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<SEC-DOCUMENT>0000950123-10-043791.txt : 20100505
<SEC-HEADER>0000950123-10-043791.hdr.sgml : 20100505
<ACCEPTANCE-DATETIME>20100504200057
ACCESSION NUMBER:		0000950123-10-043791
CONFORMED SUBMISSION TYPE:	S-8
PUBLIC DOCUMENT COUNT:		4
FILED AS OF DATE:		20100505
DATE AS OF CHANGE:		20100504
EFFECTIVENESS DATE:		20100505

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			TEEKAY CORP
		CENTRAL INDEX KEY:			0000911971
		STANDARD INDUSTRIAL CLASSIFICATION:	DEEP SEA FOREIGN TRANSPORTATION OF FREIGHT [4412]
		IRS NUMBER:				000000000
		STATE OF INCORPORATION:			D0
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		S-8
		SEC ACT:		1933 Act
		SEC FILE NUMBER:	333-166523
		FILM NUMBER:		10798925

	BUSINESS ADDRESS:	
		STREET 1:		4TH FLOOR, BELVEDERE BUILDING
		STREET 2:		69 PITTS BAY ROAD
		CITY:			HAMILTON
		STATE:			D0
		ZIP:			HM 08
		BUSINESS PHONE:		604-683-3529

	MAIL ADDRESS:	
		STREET 1:		SUITE 2000,  BENTALL 5
		STREET 2:		550 BURRARD STREET
		CITY:			VANCOUVER
		STATE:			A1
		ZIP:			V6C 2K2

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	TEEKAY SHIPPING CORP
		DATE OF NAME CHANGE:	19950609

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	VIKING STAR SHIPPING INC
		DATE OF NAME CHANGE:	19930914
</SEC-HEADER>
<DOCUMENT>
<TYPE>S-8
<SEQUENCE>1
<FILENAME>o61598sv8.htm
<DESCRIPTION>S-8
<TEXT>
<HTML>
<HEAD>
<TITLE>sv8</TITLE>
</HEAD>
<BODY bgcolor="#FFFFFF">
<!-- PAGEBREAK -->
<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>As filed with the Securities and Exchange Commission on May&nbsp;4, 2010</B>
</DIV>


<DIV align="right" style="font-size: 10pt; margin-top: 12pt"><B>Registration No.&nbsp;333-</B>
</DIV>


<DIV style="width: 100%; border-bottom: 2pt solid black; font-size: 1pt">&nbsp;</DIV>
<DIV style="width: 100%; border-bottom: 1pt solid black; font-size: 1pt">&nbsp;</DIV>




<DIV align="center" style="font-size: 14pt; margin-top: 12pt"><B>UNITED STATES SECURITIES AND EXCHANGE COMMISSION</B>
</DIV>

<DIV align="center" style="font-size: 12pt"><B>Washington, D.C. 20549</B>
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 12pt"><DIV align="center"><DIV style="FONT-size: 3pt; margin-top: 16pt; width: 26%; border-top: 1px solid #000000">&nbsp;</DIV></DIV></DIV>

<DIV align="center" style="font-size: 18pt; margin-top: 12pt"><B>FORM S-8</B>
</DIV>


<DIV align="center" style="font-size: 12pt; margin-top: 12pt"><B>REGISTRATION STATEMENT<BR>
UNDER<BR>
THE SECURITIES ACT OF 1933</B>
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 12pt"><DIV align="center"><DIV style="FONT-size: 3pt; margin-top: 16pt; width: 26%; border-top: 1px solid #000000">&nbsp;</DIV></DIV></DIV>

<DIV align="center" style="font-size: 24pt; margin-top: 12pt"><B>TEEKAY CORPORATION</B>
</DIV>

<DIV align="center" style="font-size: 10pt">(Exact name of Registrant as specified in its charter)</DIV>


<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="48%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="48%">&nbsp;</TD>
</TR>
<TR></TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD align="center" valign="top"><B>Republic of The Marshall Islands</B>
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top"><B>Not Applicable</B></TD>
</TR>
<TR valign="bottom">
    <TD align="center" valign="top">(State or other jurisdiction of incorporation or organization)
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">(I.R.S. Employer Identification No.)</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 12pt"><B>4th Floor, Belvedere Building<BR>
69 Pitts Bay Road,<BR>
Hamilton, HM 08, Bermuda<BR>
Telephone: (441)&nbsp;298-2530<BR>
Fax: (441)&nbsp;292-3931</B><BR>
(Address of principal executive offices, including zip code)</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 12pt"><B>TEEKAY CORPORATION<BR>
2003 EQUITY INCENTIVE PLAN</B><BR>
(Full title of the plans)</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 12pt"><B>Watson, Farley &#038; Williams (New York) LLP<BR>
Attn: Daniel C. Rodgers<BR>
1133 Avenue of the Americas<BR>
New York, New York 10036<BR>
Telephone: (212)&nbsp;922-2200</B><BR>
(Name, address and telephone number, including area code, of agent for service)</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 12pt"><B>Copies to:</B></DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 12pt"><B>Perkins Coie LLP<BR>
David S. Matheson<BR>
Danielle Benderly</B></DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 12pt"><B>1120 N.W. Couch Street, 10</B><SUP style="FONT-size: 85%; vertical-align: text-top"><B>th</B></SUP> <B>Floor<BR>
Portland, Oregon 97209<BR>
Telephone: (503)&nbsp;727-2000</B></DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Indicate by check mark whether the registrant is a large accelerated filer, an accelerated
filer, a non-accelerated filer, or a smaller reporting company. See the definitions of &#147;large
accelerated filer,&#148; &#147;accelerated filer&#148; and &#147;smaller reporting company&#148; in Rule&nbsp;12b-2 of the
Exchange Act. (Check one):
</DIV>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="26%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="17%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="22%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="26%">&nbsp;</TD>
</TR>
<TR></TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top" nowrap><DIV style="margin-left:0px; text-indent:-0px">Large accelerated filer <FONT style="font-family: Wingdings">&#254;</FONT>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top" nowrap>Accelerated filer <FONT style="font-family: Wingdings">&#111;</FONT>
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top" nowrap>Non-accelerated filer <FONT style="font-family: Wingdings">&#111;</FONT>
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top" nowrap>Smaller reporting company <FONT style="font-family: Wingdings">&#111;</FONT></TD>
</TR>
<TR valign="bottom">
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap valign="top" align="center">(Do not check if a smaller reporting company)<BR></TD>
    <TD>&nbsp;</TD>    <TD>&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 12pt"><B>CALCULATION OF REGISTRATION FEE</B></DIV>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="1%">&nbsp;</TD>
    <TD width="34%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD><!-- VRule -->
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD><!-- VRule -->
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD><!-- VRule -->
    <TD width="1%">&nbsp;</TD>
    <TD width="11%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="11%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD><!-- VRule -->
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>

