessee", or any Guarantor dies.

(b) Upon the occurrence of an Event of Default and in addition to all other
rights and remedies provided herein or under law, all of which rights and
remedies are cumulative and not exclusive, Lessor may: (i) proceed by
appropriate court action or actions, either at law or in equity, to enforce
performance by Lessee of the applicable covenants under any or all Leases, or
(ii) terminate any and all Leases, repossess the Units, and recover direct,
incidental, consequential and other damages for the breach thereof and, at its
election, dispose of the Units by lease, sale or otherwise, and pursue any and
all other remedies provided upon breach of personal property leases under the
Uniform Commercial Code of the state specified in Section 16(k) of this
Agreement (whether or not otherwise applicable) or as provided by other
applicable law. Lessor may recover from Lessee all Attorney Costs in the amount
of 15% of all amounts due on or after the time of such breach or default (but
not to exceed the amount actually incurred). To determine any present value
quantity for purposes of this Section, the applicable discount rate shall be the
then-current bond-equivalent yield per annum for United States Government
Treasury obligations of maturity corresponding to the weighted average life,
rounded to the second decimal place, of the discounted payment stream (or, if no
maturity exactly corresponds to such rounded weighted average life, the discount
rate shall be interpolated from the yields of the two most closely corresponding
published maturities). In the alternative, at its election, Lessor may enforce
as liquidated damages and not as a penalty, payment of an amount equal to all
accrued and unpaid rent plus the Stipulated Loss Value of any and all Units.

(c) The exercise or partial exercise of, or failure to exercise, any remedy
shall not restrict Lessor from further exercise of that remedy or any other
remedy otherwise available. To the extent permitted by applicable law, Lessee
waives any right to require Lessor to sell, release or otherwise use or dispose
of any Units or otherwise mitigate Lessor's damages, or that may otherwise limit
or modify any of Lessor's rights or remedies.

12. ASSIGNMENT, ETC. (a) Lessor (and any subsequent assignee) may assign or
transfer any or all of Lessor's interest in any Lease, Unit or the

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rentals therefrom without notice to Lessee. Lessee agrees that the rights of any
assignee shall not be affected by any breach or default of Lessor or of any
prior assignee. Lessee further agrees that (i) no such assignee shall be
required to assume any of the obligations of Lessor under any Lease except the
obligation in respect of the application of any insurance monies received by
such assignee as provided above, and the obligation of non-interference as
provided below, and (ii) any assignee expressly assuming the obligations of
Lessor shall thereupon be responsible for Lessor's duties under the applicable
Lease accruing after any such assignment and Lessor shall be released from such
duties. Lessor may disclose to any potential or actual assignee or transferee
any information regarding Lessee, any Guarantor and their affiliates.

(b) LESSEE SHALL NOT ASSIGN, PLEDGE, HYPOTHECATE OR IN ANY WAY DISPOSE OF ALL OR
ANY PART OF ITS RIGHTS OR OBLIGATIONS UNDER ANY LEASE, OR ENTER INTO ANY
SUBLEASE OF ANY UNIT, WITHOUT LESSOR'S PRIOR WRITTEN CONSENT.

13. FINANCIAL AND OTHER DATA. (a) During the term of any Lease, Lessee shall (i)
maintain books and records in accordance with generally accepted accounting
principles ("GAAP") and prudent business practice, (ii) promptly and in no event
later than 120 days after each fiscal year end furnish Lessor annual audited
financial statements of Lessee and of any Guarantor, prepared in accordance with
GAAP consistently applied, together with an unqualified opinion of an
independent auditor, and (iii) at Lessor's request, furnish Lessor all other
financial information and reports reasonably requested by Lessor at any time,
including quarterly or other interim financial statements of Lessee and of any
Guarantor. Lessee shall furnish such other information as Lessor may reasonably
request at any time concerning Lessee, any Guarantor and their respective
affairs, or any Unit. Lessee shall promptly notify Lessor of any Event of
Default or event or circumstance which, with notice, lapse of time or both,
would be an Event of Default.

(b) Lessee represents and warrants that all information furnished and to be
furnished by Lessee or any Guarantor to Lessor is accurate, and that all
financial statements Lessee or any Guarantor has furnished and hereafter may
furnish to Lessor reasonably reflect and will reflect, as of their respective
dates, results of the operations and the financial condition of Lessee, such
Guarantor or any other entity they purport to cover.

(c) Credit and other information regarding Lessee, any Guarantor or their
affiliates may be shared by Lessor with its affiliates and agents.

14. INSPECTION; NON-INTERFERENCE. (a) Lessor, its agents and employees shall
have the right to enter any property where any Unit is located and inspect any
Unit, together with its related books and records, at any reasonable time. Such
right shall not impose any obligation on Lessor.

(b) So long as no Event of Default exists, Lessor shall not and each direct or
indirect assignee or transferee of Lessor agrees that it shall not, interfere
with the rights of use and enjoyment of the Units by Lessee.

15. OTHER CHARGES; APPLICATION. If Lessee fails to pay within ten days of the
date due any amount of regularly scheduled Interim Rent or Base Rent, Lessee
shall pay a late charge equal to five percent (5%) of the amount not timely
paid. Lessee shall pay interest at the per annum rate equal to the lesser of (a)
15% or (b) the highest rate permitted by applicable law ("Default Rate") on (i)
any sum other than regularly scheduled Interim Rent and Base Rent owing under
any Lease and not paid when due, and (ii) any amount required to be paid upon
termination of any Lease under Section 11 hereof. Payments received under any
Lease will be applied, first, to interest, fees and other amounts owing, other
than Interim Rent or Base Rent, then to Interim Rent or Base Rent, in order of
Acceptance Date.

16. MISCELLANEOUS. (a) Each Lease is and is intended to be a lease of personal
property for commercial and federal income tax purposes, and Lessee does not
acquire any right, title or interest in or to the Units, except the right to use
the same under the conditions of the applicable Lease. Lessee waives any right
to assert any lien or security interest on the Units in Lessee's possession or
control for any reason.

(b) Lessee's indemnity and reimbursement obligations, including under Section 7,
shall survive the termination or cancellation of any Lease or this Agreement.

(c) At Lessor's request, Lessee shall execute, deliver, file, and record such
financing statements and other documents, agreements and instruments as Lessor
shall deem necessary or advisable to protect Lessor's interest in the Units and
to effectuate the purposes of any Lease and the Related Agreements. Lessee
hereby irrevocably appoints Lessor as Lessee's agent and attorney-in-fact for
Lessee, coupled with an interest, (i) to execute, deliver, file, or record any
such item, and to take such action for Lessee and in Lessee's name, place and
stead, and (ii) to enforce claims relating to the Units against insurers,
vendors, and other persons, and to make, adjust, compromise, settle and receive
payment under such claims; without any obligation to do so.

(d) Time is of the essence.

(e) The invalidity of any portion of this Agreement, any Schedule or Related
Agreement shall not affect the force and effect of the remaining valid portions
thereof. The term "including" is not limiting. The term "affiliate" includes any
entity controlling, controlled by or under common control with the referent
entity; "control" includes the ownership of 25% or more of the voting stock of
any entity. The term "guaranty" includes any guaranty, surety instrument,
indemnity, "keep-well" agreement or other instrument or arrangement providing
third party credit support to Lessor relating to any Lease or Unit.

