Document:

Exhibit 10.1.16 

  

TENTH AMENDMENT

TO

LOAN AND SECURITY AGREEMENT

     THIS TENTH AMENDMENT TO LOAN AND SECURITY AGREEMENT (this “Tenth Amendment”) dated as of August 6, 2010 is by and among EXAMWORKS, INC., a Delaware corporation (“Parent”), SOUTHWEST MEDICAL EXAMINATION SERVICES, INC., a Texas corporation, THE RICWEL CORPORATION, an Ohio corporation, CFO MEDICAL SERVICES, LLC, a New Jersey limited liability company, DIAGNOSTIC IMAGING INSTITUTE, INC., a Texas corporation, RICWEL OF WEST VIRGINIA, LLC, a West Virginia limited liability company,
PACIFIC BILLING SERVICES, INC., a Texas corporation, SET-ASIDE SOLUTIONS, LLC, a Delaware limited liability company, MARQUIS MEDICAL ADMINISTRATORS, INC., a New York corporation, IME SOFTWARE SOLUTIONS, LLC, a Michigan limited liability company, FLORIDA MEDICAL SPECIALISTS, INC., a New Jersey corporation, EXAMWORKS EVALUATIONS OF NEW YORK, LLC, a New York limited liability company, EXAMWORKS CANADA, INC., a Delaware corporation,
NETWORK MEDICAL REVIEW COMPANY, LTD., an Illinois corporation, NETWORK MEDICAL MANAGEMENT COMPANY, LTD., an Illinois corporation, INSURANCE APPEALS, LTD., an Illinois corporation, ELITE PHYSICIANS, LTD., an Illinois corporation, WORKERSFIRST, INC., an Illinois corporation, EXIGERE CORPORATION, a Washington corporation (“Exigere” or the “Additional Borrower”) and the subsidiaries of Parent that may from time to time hereafter become parties to the Loan Agreement identified below (all of the foregoing, together with Parent, individually, “Borrower” and collectively, “Borrowers”), FIFTH
THIRD BANK, an Ohio banking corporation in its capacity as administrative agent for Lenders identified below (together with its successors and assigns, “Administrative Agent”), and FIFTH THIRD BANK, an Ohio banking corporation in its individual capacity (“Fifth Third”), BANK OF AMERICA, N.A., a national banking
association (“Bank of America”), and GENERAL ELECTRIC CAPITAL CORPORATION, a Delaware corporation (“GE Capital,” together with Fifth Third and Bank of America, “Lenders”).

RECITALS:

     WHEREAS, certain Borrowers, Administrative Agent, Fifth Third and Bank of America are parties to that certain Loan and Security Agreement dated as of December 18, 2009, as amended pursuant to certain consents and amendments among the parties hereto (as the same may be further amended, supplemented or modified from time to time, collectively with all such consents and amendments, the “Loan Agreement”); all capitalized terms used but not defined herein shall have the meanings ascribed thereto in the Loan Agreement; and

     WHEREAS, Borrowers request Administrative Agent and Lenders to consent to certain matters as provided herein, and Borrowers, Administrative Agent and Lenders desire to amend certain provisions of the Loan Agreement, in each case in accordance with, and subject to, the terms and conditions set forth herein.

     NOW, THEREFORE, for and in consideration of the mutual covenants and agreements contained herein, and for other good and valuable consideration, the receipt and sufficiency of

which are hereby acknowledged, the parties hereto (intending to be legally bound) hereby agree as follows:

     1. Consent; Joinder.

          a. The Additional Borrower hereby absolutely and unconditionally (i) joins as and becomes a party to the Loan Agreement as a Borrower thereunder, (ii) assumes, as a joint and several obligor thereunder, all of the obligations, liabilities and indemnities of Borrower under the Loan Agreement and all other Financing Agreements (including, without limitation, the Liabilities), (iii) covenants and agrees to be bound by and adhere to all of the terms, representations, warranties,
covenants, waivers, releases, agreements and conditions of or respecting Borrower with respect to the Loan Agreement and the other Financing Agreements, and (iv) collaterally assigns and transfers to Administrative Agent (for the ratable benefit of the Lenders and the Administrative Agent), and hereby grants to Administrative Agent (for the ratable benefit of the Lenders), a continuing security interest in all of the Additional
Borrower’s now owned and hereafter acquired or arising assets and other Collateral, as collateral security for the prompt and complete payment and performance when due (whether at the stated maturity, by acceleration or otherwise) of all of the Liabilities. Any reference to the term “Borrower” or “Borrowers” in the Loan Agreement shall mean and include the Additional Borrower and all other parties identified as a Borrower in the Preamble to this Tenth Amendment.

          b. Subject to the terms and conditions set forth in this Tenth Amendment, and notwithstanding anything in the Loan Agreement and the other Financing Agreements to the contrary, Administrative Agent and Lenders hereby consent to the acquisition by Parent of all of the shares of capital stock of Exigere (the “Exigere Acquisition”), as more fully described in that certain Stock Purchase Agreement (the “Exigere Purchase Agreement”), dated as of August 6, 2010, by and among Parent, Exigere and Robert Smith and Wallace Logie, M.D., the shareholders of Exigere.

     2. Amendments to Loan Agreement. Subject to the terms and conditions contained herein, the parties hereto hereby amend the Loan Agreement as follows:

          a. The definition of “Borrower” as set forth in the Preamble to the Loan Agreement is hereby amended by adding a reference to “Exigere Corporation, a Washington corporation” therein.

          b. Section 1.1 of the Loan Agreement is hereby amended as follows:

                    i. the definition of “Acquisitions” therein shall also include the Exigere Acquisition;

                    ii. the definition of “Acquisition Agreement” therein shall also include the Exigere Purchase Agreement;

                    iii. the definition of “Acquisition Documents” therein shall also include the Exigere Purchase Agreement and any applicable bill of sale, assignment and assumption agreement, escrow agreement, real estate contract,

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special warranty deed, assignment of intellectual property, consulting agreement, management agreement, employment agreement, noncompete agreement, and any and all of the other documents, instruments and agreements executed or delivered in connection therewith or otherwise in connection with the Exigere Acquisition, in each case as the same may be amended or modified in conformity with Section 9.15 of the Loan Agreement;

               iv. the definition of “Intellectual Property Security Agreement” therein shall include any amendment or modification thereof dated as of the Tenth Amendment Effective Date made in connection with this Tenth Amendment;

               v. the definition of “Landlord Waiver” therein shall include, if applicable, the Landlord Waivers dated as of the Tenth Amendment Effective Date, if any, made in connection with this Tenth Amendment; and

               vi. the definition of “Pledge Agreements” therein is hereby amended and restated in its entirety as follows:

               “Pledge Agreements” means, collectively, (a) that certain Pledge Agreement dated as of the Eighth Amendment Effective Date made by Holding Company in favor of Administrative Agent (the “Holding Company Pledge Agreement”), (b) that certain Pledge Agreement dated as of the Ninth Amendment Effective Date made by Holding Company in favor of Administrative Agent (the “Holding Company EW Canada Pledge Agreement”), (c)
that certain Pledge Agreement dated as of the Ninth Amendment Effective Date made by ExamWorks Canada in favor of Administrative Agent (the “ExamWorks Canada Pledge Agreement”), (d) that certain Pledge Agreement dated as of December 18, 2009 made by Parent in favor of Administrative Agent (as amended on the Fifth Amendment Effective Date, the Ninth Amendment Effective Date and the Tenth Amendment Effective
Date, the “Parent Pledge Agreement”) with respect to all other Borrowers and to which future Subsidiaries of Parent shall become a party in connection with any other Acquisition, and (e) that certain Pledge Agreement dated as of the Ninth Amendment Effective Date made by NMR in favor of Administrative Agent (the “NMR Pledge Agreement”), each in form and substance reasonably satisfactory to Administrative Agent, as each may be amended, restated, reaffirmed, supplemented or otherwise modified from time to time in accordance with its respective terms.

          c. Section 1.1 of the Loan Agreement is hereby further amended by adding the following new defined terms in alphabetical order:

          “Exigere” means Exigere Corporation, a Washington corporation.

          “Tenth Amendment Effective Date” means August 6, 2010.

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          d. For clarification, the definition of “Revolving Credit Notes” in Section 2.1(d) of the Loan Agreement is hereby amended to include any amendment or modification thereof dated as of the Tenth Amendment Effective Date made in connection with this Tenth Amendment.

          e. For clarification, the definition of “Term Loan Notes” in Section 2.3(c) of the Loan Agreement is hereby amended to include any amendment or modification thereof dated as of the Tenth Amendment Effective Date made in connection with this Tenth Amendment.

          f. Schedule 4.7 (Borrower Locations) of the Loan Agreement is hereby amended and restated with Schedule 4.7 attached hereto.

          g. Schedule 7.5 (Organizational Numbers) of the Loan Agreement is hereby amended and restated with Schedule 7.5 attached hereto.

          h. Schedule 7.8 (Other Names) of the Loan Agreement is hereby amended and restated with Schedule 7.8 attached hereto.

          i. Schedule 7.16 (Intellectual Property) of the Loan Agreement is hereby amended and restated with Schedule 7.16 attached hereto.

          j. Schedule 9.2 (Certain Unsecured Indebtedness) of the Loan Agreement is hereby amended and restated with Schedule 9.2 attached hereto.

          k. Section 7.1 of the Loan Agreement shall hereafter also reflect that Exigere is a corporation duly incorporated, validly existing and in good standing under the laws of the State of Washington.

          l. Section 7.7 of the Loan Agreement shall hereafter also reflect that Exigere’s principal place of business and chief executive office is located at 3005 112th Avenue NE, Suite 200, Bellevue, WA 98004 and its State of incorporation is Washington.

          m. Section 7.8 of the Loan Agreement shall hereafter also reflect that Borrower has used the following names: “Exigere” and “Exigere Corporation.”

          n. Section 7.12 of the Loan Agreement shall hereafter also reflect that Exigere is a wholly-owned subsidiary of Parent.

          o. References in Section 8.5 and Section 9.16 of the Loan Agreement to the State of organization of Borrower shall also contain a reference to the State of Washington with respect to Exigere.

     3. No Other Amendments. Notwithstanding the amendments set forth in Section 2 hereof, Holding Company, Parent and the other Borrowers acknowledge and expressly agree that this Tenth Amendment is limited to the extent expressly set forth herein and shall not constitute a modification or further amendment of the Loan Agreement or any other Financing Agreements

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or a course of dealing at variance with the terms or conditions of the Loan Agreement or any other Financing Agreements (other than as expressly set forth in this Tenth Amendment).

     4. Representations and Warranties. Each of Holding Company, Parent and the other Borrowers hereby represent and warrant to and in favor of the Administrative Agent and Lenders, which representations and warranties shall survive the execution and delivery hereof, as follows:

          a. Each representation and warranty set forth in Section 7 of the Loan Agreement is hereby restated and affirmed as true and correct in all material respects as of the date hereof, except to the extent previously fulfilled in accordance with the terms of the Loan Agreement, as amended hereby;

          b. Each of Holding Company, Parent and each of the other Borrowers has the corporate, limited liability company or partnership, as applicable, power and authority (i) to enter into this Tenth Amendment and (ii) to do all acts and things as are required or contemplated hereunder to be done, observed and performed by it;

          c. This Tenth Amendment has been duly authorized, validly executed and delivered by one or more Duly Authorized Officers of each of Parent, the other Borrowers, Holding Company, and each of this Tenth Amendment and the Loan Agreement constitutes the legal, valid and binding obligations of Parent and the other Borrowers (and each of this Tenth Amendment and the Financing Agreements to which Holding Company is a party constitutes the legal, valid and binding
obligations of Holding Company), enforceable against Parent, the other Borrowers, and Holding Company, respectively, in accordance with their respective terms, subject, as to enforcement of remedies, to the following qualifications: (i) an order of specific performance and an injunction are discretionary remedies and, in particular, may not be available where damages are considered an adequate remedy at law and (ii) enforcement may be limited by bankruptcy,
insolvency, liquidation, reorganization, reconstruction and other similar laws affecting enforcement of creditors’ rights generally (insofar as any such law relates to the bankruptcy, insolvency or similar event of Holding Company, Parent or such other Borrower);

          d. The execution and delivery of this Tenth Amendment and performance by Parent and each other Borrower and, as applicable, Holding Company, under this Tenth Amendment, the Loan Agreement and each of the other Financing Agreements to which each is a party do not and will not require the consent or approval of any regulatory authority or governmental authority or agency having jurisdiction over Parent, such other Borrower, or Holding Company which has not already been obtained, nor be in contravention of or in conflict with the organizational documents of Parent, each other Borrower, or Holding Company, or any provision of any statute, judgment, order, indenture, instrument, agreement, or undertaking, to which Parent, any other Borrower, or Holding Company is party or by which Parent’s, any other Borrower’s, or Holding Company’s respective assets or properties are bound;

          e. No Default or Event of Default exists before or will result after giving effect to this Tenth Amendment, and no event has occurred that has had or could reasonably be expected to have a Material Adverse Effect;

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          f. The legal name of Exigere is “Exigere Corporation” and its organizational number assigned by the Washington Secretary of State is 601754112;

          g. With respect to the Exigere Acquisition, each of the conditions precedent identified on Exhibit C attached to the Loan Agreement have previously been satisfied or will be satisfied concurrently with the execution and delivery of this Tenth Amendment or as provided in Section 14 hereof as post closing matters; and

          h. The “Collateral” (as defined in the Loan Agreement) shall hereafter also include, without limitation, each of the assets of Exigere, and the Administrative Agent (for the ratable benefit of the Lenders and the Administrative Agent) has a first priority perfected security interest in all such Collateral (subject only to Permitted Liens).