    <TD width="1%">&nbsp;</TD>
</TR><TR style="font-size: 1px" valign="bottom">
    <TD nowrap align="left" colspan="23" style="border-bottom: 3px double #000000">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">    <TD width="1%">&nbsp;</TD>

    <TD nowrap align="center"><B>Title of Securities</B></TD>
    <TD style="border-right: 2px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Number to Be</B></TD>
    <TD style="border-right: 2px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Proposed Maximum</B></TD>
    <TD style="border-right: 2px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Proposed Maximum</B></TD>
    <TD style="border-right: 2px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Amount of</B></TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">    <TD width="1%">&nbsp;</TD>

    <TD nowrap align="center"><B>to Be Registered</B></TD>
    <TD style="border-right: 2px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Registered(1)</B></TD>
    <TD style="border-right: 2px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Offering Price</B></TD>
    <TD style="border-right: 2px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Aggregate Offering Price</B></TD>
    <TD style="border-right: 2px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Registration Fee(4)</B></TD>
    <TD width="1%">&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD width="1%" style="border-top: 2px solid #000000">&nbsp;</TD>
                    <TD style="border-top: 2px solid #000000"><DIV style="margin-left:15px; text-indent:-15px">Common Stock, par
value $0.001 per
share, together with
associated common
stock purchase rights
subject to outstanding
options under the
2003 Equity Incentive
Plan</DIV></TD>
    <TD style="border-right: 2px solid #000000; border-top: 2px solid #000000">&nbsp;</TD>
    <TD style="border-top: 2px solid #000000">&nbsp;</TD>
    <TD style="border-top: 2px solid #000000">&nbsp;</TD>
    <TD align="right" style="border-top: 2px solid #000000">1,721,558</TD>
    <TD style="border-top: 2px solid #000000">&nbsp;</TD>
    <TD style="border-right: 2px solid #000000; border-top: 2px solid #000000">&nbsp;</TD>
    <TD style="border-top: 2px solid #000000">&nbsp;</TD>
    <TD nowrap align="right" style="border-top: 2px solid #000000">$</TD>
    <TD align="right" style="border-top: 2px solid #000000">17.20</TD>
    <TD nowrap style="border-top: 2px solid #000000"><B>(2)</B></TD>
    <TD style="border-right: 2px solid #000000; border-top: 2px solid #000000">&nbsp;</TD>
    <TD style="border-top: 2px solid #000000">&nbsp;</TD>
    <TD nowrap align="right" style="border-top: 2px solid #000000">$</TD>
    <TD align="right" style="border-top: 2px solid #000000">29,610,797.60</TD>
    <TD nowrap style="border-top: 2px solid #000000"><B>(2)</B></TD>
    <TD style="border-right: 2px solid #000000; border-top: 2px solid #000000">&nbsp;</TD>
    <TD style="border-top: 2px solid #000000">&nbsp;</TD>
    <TD align="right" style="border-top: 2px solid #000000">$</TD>
    <TD align="right" style="border-top: 2px solid #000000">2,111.25</TD>
    <TD style="border-top: 2px solid #000000">&nbsp;</TD>
    <TD width="1%" style="border-top: 2px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD width="1%" style="border-top: 2px solid #000000">&nbsp;</TD>
    <TD style="border-top: 2px solid #000000"><DIV style="margin-left:15px; text-indent:-15px">Common Stock, par
value $0.001 per
share, together with
associated common
stock purchase rights
issuable under the
2003 Equity Incentive
Plan</DIV></TD>
    <TD style="border-right: 2px solid #000000; border-top: 2px solid #000000">&nbsp;</TD>
    <TD style="border-top: 2px solid #000000">&nbsp;</TD>
    <TD style="border-top: 2px solid #000000">&nbsp;</TD>
    <TD align="right" style="border-top: 2px solid #000000">3,769,887</TD>
    <TD style="border-top: 2px solid #000000">&nbsp;</TD>
    <TD style="border-right: 2px solid #000000; border-top: 2px solid #000000">&nbsp;</TD>
    <TD style="border-top: 2px solid #000000">&nbsp;</TD>
    <TD nowrap align="right" style="border-top: 2px solid #000000">$</TD>
    <TD align="right" style="border-top: 2px solid #000000">25.55</TD>
    <TD nowrap style="border-top: 2px solid #000000"><B>(3)</B></TD>
    <TD style="border-right: 2px solid #000000; border-top: 2px solid #000000">&nbsp;</TD>
    <TD style="border-top: 2px solid #000000">&nbsp;</TD>
    <TD nowrap align="right" style="border-top: 2px solid #000000">$</TD>
    <TD align="right" style="border-top: 2px solid #000000">96,320,612.85</TD>
    <TD nowrap style="border-top: 2px solid #000000"><B>(3)</B></TD>
    <TD style="border-right: 2px solid #000000; border-top: 2px solid #000000">&nbsp;</TD>
    <TD style="border-top: 2px solid #000000">&nbsp;</TD>
    <TD align="right" style="border-top: 2px solid #000000">$</TD>
    <TD align="right" style="border-top: 2px solid #000000">6,867.66</TD>
    <TD style="border-top: 2px solid #000000">&nbsp;</TD>
    <TD width="1%" style="border-top: 2px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD width="1%" style="border-top: 2px solid #000000">&nbsp;</TD>
    <TD style="border-top: 2px solid #000000"><DIV style="margin-left:15px; text-indent:-15px">Total</DIV></TD>
    <TD style="border-right: 2px solid #000000; border-top: 2px solid #000000">&nbsp;</TD>
    <TD style="border-top: 2px solid #000000">&nbsp;</TD>
    <TD style="border-top: 2px solid #000000">&nbsp;</TD>
    <TD align="right" style="border-top: 2px solid #000000">5,491,445</TD>
    <TD style="border-top: 2px solid #000000">&nbsp;</TD>
    <TD style="border-right: 2px solid #000000; border-top: 2px solid #000000">&nbsp;</TD>
    <TD style="border-top: 2px solid #000000">&nbsp;</TD>
    <TD style="border-top: 2px solid #000000">&nbsp;</TD>
    <TD style="border-top: 2px solid #000000">&nbsp;</TD>
    <TD style="border-top: 2px solid #000000">&nbsp;</TD>
    <TD style="border-right: 2px solid #000000; border-top: 2px solid #000000">&nbsp;</TD>
    <TD style="border-top: 2px solid #000000">&nbsp;</TD>
    <TD align="right" style="border-top: 2px solid #000000">$</TD>
    <TD align="right" style="border-top: 2px solid #000000">125,931,410.45</TD>
    <TD style="border-top: 2px solid #000000">&nbsp;</TD>
    <TD style="border-right: 2px solid #000000; border-top: 2px solid #000000">&nbsp;</TD>
    <TD style="border-top: 2px solid #000000">&nbsp;</TD>
    <TD align="right" style="border-top: 2px solid #000000">$</TD>
    <TD align="right" style="border-top: 2px solid #000000">8,978.91</TD>
    <TD style="border-top: 2px solid #000000">&nbsp;</TD>
    <TD width="1%" style="border-top: 2px solid #000000">&nbsp;</TD>
</TR>
<TR style="font-size: 1px" valign="bottom">
    <TD nowrap align="left" colspan="23" style="border-top: 3px double #000000">&nbsp;</TD>
</TR>