(f) This Agreement, the Schedules, any approval letter by Lessor in relation
hereto and any replacement or successor letter thereto (together, the "Approval
Letter") and the Related Agreements, constitute the entire agreement between the
parties with respect to the leasing of the Units. Any amendment to such
documents must be made in writing and signed by the parties hereto or thereto.
Such documents may be executed in one or more counterparts. Where multiple
counterpart originals of any Schedule exist, only the counterpart marked
"Lessor's Copy" shall be deemed chattel paper and evidence a monetary obligation
of Lessee.

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(g) All demands, notices, requests, consents, waivers and other communications
under this Agreement, any Lease, any Approval Letter or any Related Agreement
shall be in writing and shall be deemed to have been duly given when received,
personally delivered or three business days after being deposited in the mail,
first class postage prepaid, or the business day after delivery to an express
carrier, charges prepaid, or when sent by facsimile transmission or electronic
mail (with electronic confirmation of receipt), addressed to each party at the
address, electronic mail address or fax number set forth below the signature of
such party on the signature page, or at such other address or fax number as may
hereafter be furnished in writing by such party to the other.

(h) (i) To secure the payment and performance of its obligations under the Lease
relating to such Unit and the repayment of any advances, with interest and fees,
made by Lessor on account of the Unit, and (ii) as a separate grant of security,
to secure the payment and performance of its obligations under all other Leases
and all other lease, loan or other obligations owing by Lessee to Lessor, in
each case, now existing or hereafter arising, Lessee hereby grants to Lessor a
security interest in all of Lessee's right, title and interest in and to each
Unit, together with (A) all attachments, accessories and accessions to,
substitutions and replacements for, and products of, the Unit, (B) all rights to
chattel paper arising from the Unit, (C) all insurance, warranty and other
claims against third parties with respect to the Unit (including claims for rent
upon any lease of the Unit), (D) all software and other intellectual property
rights used or useful in connection therewith, (E) all proceeds of any of the
foregoing, including insurance proceeds, and (F) all books and records regarding
the foregoing, in each case, now existing or hereafter arising.

(i) To the extent permitted by applicable law, this is a "finance lease" under
the Article of the Uniform Commercial Code governing personal property leases.
Lessee waives any right (i) to cancel or repudiate any Lease, (ii) to reject or
revoke acceptance of any Unit, and (iii) to recover from Lessor any general or
consequential damages, for any reason whatsoever.

(j) To the extent specified in any Approval Letter, Lessee shall reimburse
Lessor upon demand for costs and expenses incurred by Lessor in connection with
the execution and delivery of this Agreement and the other documents
contemplated hereby. Lessee shall reimburse Lessor on demand for all costs and
expenses, including Attorney Costs, incurred in connection with any amendment of
any Lease or related document requested by Lessee, or any waiver.

(k) THIS AGREEMENT, EACH SCHEDULE AND (UNLESS OTHERWISE SPECIFIED THEREIN) THE
RELATED AGREEMENTS SHALL BE GOVERNED BY AND CONSTRUED ACCORDING TO THE INTERNAL
LAWS OF THE STATE OF GEORGIA, TO THE NON-EXCLUSIVE JURISDICTION OF THE COURTS OF
WHICH, AND THE FEDERAL COURTS LOCATED THEREIN, THE PARTIES HERETO SUBMIT.

(l) LESSOR AND LESSEE EACH WAIVE TRIAL BY JURY IN ANY ACTION, PROCEEDING OR
COUNTERCLAIM BROUGHT BY EITHER AGAINST THE OTHER ON ANY MATTER HOWEVER ARISING
OUT OF OR IN ANY WAY CONNECTED WITH ANY LEASE OR THE UNITS.

IN WITNESS WHEREOF, Lessor and Lessee have executed this Agreement as of the
date first above written.

Banc of America Leasing & Capital,            Fred's Stores of Tennessee,
LLC (Lessor)                                  Inc. (Lessee)

By:      /s/ Carol Jones                      By:      /s/ Jerry A Shore
    ------------------------------------          ------------------------------
Printed Name: Carol Jones                     Printed Name: Jerry A Shore
Title: Vice-President                         Title: Vice-President
Address: 2059 Northlake Parkway, 4 South      Address: 4300 New Getwell Road
             Tucker, Georgia 30084                     Memphis, Tennessee 38118
Facsimile: (770)270-8454                      Facsimile: (901) 365-68152000 Stock Award Plan

 

Exhibit 10.1

Royal Caribbean Cruises Ltd.

2000 Stock Award Plan

As Amended And Restated Through December 6, 2005

Table of Contents

	 	 	 	 	 
	Section	 	Page	 
	 
	1. Purpose and Effectiveness
	 	 	1	 
	2. Definitions and Rules of Construction
	 	 	2	 
	3. Eligibility and Participation
	 	 	4	 
	4. Stock Subject to Plan
	 	 	5	 
	5. Forms and Terms of Awards Under the Plan
	 	 	5	 
	6. Exercises of Stock Options
	 	 	10	 
	7. Events Affecting Plan Reserve or Plan Awards
	 	 	12	 
	8. Administration of the Plan
	 	 	15	 
	9. Government Regulations and Registration of Shares
	 	 	16	 
	10. Miscellaneous Provisions
	 	 	16	 
	11. Amendment and Termination of this Plan
	 	 	19	 
	Signature
	 	 	19	 

Section 1. Purpose and Effectiveness

          The purpose of this amended and restated Royal Caribbean Cruises Ltd. 2000 Stock Award Plan
(the “Plan”) is to promote the success of Royal Caribbean Cruises Ltd. (the “Company”) by providing
a method whereby both employees and directors of the Company and its Affiliates may be encouraged
to increase their proprietary interest in the Company’s business. By offering incentive
compensation opportunities that are based on the Company’s common stock, the Plan will motivate
Participants to achieve long-range goals, further identify their interests with those of the
Company’s other shareholders, and promote the long-term financial interest of the Company. The
Plan is further intended to aid in attracting persons of exceptional ability and leadership
qualities to become officers, employees, and directors of the Company and its Affiliates.

          The Plan was amended and restated in its entirety effective February 3, 2004 (the “Effective
Date”) and shall be subject to approval at the 2004 annual meeting of the Company’s shareholders.
Any Awards granted under the Plan prior to such stockholder approval, other than Nonqualified
Options authorized under the Plan prior to this amendment and restatement, shall be conditioned
upon such shareholder approval and shall be null and void if such approval is not obtained.

          The Plan shall be unlimited in duration and, in the event of Plan termination, shall remain in
effect as long as any Awards under it are outstanding; provided, however, that no Awards may be
granted under the Plan after September 1, 2009.

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          Awards made under the Plan may be in the form of Incentive Options, Nonqualified Options,
Stock Appreciation Rights, Restricted Stock, Restricted Stock Units, and Performance Shares, each
as defined in Section 5(a) of the Plan and as the Committee shall, in its sole discretion, decide.