     5. Conditions Precedent to Effectiveness of this Tenth Amendment. The consent and amendments contained in Section 1 and Section 2 of this Tenth Amendment shall become effective on the date hereof subject to satisfaction of each of the following:

          a. all of the representations and warranties of Parent, each of the other Borrowers, and Holding Company under Section 4 hereof, which are made as of the date hereof, being true and correct;

          b. receipt by Administrative Agent of duly executed signature pages to this Tenth Amendment from each of Parent, each of the other Borrowers, Holding Company and Lenders;

          c. receipt by Administrative Agent of such duly executed and delivered resolutions (including with respect to authorizing or ratifying the execution, delivery and performance by Parent, each of the other Borrowers and Holding Company of this Tenth Amendment and, as applicable, that certain Third Amendment and Reaffirmation of Parent Pledge Agreement, dated as of the date hereof (the “Third Amendment to Parent Pledge Agreement”) and any other Financing Agreement to which Parent,
any of the other Borrowers and Holding Company is a party, and including with respect to the underlying Loan Agreement as amended by this Tenth Amendment with respect to Exigere), certified by a Duly Authorized Officer of Parent, each of the other Borrowers and Holding Company, certified Organization Documents, good standing certificates, secretary’s certificates, closing condition certificates and such other related
certificates and documents (if any), with respect to Parent and the other Borrowers reasonably required by Administrative Agent in connection with this Tenth Amendment (each of which must be in form and substance reasonably satisfactory to the Administrative Agent);

          d. receipt by Administrative Agent of true, correct and complete duly executed copies of each of the following: (i) a Fourth Modification to Revolving Credit Note by Borrowers with respect to the Revolving Credit Note of each of Fifth Third and Bank of America, respectively; (ii) a Fifth Modification to Term Loan Note by Borrowers with respect to the Term Loan Note of each of Fifth Third and Bank of America, respectively; (iii) a Second

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Modification to Revolving Credit Note by Borrowers with respect to the Revolving Credit Note of GE Capital; (iv) a Second Modification to Term Loan Note by Borrowers with respect to the Term Loan Note of GE Capital; (v) the Third Amendment to Parent Pledge Agreement by Parent in favor of Administrative Agent (together with original stock certificate(s) and assignment(s) separate from certificate); and (vi) a Fourth Amendment to Intellectual Property Security Agreement;

          e. Certificates of Insurance in form and substance satisfactory to Administrative Agent, from Borrowers’ insurance carriers reflecting (i) the addition of Exigere as a co-borrower (together with a Loss Payable Endorsement signed by the applicable insurance agent), (ii) Administrative Agent as additional insured and “lender’s loss payee” thereunder, and (iii) increased insurance coverage as a result of the acquisition contemplated hereby;

          f. receipt of UCC tax, lien, pending suit and judgment searches for Exigere (and, in each case, under each respective trade name used during the prior five years), each dated a date reasonably near to the Tenth Amendment Effective Date in all jurisdictions as reasonably required by Administrative Agent, respectively, the results of which shall be satisfactory to Administrative Agent in its sole and absolute determination;

          g. receipt of authorization to file UCC Financing Statements, and UCC Financing Statements, as requested by Administrative Agent, naming Exigere as debtor and Administrative Agent as secured party with respect to Exigere’s Collateral, shall have been filed with the Washington Secretary of State;

          h. receipt of authorization to file UCC Financing Statements, and UCC Financing Statements (or amendments thereto), as requested by Administrative Agent, naming Parent as debtor and Administrative Agent as secured party with respect to the equity of Exigere owned by Parent, shall have been filed with the Delaware Secretary of State;

          i. receipt by Administrative Agent of reasonably satisfactory evidence that any necessary authorizations, including all necessary consents and regulatory approvals necessary, or in the reasonable discretion of, the Administrative Agent, advisable for the closing of the Exigere Acquisition have been obtained or made, are in full force and effect and are not subject to any pending or, to the knowledge of Parent or any of the other Borrowers, threatened reversal or cancellation, and Administrative Agent shall have received a certificate of a Duly Authorized Officer so stating;

          j. receipt by Administrative Agent of true, correct and complete duly executed copies of the Exigere Purchase Agreement and the other material Acquisition Documents relating to the Exigere Acquisition, including, without limitation, any disclosure schedules, bill of sale, assignment and assumption agreement, intellectual property assignment agreement, legal opinions (with customary lender reliance language), escrow agreement and Landlord Waiver executed or delivered in connection therewith;

          k. receipt by Administrative Agent of evidence, in form and substance reasonably satisfactory to it, of the simultaneous consummation of the Exigere Acquisition on

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terms and conditions set forth in the Exigere Purchase Agreement, which shall be in form and substance reasonably satisfactory to the Administrative Agent;

          l. receipt by Administrative Agent of a duly completed Compliance Certificate as of the fiscal quarter of Borrower ending June 30, 2010, after giving pro forma effect to all Loans to be made on the date hereof and the consummation of the Exigere Acquisition, signed by a Duly Authorized Officer of Parent;

          m. Administrative Agent’s completion of due diligence relating to the Exigere Acquisition, the results of which shall be reasonably satisfactory to Administrative Agent;

          n. if applicable, Administrative Agent shall have received a payoff letter from any secured lender to Exigere (including, without limitation, US Bank National Association and US Bancorp), each in form and substance reasonably satisfactory to Administrative Agent (together with applicable UCC termination statements, trademark releases and copyright releases necessary to release all Liens (other than Permitted Liens) and other rights in favor of any Person (other than Administrative Agent (for the ratable benefit of Lenders and Administrative Agent)), if any, in any of the Collateral (which shall include the assets purchased Parent pursuant to the Exigere Purchase Agreement), and other documents as Administrative Agent reasonably deems necessary or appropriate, which shall have been filed in all jurisdictions that Administrative Agent reasonably deems necessary or advisable;

          o. receipt by Administrative Agent of evidence that the Liens in favor of Administrative Agent are valid, enforceable and properly perfected in a manner reasonably acceptable to Administrative Agent;

          p. receipt by Administrative Agent of all financial information, studies, materials, due diligence results, management reports and related documentation as required pursuant to Exhibit C to the Loan Agreement;

          q. receipt by Administrative Agent of a fully-completed and duly executed Notice of Borrowing (together with a flow of funds) with respect to the Exigere Acquisition and this Tenth Amendment;

          r. receipt by Administrative Agent of a fully-completed and duly executed Borrowing Base Certificate as of June 30, 2010;

          s. receipt by Administrative Agent from Borrowers of payment of the Term Draw Fee for the Lenders;

          t. receipt by Administrative Agent of the invoiced amount of the reasonable fees and out-of-pocket costs and expenses of counsel to Administrative Agent in connection with this Tenth Amendment pursuant to Section 8 hereof and otherwise due and owing pursuant to the Loan Agreement;

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          u. receipt by Administrative Agent of certified copies of all documents evidencing Borrowers’ receipt of or satisfaction with any necessary consents, regulatory approvals and any other governmental approvals, if any, with respect to this Tenth Amendment and any other documents provided for herein or to be executed by any Borrower or Holding Company; and

          v. receipt by Administrative Agent of such other assurances, certificates, schedules, exhibits, documents, consents or opinions as Administrative Agent or the Required Lenders reasonably may require, if any.

     6. Reaffirmation; References to Loan Agreement.

          a. Each Borrower and Holding Company acknowledges and agrees that all of their respective obligations and Liabilities under the Loan Agreement and the Financing Agreements, as amended hereby, are and shall be valid and enforceable and shall not be impaired or limited by the execution or effectiveness of this Tenth Amendment.

          b. Upon the effectiveness of this Tenth Amendment, each reference in the Loan Agreement to “this Agreement,” “hereunder,” “hereof,” “herein” or words of like import shall mean and be a reference to the Loan Agreement, as amended by this Tenth Amendment.

          c. The failure by Administrative Agent, at any time or times hereafter, to require strict performance by any Borrower or Holding Company of any provision or term of the Loan Agreement, this Tenth Amendment or any of the Financing Agreements shall not waive, affect or diminish any right of Administrative Agent hereafter to demand strict compliance and performance herewith or therewith. Any suspension or waiver by Administrative Agent of a breach of this Tenth Amendment
or any Event of Default under the Loan Agreement shall not, except as expressly set forth in a writing signed by Administrative Agent (and, if applicable, Required Lenders), suspend, waive or affect any other breach of this Tenth Amendment or any Event of Default under the Loan Agreement, whether the same is prior or subsequent thereto and whether of the same or of a different kind or character. None of the undertakings, agreements, warranties,
covenants and representations of any Borrower or Holding Company contained in this Tenth Amendment, shall be deemed to have been suspended or waived by Administrative Agent unless such suspension or waiver is (i) in writing and signed by Administrative Agent and (ii) delivered to Parent. In no event shall Administrative Agent’s execution and delivery of this Tenth Amendment establish a course of dealing among Administrative Agent, Holding Company, Parent or any other Borrower or any other obligor, or in any other way obligate Administrative Agent to hereafter provide any amendments or, if at any time
applicable, waivers with respect to the Loan Agreement or any other Financing Agreement. The terms and provisions of this Tenth Amendment shall be limited precisely as written and shall not be deemed (x) to be a consent to any amendment or modification of any other term or condition of the Loan Agreement or of any of the Financing Agreements (except as expressly provided herein); or (y) to prejudice
any right or remedy which Administrative Agent may now have under or in connection with the Loan Agreement or any of the Financing Agreements.

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     d. Except as expressly provided herein, the Loan Agreement and all Financing Agreements shall remain unaltered and in full force and effect and are hereby ratified and confirmed in all respects.

     7. Release.

          a. In consideration of, among other things, the consent, waiver and amendments provided for herein, and for other good and valuable consideration, as of the date hereof, Holding Company, Parent and each other Borrower (on behalf of themselves and their respective Subsidiaries and Affiliates), their successors-in-title, legal representatives and assignees and, to the extent the same is claimed by right of, through or under the above, for their past, present and future employees, members,
managers, partners, agents, representatives, officers, directors, shareholders and trustees (all collectively, with Holding Company, Parent and each other Borrower, the “Releasing Parties”), do hereby unconditionally, irrevocably and forever remise, satisfy, acquit, release and discharge the Administrative Agent and Lenders and each of their respective successors-in-title, legal representatives and assignees,
past, present and future officers, directors, shareholders, trustees, agents, employees, consultants, experts, advisors, attorneys and other professionals and all other persons and entities to whom any of the Administrative Agent and Lenders would be liable if such persons or entities were found in any way to be liable to any of the Releasing Parties (collectively, the “Lender Parties”), from any and all manner of action and actions, cause and causes of action, claims, cross-claims, charges, demands, counterclaims, suits,
proceedings, debts, dues, sums of money, accounts, reckonings, bonds, bills, specialties, covenants, contracts, controversies, damages, judgments, liabilities, damages, costs, expenses, executions, liens, claims of liens, claims of costs, penalties, attorneys’ fees, or any other compensation, recovery or relief on account of any liability, obligation, demand, proceedings or cause of action of whatever nature, whether in law, equity or otherwise (including,
without limitation, those arising under 11 U.S.C. §§ 541-550 and interest or other carrying costs, penalties, legal, accounting and other professional fees and expenses, and incidental, consequential and punitive damages payable to third parties), whether known or unknown, fixed or contingent, joint and/or several, secured or unsecured, due or not due, primary or secondary, liquidated or unliquidated, contractual or tortious, direct, indirect, or derivative, asserted or unasserted, foreseen or unforeseen, suspected or unsuspected, now existing,
heretofore existing or which may have heretofore accrued against any or all of the Lender Parties, whether held in a personal or representative capacity, and which are based on any act, fact, event, action or omission or any other matter, cause or thing occurring at or from any time prior to and including the date hereof in any way, directly or indirectly arising out of, connected with or relating to this Tenth Amendment, the Loan Agreement or any
other Financing Agreement and the transactions contemplated hereby and thereby, the Collateral or the Liabilities, and all other agreements, certificates, instruments and other documents and statements (whether written or oral) related to any of the foregoing. Each Borrower, Parent, and Holding Company acknowledges that Administrative Agent is specifically relying upon the representations, warranties and agreements contained herein and that such representations, warranties and agreements constitute a material inducement to Administrative Agent in entering into this Tenth Amendment.

