Amendment to P&O Princess Cruises Executive Share Option Plan – Adjustment of Options Clause
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Summary
This amendment updates the P&O Princess Cruises Executive Share Option Plan by revising the clause related to how share options are adjusted in the event of certain company actions, such as a demerger or special dividend. The new language gives the Board the authority to make equitable adjustments to the exercise price, share definition, and number of shares in an option if such events materially affect option value. The amendment ensures that option holders are treated fairly if significant corporate changes occur.
EX-10.5 6 d71243_ex10-5.txt AMEN. PXO PRINCESS EXE. SHARE OPTION PLAN EXHIBIT 10.5 AMENDMENT TO THE P&O PRINCESS CRUISES EXECUTIVE SHARE OPTION PLAN The first paragraph of Clause 11. (ADJUSTMENT OF OPTIONS) (ii) of the P&O Princess Cruises Executive Share Option Plan was stricken and replaced with the following: "(ii) the implementation by the Company of a demerger or the payment by the Company of a dividend in specie, super-dividend or other transaction which in the opinion of the Board would materially affect the value of an Option the Exercise Price, the definition of Shares and the number of Shares comprised in an Option shall be adjusted in such manner as the Board may determine is equitable provided that:"