Section 2. Definitions and Rules of Construction

          (a) Defined Terms. Capitalized terms not defined elsewhere in the Plan shall have the
following meanings (whether used in the singular or plural):

“Affiliate” means any business entity, regardless of whether organized as a corporation, limited
liability company, partnership or any other legal form, in which the Company has (i) an ownership
of 50% or greater, or (ii) in the sole discretion of the Committee, a controlling interest.

“Agreement” means a written agreement between a Participant and the Company that sets out the terms
of the grant of an Award, as any such Agreement may be supplemented or amended from time to time.

“Award” means any award or benefit granted under the Plan, as further defined in Section 5 of the
Plan.

“Beneficiary” means the individual(s) designated by the Participant to succeed to his/her rights in
all Awards granted to him/her under the Plan in the eventuality of his/her death or mental
incapacity.

“Board” means the Board of Directors of the Company.

“Code” means the Internal Revenue Code of 1986, as amended from time to time, or any successor
statute or statutes thereto. Reference to any specific Code section shall include any successor
section.

“Committee” means the Compensation Committee of the Board of Directors of the Company.

“Company” means Royal Caribbean Cruises Ltd. and any successor entity.

“Date of Grant” means the date on which the Committee takes the corporate actions necessary to fix
the major terms of an Award to a specified Eligible Individual, including, in the case of an
Option, the number of Shares subject to the Option and the applicable Exercise Price.

“Director” means a duly elected or appointed member of the Company’s Board of Directors.

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“Disability” means permanent and total disability as defined in Section 22(e) of the Code.

“Eligible Individual” means an Employee or Director, who is described in Section 3.

“Employee” means an individual who is employed by the Company or any Affiliate of the Company. The
term “Employee” will also include an individual who is granted an Award, in connection with his/her
hiring by the Company or any Affiliate, prior to the date the individual first becomes an Employee,
but if and only if such Award does not vest prior to the date the individual first becomes an
Employee.

“ERISA” means the Employee Retirement Income Security Act of 1974, as amended from time to time, or
any successor statute or statutes thereto. Reference to any specific ERISA section shall include
any successor section.

“Exchange Act” means the Securities Exchange Act of 1934, as amended from time to time, or any
successor statute or statutes thereto. Reference to any specific Exchange Act section shall
include any successor section.

“Executive Officer” means executive officer as defined in Rule 3b-7 under the Exchange Act,
provided that, if the Board has designated the executive officers of the Company for purposes of
reporting under the Exchange Act, the designation by the Board shall be conclusive for purposes of
the Plan.

“Exercise Price” means the price that must be paid by an Optionee upon exercise of an Option to
purchase a share of Stock.

“Fair Market Value” of a Share of Stock as of any date means the mean between the highest and
lowest reported sale prices of the Stock (i) on the date on the principal exchange or market on
which the Stock is then listed or admitted to trading, or (ii) if the day is not a date on which
such exchange or market is open, the last preceding date on which there was a sale of such Stock on
such exchange or market.

“Option” means a Nonqualified Option or an Incentive Option.

“Optionee” means an Eligible Individual who has received an Option under this Plan, for the period
of time during which such Option is held in whole or in part.

“Option Shares” means, with respect to any Option granted under this Plan, the Stock that may be
acquired upon the exercise of such Option.

“Participant” means an Eligible Individual who has received an Award under this Plan.

“Plan” means this Royal Caribbean Cruises Ltd. 2000 Stock Incentive Plan, as amended from time to
time.

“Secretary” means the secretary of the Company or his/her designee.

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“Settlement Date” means the date on which Stock, cash, cash equivalents, or any combination thereof
are transferred by the Company to a Participant with respect to, and in settlement of, a prior
contractual commitment made by the Company to such Participant under the Plan in the form of
Restricted Stock Units or Performance Shares.

“Shares” or “Stock” mean shares of the common stock of the Company, par value $.01, subject to any
adjustments made under Section 7 or by operation of law.

“Subsidiary” of the Company means any present or future subsidiary (as that term is defined in
Section 424(f) of the Code) of the Company An entity shall be deemed a subsidiary of the Company
for purposes of this definition only for such periods as the requisite ownership or control
relationship is maintained.

“Termination of Service,” “Terminate” or “Termination” occurs when a Participant ceases to be an
Employee of, or ceases to be a Director of, the Company and its Affiliates, as the case may be, for
any reason.

“Vested,” “Vest” and “Vesting” means (i) with respect to any portion of an Award, that legal
ownership of such portion of the Award will not be forfeited by the Participant pursuant to the
provisions of this Plan in the event the Participant Terminates Service with the Company or any
Affiliate, and (ii) with respect to any portion of an Option, that such portion of the Option may
be exercised, unless such exercise is prohibited by law or by other provisions of the Plan.

“Vesting Date” with respect to any Award granted hereunder means the date on which such Award
becomes Vested, as designated in or determined in accordance with the Plan and with the Agreement
with respect to such Award. If more than one Vesting Date is designated for an Award, reference in
the Plan to a Vesting Date in respect of such Award shall be deemed to refer to each part of such
Award and the Vesting Date for such part.

          (b) Rules of Construction. Where the context permits, words in any gender shall
include the other gender, words in the singular shall include the plural, and the plural shall
include the singular.

Section 3. Eligibility and Participation

          The persons who shall be eligible to participate in the Plan and to receive Awards shall be
such Employees (including officers) and Directors as the Committee, in its sole discretion, shall
select. Awards may be made to Eligible Individuals who hold or have held Awards under this Plan or
any similar plan or other awards under any other plan of the Company or any of its Affiliates. Any
member of the Committee shall be eligible to receive Awards while serving on the Committee.

          Awards may be granted by the Committee at any time and from time to time to new Participants,
or to then Participants, or to a greater or lesser number of Participants,

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and may include or exclude previous Participants, as the Committee shall determine. Except as
required by this Plan, Plan Awards granted at different times need not contain similar provisions.
The Committee’s determinations under the Plan (including without limitation, determinations of
which individuals, if any, are to receive Awards, the form, amount and timing of such Awards, the
terms and provisions of such Awards and the agreements evidencing same) need not be uniform and may
be made by it selectively among individuals who receive, or are eligible to receive, under the
Plan.

Section 4. Stock Subject to Plan

          Subject to the following provisions of this Section 4 and to the provisions of Section 7, the
maximum number of Shares with respect to which any Awards may be granted, including Awards of
Incentive Stock Options as defined in Section 5(a)(i), during the term of the Plan shall be
13,000,000. During any calendar year, no one individual shall be granted, under this Plan, Awards
with respect to more than 500,000 shares.

          During the term of this Plan, the Company will at all times reserve and keep available the
number of Shares that shall be sufficient to satisfy the requirements of this Plan. Shares will be
made available from the currently authorized but unissued shares of the Company or from shares
currently held or subsequently reacquired by the Company as treasury shares, including shares
purchased in the open market or in private transactions.

          The grant of any Award hereunder shall count, equal in number to the Shares represented by
such Award, towards the share maximum indicated in this Section 4. To the extent that (i) any
outstanding Option for any reason expires, is terminated, forfeited or canceled without having been
exercised, or if any other Award is forfeited or otherwise does not result in the delivery of
Shares by the Company, and (ii) any Shares covered by an Award are not delivered because the Award
is settled in cash or used to satisfy the applicable tax withholding obligation, such Shares shall
be deemed to have not been delivered and shall be restored to the share maximum. If the exercise
price of any Option granted under the Plan is satisfied by tendering Shares to the Company (by
either actual delivery or attestation), the number of Shares tendered shall be restored to the
share maximum.