<!-- End Table Body -->
</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">(1)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Includes an indeterminate number of additional shares which may be necessary to adjust the
number of shares reserved for issuance pursuant to such employee benefit plan as the result of
any future stock split, stock dividend or similar adjustment of the Registrant&#146;s outstanding
Common Stock.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">(2)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Estimated solely for the purpose of calculating the registration fee pursuant to Rule
457(h)(1) under the Securities Act of 1933, as amended, based on the weighted average exercise
price per share covering issued but unexercised options under the 2003 Plan.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">(3)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Estimated solely for the purpose of calculating the registration fee pursuant to Rule 457(c)
or 457(h)(1) under the Securities Act of 1933, as amended, based on the average of the high
($25.98) and low ($25.12) sales prices for the Common Stock on April&nbsp;28, 2010, as reported for
such date on the New York Stock Exchange.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">(4)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The amount of the Registration Fee was calculated pursuant to Section 6(b) of
the Securities Act of 1933 which provides that the fee shall be $71.30 per
$1,000,000 of the proposed maximum aggregate offering price of the securities
proposed to be registered.</TD>
</TR>

</TABLE>
</DIV>

<DIV style="width: 100%; border-bottom: 1pt solid black; margin-top: 10pt; font-size: 1pt">&nbsp;</DIV>
<DIV style="width: 100%; border-bottom: 2pt solid black; font-size: 1pt">&nbsp;</DIV>







<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">










<!-- TOC -->
<A name="toc"><DIV align="CENTER"><U><B>TABLE OF CONTENTS</B></U></DIV></A>

<P><CENTER>
<TABLE border="0" width="90%" cellpadding="0" cellspacing="0">
<TR>
	<TD width="3%"></TD>
	<TD width="3%"></TD>
	<TD width="3%"></TD>
	<TD width="3%"></TD>
	<TD width="3%"></TD>
	<TD width="3%"></TD>
	<TD width="3%"></TD>
	<TD width="3%"></TD>
	<TD width="76%"></TD>
</TR>
<TR><TD colspan="9"><A HREF="#000">PART II</A></TD></TR>
<TR><TD></TD><TD colspan="8"><A HREF="#001">Item&nbsp;3. Incorporation of Certain Documents by Reference</A></TD></TR>
<TR><TD></TD><TD colspan="8"><A HREF="#002">Item&nbsp;4. Description of Securities</A></TD></TR>
<TR><TD></TD><TD colspan="8"><A HREF="#003">Item&nbsp;5. Interests of Named Experts and Counsel</A></TD></TR>
<TR><TD></TD><TD colspan="8"><A HREF="#004">Item&nbsp;6. Indemnification of Directors and Officers</A></TD></TR>
<TR><TD></TD><TD colspan="8"><A HREF="#005">Item&nbsp;7. Exemption From Registration Claimed</A></TD></TR>
<TR><TD></TD><TD colspan="8"><A HREF="#006">Item&nbsp;8. Exhibits</A></TD></TR>
<TR><TD></TD><TD colspan="8"><A HREF="#007">Item&nbsp;9. Undertakings</A></TD></TR>
<TR><TD colspan="9"><A HREF="#008">SIGNATURES</A></TD></TR>
<TR><TD colspan="9"><A HREF="#009">INDEX TO EXHIBITS</A></TD></TR>
</TABLE>
</CENTER>
<!-- /TOC -->