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          b. Each of Holding Company, Parent and each other Borrower hereby knowingly, voluntarily, intentionally and expressly waives and relinquishes any and all rights and benefits that it respectively may have as against the Lender Parties under any law, rule or regulation of any jurisdiction that would or could have the effect of limiting the extent to which a general release extends to claims which a Lender Party or Releasing Party does not know or suspect to exist as of the date hereof. Each of Holding Company, Parent and each other Borrower hereby acknowledges that the waiver set forth in the prior sentence was separately bargained for and that such waiver is an essential term and condition of this Tenth Amendment (and without which the consent and amendments in Section 1 and Section 2 hereof would not have been agreed to by Administrative Agent and Lenders).

     8. Costs, Expenses and Taxes. Without limiting the obligation of Borrowers to reimburse Administrative Agent for all costs, fees, disbursements and expenses incurred by Administrative Agent as specified in the Loan Agreement, as amended by this Tenth Amendment, Borrowers agree to pay on demand all reasonable costs, fees, disbursements and expenses of Administrative Agent in connection with the preparation, negotiation, revision, execution and delivery of this Tenth Amendment and the other agreements, instruments and documents contemplated hereby, including, without limitation, reasonable attorneys’ fees and out-of-pocket expenses.

     9. Counterparts. This Tenth Amendment may be executed in multiple counterparts, each of which shall be deemed to be an original and all of which when taken together shall constitute one and the same agreement.

     10. Governing Law. This Tenth Amendment shall be governed by and construed and enforced in accordance with the internal laws of the State of Illinois, without regard to conflict of law principles.

     11. Financing Agreement. This Tenth Amendment shall constitute a Financing Agreement.

     12. Severability; Faxes. Any provision of this Tenth Amendment which is prohibited or unenforceable for any reason shall be ineffective solely to the extent of such prohibition or unenforceability without invalidating the remaining provisions hereof in that jurisdiction or affecting the validity or enforceability of such provision in any other jurisdiction. A signature hereto sent or delivered by facsimile or other electronic transmission shall be as legally binding and enforceable as a signed original for all purposes.

     13. Successors and Assigns. This Tenth Amendment shall be binding upon and inure to the benefit of the parties hereto and their respective successors and assigns; provided, however, neither Holding Company, Parent nor any other Borrower may assign any of its respective rights or obligations under this Tenth Amendment without the prior written consent of Administrative Agent.

     14. Additional Covenants. Parent and the other Borrowers covenant and agree to deliver or cause to be delivered to Administrative Agent:

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          a. a certified copy of the amended and restated charter of Exigere within seven (7) Business Days of the Tenth Amendment Effective Date.

[Remainder of page intentionally blank; signature pages follow]

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     IN WITNESS WHEREOF, the parties hereto have duly executed this Tenth Amendment to Loan and Security Agreement as of the day and year first above written.

	   	EXAMWORKS, INC.
	 	    
	 	By: 	     /s/ J. Miguel Fernandez de Castro
      

    
	 	Name: J. Miguel Fernandez de Castro
	 	Its: Senior Vice President and Chief Financial
	 	Officer
	 	    
	 	SOUTHWEST MEDICAL EXAMINATION
	 	   SERVICES, INC.
	 	THE RICWEL CORPORATION
	 	DIAGNOSTIC IMAGING INSTITUTE, INC.
	 	PACIFIC BILLING SERVICES, INC.
	 	MARQUIS MEDICAL ADMINISTRATORS, INC.
	 	FLORIDA MEDICAL SPECIALISTS, INC.
	 	EXAMWORKS CANADA, INC.
	 	NETWORK MEDICAL REVIEW COMPANY,
	 	   LTD.
	 	NETWORK MEDICAL MANAGEMENT
	 	   COMPANY, LTD.
	 	INSURANCE APPEALS, LTD.
	 	ELITE PHYSICIANS, LTD.
	 	WORKERS FIRST, INC.
	 	EXIGERE CORPORATION
	 	    
	 	By: 	     /s/ J. Miguel Fernandez de Castro
      

    
	 	Name: J. Miguel Fernandez de Castro
	 	Its: Senior Vice President and Chief Financial
	 	Officer
	 	    
	 	CFO MEDICAL SERVICES, LLC
	 	RICWEL OF WEST VIRGINIA, LLC
	 	    
	 	By: ExamWorks, Inc., its sole member and manager
	 	  
	 	By: 	     /s/ J. Miguel Fernandez de Castro
      

    
	 	Name: J. Miguel Fernandez de Castro
	 	Its: Senior Vice President and Chief Financial
	 	Officer

EXAMWORKS, INC.

TENTH AMENDMENT TO LOAN AND SECURITY AGREEMENT

	  	SET-ASIDE SOLUTIONS, LLC
	 	IME SOFTWARE SOLUTIONS, LLC
	 	EXAMWORKS EVALUATIONS OF NEW
	 	   YORK, LLC
	 	 
	 	By: ExamWorks, Inc., its sole member
	 	 
	 	By: 	     /s/ J. Miguel Fernandez de Castro
      

    
	 	Name: J. Miguel Fernandez de Castro
	 	Its: Senior Vice President and Chief Financial
	 	Officer

EXAMWORKS, INC.

TENTH AMENDMENT TO LOAN AND SECURITY AGREEMENT

		
	Acknowledged and Agreed:
	 
	EXAMWORKS GROUP, INC.
	 
	By:	/s/ J. Miguel Fernandez de Castro
      

    
	Name: J. Miguel Fernandez de Castro
	Its:	Senior Vice President, Chief Financial
	 	Officer and Treasurer

EXAMWORKS, INC.

TENTH AMENDMENT TO LOAN AND SECURITY AGREEMENT

			
	 	FIFTH THIRD BANK,
	 	as Administrative Agent and a Lender
	 
	 	By:	     /s/ Philip Renwick
      

    
	 	 	Philip Renwick
	 	 	Vice President
	 
	  
	 	BANK OF AMERICA, N.A.,
	 	as a Lender
	  
	 	By:	     /s/ Shawn Janko
      

    
	 	 	Shawn Janko
	 	 	Senior Vice President
	 
	 
	 	GENERAL ELECTRIC CAPITAL
	 	CORPORATION,
	 	as a Lender
	  
	 	By:	     /s/ W. Grant Johnston
      

    
	 	 	Grant Johnston
	 	 	Duly Authorized Signatory

EXAMWORKS, INC.

TENTH AMENDMENT TO LOAN AND SECURITY AGREEMENTExhibit 10.2.1

 EXAMWORKS GROUP, INC.

AMENDED AND RESTATED 2008 STOCK INCENTIVE PLAN

 1. Introduction.

      (a) History and
Purpose. ExamWorks Group, Inc., a Delaware corporation (the
“Company”) acquired all the common stock and preferred stock of
ExamWorks, Inc., a Delaware corporation (“EWI”) through a holding
company reorganization effected pursuant to Section 251(g) of the Delaware
Corporation Law (the “Reorganization”). EWI maintained this ExamWorks,
Inc. 2008 Stock Option Plan, as amended (the “2008 Option Plan’). In
connection with the Reorganization, the Company assumed this 2008 Option Plan
and substituted options to purpose shares of the Company’s common stock in
exchange for the options to purchase EWI common stock that were outstanding as
of the date of the Reorganization. The Company now amends and restates the 2008
Option Plan as the “Amended and Restated ExamWorks Group, Inc. 2008 Stock
Incentive Plan (the “Plan”), for the following purposes: (i) to
enhance the Company’s ability to attract highly qualified personnel; (ii)
to strengthen its retention capabilities; (iii) to enhance the long-term
performance and competitiveness of the Company; and (iv) to align the interests
of Plan participants with those of the Company’s shareholders.

      (b) Effective Date. The 2008 Stock Option Plan was originally effective on July  14, 2008 and this Amendment and Restatement of the Plan is effective as of July 12, 2010.

      (c) Definitions. Terms in the Plan and any Appendix that begin with an initial capital letter have the defined meaning set forth in Appendix I or elsewhere in this Plan, in either case unless the context of their use clearly indicates a different meaning.

      (d) Effect on Other Plans, Awards, and Arrangements. This Plan is not intended to affect and shall not affect any stock options, equity-based compensation, or other benefits that the Company or its Affiliates may have provided, or may separately provide in the future, pursuant to any agreement, plan, or program that is independent of this Plan. In addition, no provision in this Amendment and Restatement of the Plan that was absent from the 2008 Stock Option Plan may adversely affect any Options awarded under the 2008 Option Plan before July 12, 2010 without the Option holder’s prior written consent.

      (e) Appendices. Incorporated by reference and thereby part of the Plan are the terms set forth in the following appendices:

	   	Appendix I 	Definitions 

2. Types of Awards. The Plan permits the granting of the following types of Awards according to the Sections of the Plan listed here:

			
	   	 Section 5	 Stock Options
	 	 Section 6	 Share Appreciation Rights (SARs)
	 	 Section 7	 Restricted Shares, Restricted Share Units (RSUs), and Unrestricted Shares
	 	 Section 8	 Deferred Share Units (DSUs)
	 	 Section 9	 Performance and Cash-settled Awards

			
	 	 Section 10	 Dividend Equivalent Rights

 3. Shares Available for Awards.

      (a) Generally, Subject to Section 13 below and subject to the Plan being approved by the Company’s shareholders no later than July 12, 2011, a total of 2,000,000 Shares shall be available for issuance under the Plan. In the absence of such shareholder approval, 1,000,000 Shares shall be available for issuance under the Plan. The Shares deliverable pursuant to Awards shall be authorized but unissued Shares, or Shares that the Company otherwise holds in treasury or in trust.

      (b)
Replenishment; Counting of Shares. Any Shares reserved for Plan Awards
will again be available for future Awards if the Shares for any reason will
never be issued to a Participant or Beneficiary pursuant to an Award (for
example, due to its settlement in cash rather than in Shares, or the
Award’s forfeiture, cancellation, expiration, or net settlement without the
issuance of Shares). Further, and to the extent permitted under Applicable Law,
the maximum number of Shares available for delivery under the Plan shall not be
reduced by any Shares issued under the Plan through the settlement, assumption,
or substitution of outstanding awards or obligations to grant future awards as a
condition of the Company’s or an Affiliate’s acquiring another entity.
On the other hand, Shares that a Person owns and tenders in payment of all or
part of the exercise price of an Award or in satisfaction of applicable
Withholding Taxes shall not increase the number of Shares available for future
issuance under the Plan. Awards settled in cash will not count against the
maximum number of Shares issuable under the Plan.

      (c) ISO Share Reserve. The number of Shares that are available for ISO Awards shall not exceed the total number set forth in Section 3(a) above (as adjusted pursuant to Section 13 of the Plan, and as determined in accordance with Code Section 422).

 4. Eligibility.

      (a) General Rule. Subject to the express provisions of the Plan, the Committee shall determine from the class of Eligible Persons those Persons to whom Awards may be granted. Each Award shall be evidenced by an Award Agreement that sets forth its Grant Date and all other terms and conditions of the Award, that is signed on behalf of the Company (or delivered by an authorized agent through an electronic medium), and that, if required by the Committee, is signed by the Eligible Person as an acceptance of the Award. The grant of an Award shall not obligate the Company or any Affiliate to continue the employment or service of any Eligible Person, or to provide any future Awards or other remuneration at any time thereafter.

      (b) Option and
SAR Limits per Person. During the term of the Plan, no Participant may
receive Options and SARs that relate to more than 400,000 Shares issuable under
the Plan, as such number may be adjusted pursuant to Section 13 below;
provided, however, that the foregoing limitation shall not apply prior to
the Public Trading Date and, following the Public Trading Date, the foregoing
limitation shall not apply until the earliest of: (i) the first material
modification of the Plan (including any increase in the number of Shares
reserved for issuance under the Plan in accordance with Section 3); (ii) the
issuance of all of the Shares of Common Stock reserved for issuance under the
Plan; (iii) the expiration of the Plan; (iv) the first meeting of stockholders
at which directors of the Company are to be elected that occurs after the close
of the third calendar year following the calendar year in which occurred the
first registration of an equity security of the Company under

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 Section 12 of the Exchange Act; or (v) such other date required by Section 162(m) of the Code and the rules and regulations promulgated thereunder. The foregoing limitation shall be adjusted proportionately in connection with any change in the Company’s capitalization as described in Section 12. For purposes of this Section 4(b), if an Option or SAR is canceled in the same fiscal year of the Company it was granted (other than in connection with a transaction described in Section 13), the canceled Option or SAR will be counted against the limit set forth in this Section 4(b). For this purpose, if the exercise price of an Option or SAR is reduced, the transaction shall be treated as a cancellation of the Option or SAR and the grant of a new Option or SAR.