Section 5. Forms and Terms of Awards Under the Plan

          (a) In General. The Committee may grant any of the following types of Awards, either
singly or in combination with other Awards:

     (i) Incentive Stock Options. An incentive stock option (an “Incentive Option”) shall
convey to the Participant the right to purchase from the Company a stated number of Shares
at an Exercise Price and for a period of time established by the Committee. An Incentive
Option is both intended to be and qualifies as an incentive stock option under Section 422
of the Code.

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     (ii) Nonqualified Stock Options. A nonqualified stock option (a “Nonqualified
Option”) shall convey to the Participant the right to purchase from the Company a stated
number of Shares at an Exercise Price and for a period of time established by the
Committee. A Nonqualified Option is not intended to be or does not qualify as an Incentive
Option under Section 422 of the Code.

     (iii) Stock Appreciation Rights. A Stock Appreciation Right is an Award in the form
of a right to receive, upon surrender of the right, but without other payment, an amount
based on appreciation in the value of Stock over a base price established in the Award,
payable in Stock, at times and upon conditions (which may include a Change in Control), as
may be approved by the Committee.

     (iv) Restricted Stock. Restricted Stock is an Award of Shares that are issued to a
Participant such that the Participant is thereupon the legal owner of such Shares with all
of the attendant rights and privileges of ownership, but remains subject to a risk of
forfeiture of such ownership back to the Company for a period of time specified on the Date
of Grant. Such forfeiture may be conditioned on the continued performance of services or
the achievement of individual, divisional, or corporate goals. Restricted Stock will also
be subject to restrictions on transfer and such other restrictions on incidents of
ownership as the Committee may determine, for the same period of time as the risk of
forfeiture.

     (v) Restricted Stock Units. A Restricted Stock Unit is an Award payable in cash or
Stock and represented by a bookkeeping credit, in which both the number of Shares and the
Settlement Date (subject to any subsequent deferral election by the Participant) are fixed
on the Date of Grant. The value of each Restricted Stock Unit equals the Fair Market Value
of a share of Stock, as such value may change up to the date the Stock Unit Vests. The
actual payment of cash or Stock to the Participant at the Settlement Date may be made
contingent, in the sole discretion of the Committee, upon (A) solely continued service, or
(B) both continued service and the achievement of an individual, divisional or corporate
goal. Restricted Stock Units are not outstanding shares of Stock and do not entitle a
Participant to voting or other rights or dividends with respect to Stock, unless and until
actually paid out in the form of Stock.

     (vi) Performance Shares. A Performance Share is a variable Award payable in cash or
Stock and represented by a bookkeeping credit, in which the number of Shares (or value
thereof) to be transferred to the Participant at the end of a performance measurement
period will be a function of both continued service and the relevant achievement of
individual, divisional or corporate goals. The value of each Performance Share equals the
Fair Market Value of a share of Stock, as such value may change up to the date the
Performance Share Vests. Shares actually transferred following the end of the performance
measurement

- 6 -

 

period will not be restricted by the Company in any way, other than as required by law.

          (b) Provisions Applicable to All Forms of Awards. Subsequent to the grant of any
Award, the Committee may, at any time before the complete expiration of such Award, Vest the Award
in whole or part or accelerate the time or times at which such Award may become Vested in whole or
in part in the future(without reducing the term of such Award).

          To the extent that the Company is required to withhold any Federal, state or other taxes in
respect of any compensation income realized by the Participant in respect of shares acquired
pursuant to an Award, or in respect of the Vesting of any such shares of Stock, then the Company
shall deduct from either such Shares or any payments of any kind otherwise due to such Participant
the aggregate amount of such Federal, state or other taxes required to be so withheld. If such
payments are insufficient to satisfy such Federal, state or other taxes, then such Participant will
be required to pay to the Company, or make other arrangements satisfactory to the Company regarding
payment to the Company of, the aggregate amount of any such taxes. All matters with respect to the
total amount of taxes to be withheld in respect of any such compensation income shall be determined
by the Company in its sole discretion.

          (c) Provisions Applicable to Stock Options and Stock Appreciation Rights. Subject to
the limitations of the Plan, the Committee shall designate from time to time those Eligible
Individuals to be granted Options, the time when each Option shall be granted, the number of Shares
subject to such Option, whether such Option is an Incentive Option or a Nonqualified Option, and
the Exercise Price of the Option Shares. Options shall be evidenced by Agreements in such form and
containing such terms and provisions not inconsistent with the provisions of the Plan as the
Committee may from time to time approve. Each Optionee shall be notified of such grant and a
written Agreement shall be executed and delivered by the Company to the Optionee. Subject to the
other provisions of the Plan, the same person may receive Incentive Options and Nonqualified
Options at the same time and pursuant to the same Agreement, provided that Incentive Options and
Nonqualified Options are clearly designated as such.

          Option Agreements shall conform to the terms and conditions of the Plan. Such Agreements may
provide that the grant of any Option under the Plan, or that Stock acquired pursuant to the
exercise of any Option, shall be subject to such other conditions (whether or not applicable to an
Option or Stock received by any other Optionee) as the Committee determines appropriate, including,
without limitation, provisions conditioning exercise upon the occurrence of certain events or
performance or the passage of time, provisions to assist the Optionee in financing the purchase of
Stock through the exercise of Options, provisions for forfeiture, restrictions on resale or other
disposition of shares acquired pursuant to the exercise of Options, provisions conditioning the
grant of the Option or future Options upon the Optionee retaining ownership of Shares acquired upon
exercise for a stated period of time, and provisions to comply with federal and state securities
laws and federal and state income tax and other payroll tax withholding requirements.

- 7 -

 

          The price at which Shares may be purchased upon exercise of an Option shall be fixed by the
Committee on the Date of Grant and may not be less than 100% of the Fair Market Value of the Option
Shares as of the Date of Grant. All Options shall specify the term during which the Option may be
exercised, which shall be in all cases ten years or less.

          No Option may be exercised in part or in full before the Vesting Date(s) set forth in its
terms, other than in the event of acceleration as provided in Section 7. No Option may be
exercised prior to the day following the six-month anniversary of the Date of Grant, or after the
Option expires by its terms as set forth in the applicable Agreement. In the case of an Option
that is exercisable in installments, installments that are exercisable and not exercised shall
remain exercisable during the term of the Option. The grant of an Option shall impose no
obligation on the Optionee to exercise such Option.

          The Committee may specify in any Agreement a vesting schedule that must be satisfied before
Options become Vested, such that all or any portion of an Option may not become Vested until a
Vesting Date or Vesting Dates, or until the occurrence of one or more specified events, subject in
any case to the terms of the Plan.