<!-- link1 "PART II" -->
<DIV align="left"><A NAME="000"></A></DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>PART II</B>
</DIV>


<DIV align="Center" style="font-size: 10pt; margin-top: 6pt"><B>INFORMATION REQUIRED IN REGISTRATION STATEMENT</B>
</DIV>
<!-- link2 "Item&nbsp;3. Incorporation of Certain Documents by Reference" -->
<DIV align="left"><A NAME="001"></A></DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Item&nbsp;3. Incorporation of Certain Documents by Reference</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The following documents filed with the Securities and Exchange Commission (the &#147;Commission&#148;)
are hereby incorporated by reference in this Registration Statement:
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;Annual Report of Teekay Corporation (the &#147;Registrant&#148;) on Form 20-F for the year ended
December&nbsp;31, 2009, which contains audited consolidated financial statements of the Registrant;
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;The description of the Registrant&#146;s Common Stock contained in the Registration Statement
on Form 20-F filed with the Commission on July&nbsp;10, 1995, including any amendments or reports filed
for the purpose of updating such description; and
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;All other reports filed by the Registrant pursuant to Section 13(a) or 15(d) of the
Securities Exchange Act of 1934, as amended (the &#147;Exchange Act&#148;), since the end of the period
covered by the Annual Report on Form 20-F referenced above.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;All documents filed by the Registrant pursuant to Sections&nbsp;13(a), 13(c), 14 and 15(d) of the
Exchange Act, after the date hereof, and prior to the filing of a post-effective amendment which
indicates that the securities offered hereby have been sold or which deregisters the securities
covered hereby then remaining unsold, shall also be deemed to be incorporated by reference into
this Registration Statement and to be a part hereof commencing on the respective dates on which
such documents are filed.
</DIV>
<!-- link2 "Item&nbsp;4. Description of Securities" -->
<DIV align="left"><A NAME="002"></A></DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Item&nbsp;4. Description of Securities</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Not applicable.
</DIV>
<!-- link2 "Item&nbsp;5. Interests of Named Experts and Counsel" -->
<DIV align="left"><A NAME="003"></A></DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Item&nbsp;5. Interests of Named Experts and Counsel</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Not applicable.
</DIV>
<!-- link2 "Item&nbsp;6. Indemnification of Directors and Officers" -->
<DIV align="left"><A NAME="004"></A></DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Item&nbsp;6. Indemnification of Directors and Officers</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Registrant is a Marshall Islands corporation. The Marshall Islands Business Corporations
Act (&#147;MIBCA&#148;) provides that a Marshall Islands corporation shall have the power to indemnify any
person who was or is a party or is threatened to be made a party to any threatened, pending or
completed action, suit or proceeding whether civil, criminal, administrative or investigative
(other than an action by or in the right of the corporation) by reason of the fact that he is or
was a director or officer of the corporation, or is or was serving at the request of the
corporation as a director or officer of another corporation, partnership, joint venture, trust or
other enterprise, against expenses (including attorneys&#146; fees, judgments, fines and amounts paid in
settlement) actually and reasonably incurred by him in connection with such action, suit or
proceeding if he acted in good faith and in a manner he reasonably believed to be in or not opposed
to the best interests of the corporation, and, with respect to any criminal action or proceeding,
had no reasonable cause to believe his conduct was unlawful. The termination of any action, suit
or proceeding by judgment, order, settlement, conviction, or upon a plea of no contest, or its
equivalent, shall not, of itself, create a presumption that the person did not act in good faith
and in a manner which he reasonably believed to be in or not opposed to the best interests of the
corporation, and, with respect to any criminal action or proceeding, had reasonable cause to
believe his conduct was unlawful.
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
</DIV>

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<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A Marshall Islands corporation also has the power to indemnify any person who was or is a
party or is threatened to be made a party to any threatened, pending or completed action or suit by
or in the right of the corporation to procure a judgment in its favor by reason of the fact that he
is or was a director or officer of the corporation, or is or was serving at the request of the
corporation as a director or officer of another corporation, partnership, joint venture, trust or
other enterprise against expenses (including attorneys&#146; fees) actually and reasonably incurred by
him or in connection with the defense or settlement of such action or suit if he acted in good
faith and in a manner he reasonably believed to be in or not opposed to the best interests of the
corporation and except that no indemnification shall be made in respect of any claim, issue or
matter as to which such person shall have been adjudged to be liable for negligence or misconduct
in the performance of his duty to the corporation unless and only to the extent that the court in
which such action or suit was brought shall determine upon application that, despite the
adjudication of liability but in view of all the circumstances of the case, such person is fairly
and reasonably entitled to indemnity for such expenses which the court shall deem proper.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;To the extent that a director or officer of a Marshall Islands corporation has been successful
on the merits or otherwise in defense of any action, suit or proceeding referred to in the
preceding paragraphs, or in the defense of a claim, issue or matter therein, he shall be
indemnified against expenses (including attorneys&#146; fees) actually and reasonably incurred by him in
connection therewith. Expenses incurred in defending a civil or criminal action, suit or
proceeding may be paid in advance of the final disposition of such action, suit or proceeding as
authorized by the board of directors in the specific case upon receipt of an undertaking by or on
behalf of the director or officer to repay such amount unless it shall ultimately be determined
that he is entitled to be indemnified by the corporation as authorized in the MIBCA.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In addition, a Marshall Islands corporation has the power to purchase and maintain insurance
on behalf of any person who is or was a director or officer of the corporation or is or was serving
at the request of the corporation as a director or officer against any liability asserted against
him and incurred by him in such capacity whether or not the corporation would have the power to
indemnify him against such liability under the provisions of the MIBCA.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section&nbsp;F of the Registrant&#146;s Articles of Incorporation, as amended, provides that to the
fullest extent permitted under the MIBCA, a director of the Registrant shall not be liable to the
Registrant or its shareholders for monetary damages for breach of fiduciary duty as a director.
Section&nbsp;10.00 of the Registrant&#146;s Bylaws provides that any person who is made party to a proceeding
by virtue of being an officer or director of the Registrant or, being or having been such a
director or officer or an employee of the Registrant, serving at the request of the Registrant as a
director, officer, employee or agent of another corporation or other enterprise, shall be
indemnified and held harmless to the fullest extent permitted by the MIBCA against any and all
expense, liability, loss (including attorneys&#146; fees, judgments, fines or penalties and amounts paid
in settlement) actually incurred or suffered by such person in connection with the proceeding.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Registrant maintains a directors&#146; and officers&#146; liability insurance policy that, subject
to the limitations and exclusions stated therein, covers the Registrant&#146;s officers and directors
for certain actions or inactions that they may take or omit in their capacities as officers and
directors of the Registrant.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In addition, the Registrant has entered into separate indemnification agreements with some of
its officers and directors. These indemnification agreements provide for indemnification of the
director or officer against all expenses, judgments, fines and amounts paid in settlement actually
and reasonably incurred by him in connection with any threatened, pending or completed action, suit
or proceeding, whether civil, criminal, administrative or investigative, except to the extent that
such person is otherwise indemnified, such action, suit or proceeding arose out of such person&#146;s
intentional misconduct, knowing violation of law or out of a transaction in which such director or
officer is finally judicially determined to
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
</DIV>