      (c) Replacement Awards. Subject to Applicable Law (including any associated shareholder approval requirements), the Committee may, in its sole discretion and upon such terms as it deems appropriate, require as a condition of the grant of an Award to a Participant that the Participant, with the Participant’s consent, surrender for cancellation some or all of the Awards or other grants that the Participant has received under this Plan or otherwise. An Award conditioned upon such surrender may or may not be the same type of Award, may cover the same (or a lesser or greater) number of Shares as such surrendered Award, may have other terms that are determined without regard to the terms or conditions of such surrendered Award, and may contain any other terms that the Committee deems appropriate.

 5. Stock Options.

      (a) Grants. Subject to the special rules for ISOs set forth in the next paragraph, the Committee may grant Options to Eligible Persons pursuant to Award Agreements setting forth terms and conditions that are not inconsistent with the Plan, that may be immediately exercisable or that may become exercisable in whole or in part based on future events or conditions, that may include vesting or other requirements for the right to exercise the Option, and that may differ for any reason between Eligible Persons or classes of Eligible Persons, provided in all instances that:

	 	 (i)        	
      the exercise price for Shares subject to purchase through exercise of an Option shall not be less than 100% of the Fair Market Value of the underlying Shares on the Grant Date; and

    
	 	 	 
	 	 (ii)       	
      no Option shall be exercisable for a term ending more than ten years after its Grant Date.

    

      (b) Special ISO Provisions. The following provisions shall control any grants of Options that are denominated as ISOs.

	 	 (i)        	
      Eligibility. The Committee may grant ISOs only to Employees (including officers who are Employees) of the Company or an Affiliate that is a “parent corporation” or “subsidiary corporation” within the meaning of Code Section 424.

    
	 	 	 
	 	 (ii)       	
      Documentation. Each Option that is intended to be an ISO must be designated in the Award Agreement as an ISO, provided that any Option designated as an ISO will be a Non-ISO to the extent the Option fails to meet the requirements of Code Section 422. In the case of an ISO, the Committee shall determine on the Date of Grant the acceptable methods of

    

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      paying the exercise price for Shares, and it shall be included in the applicable Award Agreement.

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

    
	 	 	 
	 	 (iv)       	
      Grants to 10% Holders. In the case of an ISO granted to an Employee who is a Ten Percent Holder on the Grant Date, the ISO’s term shall not exceed five years from the Grant Date, and the exercise price shall be at least 110% of the Fair Market Value of the underlying Shares on the Grant Date. In the event that Code Section 422 is amended to alter the limitations set forth therein, the limitation of this paragraph shall be automatically adjusted accordingly.

    
	 	 	 
	 	 (v)        	
      Substitution of Options. In the event the Company or an Affiliate acquires (whether by purchase, merger, or otherwise) all or substantially all of outstanding capital stock or assets of another corporation or in the event of any reorganization or other transaction qualifying under Code Section 424, the Committee may, in accordance with the provisions of that Section, substitute ISOs for ISOs previously granted under the plan of the acquired company provided (A) the excess of the aggregate Fair Market Value of the Shares subject to an ISO immediately after the substitution over the aggregate exercise price of such shares is not more than the similar excess immediately before such substitution, and (B) the new ISO does not give additional benefits to the Participant, including any extension of the exercise period.

    
	 	            	
       

    
	 	 (vi)       	
      Notice of Disqualifying Dispositions. By executing an ISO Award Agreement, each Participant agrees to notify the Company in writing immediately after the Participant sells, transfers or otherwise disposes of any Shares acquired through exercise of the ISO, if such disposition occurs within the earlier of (A) two years of the Grant Date, or (B) one year after the exercise of the ISO being exercised. Each Participant further agrees to provide any information about a disposition of Shares as may be requested by the Company to assist it in complying with any applicable tax laws.

    

      (c) Method of Exercise. Each Option may be exercised, in whole or in part (provided that the Company shall not be required to issue fractional shares) at any time and from time to time prior to its expiration, but only pursuant to the terms of the applicable Award Agreement, and subject to

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 the times, circumstances and conditions for exercise contained in the applicable Award Agreement. Exercise shall occur by delivery of both written notice of exercise to the secretary of the Company, and payment of the full exercise price for the Shares being purchased. The methods of payment that the Committee may in its discretion accept or commit to accept in an Award Agreement include:

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

        (ii) other Shares that (A) are owned by the Participant who is purchasing Shares pursuant to an Option, (B) have a Fair Market Value on the date of surrender equal to the aggregate exercise price of the Shares as to which the Option is being exercised, (C) are all, at the time of such surrender, free and clear of any and all claims, pledges, liens and encumbrances, or any restrictions which would in any manner restrict the transfer of such shares to or by the Company (other than such restrictions as may have existed prior to an issuance of such Shares by the Company to such Participant), and (D) are duly endorsed for transfer to the Company;

        (iii) a net exercise by surrendering to the Company Shares otherwise receivable upon exercise of the Option;

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

        (v) subject to Applicable Law, a full recourse promissory note bearing interest and payable on such terms as may be prescribed by the Committee; or

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

 The Company shall not be required to deliver Shares pursuant to the exercise of an Option until the Company has received sufficient funds to cover the full exercise price due and all applicable Withholding Taxes required by reason of such exercise.

 Notwithstanding any other provision of the Plan to the contrary, no Participant who is a Director or an “executive officer” of the Company within the meaning of Section 13(k) of the Exchange Act shall be permitted to make payment with respect to any Awards granted under the Plan, or continue any extension of credit with respect to such payment with a loan from the Company or a loan arranged by the Company in violation of Section 13(k) of the Exchange Act.

      (d) Exercise of an Unvested Option. The Committee in its sole discretion may allow a Participant to exercise an unvested Option, in which case the Shares then issued shall be Restricted Shares having analogous vesting restrictions to the unvested Option.

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      (e) Termination of Continuous Service. The Committee may establish and set forth in the applicable Award Agreement the terms and conditions on which an Option shall remain exercisable, if at all, following termination of a Participant’s Continuous Service. The Committee may waive or modify these provisions at any time. To the extent that a Participant is not entitled to exercise an Option at the date of his or her termination of Continuous Service, or if the Participant (or other person entitled to exercise the Option) does not exercise the Option to the extent so entitled within the time specified in the Award Agreement or below (as applicable), the Option shall terminate and the Shares underlying the unexercised portion of the Option shall revert to the Plan and become available for future Awards.

      The following provisions shall apply to the extent an Award Agreement does not specify the terms and conditions upon which an Option shall terminate when there is a termination of a Participant’s Continuous Service:

	Reason for terminating Continuous Service	Option Termination Date
	(I) By the Company for Cause, or what would have been Cause if the Company had known all of the relevant facts.	Termination of the Participant’s Continuous Service, or when Cause first existed if earlier.
	(II) Disability of the Participant.	12 months after termination of the Participant’s Continuous Service.
	(III) Death of the Participant during Continuous Service.	12 months after termination of the Participant’s Continuous Service.
	(IV) Other than due to Cause or the Participant’s Disability or Death.	Two months after termination of the Participant’s Continuous Service.

      If there is a Securities and Exchange Commission blackout period (or a Committee-imposed blackout period) that prohibits the buying or selling of Shares during any part of the ten day period before the expiration of any Option based on the termination of a Participant’s Continuous Service (as described above), the period for exercising the Options shall be extended until ten days beyond when such blackout period ends. Notwithstanding any provision hereof or within an Award Agreement, no Option shall ever be exercisable after the expiration date of its original term as set forth in the Award Agreement.

 6. SARs.

      (a) Grants. The Committee may grant SARs to Eligible Persons pursuant to Award Agreements setting forth terms and conditions that are not inconsistent with the Plan; provided that:

	 	 (i)        	
      the exercise price for the Shares subject to each SAR shall not be less than 100%of the Fair Market Value of the underlying Shares on the Grant Date;

    
	 	 	 
	 	 (ii)       	
      no SAR shall be exercisable for a term ending more than ten years after its Grant Date; and

    

6

	 	 (iii)              	
      each SAR shall, except to the extent an SAR Award Agreement provides otherwise, be subject to the provisions of Section 5(e) relating to the effect of a termination of Participant’s Continuous Service and Section 5(f) relating to buyouts, in each case with “SAR” being substituted for “Option.”

    

      (b) Settlement.
Subject to the Plan’s terms, an SAR shall entitle the Participant, upon
exercise of the SAR, to receive Shares having a Fair Market Value on the date of
exercise equal to the product of the number of Share as to which the SAR is
being exercised, and the excess of (i) the Fair Market Value, on such date, of
the Shares covered by the exercised SAR, over (ii) an exercise price designated
in the SAR Award Agreement. Notwithstanding the foregoing, an SAR Award
Agreement may limit the total settlement value that the Participant will be
entitled to receive upon the SAR’s exercise, and may provide for settlement
either in cash or in any combination of cash or Shares that the Committee may
authorize pursuant to an Award Agreement. If, on the date on which an SAR or
portion thereof is to expire, the Fair Market Value exceeds the per Share
exercise price of such SAR, then the SAR shall be deemed exercised and the
Participant will be entitled to receive the settlement proceeds otherwise
payable had the Participant affirmatively exercised the SAR on that date.

      (c) SARs related to Options. The Committee may grant SARs either concurrently with the grant of an Option or with respect to an outstanding Option, in which case the SAR shall extend to all or a portion of the Shares covered by the related Option, and shall have an exercise price that is not less than the exercise price of the related Option. An SAR shall entitle the Participant who holds the related Option, upon exercise of the SAR and surrender of the related Option, or portion thereof, to the extent the SAR and related Option each were previously unexercised, to receive payment of an amount determined pursuant to Section 6(b) above. Any SAR granted in tandem with an ISO will contain such terms as may be required to comply with the provisions of Code Section 422.

      (d) Effect on Available Shares. At each time of a exercise of an SAR that is settled in Shares, only those Shares that are issued or delivered in settlement of the exercise shall be counted against the number of Shares available for Awards under the Plan; provided that the number of Shares that are issued or delivered pursuant to the exercise of an SAR shall not exceed the number of Shares specified in the Award Agreement as being subject to the SAR Award.

 7. Restricted Shares, RSUs, and Unrestricted Share Awards.

      (a) Grant.
The Committee may grant Restricted Share, RSU, or Unrestricted Share Awards
to Eligible Persons, in all cases pursuant to Award Agreements setting forth
terms and conditions that are not inconsistent with the Plan. The Committee
shall establish as to each Restricted Share or RSU Award the number of Shares
deliverable or subject to the Award (which number may be determined by a written
formula), and the period or periods of time (the “Restriction
Period”) at the end of which all or some restrictions specified in
the Award Agreement shall lapse, and the Participant shall receive unrestricted
Shares (or cash to the extent provided in the Award Agreement) in settlement of
the Award. Such restrictions may include, without limitation, restrictions
concerning voting rights and transferability, and such restrictions may lapse
separately or in combination at such times and pursuant to such circumstances or
based on such criteria as selected by the Committee, including, without
limitation, criteria based on the Participant’s duration of employment,
directorship or consultancy with the Company, individual,

7

 group, or divisional performance criteria, Company performance, or other criteria selection by the Committee. The Committee may make Restricted Share and RSU Awards with or without the requirement for payment of cash or other consideration. In addition, the Committee may grant Awards hereunder in the form of Unrestricted Shares which shall vest in full upon the Grant Date or such other date as the Committee may determine or which the Committee may issue pursuant to any program under which one or more Eligible Persons (selected by the Committee in its sole discretion) elect to pay for such Shares or to receive Unrestricted Shares in lieu of cash bonuses that would otherwise be paid.

      (b) Vesting and Forfeiture. The Committee shall set forth, in an Award Agreement granting Restricted Shares or RSUs, the terms and conditions under which the Participant’s interest in the Restricted Shares or the Shares subject to RSUs will become vested and non-forfeitable. Except as set forth in the applicable Award Agreement or as the Committee otherwise determines, upon termination of a Participant’s Continuous Service for any reason, the Participant shall forfeit his or her Restricted Shares and RSUs to the extent the Participant’s interest therein has not vested on or before such termination date; provided that if a Participant purchases Restricted Shares and forfeits them for any reason, the Company shall return the purchase price to the Participant to the extent either set forth in an Award Agreement or required by Applicable Laws.