          No Option shall be transferable other than by will or the laws of descent and distribution,
other than pursuant to an order issued by a court of competent jurisdiction in connection with the
divorce or bankruptcy of the Participant. During the lifetime of the Optionee, the Option shall be
exercisable only by such Optionee or his/her court-appointed legal representative or transferee.
Notwithstanding anything herein to the contrary, the Committee may, in its sole discretion, provide
in the applicable Agreement evidencing a Nonqualified Option that the Optionee may transfer, assign
or otherwise dispose of an option (i) to his/her spouse, parents, siblings and lineal descendants,
(ii) to a trust for the benefit of the Optionee and any of the foregoing, or (iii) to any
corporation or partnership controlled by the Optionee, subject to such conditions or limitations as
the Committee may establish to ensure compliance with any rule promulgated pursuant to the Exchange
Act, or for other purposes. The terms applicable to the assigned Option shall be the same as those
in effect for the Option immediately prior to such assignment and shall be set forth in such
documents issued to the assignee as the Company may deem appropriate.

          An Optionee or a transferee of an Option shall have no rights as a stockholder with respect to
any Share covered by his/her Option until he shall have become the holder of record of such Share,
and he shall not be entitled to any dividends or distributions or other rights in respect of such
Share for which the record date is prior to the date on which he shall have become the holder of
record thereof.

          The Committee shall not, without first having obtained the approval of the shareholders of the
Company, effect the cancellation of any or all outstanding Options under the Plan and the
substitution therefore of new Options covering the same or

- 8 -

 

different number of Shares but with an exercise price per share based on the Fair Market Value
per Share on the new option grant date.

          The following additional provisions shall be applicable to Incentive Options, but only if, and
to the extent, required by section 422 of the Code:

(i) Incentive Options shall be specifically designated as such in the applicable Agreement,
and may be granted only to those Eligible Individuals who are both (A) Employees of the
Company and/or a Subsidiary, and (B) citizens or resident aliens of the United States.

(ii) To the extent the aggregate Fair Market Value (determined as of the time the Option is
granted) of the Stock with respect to which any Incentive Options granted hereunder may be
exercisable for the first time by the Optionee in any calendar year (under this Plan or any
other compensation plan of the Company or any Subsidiary thereof) exceeds $100,000, such
Options shall not be considered Incentive Options.

(iii) No Incentive Option may be granted to an individual who, at the time the Option is
granted, owns directly, or indirectly within the meaning of Section 424(d) of the Code,
stock possessing more than 10% of the total combined voting power of all classes of stock
of the Company or of any Subsidiary thereof, unless such Option (i) has an exercise price
of at least 110% of the Fair Market Value of the Stock on the Date of Grant of such option;
and (ii) cannot be exercised more than five years after the Date of Grant.

(iv) The Exercise Price for Incentive Options shall not be less than the Fair Market Value
of the Stock on the Date of Grant.

          Each of the above provisions with respect to the granting, vesting, transferability and
exercise of Options, except to the extent they are applicable solely to (i) the actual purchase of
stock and payment of consideration or (ii) Incentive Options, shall also apply to the grant of
Stock Appreciation Rights by the Committee under the Plan.

          (d) Provisions Applicable to Restricted Stock and Restricted Stock Units. Awards of
Restricted Stock and Restricted Stock Units shall be subject to the right of the Company to require
forfeiture of such Shares or rights by the Participant in the event that conditions specified by
the Committee in the applicable Agreement are not satisfied prior to the end of the applicable
vesting period established by the Committee for such Awards. Conditions for repurchase (or
forfeiture) may be based on continuing employment or service or achievement of pre-established
performance or other goals and objectives. Subsequent to the grant of an award of Restricted Stock
or Restricted Stock Units, the Committee may, at any time before complete termination of such
Restricted Stock or Restricted Stock Unit, accelerate the time or times at which such Restricted
Stock or Restricted Stock Unit is no longer subject to forfeiture or repurchase.

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          A Restricted Stock Unit may provide the Participant with the right to receive dividend
payments or dividend equivalent payments with respect to Stock subject to the Award (both before
and after the Stock subject to the Award is earned, Vested, or acquired), which payments may be
either made currently or credited to an account for the Participant, and may be settled in cash or
Stock, as determined by the Committee. Any such settlements, and any such crediting of dividends
or dividend equivalents or reinvestment in shares of Stock, may be subject to such conditions,
restrictions and contingencies as the Committee shall establish, including the reinvestment of such
credited amounts in Stock equivalents.

          Shares represented by Restricted Stock Awards may not be sold, assigned, transferred, pledged
or otherwise encumbered, except as permitted by the Committee, during the applicable vesting
period. Such Shares shall be evidenced in such manner as the Committee may determine. Any
certificates issued in respect of such Shares shall be registered in the name of the Participant
and, unless otherwise determined by the Committee, deposited by the Participant, together with a
stock power endorsed in blank, with the Company (or its designee). To the extent Shares of a
Restricted Stock Award Vest, the Company (or such designee) shall deliver such certificates to the
Participant or, if the Participant has died, to the Participant’s Beneficiary. Each certificate
evidencing stock subject to Restricted Stock Awards shall bear an appropriate legend referring to
the terms, conditions and restrictions applicable to such Award. Any attempt to dispose of stock
in contravention of such terms, conditions and restrictions shall be ineffective. During the
restriction period, the Participant shall have all the rights of a shareholder for all such Shares,
including the right to vote and the right to receive dividends thereon as paid.

          (e) Provisions Applicable to Restricted Stock Units and Performance Shares. The
Committee may provide in the terms of a Restricted Stock Unit or Performance Share Award for the
elective deferral by the Participant of the receipt of the actual payment of cash or Stock
otherwise due and payable to the Participant pursuant to such Award. In providing for such
deferral, the Committee shall limit eligibility, and shall specify such rules regarding the timing
and other features of the deferral, so as to comply with all applicable sections of ERISA and the
constructive receipt and similar doctrines of the internal revenue laws.

Section 6. Exercises of Stock Options

          An Option may be exercised in whole or in part at any time to the extent such Option has
become Vested during the term of such Option; provided, however, that (i) unless otherwise provided
by Section 7, an Option may be exercised only while the Optionee is an Employee or Director, and
(ii) each partial exercise shall be for whole Shares only. Unless otherwise provided by Section 7,
that portion of an Option that has not become Vested as of the date the Optionee ceases to be an
Employee or Director shall lapse and be null and void.

          Each Option, or any exercisable portion thereof, may only be exercised by delivery to the
Secretary or his/her office, in accordance with such procedures for the

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exercise of Options as the Company may establish from time to time, of (i) notice in writing
signed by the Optionee (or other person then entitled to exercise such Option) that such Option, or
a specified portion thereof, is being exercised; (ii) payment in full for the purchased Shares
(pursuant to the rules specified below); (iii) such representations and documents as are necessary
or advisable to effect compliance with all applicable provisions of Federal or state securities
laws or regulations; (iv) in the event that the Option or portion thereof shall be exercised by any
individual other than the Optionee, appropriate proof of the right of such individual to exercise
the Option or portion thereof; and (v) full payment to the Company of all amounts which, under
federal, state or other law, it is required to withhold upon exercise of the Option (pursuant to
the rules specified below).