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<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">have derived an improper personal benefit, or if it shall be determined by a final judgment or
other final adjudication that such indemnification was not lawful.
</DIV>

<!-- link2 "Item&nbsp;7. Exemption From Registration Claimed" -->
<DIV align="left"><A NAME="005"></A></DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Item&nbsp;7. Exemption From Registration Claimed</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Not applicable.
</DIV>
<!-- link2 "Item&nbsp;8. Exhibits" -->
<DIV align="left"><A NAME="006"></A></DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Item&nbsp;8. Exhibits</B>
</DIV>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="11%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="84%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="center">Exhibit</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="center" style="border-bottom: 1px solid #000000">Number</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" style="border-bottom: 1px solid #000000">Description</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">5.1
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Opinion of Watson, Farley &#038; Williams (New York) LLP regarding legality of
the Common Stock being registered</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">23.1
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Consent of Ernst &#038; Young, LLP (Independent Registered Public Accounting Firm)</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">23.2
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Consent of Watson, Farley &#038; Williams (New York) LLP (included in opinion
filed as Exhibit&nbsp;5.1)</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">24.1
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Power of Attorney (see signature page)</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">99.1
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Teekay Corporation 2003 Equity Incentive Plan, as amended</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>

<!-- link2 "Item&nbsp;9. Undertakings" -->
<DIV align="left"><A NAME="007"></A></DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Item&nbsp;9. Undertakings</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">A. The undersigned Registrant hereby undertakes:
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1)&nbsp;To file, during any period in which offers or sales are being made, a post-effective
amendment to this Registration Statement:
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;To include any prospectus required by Section&nbsp;10(a)(3) of the Securities Act of 1933, as
amended (the &#147;Securities Act&#148;).
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;To reflect in the prospectus any facts or events arising after the effective date of this
Registration Statement (or the most recent post-effective amendment thereof) which, individually or
in the aggregate, represent a fundamental change in the information set forth in this Registration
Statement.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;To include any material information with respect to the plan of distribution not
previously disclosed in this Registration Statement or any material change to such information in
this Registration Statement.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><U>Provided</U>, <U>however</U>, that paragraphs (A)(1)(a) and (A)(1)(b) of this section do not
apply if the information required to be included in a post-effective amendment by those paragraphs
is contained in periodic reports filed with or furnished to the Commission by the Registrant
pursuant to Section&nbsp;13 or Section 15(d) of the Exchange Act of 1934 (the &#147;Exchange Act&#148;) that are
incorporated by reference in this Registration Statement.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2)&nbsp;That, for the purpose of determining any liability under the Securities Act, each such
post-effective amendment shall be deemed to be a new registration statement relating to the
securities offered therein, and the offering of such securities at that time shall be deemed to be
the initial bona fide offering thereof.
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
</DIV>

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<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3)&nbsp;To remove from registration by means of a post-effective amendment any of the securities
being registered which remain unsold at the termination of the offering.
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">B. The undersigned Registrant hereby undertakes that, for purposes of determining any liability
under the Securities Act, each filing of the Registrant&#146;s annual report pursuant to Section 13(a)
or 15(d) of the Exchange Act (and, where applicable, each filing of an employee benefits plan&#146;s
annual report pursuant to Section 15(d) of the Exchange Act) that is incorporated by reference in
this Registration Statement shall be deemed to be a new registration statement relating to the
securities offered therein, and the offering of such securities at that time shall be deemed to be
the initial bona fide offering thereof.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">C. Insofar as indemnification for liabilities arising under the Securities Act may be permitted to
directors, officers and controlling persons of the Registrant pursuant to the foregoing provisions,
or otherwise, the Registrant has been advised that in the opinion of the Commission such
indemnification is against public policy as expressed in the Securities Act and is, therefore,
unenforceable. In the event that a claim for indemnification against such liabilities (other than
the payment by the Registrant of expenses incurred or paid by a director, officer or controlling
person of the Registrant in the successful defense of any action, suit or proceeding) is asserted
by such director, officer or controlling person in connection with the securities being registered,
the Registrant will, unless in the opinion of its counsel the matter has been settled by
controlling precedent, submit to a court of appropriate jurisdiction the question whether such
indemnification by it is against public policy as expressed in the Securities Act and will be
governed by the final adjudication of such issue.
</DIV>