      (c) Issuance of Restricted Shares Prior to Vesting. The Participant’s ownership of the Common Shares shall be evidenced solely by a “book entry” (i.e., a computerized or manual entry) in the records of the Company or its designated share transfer agent in the Participant’s name.

      (d) Section 83(b) Elections. A Participant may make an election under Code Section 83(b) (the “Section 83(b) Election”) with respect to Restricted Shares. A Participant who has received RSUs may, within ten days after receiving the RSU Award, provide the Committee with a written notice of his or her desire to make Section 83(b) Election with respect to the Shares subject to such RSUs. The Committee may in its discretion convert the Participant’s RSUs into Restricted Shares, on a one-for-one basis, in full satisfaction of the Participant’s RSU Award. The Participant may then make a Section 83(b) Election with respect to those Restricted Shares; provided that the Participant’s Section 83(b) Election will be invalid if not filed with the Company and the appropriate U.S. tax authorities within 30 days after the Grant Date of the RSUs replaced by the Restricted Shares.

      (e) Deferral Elections for RSUs. To the extent specifically provided in an Award Agreement, a Participant may irrevocably elect, in accordance with Section 8 below, to defer the receipt of all or a percentage of the Shares that would otherwise be transferred to the Participant upon the vesting of an RSU Award provided the election is made on or before the 30th day following the Grant Date of the RSU Award and at least 12 months in advance of the earliest date the RSU Award could vest. If the Participant makes this election, the Company shall credit the Shares subject to the election, and any associated Shares attributable to Dividend Equivalent Rights attached to the Award, to a DSU account established pursuant to Section 8 below on the date such Shares would otherwise have been delivered to the Participant pursuant to this Section.

      (f) Issuance of Shares upon Vesting. As soon as practicable after vesting of a Participant’s Restricted Shares (or of the right to receive Shares underlying RSUs), the Company shall deliver to the Participant, free from vesting restrictions, one Share for each surrendered and vested Restricted Share (or deliver one Share free of the vesting restriction for each vested RSU), unless an Award

8

 Agreement provides otherwise and subject to Section 11 regarding Withholding Taxes. No fractional Shares shall be distributed, and cash shall be paid in lieu thereof.

 8. DSUs.

      (a) Elections to
Defer. The Committee may make DSU awards to Eligible Persons who are
Directors, Consultants, or members of a select group of management or highly
compensated Employees (within the meaning of ERISA) pursuant to Award Agreements
(regardless of whether or not there is a deferral of the Eligible Person’s
compensation), and may permit select Eligible Persons to irrevocably elect, on a
form provided by and acceptable to the Committee (the “Election
Form”), to forego the receipt of cash or other compensation
(including the Shares deliverable pursuant to any RSU Award) and in lieu thereof
to have the Company credit to an internal Plan account a number of DSUs having a
Fair Market Value equal to the Shares and other compensation deferred. These
credits will be made at the end of each calendar quarter (or other period
determined by the Committee) during which compensation is deferred. In general,
subject to Section 7(e) regarding deferral of Restricted Shares and Restricted
Share Units and to Section 9(e) regarding deferral of Performance Awards,
Election Forms must be submitted to the Committee no later than December 31st of
the calendar year preceding the calendar year in which the Eligible Person first
performs the services that are attributable to the compensation being deferred.
Notwithstanding the foregoing, any Eligible Person who first becomes eligible to
defer compensation under the Plan and is not eligible to defer or otherwise
accrue an amount of deferred compensation under any other plan or arrangement
that (i) is maintained by the Company or any other Affiliate that would be
considered a single employer with the Company pursuant to Code Sections 414(b)
or 414(c) and (ii) constitutes a single plan under Treasury Regulation
§1.409A-1(c)(2)(A), may submit his or her Election Form to the Committee no
later than 30 days after the date the Eligible Person first becomes eligible to
defer compensation under the Plan; however, the Election Form may relate only to
compensation that is to be paid for services performed after the date the
Election Form is submitted to the Committee. The Committee may reject any
Election Form that it determines in its sole discretion does not satisfy the
requirements of this paragraph. The Committee may unilaterally make Awards in
the form of Deferred Share Units, regardless of whether or not the Participant
foregoes other compensation.

      (b) Vesting. Unless an Award Agreement expressly provides otherwise, each Participant shall be 100% vested at all times in any Shares subject to DSUs.

      (c) Issuances of Shares. Unless an Award Agreement expressly provides otherwise, the Company shall settle a Participant’s DSU Award, by delivering one Share for each DSU, in five substantially equal annual installments that are issued before the last day of each of the five calendar years that end after the date on which the Participant incurs a “separation from service” within the meaning of Treasury Regulations §1.409A-1(h) and as further described in Section 8(e) hereof (“Separation from Service”), subject to –

        (i) the Participant’s right to elect a different form of distribution, only on a form provided by and acceptable to the Committee, that permits the Participant to select any combination of a lump sum and annual installments that are triggered by, and completed within ten years following, the last day of the Participant’s Separation from Service, and

9

        (ii) the Company’s acceptance of the Participant’s distribution election form executed at the time the Participant elects to defer the receipt of cash or other compensation pursuant to Section 8(a), provided that the Participant may change a distribution election through any subsequent election that (A) the Participant delivers to the Company at least one year before the date on which distributions are otherwise scheduled to commence pursuant to the Participant’s initial distribution election, and (B) defers the commencement of distributions by at least five years from the originally scheduled distribution commencement date.

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

      Notwithstanding
anything in this Plan or an Award Agreement to the contrary, if, at the time of
the Participant’s Separation from Service, the Participant is a
“specified employee” (within the meaning of Section 409A of the Code
and Treasury Regulation Section 1.409A-1(i)), the Company will not pay or
provide any “Specified Benefits” (as defined herein) during the
six-month period beginning after the date of the Participant’s Separation
from Service (the “409A Suspension Period”). In the event of a
Participant’s death, however, the Specified Benefits shall be paid to the
Participant’s Beneficiary without regard to the 409A Suspension Period. For
purposes of this Plan, “Specified Benefits” are any portion of the
Participant’s DSU Award that would be subject to Section 409A additional
taxes if the Company were to pay it on account of the Participant’s
Separation from Service. Within 14 calendar days after the end of the 409A
Suspension Period, the Participant shall be paid a lump-sum payment equal to any
Specified Benefits delayed during the 409A Suspension Period.

      (d) Emergency
Withdrawals. In the event that a Participant suffers an unforeseeable
emergency within the contemplation of this Section, the Participant may apply to
the Committee for an immediate distribution of all or a portion of the
Participant’s DSUs. The unforeseeable emergency must result from a sudden
and unexpected illness or accident of the Participant, the Participant’s
spouse, or a dependent (within the meaning of Code Section 152) of the
Participant, casualty loss of the Participant’s property, or other similar
extraordinary and unforeseeable conditions beyond the control of the
Participant. The Committee shall, in its sole and absolute discretion, determine
whether a Participant has a qualifying unforeseeable emergency, may require
independent verification of the emergency, and may determine whether or not to
provide the Participant with cash or Shares. Examples of purposes which are not
considered unforeseeable emergencies include post-secondary school expenses or
the desire to purchase a residence. In no event will a distribution be made to
the extent the unforeseeable emergency could be relieved through reimbursement
or compensation by insurance or otherwise, or by liquidation of the
Participant’s nonessential assets to the extent such liquidation would not
itself cause a severe financial hardship. The amount of any distribution
hereunder shall be limited to the amount necessary to relieve the
Participant’s unforeseeable emergency plus amounts necessary to pay taxes
reasonably anticipated as a result of the distribution. The number of Shares
subject to the Participant’s DSU Award shall be reduced by any Shares
distributed to the Participant and by a number of Shares having a Fair Market
Value on the date of the distribution equal to any cash paid to the Participant
pursuant to this Section. For all DSUs granted to Participants who are U.S.
taxpayers, the term “unforeseeable emergency” shall be interpreted in
accordance with Code Section 409A.

10

      (e) Separation
from Service. For purposes of this Section 8, a Participant incurs a
Separation from Service when the Participant ceases to perform services for the
Company and any entity that would be considered a single employer with the
Company under Code section 414(b) or 414(c) (but modified by substituting 50
percent for 80 percent each place it appears in Code section 1563(a)(1), (2) and
(3), for purposes of Code section 414(b), and each plan it appears in Treas.
Reg. § 1.414(c)-2, for purposes of Code section 414(c)) (collectively
“Employer”) for any reason. A Separation from Service will be deemed
to occur if the Employer and the Participant reasonably anticipate that the
Participant shall perform no further services (whether as an employee or an
independent contractor) or that the level of bona fide services the
Participant will perform in the future (whether as an employee or an independent
contractor) will permanently decrease to no more than 20 percent of the average
level of bona fide services performed (whether as an employee or
independent contractor) over the immediately preceding 36-month period. A
Participant on an authorized, bona fide leave of absence shall experience
a Separation from Service on the first day of the seventh (7th) month of such
leave, unless the Participant’s right to reemployment with an Employer is
provided either by statute or contract. A leave of absence constitutes a bona
fide leave of absence only if there is a reasonable expectation that the
Participant will return to perform services for the Employer. For purposes of
the 36-month period described above, (a) a Participant who is on a paid bona
fide leave of absence is treated as providing bona fide services at a
level of equal to the level of services that the Participant would have been
required to perform to receive the compensation paid during the leave of
absence, and (b) unpaid bona fide leaves of absence are disregarded.

 9. Performance and Cash-Settled Awards.

      (a) Performance Units. Subject to the limitations set forth in paragraph (b) hereof, the Committee may in its discretion grant Performance Awards, including Performance Units to any Eligible Person, including Performance Unit Awards that (i) have substantially the same financial benefits and other terms and conditions as Options, SARs, RSUs, or DSUs, but (ii) are settled only in cash. All Awards hereunder shall be made pursuant to Award Agreements setting forth terms and conditions that are not inconsistent with the Plan.

      (b) Performance
Compensation Awards. Subject to the limitations set forth in this Section,
the Committee may, at the time of grant of a Performance Unit, designate such
Award as a “Performance Compensation Award” (payable in
cash or Shares) in order that such Award constitutes, and has terms and
conditions that are designed to qualify as, “qualified performance-based
compensation” under Code Section 162(m). With respect to each such
Performance Compensation Award, the Committee shall establish, in writing within
the time required under Code Section 162(m), a “Performance
Period,” “Performance Measure(s)”, and
“Performance Formula(e)” (each such term being defined
below). Once established for a Performance Period, the Performance Measure(s)
and Performance Formula(e) shall not be amended or otherwise modified to the
extent such amendment or modification would cause the compensation payable
pursuant to the Award to fail to constitute qualified performance-based
compensation under Code Section 162(m).

      A Participant shall be eligible to receive payment in respect of a Performance Compensation Award only to the extent that the Performance Measure(s) for such Award is achieved and the Performance Formula(e) as applied against such Performance Measure(s) determines that all or some portion of such Participant’s Award has been earned for the Performance Period. As soon as

11

 practicable after the close of each Performance Period, the Committee shall review and certify in writing whether, and to what extent, the Performance Measure(s) for the Performance Period have been achieved and, if so, determine and certify in writing the amount of the Performance Compensation Award to be paid to the Participant and, in so doing, may use negative discretion to decrease, but not increase, the amount of the Award otherwise payable to the Participant based upon such performance

      (c) Limitations on Awards. The maximum Performance Award and the maximum Performance Compensation Award that any one Participant may receive for any one Performance Period, without regard to time of vesting or exercisability, shall not together exceed 400,000 Shares, as adjusted pursuant to Section 13 below (or, for Performance Units to be settled in cash, U.S. $8,000,000. Any amounts earned in excess of these limitations, if any, will be deferred until the first taxable year in which the Committee reasonably anticipates that the Company’s tax deduction for such amounts will not be disallowed under Code Section 162(m).

      (d) Definitions.

        (i) “Performance Formula” means, for a Performance Period, one or more objective formulas or standards established by the Committee for purposes of determining whether or the extent to which an Award has been earned based on the level of performance attained or to be attained with respect to one or more Performance Measure(s). Performance Formulae may vary from Performance Period to Performance Period and from Participant to Participant and may be established on a stand-alone basis, in tandem or in the alternative.