          Except as noted in this paragraph, upon receiving notice of exercise and payment, the Company
will cause to be delivered to the Optionee, as soon as practicable, a certificate in the Optionee’s
name for the Shares purchased, and within a reasonable time thereafter such transfer shall be
evidenced on the books and records of the Company. The Shares issuable and deliverable upon the
exercise of an Option shall be fully paid and nonassessable. Shares shall not be issued pursuant
to the exercise of an Option unless the exercise of such Option and the issuance and delivery of
such Shares pursuant thereto shall comply with all relevant provisions of law, including, without
limitation, the Securities Act of 1933, as amended, the Exchange Act, the rules and regulations
promulgated thereunder, and the requirements of any stock exchange upon which the Shares may then
be listed, and shall be further subject to the approval of counsel for the Company with respect to
such compliance.

          Payment for Shares purchased under an Option granted hereunder shall be made in full upon
exercise of the Option (except that, in the case of an exercise arrangement approved by the Company
and described in clause (iv) below, payment may be made as soon as practicable after the exercise).
The method or methods of payment of the purchase price for the Shares to be purchased upon
exercise of an Option and of any amounts required for tax withholding purposes shall be determined
by the Company and may consist of (i) cash, (ii) check, (iii) the tendering, by either actual
delivery or by attestation, of whole shares of Stock, valued at Fair Market Value as of the day of
exercise, or (iv) through a special sale and remittance procedure pursuant to which the Optionee
shall concurrently provide irrevocable written instructions to (a) a brokerage firm acceptable to
the Company to effect the immediate sale of the purchased shares and remit to the Company, out of
the sale proceeds available on the settlement date, sufficient funds to cover the aggregate
exercise price payable for the purchased shares plus all applicable Federal, state and other
employment taxes required to be withheld by the Company by reason of such exercise, and (b) the
Company to deliver the certificates for the purchased Shares directly to such brokerage firm in
order to complete the sale. The permitted method or methods of payment of the amounts payable upon
exercise of an Option may be transacted by the Optionee him/herself or by a broker designated by
him/her (other than a payment described in clause (iv) above), and, if other than in cash, shall be
set forth in the applicable agreement.

- 11 -

 

          Each Agreement shall require that an Optionee pay to the Company, at the time of exercise of a
Nonqualified Option, such amount as the Company deems necessary to satisfy the Company’s obligation
to withhold federal or state income or other applicable taxes incurred by reason of the exercise or
the transfer of Shares thereupon. To the extent permitted by the Option Agreement, an Optionee may
satisfy such withholding requirements by having the Company withhold from the number of Shares
otherwise issuable upon exercise of the Option that number of shares having an aggregate Fair
Market Value on the date of exercise equal to the amount required by law to be withheld.

Section 7. Events Affecting Plan Reserve or Plan Awards

          If the Company subdivides its outstanding shares of Stock into a greater number of shares of
Stock (including, without limitation, by stock dividend or stock split) or combines its outstanding
shares of Stock into a smaller number of shares (by reverse stock split, reclassification or
otherwise), or the Committee determines that any stock dividend, extraordinary cash dividend,
reclassification, recapitalization, reorganization, split-up, spin-off, combination, exchange of
shares, warrants or rights offering to purchase Stock, or other similar corporate event (including
mergers or consolidations) affects the Stock such that an adjustment is required in order to
preserve the benefits or potential benefits intended to be made available under this Plan, then the
Committee shall, in such manner as it may deem equitable and appropriate, make such adjustments to
any or all of (i) the number of shares of Stock reserved for the Plan, (ii) the number of shares
subject to outstanding Options and other Awards, (iii) the Exercise Price with respect to
outstanding Options, and any other adjustment that the Committee determines to be equitable;
provided, however, that the number of shares subject to any Option shall always be a whole number.
The Committee may provide for a cash payment to any Participant of a Plan Award in connection with
any adjustment made pursuant to this Section 7.

          Any such adjustment to an Option shall be made without a change to the total Exercise Price
applicable to the unexercised portion of the Option (except for any change in the aggregate price
resulting from rounding-off of share quantities or prices), and shall be final and binding upon all
Participants, the Company, their representatives, and all other interested persons.

          In the event of a transaction involving (i) a merger or consolidation in which the Company is
not the surviving company or (ii) the sale or disposition of all or substantially all of the
Company’s assets, provision shall be made in connection with such transaction for the assumption of
Awards theretofore granted under the Plan, or the substitution for such Awards of new options of
the successor corporation, with appropriate adjustment as to the number and kind of Shares and the
purchase price for Shares thereunder. Alternatively, in the discretion of the Committee, the Plan
and the Awards issued hereunder shall terminate on the effective date of such transaction if
appropriate provision is made for payment to the Participant of an amount in cash equal to the Fair
Market Value of a Share multiplied by the number of Shares subject to the Awards (to the extent
such Awards have not been exercised) less the exercise price for such Awards (to the extent such
Awards have not been exercised). Further, any

- 12 -

 

obligations under the plan to deliver Shares of Stock in the future shall be similarly
adjusted.

          If a Participant has a Termination of Service by reason of his/her death or Disability, then
notwithstanding any contrary waiting period, installment period or vesting schedule in any
Agreement or in the Plan, unless the applicable Agreement provides otherwise, each outstanding
Award granted to such Participant shall immediately become Vested and, if an Option, exercisable in
full in respect of the aggregate number of shares covered thereby.

          If an Optionee has a Termination of Service by reason of his/her death or Disability prior to
the expiration date of his/her Option, or if an Optionee dies subsequent to his/her Termination of
Service on account of such Disability but prior to the expiration date of his/her Option, and in
either case all or some portion of such Option is Vested and exercisable pursuant to the terms of
this Plan and of the Option Agreement, such Option may be exercised by the Optionee or by the
Optionee’s estate, personal representative or beneficiary, as the case may be, at any time prior to
the earlier of (i) one year following the date of the Optionee’s death or disability, or such later
time not to exceed an additional year as the Committee may from time to time determine in its
discretion on a case by case basis, or (ii) the expiration date of such Option.

          If an Optionee has a Termination of Service for any reason other than his/her death or
Disability prior to the expiration date of his/her Option, and all or some portion of such Option
is Vested and exercisable pursuant to the terms of this Plan and of the Option Agreement, such
Option may be exercised by the Optionee at any time prior to the earlier of (i) three months
following the date of the Optionee’s Termination, or such later time not to exceed an additional
nine months as the Committee may from time to time determine in its discretion on a case by case
basis, or (ii) the expiration date of such Option.

          The Company may determine whether any given leave of absence constitutes a termination of
employment and, if it does not, whether the time spent on the leave will or will not be counted as
vesting credit; provided, however, that for purposes of the Plan (i) a leave of absence, duly
authorized in writing by the Company, if the period of such leave does not exceed 90 days, and (ii)
a leave of absence in excess of 90 days, duly authorized in writing by the Company, provided (a)
the Employee’s right to reemployment is guaranteed either by statute or contract, or (b) for the
purpose of military service, shall not be deemed a termination of employment.

          Following a Change of Control, if a Participant has a Termination of Service within eighteen
(18) months of such Change of Control, other than by reason of (a) death, (b) Disability, (c)
termination for Cause, or (d) termination by the Participant for other than Good Reason, then
notwithstanding any contrary waiting period, installment period or vesting schedule in any
Agreement or in the Plan, each outstanding Award granted to such Participant shall immediately
become Vested, and, if an Option, exercisable in full in respect of the aggregate number of shares
covered thereby.