<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
</DIV>

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<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">
<!-- link1 "SIGNATURES" -->
<DIV align="left"><A NAME="008"></A></DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>SIGNATURES</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pursuant to the requirements of the Securities Act of 1933, the Registrant certifies that it
has reasonable grounds to believe that it meets all of the requirements for filing on Form S-8 and
has duly caused this Registration Statement to be signed on its behalf by the undersigned,
thereunto duly authorized, in the City of Vancouver, Province of British Columbia, on May&nbsp;4, 2010.
</DIV>

<TABLE width="100%" border="0" cellspacing="0" cellpadding="0" style="font-size: 10pt">
<TR>
    <TD width="48%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="35%">&nbsp;</TD>
    <TD width="15%">&nbsp;</TD>
</TR>
<TR>
    <TD valign="top" align="left">&nbsp;</TD>
    <TD colspan="3" align="left">TEEKAY CORPORATION<BR>
&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD valign="top">By:&nbsp;&nbsp;</TD>
    <TD colspan="2" style="border-bottom: 1px solid #000000" align="left">/s/ Bjorn Moller
&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left">Bjorn Moller&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left">President and Chief Executive Officer&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
</TABLE>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>POWER OF ATTORNEY</B>
</DIV>



<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Each person whose individual signature appears below hereby authorizes Bjorn Moller and
Vincent Lok, or either of them, as attorneys-in-fact with full power of substitution, to execute in
the name and on the behalf of each person, individually and in each capacity stated below, and to
file, any and all amendments to this Registration Statement, including any and all post-effective
amendments, with exhibits thereto and other documents in connection therewith, with the Securities
and Exchange Commission, hereby ratifying and confirming all that said attorneys-in-fact or their
substitute or substitutes may do or cause to be done by virtue hereof.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pursuant to the requirements of the Securities Act of 1933, this Registration Statement has
been signed by the following persons in the capacities indicated below on May&nbsp;4, 2010.
</DIV>
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="48%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="48%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="center" style="border-bottom: 1px solid #000000"><B>Signature</B><B></B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" style="border-bottom: 1px solid #000000"><B>Title</B></TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom"><!-- Blank Space -->
    <TD align="center" valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD align="center" valign="top"><DIV style="margin-left:0px; text-indent:-0px">/s/ Bjorn Moller
<DIV style="font-size: 1pt; border-top: 1px solid #000000">&nbsp;</DIV>
Bjorn Moller
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">President, Chief Executive Officer and Director<br>&nbsp;(Principal
Executive Officer)</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD align="center" valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD align="center" valign="top"><DIV style="margin-left:0px; text-indent:-0px">/s/ Vincent Lok
<DIV style="font-size: 1pt; border-top: 1px solid #000000">&nbsp;</DIV>
Vincent Lok
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top" nowrap>Executive Vice President and Chief Financial
Officer <BR>
(Principal Financial and Accounting
Officer)</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD align="center" valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD align="center" valign="top"><DIV style="margin-left:0px; text-indent:-0px">/s/ C. Sean Day
<DIV style="font-size: 1pt; border-top: 1px solid #000000">&nbsp;</DIV>
C. Sean Day
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Director and Chairman of the Board&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD align="center" valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD align="center" valign="top"><DIV style="margin-left:0px; text-indent:-0px">/s/ Axel Karlshoej
<DIV style="font-size: 1pt; border-top: 1px solid #000000">&nbsp;</DIV>
Axel Karlshoej
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Director&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD align="center" valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD align="center" valign="top"><DIV style="margin-left:0px; text-indent:-0px">/s/ J. Rod Clark
<DIV style="font-size: 1pt; border-top: 1px solid #000000">&nbsp;</DIV>
J. Rod Clark
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Director&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD align="center" valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD align="center" valign="top"><DIV style="margin-left:0px; text-indent:-0px">/s/ Dr.&nbsp;Ian D. Blackburne
<DIV style="font-size: 1pt; border-top: 1px solid #000000">&nbsp;</DIV>
Dr.&nbsp;Ian D. Blackburne
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Director&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD align="center" valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD align="center" valign="top"><DIV style="margin-left:0px; text-indent:-0px">/s/ Tore I. Sandvold
<DIV style="font-size: 1pt; border-top: 1px solid #000000">&nbsp;</DIV>
Tore I. Sandvold
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Director&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD align="center" valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD align="center" valign="top"><DIV style="margin-left:0px; text-indent:-0px">/s/ Peter S. Janson
<DIV style="font-size: 1pt; border-top: 1px solid #000000">&nbsp;</DIV>
Peter S. Janson
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Director&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD align="center" valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD align="center" valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
<DIV style="font-size: 1pt; border-top: 1px solid #000000">&nbsp;</DIV>
Thomas Kuo-Yuen Hsu
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Director&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD align="center" valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD align="center" valign="top"><DIV style="margin-left:0px; text-indent:-0px">/s/ Eileen A. Mercier
<DIV style="font-size: 1pt; border-top: 1px solid #000000">&nbsp;</DIV>
Eileen A. Mercier
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Director&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD align="center" valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD align="center" valign="top"><DIV style="margin-left:0px; text-indent:-0px">/s/ Peter Evensen
<DIV style="font-size: 1pt; border-top: 1px solid #000000">&nbsp;</DIV>
Peter Evensen
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Authorized Representative in the United States&nbsp;</TD>
</TR>
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</TABLE>
</DIV>







<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
</DIV>

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<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">