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

12

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

      (e) Deferral Elections. At any time prior to the date that is both at least six months before the close of a Performance Period with respect to a Performance Award and at which time vesting or payment is substantially uncertain to occur, the Committee may permit a Participant who is a member of a select group of management or highly compensated employees (within the meaning of ERISA) to irrevocably elect, on a form provided by and acceptable to the Committee, to defer the receipt of all or a percentage of the cash or Shares that would otherwise be transferred to the Participant upon the vesting of such Award. If the Participant makes this election, the cash or Shares subject to the election, and any associated interest and dividends, shall be credited to an account established pursuant to Section 8 hereof on the date such cash or Shares would otherwise have been released or issued to the Participant pursuant to this Section.

 10. Dividend Equivalent Rights. The Committee may grant Dividend Equivalent Rights to any Eligible Person, and may do either pursuant to an Award Agreement that is independent of any other Award, or through a provision in another Award (other than an Option or SAR) that Dividend Equivalent Rights attach to the Shares underlying the Award. For example, and without limitation, the Committee may grant a Dividend Equivalent Right in respect of each Share subject to a Restricted Stock Award, Restricted Stock Unit Award, Deferred Stock Unit, or Performance Share Award.

      (a) Nature of Right. Each Dividend Equivalent Right shall represent the right to receive amounts based on the dividends declared on Shares as of all dividend payment dates during the term of the Dividend Equivalent Right as determined by the Committee. Unless otherwise determined by the Committee, a Dividend Equivalent Right shall expire upon termination of the Participant’s Continuous Service, provided that a Dividend Equivalent Right that is granted as part of another Award shall expire only when the Award is settled or otherwise forfeited.

      (b) Settlement. Unless otherwise provided in an Award Agreement, Dividend Equivalent Rights shall be paid out on the (i) on the date dividends are paid to the Company’s shareholders if the Award occurs on a stand-alone basis, and (ii) on the vesting or later settlement date for another Award if the Dividend Equivalent Right is granted as part of it. Payment of all amounts determined in accordance with this Section shall be in Shares, with cash paid in lieu of fractional Shares, provided that the Committee may instead provide in an Award Agreement for cash settlement of all or part of the Dividend Equivalent Rights. Only the Shares actually issued pursuant to Dividend Equivalent Rights shall count against the limits set forth in Section 3 above.

      (c) Other Terns. The Committee may impose such other terms and conditions on the grant of a Dividend Equivalent Right as it deems appropriate in its discretion as reflected by the terms of the Award Agreement. The Committee may establish a program under which Dividend Equivalent Rights may be granted in conjunction with other Awards. The Committee may also authorize, for any Participant or group of Participants, a program under which the payments with respect to Dividend Equivalent Rights may be deferred pursuant to the terms and conditions determined under Section 9 above.

13

 11. Taxes; Withholding.

      (a) General Rule. Participants are solely responsible and liable for the satisfaction of all taxes and penalties that may arise in connection with Awards including without limitation any taxes or penalties arising under Code Section 409A, and neither the Company, any Affiliate, nor any of their employees, directors, or agents shall have any obligation to mitigate, indemnify, or to otherwise hold any Participant harmless from any or all of such taxes. The Company’s obligation to deliver Shares (or to pay cash) to Participants pursuant to Awards is at all times subject to their prior or coincident satisfaction of all required Withholding Taxes. Except to the extent otherwise either provided in an Award Agreement or thereafter authorized by the Committee, the Company or any Affiliate will satisfy required Withholding Taxes that the Participant has not otherwise arranged to settle before the due date thereof –

	 	 (i)            	
      first from withholding the cash otherwise payable to the Participant pursuant to the Award;

    
	 	 	 
	 	 (ii)           	
      then by withholding and cancelling the Participant’s rights with respect to a number of Shares that (A) would otherwise have been delivered to the Participant pursuant to the Award, and (B) have an aggregate Fair Market Value equal to the Withholding Taxes (such withheld Shares to be valued on the basis of the aggregate Fair Market Value thereof on the date of the withholding); and

    
	 	 	 
	 	 (iii)          	
      finally, withholding the cash otherwise payable to the Participant by the Company.

    

 The number of Shares withheld and cancelled to pay a Participant’s Withholding Taxes will be rounded up to the nearest whole Share sufficient to satisfy such taxes, with cash being paid to the Participant in an amount equal to the amount by which the Fair Market Value of such Shares exceeds the Withholding Taxes.

      (b) U.S. Code
Section 409A. To the extent that the Committee determines that any Award
granted under the Plan is subject to Code Section 409A, the Award Agreement
evidencing such Award shall incorporate the terms and conditions required by
Code Section 409A. To the extent applicable, the Plan and Award Agreements shall
be interpreted in accordance with Code Section 409A and Department of Treasury
regulations and other interpretive guidance issued thereunder, including without
limitation any such regulations or other guidance that may be issued after the
Effective Date. Notwithstanding any provision of the Plan to the contrary, the
Committee may adopt such amendments to the Plan and the applicable Award
Agreement or adopt other policies and procedures (including amendments, policies
and procedures with retroactive effect), or take any other actions, that the
Administrator determines are necessary or appropriate (i) to exempt the Award
from Code Section 409A and/or preserve the intended tax treatment of the
benefits provided with respect to the Award, or (ii) to comply with the
requirements of Code Section 409A and related Department of Treasury guidance
and thereby avoid the application of any penalty taxes under such Section.

      (c) Unfunded Tax Status. The Plan is intended to be an “unfunded” plan for incentive compensation. With respect to any payments not yet made to a Person pursuant to an Award,

14

 nothing contained in the Plan or any Award Agreement shall give the Person any rights that are greater than those of a general creditor of the Company or any Affiliate, and a Participant’s rights under the Plan at all times constitute an unsecured claim against the general assets of the Company for the collection of benefits as they come due. Neither the Participant nor the Participant’s duly-authorized transferee or Beneficiaries shall have any claim against or rights in any specific assets, Shares, or other funds of the Company.

 12. Non-Transferability of Awards.

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

      (b) Limited
Transferability Rights. The Committee may in its discretion provide in an
Award Agreement that an Award in the form of a Non-ISO, Share-settled SAR,
Restricted Shares, or Performance Shares may be transferred to a Permitted
Transferee (as defined below), subject to the following terms and conditions and
such other terms and conditions as the Committee may provide in the Award
Agreement: (i) an Award transferred to a Permitted Transferee shall not be
assignable or transferable by the Permitted Transferee other than by will or the
laws of descent and distribution; (ii) an Award transferred to a Permitted
Transferee shall continue to be subject to all the terms and conditions of the
Award as applicable to the Participant (other than the ability to further
transfer the Award); and (iii) the Participant and the Permitted Transferee
shall execute any and all documents requested by the Committee, including,
without limitation documents to (A) confirm the status of the transferee as a
Permitted Transferee, (B) satisfy any requirements for an exemption for the
transfer under applicable federal, state and foreign securities laws, (C)
satisfy any tax withholding and reporting requirements associated with the Award
and (D) evidence the transfer. For purposes of this Section 12(b),
“Permitted Transferee” shall mean, with respect to a
Participant, any “family member” of the Participant, as defined under
the instructions to use of the Form S-8 Registration Statement under the
Securities Act, or any other transferee specifically approved by the Committee
after taking into account any state, federal, local or foreign tax and
securities laws applicable to transferable Awards.

      (c) Death. In the event of the death of a Participant, any outstanding Awards issued to the Participant shall automatically be transferred to the Participant’s Beneficiary (or, if no Beneficiary is designated or surviving, to the person or persons to whom the Participant’s rights under the Award pass by will or the laws of descent and distribution).

 13. Change in Capital Structure; Change in Control; Etc.

      (a) Changes in Capitalization. The Committee shall equitably adjust the number of Shares covered by each outstanding Award, and the number of Shares that have been authorized for issuance under the Plan but as to which no Awards have yet been granted or that have been returned to the Plan upon cancellation, forfeiture, or expiration of an Award, as well as the exercise or other price per Share covered by each such outstanding Award, to reflect any increase or decrease in the number of issued Shares resulting from a stock-split, reverse stock-split, stock dividend,

15

 combination, recapitalization or reclassification
of the Shares, merger, consolidation, change in form of organization, or any
other increase or decrease in the number of issued Shares effected without
receipt of consideration by the Company. In the event of any such transaction or
event, the Committee may (and shall if the Company is not the surviving entity
or the Shares are otherwise no longer outstanding) provide in substitution for
any or all outstanding Awards under the Plan such alternative consideration
(including cash or securities of any surviving entity) as it may in good faith
determine to be equitable under the circumstances and may require in connection
therewith the surrender of all Awards so replaced. In any case, such
substitution of cash or securities shall not require the consent of any person
who is granted Awards pursuant to the Plan. Except as expressly provided herein,
or in an Award Agreement, if the Company issues for consideration shares of
stock of any class or securities convertible into shares of stock of any class,
the issuance shall not affect, and no adjustment by reason thereof shall be
required to be made with respect to the number or price of Shares subject to any
Award.

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

      (c) Change in
Control. In the event of a Change in Control but subject to the terms of any
Award Agreements or employment-related agreements between the Company or any
Affiliates and any Participant, each outstanding Award shall be assumed or a
substantially equivalent award shall be substituted by the surviving or
successor company or a parent or subsidiary of such successor company (in each
case, the “Successor Company”) upon consummation of the
transaction. Notwithstanding the foregoing, instead of having outstanding Awards
be assumed or replaced with equivalent awards by the Successor Company, the
Committee may in its sole and absolute discretion and authority, without
obtaining the approval or consent of the Company’s shareholders or any
Participant with respect to his or her outstanding Awards, take one or more of
the following actions (with respect to any or all of the Awards, and with
discretion to differentiate between individual Participants and Awards for any
reason):

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

        (ii) arrange or otherwise provide for the payment of cash or other consideration to Participants in exchange for the satisfaction and cancellation of outstanding Awards (with the Committee determining the amount payable to each Participant based on the Fair Market Value, on the date of the Change in Control, of the Award being cancelled, based on any reasonable valuation method selected by the Committee);

        (iii) terminate all or some Awards upon the consummation of the transaction, provided that the Committee shall provide for vesting of such Awards in full as of a date immediately prior to consummation of the Change in Control. To the extent that an Award is not exercised prior to consummation of a transaction in which the Award is not being assumed or substituted, such Award shall terminate upon such consummation;

16

  

      (iv) make such other modifications, adjustments or amendments to outstanding Awards or this Plan as the Committee deems necessary or appropriate, subject however to the terms of Section 13 above.

 Notwithstanding the above and unless otherwise
provided in an Award Agreement or in any employment-related agreement between
the Company or any Affiliate and the Participant, in the event a Participant is
Involuntarily Terminated on or within 12 months (or other period either set
forth in an Award Agreement) following a Change in Control, then any Award that
is assumed or substituted pursuant to this Section above shall accelerate and
become fully vested (and become exercisable in full in the case of Options and
SARs), and any repurchase right applicable to any Shares shall lapse in full,
unless an Award Agreement provides for a more restrictive acceleration or
vesting schedule or more restrictive limitations on the lapse of repurchase
rights or otherwise places additional restrictions, limitations and conditions
on an Award. The acceleration of vesting and lapse of repurchase rights provided
for in the previous sentence shall occur immediately prior to the effective date
of the Participant’s Involuntary Termination, unless an Award Agreement
provides otherwise.

 14. Termination, Rescission and Recapture of Awards.

      (a) Each Award under the Plan is intended to align the Participant’s long-term interests with those of the Company. Accordingly, unless otherwise expressly provided in an Award Agreement, the Company may terminate any outstanding, unexercised, unexpired, unpaid, or deferred Awards (“Termination”), rescind any exercise, payment or delivery pursuant to the Award (“Rescission”), or recapture any Shares (whether restricted or unrestricted) or proceeds from the Participant’s sale of Shares issued pursuant to the Award (“Recapture”), if the Participant does not comply with the conditions of subsections (b), (c), and (e) hereof (collectively, the “Conditions”).

      (b) A Participant shall not, without the Company’s prior written authorization, disclose to anyone outside the Company, or use in other than the Company’s business, any proprietary or confidential information or material, as those or other similar terms are used in any applicable patent, confidentiality, inventions, secrecy, or other agreement between the Participant and the Company with regard to any such proprietary or confidential information or material.

      (c) Pursuant to any agreement between the Participant and the Company with regard to intellectual property (including but not limited to patents, trademarks, copyrights, trade secrets, inventions, developments, improvements, proprietary information, confidential business and personnel information), a Participant shall promptly disclose and assign to the Company or its designee all right, title, and interest in such intellectual property, and shall take all reasonable steps necessary to enable the Company to secure all right, title and interest in such intellectual property in the United States and in any foreign country.