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          “Change of Control” shall mean (i) the acquisition by any individual, entity or group (other
than the Company, Cruise Associates and/or A. Wilhelmsen AS or an affiliate of any of them) of
beneficial ownership (as such term is defined in Rule 13d-3 promulgated under the Exchange Act) of
more than 50% of the then outstanding voting securities of the Company entitled to vote generally
in the election of Directors (the ”Voting Securities”); (ii) during any period of 24 consecutive
months, a majority of the Board shall no longer be composed of individuals (a) who were members of
the Board on the first day of such period, or (b) whose election or nomination to the Board were
approved by a vote of at least two-thirds of the members of the Board who were members of the Board
on the first day of such period, or (c) whose election or nomination to the Board was approved by a
vote of at least two-thirds of the members of the Board referred to in the foregoing subclauses (a)
and (b); (iii) consummation of a reorganization, merger or consolidation or sale or other
disposition of all or substantially all of the assets of the Company (a “Business Combination”)
unless, following such Business Combination (a) the beneficial owners of the Voting Securities of
the Company immediately prior to the Business Combination beneficially own more than 50% of the
combined voting power of the voting securities entitled to vote generally in the election of
directors of the corporation resulting from such Business Combination, and (b) at least a majority
of the board of directors of the corporation resulting from such Business Combination were members
of the Company’s Board at the time of the action of the Company’s Board providing for such Business
Combination; (iv) consummation of a reorganization, merger or consolidation with another
corporation or business entity not already under common control with the Company, or the
acquisition of stock or assets of such other corporation or business entity, if the market
capitalization of the other corporation or entity, or the stock or assets acquired, is equal to or
greater than the Company’s market capitalization immediately prior to the closing of such
transaction; or (v) approval by the shareholders of the Company of a complete liquidation or
dissolution of the Company.

“Cause” shall mean (i) an act of material dishonesty, including, without limitation, fraud,
misappropriation, embezzlement, financial misrepresentation or other similar behavior, (ii)
conviction of, or the entry of a plea of guilty or nolo contendere to, the commission of a felony;
(iii) an action or failure to act that demonstrates a conflict of interest in which the person acts
for his or her own benefit to the detriment of the Company; (iv) an action or failure to act that
constitutes a material breach of the person’s duties to the Company; or (v) the failure to follow
the lawful directives of the Company provided that those directives are consistent with the
person’s duties to the Company.

“Good Reason” shall mean (i) the assignment to the person without the person’s consent of any
duties materially inconsistent with the person’s position (including status, offices and titles),
authority, duties or responsibilities as they existed prior to the Change of Control; (ii) any
action by the Company which results in a material diminuition in the person’s position, authority,
duties, responsibilities, compensation or benefits as they existed prior to the Change of Control
without the person’s consent; or (iii) the Company requiring that the person relocate his or her
principal business office more than 100 miles from the location existing prior to the Change of
Control without the person’s consent.

- 14 -

 

          In addition to any action required or authorized by the terms of an Award, the Committee may
take any other action it deems appropriate to ensure the equitable treatment of Participants in the
event of or anticipation of a Change of Control, including but not limited to any one or more of
the following with respect to any or all Awards: (i) the acceleration or extension of time periods
for purposes of exercising, vesting in, or realizing gains from, the Awards, (ii) the waiver of
conditions on the Awards that were imposed for the benefit of the Company, (iii) provision for the
cash settlement of the Awards for their equivalent cash value, as determined by the Committee, as
of the date of the Change of Control; or (iv) such other modifications or adjustments to the Awards
as the Committee deems appropriate to maintain and protect the rights and interests of Participants
upon or following the Change of Control.

Section 8. Administration

          The Plan shall be administered by the Compensation Committee of the Board unless a different
committee is appointed by the Board.

     The Committee’s administration of the Plan shall be subject to the following:

	 	(a)	 	Subject to the provisions of the Plan, the Committee will have the authority and
discretion to select from among the Eligible Individuals those persons who shall receive
Awards, to determine the time or times of receipt, to determine the types of Awards and
the number of shares covered by the Awards, to establish the terms, conditions,
performance criteria, restrictions, and other provisions of such Awards, and, subject to
the restrictions of Section 11, to cancel or suspend Awards.
	 
	 	(b)	 	To the extent that the Committee determines that the restrictions imposed by the
Plan preclude the achievement of the material purposes of the Awards in jurisdictions
outside the United States, the Committee will have the authority and discretion to modify
those restrictions as the Committee determines to be necessary or appropriate to conform
to applicable requirements or practices of those jurisdictions.

          With respect to the grant of Awards to Eligible Individuals who are not Executive Officers or
Directors, and except to the extent prohibited by applicable law or the applicable rules of a stock
exchange, the Committee may delegate to any person or persons selected by it, who may or may not be
Directors, (“a Subcommittee”) all or any part of its responsibilities and powers as set forth
above. Any such allocation or delegation may be revoked by the Committee at any time.

          The Company and its Affiliates shall furnish the Committee with such data and information as
it determines may be required for it to discharge its duties. The records of the Company and its
Affiliates as to an Employee’s or Participant’s employment (or other provision of services),
Termination of Service, leave of absence, reemployment and compensation shall be conclusive on all
persons unless determined to be incorrect. Participants and other persons entitled to benefits
under the Plan must furnish to the

- 15 -

 

Company such evidence, data, or information, as the Committee or the Company considers
desirable to carry out the terms of the Plan.

          The Committee is authorized, subject to the provisions of the Plan, to establish, amend and
rescind such rules and regulations, as it deems necessary or advisable for the proper
administration of the Plan and to take such other action in connection with or in relation to the
Plan, as it deems necessary or advisable. Each action and determination made or taken pursuant to
the Plan by the Committee, including any interpretation or construction of the Plan, shall be final
and conclusive for all purposes and upon all persons.

          No member of the Committee shall be personally liable for any action, determination or
interpretation made by him/her or the Committee in good faith with respect to the Plan or any Award
granted pursuant thereto.

          The Committee, the Company, and its officers and directors, shall be entitled to rely upon the
advice, opinions or valuations of any attorneys, consultants, accountants or other persons employed
to assist them in connection with the administration of the Plan.

Section 9. Government Regulations and Registration of Shares

          The Plan, and the grant and exercise of Awards hereunder, and the Company’s obligation to sell
and deliver stock under Options, shall be subject to all applicable federal and state laws, rules
and regulations and to such approvals by any regulatory or governmental agency as may be required.

          The obligation of the Company with respect to Awards shall be subject to all applicable laws,
rules and regulations and such approvals by any governmental agencies as may be required,
including, without limitation, the effectiveness of any registration statement required under the
Securities Act of 1933, and the rules and regulations of any securities exchange or association on
which the Stock may be listed or quoted. For so long as the Stock of the Company is registered
under the Exchange Act, the Company shall use its reasonable efforts to comply with any legal
requirements (i) to maintain a registration statement in effect under the Securities Act of 1933
with respect to all shares of the applicable series of Stock that may be issued to Participants
under the Plan, and (ii) to file in a timely manner all reports required to be filed by it under
the Exchange Act.