<!-- link1 "INDEX TO EXHIBITS" -->
<DIV align="left"><A NAME="009"></A></DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>INDEX TO EXHIBITS</B>
</DIV>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="11%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="84%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="center">Exhibit</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="center" style="border-bottom: 1px solid #000000">Number</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" style="border-bottom: 1px solid #000000">Description</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">5.1
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Opinion of Watson, Farley &#038; Williams (New York) LLP regarding legality of
the Common Stock being registered</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">23.1
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Consent of Ernst &#038; Young, LLP (Independent Registered Public Accounting Firm)</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">23.2
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Consent of Watson, Farley &#038; Williams (New York) LLP (included in opinion
filed as Exhibit&nbsp;5.1)</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">24.1
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Power of Attorney (see signature page)</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">99.1
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Teekay Corporation 2003 Equity Incentive Plan, as amended</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>



<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
</DIV>



</BODY>
</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-5.1
<SEQUENCE>2
<FILENAME>o61598exv5w1.htm
<DESCRIPTION>EX-5.1
<TEXT>
<HTML>
<HEAD>
<TITLE>exv5w1</TITLE>
</HEAD>
<BODY bgcolor="#FFFFFF">
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<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV align="right" style="font-size: 10pt; margin-top: 12pt"><B>Exhibit&nbsp;5.1</B>
</DIV>


<DIV align="right" style="font-size: 10pt; margin-top: 12pt"><B>Watson, Farley &#038; Williams (New York) LLP</B>
</DIV>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="47%"></TD>
    <TD width="5%"></TD>
    <TD width="47%"></TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->

<TR valign="bottom">
    <TD align="left" valign="top">Our reference: 25245.50000/19115156 v2
</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">1133 Avenue of the Americas</TD>
</TR>
<TR valign="bottom">
    <TD align="left" valign="top">&nbsp;
</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">New York, New York 10036</TD>
</TR>
<TR valign="bottom">
    <TD align="left" valign="top">&nbsp;
</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">Tel (212)&nbsp;922 2200</TD>
</TR>
<TR valign="bottom">
    <TD align="left" valign="top">&nbsp;
</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">Fax (212)&nbsp;922 1512</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">May&nbsp;4, 2010

</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Teekay Corporation<BR>
4th Floor, Belvedere Building<BR>
69 Pitts Bay Road<BR>
Hamilton, HM 08<BR>
Bermuda

</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Teekay
Corporation - Registration Statement on Form&nbsp;S-8</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Dear Sirs:
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">We have acted as special counsel as to matters of the law of the Republic of The Marshall Islands
(&#147;<B>Marshall Islands Law</B>&#148;) for Teekay Corporation (the &#147;<B>Company</B>&#148;) in connection with the preparation
and filing with the Securities and Exchange Commission (the &#147;<B>Commission</B>&#148;), pursuant to the
Securities Act of 1933, as amended (the &#147;<B>Securities Act</B>&#148;), and the rules and regulations
promulgated thereunder (collectively, the &#147;<B>Rules</B>&#148;), of a registration statement on Form S-8 (such
registration statement and any amendments or supplements thereto are referred to collectively as
the &#147;<B>Registration Statement</B>&#148;) for the registration of 5,491,445 shares (the &#147;<B>Shares</B>&#148;) of the
Company&#146;s common stock, par value $0.001 per share, that may be issued pursuant to the Company&#146;s
2003 Equity Incentive Plan (as amended to the date hereof, the &#147;<B>Plan</B>&#148;).
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">In rendering this opinion, we have examined originals or photocopies of all such documents as we
have deemed necessary, including (i)&nbsp;the form of the Registration Statement, (ii)&nbsp;the Plan, (iii)
certificates of public officials and (iv)&nbsp;certificates of representatives of the Company. In such
examination, we have assumed the genuineness of all signatures, the authenticity of all documents
submitted to us as originals, and the conformity with the original documents of all documents
submitted to us as photocopies. As to any questions of fact material to our opinion, we have, when
relevant facts were not independently established, relied upon the aforesaid certificates. We have
also assumed (i)&nbsp;the filing by the Company with the Commission of the Registration Statement
substantially in the form examined by us, (ii)&nbsp;the declaration by the Commission of the
effectiveness of such Registration Statement and (ii)&nbsp;that the Shares shall be issued under the
Plan in compliance with applicable federal, state and foreign securities laws and in accordance
with the Registration Statement and the Plan.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">This opinion is limited to Marshall Islands Law and is as of the date hereof.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 56pt">London <B>&#149;</B> New York <B>&#149;</B> Paris <B>&#149;</B> Hamburg <B>&#149;</B> Munich <B>&#149;</B> Rome <B>&#149;</B> Milan <B>&#149;</B> Madrid <B>&#149;</B> Athens <B>&#149;</B> Piraeus <B>&#149;</B> Singapore <B>&#149;</B> Bangkok <br>
</DIV>
<DIV align="left" style="font-size: 8pt; margin-top: 3pt">Watson, Farley &#038; Williams (New York) LLP is a limited liability Corporation registered in England and Wales with registered number OC312253.
 It is regulated by the Solicitors Regulation&nbsp;Authority and its members are solicitors or registered foreign lawyers. A list of members of Watson, Farley &#038; Williams (New York) LLP and their professional qualifications is open to inspection at the above address. Any reference to a &#145;partner&#146; means a member of Watson, Farley &#038;
Williams (New York) LLP, or a member or partner in an affiliated undertaking, or an employee or consultant with equivalent standing and qualification.
</DIV>

<DIV align="left" style="font-size: 8pt; margin-top: 6pt">Watson, Farley &#038; Williams (New York) LLP or an affiliated undertaking has an office in each of the cities listed above.
</DIV>



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</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">