      (d) Upon exercise, payment, or delivery of cash or Common Stock pursuant to an Award, the Participant shall certify on a form acceptable to the Company that he or she is in compliance with the terms and conditions of the Plan and, if a severance of Continuous Service has occurred for any reason, shall state the name and address of the Participant’s then-current employer or any entity for which the Participant performs business services and the Participant’s title, and shall identify any organization or business in which the Participant owns a greater-than-five-percent equity interest.

17

      (e) If the Company
determines, in its sole and absolute discretion, that (i) a Participant has
violated any of the Conditions or (ii) during his or her Continuous Service, or
within one year after its termination for any reason, a Participant (x) has
rendered services to or otherwise directly or indirectly engaged in or assisted,
any organization or business that, in the judgment of the Company in its sole
and absolute discretion, is or is working to become competitive with the
Company; (y) has solicited any non-administrative employee of the Company to
terminate employment with the Company; or (z) has engaged in activities which
are materially prejudicial to or in conflict with the interests of the Company,
including any breaches of fiduciary duty or the duty of loyalty, then the
Company may, in its sole and absolute discretion, impose a Termination,
Rescission, and/or Recapture with respect to any or all of the
Participant’s relevant Awards, Shares, and the proceeds thereof.

      (f) Within ten days
after receiving notice from the Company of any such activity described in
Section 14(e) above, the Participant shall deliver to the Company the Shares
acquired pursuant to the Award, or, if Participant has sold the Shares, the gain
realized, or payment received as a result of the rescinded exercise, payment, or
delivery; provided, that if the Participant returns Shares that
the Participant purchased pursuant to the exercise of an Option (or the gains
realized from the sale of such Common Stock), the Company shall promptly refund
the exercise price, without earnings, that the Participant paid for the Shares.
Any payment by the Participant to the Company pursuant to this Section shall be
made either in cash or by returning to the Company the number of Shares that the
Participant received in connection with the rescinded exercise, payment, or
delivery. It shall not be a basis for Termination, Rescission or Recapture if
after termination of a Participant’s Continuous Service, the Participant
purchases, as an investment or otherwise, stock or other securities of such an
organization or business, so long as (i) such stock or other securities are
listed upon a recognized securities exchange or traded over-the-counter, and
(ii) such investment does not represent more than a five percent (5%) equity
interest in the organization or business.

      (g) Notwithstanding the foregoing provisions of this Section, the Company has sole and absolute discretion not to require Termination, Rescission and/or Recapture, and its determination not to require Termination, Rescission and/or Recapture with respect to any particular act by a particular Participant or Award shall not in any way reduce or eliminate the Company’s authority to require Termination, Rescission and/or Recapture with respect to any other act or Participant or Award. Nothing in this Section shall be construed to impose obligations on the Participant to refrain from engaging in lawful competition with the Company after the termination of employment that does not violate subsections (b), (c), or (e) of this Section, other than any obligations that are part of any separate agreement between the Company and the Participant or that arise under Applicable Law.

      (h) All administrative and discretionary authority given to the Company under this Section shall be exercised by the most senior human resources executive of the Company or such other person or committee (including without limitation the Committee) as the Committee may designate from time to time.

      (i) If any provision within this Section is determined to be unenforceable or invalid under any Applicable Law, such provision will be applied to the maximum extent permitted by Applicable Law, and shall automatically be deemed amended in a manner consistent with its objectives and any limitations required under Applicable Law. Notwithstanding the foregoing, but subject to any contrary terms set forth in any Award Agreement, this Section shall not be applicable

18

 to any Participant from and after his or her termination of Continuous Service after a Change in Control.

 15. Recoupment of Awards. Unless otherwise specifically provided in an Award Agreement, and to the extent permitted by Applicable Law, the Committee may in its sole and absolute discretion, without obtaining the approval or consent of the Company’s shareholders or of any Participant, require that any Participant reimburse the Company for all or any portion of any Awards granted under this Plan (“Reimbursement”), or the Committee may require the Termination or Rescission of, or the Recapture associated with, any Award, if and to the extent—

      (a) the granting, vesting, or payment of such Award was predicated upon the achievement of certain financial results that were subsequently the subject of a material financial restatement;

      (b) in the Committee’s view the Participant either benefited from a calculation that later proves to be materially inaccurate, or engaged in fraud or misconduct that caused or partially caused the need for a material financial restatement by the Company or any Affiliate; and

      (c) a lower granting, vesting, or payment of such Award would have occurred based upon the conduct described in clause (b) of this Section.

 In each instance, the Committee will, to the extent practicable and allowable under Applicable Laws, require Reimbursement, Termination or Rescission of, or Recapture relating to, any such Award granted to a Participant; provided that the Company will not seek Reimbursement, Termination or Rescission of, or Recapture relating to, any such Awards that were paid or vested more than three years prior to the first date of the applicable restatement period.

 16. Relationship to other Benefits. No payment pursuant to the Plan shall be taken into account in determining any benefits under any pension, retirement, savings, profit sharing, group insurance, welfare or other benefit plan of the Company or any Affiliate except to the extent otherwise expressly provided in writing in such other plan or an agreement thereunder.

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

      (a) Committee Composition. The Board shall appoint the members of the Committee. If and to the extent permitted by Applicable Law, the Committee may authorize one or more executive officers to make Awards to Eligible Persons other than themselves. The Board may at any time appoint additional members to the Committee, remove and replace members of the Committee with or without Cause, and fill vacancies on the Committee however caused.

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

19

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

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

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

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

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

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

      (vii) to require, as a condition precedent to the grant, vesting, exercise, settlement, and/or issuance of Shares pursuant to any Award, that a Participant agree to execute a general release of claims (in any form that the Committee may require, in its sole discretion, which form may include any other provisions, e.g. confidentiality and restrictions on competition, that are found in general claims release agreements that the Company utilizes or expects to utilize);

      (viii) in the event that the Company establishes, for itself or using the services of a third party, an automated system for the documentation, granting, settlement, or exercise of Award, such as a system using an internet website or interactive voice response, to implement paperless documentation, granting, settlement, or exercise of Awards by a Participant may be permitted through the use of such an automated system; and

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

      Subject to Applicable Law and the restrictions set forth in the Plan, the Committee may delegate administrative functions to individuals who are Directors or Employees.

      (d) Local Law Adjustments and Sub-plans. To facilitate the making of any grant of an Award under this Plan, the Committee may adopt rules and provide for such special terms for Awards to Participants who are located within the United States, foreign nationals, or who are employed by the Company or any Affiliate outside of the United States of America as the Committee may consider necessary or appropriate to accommodate differences in local law, tax

20

 policy or custom. Without limiting the foregoing, the Company is specifically authorized to adopt rules and procedures regarding the conversion of local currency, taxes, withholding procedures and handling of stock certificates which vary with the customs and requirements of particular countries. The Company may adopt sub-plans and establish escrow accounts and trusts, and settle Awards in cash in lieu of shares, as may be appropriate, required or applicable to particular locations and countries.

      (c) Action by Committee. Unless otherwise established by the Board or in any charter of the Committee, a majority of the Committee shall constitute a quorum and the acts of a majority of the members present at any meeting at which a quorum is present, and acts approved in writing by all members of the Committee in lieu of a meeting, shall be deemed the acts of the Committee. Each member of the Committee is entitled to, in good faith, rely or act upon any report or other information furnished to that member by an officer or other employee of the Company or any Affiliate, the Company’s independent certified public accounts, or any executive compensation consultant or other professional retained by the Company to assist in the administration of the Plan.

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

      (e) No Liability; Indemnification. Neither the Board nor any Committee member, nor any Person acting at the direction of the Board or the Committee, shall be liable for any act, omission, interpretation, construction or determination made in good faith with respect to the Plan, any Award or any Award Agreement. The Company and its Affiliates shall pay or reimburse any member of the Committee, as well as any Director, Employee, or Consultant who in good faith takes action on behalf of the Plan, for all expenses incurred with respect to the Plan, and to the full extent allowable under Applicable Law shall indemnify each and every one of them for any claims, liabilities, and costs (including reasonable attorney’s fees) arising out of their good faith performance of duties on behalf of the Plan. The Company and its Affiliates may, but shall not be required to, obtain liability insurance for this purpose.

      (f) Expenses. The expenses of administering the Plan shall be borne jointly and severally by the Company and its Affiliates.

 18. Modification of Awards and Substitution of Options. Within the limitations of the Plan, the Committee may modify an Award to accelerate the rate at which an Option or SAR may be exercised, to accelerate the vesting of any Award, to extend or renew outstanding Awards, to accept the cancellation of outstanding Awards to the extent not previously exercised, or to make any change that the Plan would permit for a new Award. Notwithstanding the foregoing, no modification of an outstanding Award may materially and adversely affect a Participant’s rights thereunder unless either (i) the Participant provides written consent to the modification, (ii) the

21

 amendment is required by Applicable Law, or (iii) before a Change in Control, the Committee determines in good faith that the modification is not materially adverse to the Participant.

 19. Plan Amendment and Termination. The Board may amend or terminate the Plan as it shall deem advisable; plan amendments shall be subject to approval of the Company’s shareholders to the extent the Board determines such approval is required by Applicable Law. A termination or amendment of the Plan shall not materially and adversely affect a Participant’s rights under an Award previously granted to him or her, unless the Participant consents in writing to such termination or amendment, or, in the case of an amendment, the amendment is required by Applicable Law.

 20. Term of Plan. If not sooner terminated by the Board, this Plan shall terminate at the close of business on the date ten years after July  14, 2008. No Awards shall be made under the Plan after its termination.

 21. Governing Law. The terms of this Plan shall be governed by the laws of the State of Delaware, within the United States of America, without regard to the State’s conflict of laws rules.

 22. Laws and Regulations.

      (a) General
Rules. This Plan, the granting of Awards, the exercise of Options and SARs,
and the obligations of the Company hereunder (including those to pay cash or to
deliver, sell or accept the surrender of any of its Shares or other securities)
shall be subject to all Applicable Law. In the event that any Shares are not
registered under any Applicable Law prior to the required delivery of them
pursuant to Awards, the Company may require, as a condition to their issuance or
delivery, that the persons to whom the Shares are to be issued or delivered make
any written representations and warranties (such as that such Shares are being
acquired by the Participant for investment for the Participant’s own
account and not with a view to, for resale in connection with, or with an intent
of participating directly or indirectly in, any distribution of such Shares)
that the Committee may reasonably require, and the Committee may in its sole
discretion include a legend to such effect on the certificates representing any
Shares issued or delivered pursuant to the Plan.

      (b) Black-out Periods. Notwithstanding any contrary terms within the Plan or any Award Agreement, the Committee shall have the absolute discretion to impose a “blackout” period on the exercise of any Option or SAR, as well as the settlement of any Award, with respect to any or all Participants (including those whose Continuous Service has ended) to the extent that the Committee determines that doing so is either desirable or required in order to comply with applicable securities laws.

 23. No Shareholder Rights. Neither a Participant nor any transferee or Beneficiary of a Participant shall have any rights as a shareholder of the Company with respect to any Shares underlying any Award until the date of issuance of a share certificate to such Participant, transferee, or Beneficiary for such Shares in accordance with the Company’s governing instruments and Applicable Law. Prior to the issuance of Shares or Restricted Shares pursuant to an Award, a Participant shall not have the right to vote or to receive dividends or any other rights as a shareholder with respect to the Shares underlying the Award (unless otherwise provided in the Award Agreement for Restricted Shares), notwithstanding its exercise in the case of Options and SARs. No adjustment will be made for a dividend or other right that is determined based on a

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 record date prior to the date the stock certificate is issued, except as otherwise specifically provided for in this Plan or an Award Agreement.

 24. Pre-IPO Provisions.

      Subject to any contrary terms set forth in any Award Agreement, for any period preceding the date of an initial public offering, this Section shall be applicable to any Shares subject to or issued pursuant to Awards. The provisions set forth below shall become null and void upon the occurrence of an initial public offering.

      (a) Stockholders’ Agreement. As a condition for the delivery of any Shares pursuant to any Award, the Committee may require the Participant and any Permitted Transferee to execute and be bound by any agreement that generally exists between the Company and similarly-situated stockholders.

      (b) Repurchase
Rights. At any time before an initial public offering, if a
Participant’s Continuous Service terminates, the Company may repurchase any
Shares acquired by the Participant pursuant to an Award for their then Fair
Market Value as determined by the Committee in good faith; provided that if a
Participant’s Continuous Service is terminated by the Company for Cause,
the repurchase price shall be the lower of the purchase price the Participant
paid for the Shares, if any, or the Shares’ Fair Market Value. The Company
shall not exercise its repurchase right until the Shares have been held by the
Participant for at least six (6) months, unless (i) the Company’s
independent auditors have advised the Committee that an earlier repurchase will
not trigger adverse accounting consequences or (ii) the Committee determines
that any adverse accounting consequences are acceptable to the Company. The
Company shall pay the repurchase price to the Participant in a lump sum or in
equal monthly installments up to 60 months, as determined by the Company in its
sole discretion.