Section 10. Miscellaneous Provisions

          Legends. Each certificate evidencing Stock obtained through the Plan shall bear such
legends as the Company deems necessary or appropriate to reflect or refer to any terms, conditions
or restrictions applicable to such Shares, including, without limitation, any to the effect that
the Shares represented thereby (i) are subject to contractual restrictions regarding disposition,
and (ii) may not be disposed of unless the Company

- 16 -

 

has received an opinion of counsel, acceptable to the Company, that such dispositions will not
violate any federal or state securities laws.

          Rights of Company. Nothing contained in the Plan or in any Agreement, and no action
of the Company or the Committee with respect thereto, shall interfere in any way with the right of
the Company or an Affiliate to terminate the employment of the Participant at any time, with or
without cause. The grant of Awards pursuant to the Plan shall not affect in any way the right or
power of the Company to make reclassifications, reorganizations or other changes of or to its
capital or business structure or to merge, consolidate, liquidate, sell or otherwise dispose of all
or any part of its business or assets.

          Designation of Beneficiaries. Each Participant who shall be granted a Plan Award may
designate a beneficiary or beneficiaries and may change such designation from time to time by
filing a written designation of beneficiary or beneficiaries with the Company on a form to be
prescribed by it, provided that no such designation shall be effective unless so filed prior to the
death of such person.

          Compliance with Other Laws and Regulations. Notwithstanding anything contained herein
to the contrary, the Company shall not be required to sell or issue shares of Stock if the issuance
thereof would constitute a violation by the Company of any provisions of any law or regulation of
any governmental authority or any national securities exchange or other forum in which shares of
Stock are traded (including without limitation Section 16 of the Exchange Act); and, as a condition
of any sale or issuance of shares of Stock, the Company may require such agreements or
undertakings, if any, as the Company may deem necessary or advisable to assure compliance with any
such law or regulation. The Plan, the grant of Awards and exercise of Options hereunder, and the
obligation of the Company to sell and deliver shares of Stock, shall be subject to all applicable
federal and state laws, rules and regulations and to such approvals by any government or regulatory
agency as may be required. To the extent the Plan provides for issuance of stock certificates to
reflect the issuance of shares of Stock, the issuance may be effected on a non-certificated basis,
to the extent not prohibited by applicable law or the applicable rules of any stock exchange.

          Payroll Tax Withholding. The Company’s obligation to deliver shares of Stock under
the Plan shall be subject to applicable federal, state and other tax withholding requirements.
Federal, state, and other tax due upon the exercise of any Award may, in the discretion of the
Company, be paid in shares of Stock already owned by the Optionee or through the withholding of
shares otherwise issuable to such Optionee, upon such terms and conditions (including, without
limitation, the conditions referenced in Section 6) as the Company shall determine which shares
shall have an aggregate Fair Market Value equal to the required minimum withholding payment. If
the Optionee shall fail to pay, or make arrangements satisfactory to the Committee for the payment
to the Company of all such federal, state and other taxes required to be withheld by the Company,
then the Company shall, to the extent permitted by law, have the right to deduct from any payment
of any kind otherwise due to such Optionee an

- 17 -

 

amount equal to federal, state or other taxes of any kind required to be withheld by the
Company.

          Non-Exclusivity of the Plan. Neither the adoption of the Plan by the Board nor the
submission of the Plan to the stockholders of the Company for approval shall be construed as
creating any limitations on the power of the Board to adopt such other incentive arrangements as it
may deem desirable, including, without limitation, the granting of stock options and the awarding
of stock and cash otherwise than under the Plan, and such arrangements may be either generally
applicable or applicable only in specific cases.

          Exclusion from Benefit Computation. By accepting an Award, unless otherwise provided
in the applicable Agreement, each Participant shall be deemed to have agreed that such Award is
special incentive compensation that will not be taken into account, in any manner, as salary,
compensation or bonus in determining the amount of any payment under any health and welfare,
pension, retirement or other employee benefit plan, program or policy of the Company or any
Subsidiary. In addition, each beneficiary of a deceased Participant shall be deemed to have agreed
that such Award will not affect the amount of any life insurance coverage, if any, provided by the
Company on the life of the Participant which is payable to such beneficiary under any life
insurance plan covering employees of the Company or any Subsidiary.

          Governing Law. The Plan shall be governed by, and construed in accordance with, the
laws of the State of Florida.

          Use of Proceeds. Proceeds from the sale of Shares pursuant to Options granted under
this Plan shall constitute general funds of the Company.

          No Rights to Continued Employment. The Plan does not constitute a contract of
employment, and selection as a Participant will not give any participating Employee or other
Eligible Individual the right to be retained in the employ of the Company or any Subsidiary, or the
right to continue to provide services to the Company or any Subsidiary, nor any right or claim to
any benefit under the Plan, unless such right or claim has specifically accrued under the terms of
the Plan.

          Form and Time of Elections. Unless otherwise specified herein, each election required
or permitted to be made by any Participant or other person entitled to benefits under the Plan, and
any permitted modification, or revocation thereof, shall be in writing filed with the Company at
such times, in such form, and subject to such restrictions and limitations, not inconsistent with
the terms of the Plan, as the Company shall require.

          Unfunded Status. Neither a Participant nor any other person shall, by reason or
participation in the Plan, acquire any right in or title to any assets, funds or property of the
Company or any Affiliate whatsoever, including, without limitation, any specific funds, assets, or
other property which the Company or any Affiliate, in its sole discretion may set aside in
anticipation of a liability under the Plan. A Participant shall

- 18 -

 

have only a contractual right to the Stock or amounts, if any, payable under the Plan,
unsecured by any assets of the Company or any Subsidiary, and nothing contained in the Plan shall
constitute a guarantee that the assets of the Company or any Affiliate shall be sufficient to pay
any benefits to any person.

Section 11. Amendment and Termination of this Plan

          The Committee may at any time terminate, suspend or discontinue this Plan. The Committee may
amend this Plan at any time, provided that any material amendment to the Plan will not be effective
unless approved by the Company’s stockholders. The Committee may at any time alter or amend any or
all Award Agreements under this Plan in any manner that would be authorized for a new Award under
this Plan, so long as such an amendment would not require approval of the Company’s stockholders if
such amendment was made to the Plan. Notwithstanding the foregoing, no such action by the Board or
the Committee shall, in any manner adverse to a Participant, affect any Award then outstanding and
evidenced by an Award Agreement without the consent in writing of the Participant or a Beneficiary
who has become entitled to an Award.

SIGNATURE

          IN WITNESS WHEREOF, Royal Caribbean Cruises Ltd. has caused this 2000 Stock Award Plan, as
amended and restated through December 6, 2005, to be executed as of the 6th day of
December 2005.

	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	ROYAL CARIBBEAN CRUISES LTD.	 	 
	 
	 	 	 	 	 	 	 	 	 	 
	Attest:

	 	/s/BRADLEY H. STEIN
 

	 	 	 	     By:
	 	/s/THOMAS F. MURRILL
 

	 	 
	 	 	Bradley H. Stein	 	 	 	     Thomas F. Murrill	 	 
	 	 	Assistant Secretary	 	 	 	     Vice President and	 	 
	 	 	 	 	 	 	     Chief Human Resources Officer	 	 

- 19 -

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