      (c) Market
Stand-Off. In connection with any underwritten public offering by the
Company of its equity securities pursuant to an effective registration statement
filed under the federal securities laws, including the Company’s initial
public offering, Participants shall not directly or indirectly sell, make any
short sale of, loan, hypothecate, pledge, offer, grant or sell any option or
other contract for the purchase of, purchase any option or other contract for
the sale of, or otherwise dispose or transfer, or agree to engage in any of the
foregoing transactions with respect to, any Shares acquired pursuant to Awards
without the prior written consent of the Company or its underwriters. Such
restriction (the “Market Stand-Off”) shall be in effect for such
period of time, not exceeding one hundred and eighty (180) days, following the
date of the final prospectus for the offering as may be requested by the Company
or such underwriters. The Market Stand-Off shall in any event terminate two (2)
years after the date of the Company’s initial public offering. In the event
of the declaration of a stock dividend, a spin-off, a stock split, an adjustment
in conversion ratio, a recapitalization or a similar transaction affecting the
Company’s outstanding securities without receipt of consideration, any new,
substituted or additional securities which are by reason of such transaction
distributed with respect to any Shares subject to the Market Stand-Off, or into
which such Shares thereby become convertible, shall immediately be subject to
such Market StandOff. In order to enforce the Market Stand-Off, the Company may
impose stop-transfer instructions with respect to the Shares acquired pursuant
to Awards until the end of the applicable stand-off period. The Company and its
underwriters shall be beneficiaries of the agreement set forth in this

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 paragraph. Participants who are not Directors or officers shall be subject to this paragraph only if Directors and officers are subject to it.

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Appendix I: Definitions

 As used in the Plan, the following terms have the meanings indicated when they begin with initial capital letters within the Plan:

      “Affiliate” means, with respect to any Person, any other Person that directly or indirectly controls or is controlled by or under common control with such Person. For the purposes of this definition, “control,” when used with respect to any Person, means the possession, direct or indirect, of the power to direct or cause the direction of the management and policies of such Person or the power to elect directors, whether through the ownership of voting securities, by contract or otherwise; and the terms “affiliated,” “controlling” and “controlled” have meanings correlative to the foregoing.

      “Applicable Law” means the legal requirements relating to the administration of options and share-based plans under any applicable laws of the United States, any other country, and any provincial, state, or local subdivision, any applicable stock exchange or automated quotation system rules or regulations, as such laws, rules, regulations and requirements shall be in place from time to time.

      “Award” means any award made pursuant to the Plan, including awards made in the form of an Option, an SAR, a Restricted Share, a RSU, an Unrestricted Share, a DSU, a Performance Award, or Dividend Equivalent Rights, or any combination thereof, whether alternative or cumulative.

      “Award Agreement” means any written document setting forth the terms of an Award that has been authorized by the Committee. The Committee shall determine the form or forms of documents to be used, and may change them from time to time for any reason.

      “Beneficiary” means the person or entity designated by the Participant, in a form approved by the Company, to exercise the Participant’s rights with respect to an Award or receive payment or settlement under an Award after the Participant’s death.

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

 “Cause” will include but not be limited to:

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        (i) indictment for, or conviction of, a felony, a crime involving theft, fraud, dishonesty or moral turpitude, or any violation of any federal or state securities law (whether by plea of nolo contendere or otherwise) or the Participant’s enjoinment from violating any federal or state securities law or being determined to have violated any such law;

        (ii) refusal to follow the Company’s lawful directions;

        (iii) engaging in conduct constituting embezzlement, willful assistance to a competitor, fraud, misappropriation, material violation of the Company’s anti-discrimination, equal employment opportunity, prohibition against harassment or similar policies or material violation of the Company’s insider trading policy, corporate code of business conduct and ethics or other material policy, as applicable;

        (iv) failure (including, but not limited to, the Participant’s refusal to be deposed or to provide testimony at any trial or inquiry) to cooperate, if requested by the Board or designee of the Board, with any investigation or inquiry, whether internal or external, into the Participant’s actions (or inactions) or the Company’s business practices, as applicable;

        (v) possession on Company premises of any prohibited drug or substance that constitutes a criminal offense;

        (vi) gross misconduct or gross negligence in connection with the business of the Company or any affiliate;

        (vii) public conduct by the Participant that in the good faith opinion of the Board harms the Holder’s or the Company’s reputation or standing in the community;

        (viii) material breach of the Participant’s employment or consulting agreement with the Company; Holder’s breach of any covenants he or she has made not to compete with the Company, not to solicit business customers of the Company and not to disclose the Company’s confidential information and trade secrets;

        (ix) in the case of a Participant who holds a license to practice medicine, revocation or suspension of such license in any jurisdiction or limitation of such license for a period in excess of thirty (30) days, or termination or suspension of medical staff privileges at any health care institution, or limitation of such privileges for a period in excess of 30 days;

        (x) in the case of an Employee, the Employee’s material failure to perform the Employee’s duties (other than by reason of physical or mental illness, injury, or condition), after the Employee has been given written notice of the Employee’s default and has failed to cure such default within five (5) business days of the Employee’s receipt of such written notice; and

26

  

      in the case of a Consultant, failure to discharge Consultant’s duties to the reasonable satisfaction of the Company.

      “Change in Control” means the closing of a transaction that is (i) a sale of all or substantially all of the assets of the Company (other than in connection with financing transactions, or sale and leaseback transactions) to a Person that is not a Controlled Affiliate (a “Third Party”), (ii) a sale, series of sales or merger or other transactions resulting in more than 50% of the voting stock of the Company or of any company directly or indirectly controlling the Company being held by a Third Party, (iii) a transaction or provision that gives a Third Party the right to appoint a majority of the Board of Directors of the Company or of any company directly or indirectly controlling the Company, or (iv) the liquidation or dissolution of the Company with respect to which there are or were distributable assets.

      “Code” means the Internal Revenue Code of 1986, as amended.

      “Committee” means the Compensation Committee of the Board or its successor, provided that the term “Committee” means (i) the Board when acting at any time in lieu of the Committee, (ii) with respect to any decision involving an Award intended to satisfy the requirements of Code Section 162(m), a committee consisting of two or more Directors of the Company who are “outside directors” within the meaning of Code Section 162(m), and (iii) with respect to any decision relating to a Reporting Person, a committee consisting of solely of two or more Directors who are disinterested within the meaning of Rule 16b-3.

      “Company” means ExamWorks Group, Inc., a Delaware corporation; provided that in the event the Company reincorporates to another jurisdiction, all references to the term “Company” shall refer to the Company in such new jurisdiction.

      “Company Stock” means common stock, par value $0.0001 per share, of the Company. In the event of a change in the capital structure of the Company affecting the common stock (as provided in Section 13), the Shares resulting from such a change in the common stock shall be deemed to be Company Stock within the meaning of the Plan.

      “Consultant” means any person (other than an Employee or Director), including an advisor, who is engaged by the Company or any Affiliate to render services and is compensated for such services.

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

27

 determines that the relationship may or will result in adverse financial accounting consequences to the Company. The Committee shall have the discretion to determine whether and to what extent the vesting of any Awards shall be tolled during any paid or unpaid leave of absence; provided, however, that in the absence of such determination, vesting for all Awards shall be tolled during any such unpaid leave (but not for a paid leave).

      “Controlled Affiliate” means any other Person which, directly or indirectly is in control of, is controlled by, or is under common control with the Company. For purposes of identifying the “Controlled Affiliate” relationship, a Person shall be deemed to control another Person if the controlling Person possesses, directly or indirectly, the power to direct or cause the direction of the management and policies of the other Person, whether through the ability to exercise voting power, by contract or otherwise.

      “Deferred Share Units” or “DSUs” mean Awards pursuant to Section 8 of the Plan.

      “Director” means a member of the Board, or a member of the board of directors of an Affiliate.

      “Disabled” means for an ISO, the Participant is disabled within the meaning of Code section 22(e)(3) and for any other Award means a condition under which a Participant –

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

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

      “Dividend Equivalent Rights” means Awards pursuant to Section 10 of the Plan, which may be attached to other Awards.

      “Eligible Person” means any Consultant, Director, or Employee and includes non-Employees to whom an offer of employment has been or is being extended.

      “Employee” means any person whom the Company or any Affiliate classifies as an employee (including an officer) for employment tax purposes, whether or not that classification is correct. The payment by the Company of a director’s fee to a Director shall not be sufficient to constitute “employment” of such Director by the Company.

      “Employer” means the Company and each Subsidiary and Affiliate that employs one or more Participants.

      “Exchange Act” means the Securities Exchange Act of 1934, as amended.

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      “Fair
Market Value” means the fair market value of the Company Stock as
of such date based on the then prevailing prices of the Company Stock on the New
York Stock Exchange, the American Stock Exchange, NASDAQ or such other stocks
exchange as the Company Stock is then listed for trading. If the Company Stock
is not listed on such an exchange, In the absence of an established market for
the Company Stock, the Fair Market Value thereof shall be determined in good
faith by the Committee using any reasonable valuation method permitted by
Section 409A of the Code and associated guidance issued by the Department of
Treasury or Internal Revenue Service. Without limiting the foregoing, any or a
combination of each of the following may be considered by the Committee, among
other factors, in determining the Fair Market Value of the Company Stock: (a)
the most recent valuation of the Company Stock performed in conjunction with the
most recent goodwill impairment analysis performed by the Company; (b) the most
recent per share price of Company Stock sold by the Company; or (c) the
valuation of the Company Stock used by the Company in connection with the most
recent transaction where Company Stock was issued as consideration for the
purchase by the Company of the assets, stock or business of a Person.

      “Grant Date” means the later of (i) the date designated as the “Grant Date” within an Award Agreement, and (ii) date on which the Committee determines the key terms of an Award, provided that as soon as reasonably practical thereafter the Committee both notifies the Eligible Person of the Award and enters into an Award Agreement with the Eligible Person.

      “Incentive Stock Option” (or “ISO”) means, an Option that qualifies for favorable income tax treatment under Code Section 422.

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

      “Non-ISO” means an Option not intended to qualify as an Incentive Stock Option, as designated in the applicable Award Agreement.

      “Option” means a right to purchase Company Stock granted under the Plan, at a price determined in accordance with the Plan.

     “Participant” means any Eligible Person who holds an outstanding Award. 

     “Performance Awards” mean Awards granted pursuant to Section 9.

29

      “Performance Unit” means an Award granted pursuant to Section 9(a) of the Plan which may be paid in cash, in Shares, or such combination of cash and Shares as the Committee in its sole discretion shall determine.

      “Person” means any natural person, association, trust, business trust, cooperative, corporation, general partnership, joint venture, joint-stock company, limited partnership, limited liability company, real estate investment trust, regulatory body, governmental agency or instrumentality, unincorporated organization or organizational entity.

      “Plan” means this ExamWorks Group, Inc. Amended and Restated Stock Incentive Plan.

      “Public Trading Date” means the first date upon which common stock of the Company is listed (or approved for listing) upon notice of issuance on any securities exchange or designated (or approved for designation) upon notice of issuance as a national market security on an interdealer quotation system.

      “Recapture” and “Rescission” have the meaning set forth in Section 14 of the Plan.

      “Reimbursement” has the meaning set forth in Section 15 of the Plan.

      “Reporting Person” means an Employee, Director, or Consultant who is subject to the reporting requirements set forth under Rule 16b-3.

      “Restricted Share” means a Share of Company Stock awarded with restrictions imposed under Section 7.

      “Restricted Share Unit” or “RSU” means a right granted to a Participant to receive Shares or cash upon the lapse of restrictions imposed under Section 7.

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

      “Share” means a share of Common Stock of the Company, as adjusted in accordance with Section 13 of the Plan.

      “SAR” or “Share Appreciation Right” means a right to receive amounts awarded under Section 6.

      “Ten Percent Holder” means a person who owns (within the meaning of Code Section 422) stock representing more than ten percent (10%) of the combined voting power of all classes of stock of the Company.

      “Unrestricted Shares” mean Shares (without restrictions) awarded pursuant to Section 7 of the Plan.

      “Withholding Taxes” means the aggregate minimum amount of federal, state, local and foreign income, payroll and other taxes that the Company and any Affiliates are required to withhold in connection with any Award.

30

 EXAMWORKS GROUP, INC. 

AMENDED AND RESTATED STOCK INCENTIVE PLAN

 

		
	 	 As approved by the Board of
	 	 Directors on July 12, 2010 and by
	 	 the Company’s stockholders on
	 	 __________ ___, 2010.

31

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