<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="47%"></TD>
    <TD width="5%"></TD>
    <TD width="47%"></TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom"><!-- Blank Space -->
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD align="left" valign="top">Teekay Corporation
</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">Page 2</TD>
</TR>
<TR valign="bottom">
    <TD align="left" valign="top">May&nbsp;4, 2010</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Based on the foregoing and having regard to legal considerations which we deem relevant, we are of
the opinion that, if, as and when the Shares have been issued and sold (and consideration therefor
received) pursuant to the provisions of duly authorized award agreements in accordance with the
terms of the Plan, such shares will be validly issued, fully paid and non-assessable.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">We consent to the filing of this opinion as an exhibit to the Registration Statement and to the
references to our firm in the Registration Statement. In giving this consent, we do not hereby
admit that we are in the category of persons whose consent is required under Section&nbsp;7 of the
Securities Act or related Rules nor do we admit that we are experts with respect to any part of the
Registration Statement within the meaning of the term &#147;expert&#148; as used in the Securities Act or
related Rules.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Very truly yours,
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt">/s/ <B>Watson, Farley &#038; Williams (New York) LLP</B>
</DIV>



<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
</DIV>




</BODY>
</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-23.1
<SEQUENCE>3
<FILENAME>o61598exv23w1.htm
<DESCRIPTION>EX-23.1
<TEXT>
<HTML>
<HEAD>
<TITLE>exv23w1</TITLE>
</HEAD>
<BODY bgcolor="#FFFFFF">
<!-- PAGEBREAK -->
<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV align="right" style="font-size: 10pt; margin-top: 12pt"><B>Exhibit&nbsp;23.1</B>
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>CONSENT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 18pt">We consent to the incorporation by
reference in the Registration Statement (Form&nbsp;S-8) pertaining to
the Teekay Corporation 2003 Equity Incentive Plan, of our reports dated April&nbsp;29, 2010, with
respect to the consolidated financial statements of Teekay Corporation and the effectiveness of
internal control over financial reporting of Teekay Corporation, included in its Annual Report
(Form&nbsp;20-F) for the year ended December&nbsp;31, 2009, filed with the Securities and Exchange
Commission.</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 36pt; margin-left: 80%">/s/&nbsp;&nbsp;Ernst &#038; Young LLP<BR>
Chartered Accountants

</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Vancouver, Canada<BR>
May&nbsp;4, 2010</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
</DIV>

</BODY>
</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.1
<SEQUENCE>4
<FILENAME>o61598exv99w1.htm
<DESCRIPTION>EX-99.1
<TEXT>
<HTML>
<HEAD>
<TITLE>exv99w1</TITLE>
</HEAD>
<BODY bgcolor="#FFFFFF">
<!-- PAGEBREAK -->
<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV align="right" style="font-size: 10pt; margin-top: 12pt"><B>Exhibit&nbsp;99.1</B>
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>TEEKAY CORPORATION</B>
</DIV>


<DIV align="Center" style="font-size: 10pt; margin-top: 6pt"><B>2003 EQUITY INCENTIVE PLAN</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>SECTION 1. PURPOSE</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The purpose of the Teekay Corporation 2003 Equity Incentive Plan is to attract, retain and motivate
employees, officers, directors, consultants, agents, advisors and independent contractors of Teekay
Corporation and its Related Companies by providing them the opportunity to acquire a proprietary
interest in the Company and to link their interests and efforts to the long-term interests of the
Company&#146;s shareholders.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>SECTION 2. DEFINITIONS</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">As used in the Plan,
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>&#147;Acquired Entity&#148; </B>means any entity acquired by the Company or a Related Company or with which the
Company or a Related Company merges or combines.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>&#147;Acquisition Price&#148; </B>means the higher of (a)&nbsp;the highest reported sales price, regular way, of a
share of Common Stock in any transaction reported on the New York Stock Exchange Composite Tape or
other national exchange on which the Common Stock is listed or on Nasdaq during the 60-day period
prior to and including the date of a Company Transaction or Change in Control or (b)&nbsp;if the Company
Transaction or Change in Control is the result of a tender or exchange offer or a negotiated
acquisition of the Company&#146;s Common Stock, the highest price per share of Common Stock paid in such
tender or exchange offer or acquisition. To the extent that the consideration paid in any such
transaction described above consists all or in part of securities or other noncash consideration,
the value of such securities or other noncash consideration shall be determined by the Board in its
sole discretion.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>&#147;Award&#148; </B>means any Option, Stock Appreciation Right, Restricted Stock, Stock Unit, Performance
Stock, Performance Unit, dividend equivalent, cash-based award or other incentive payable in cash
or in shares of Common Stock as may be designated by the Committee from time to time.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>&#147;Board&#148; </B>means the Board of Directors of the Company.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>&#147;Cause</B>,<B>&#148; </B>unless otherwise defined in the instrument evidencing the Award or in a written
employment, services or other agreement between the Participant and the Company or a Related
Company, means dishonesty, fraud, serious misconduct, unauthorized use or disclosure of
confidential information or trade secrets, or conduct prohibited by criminal law (except minor
violations), in each case as determined by the Company&#146;s chief human resources officer or other
person performing that function or, in the case of directors and executive officers, the Committee,
whose determination shall be conclusive and binding.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>&#147;Change in Control</B>,<B>&#148; </B>unless the Committee determines otherwise with respect to an Award at the time
the Award is granted, means the happening of any of the following events:
</DIV>


<DIV align="left" style="font-size: 8pt; margin-top: 32pt">Teekay Corporation 2003 Equity Plan (as Amended March&nbsp;9, 2009)
</DIV>


<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">(a)&nbsp;an acquisition by any individual, entity or group (within the meaning of Section&nbsp;13(d)(3) of
the Exchange Act) (an &#147;Entity&#148;) of beneficial ownership (within the meaning of Rule&nbsp;13d-3
promulgated under the Exchange Act) of 25% or more of either (1)&nbsp;the then outstanding shares of
common stock of the Company (the &#147;Outstanding Company Common Stock&#148;) or (2)&nbsp;the combined voting
power of the then outstanding voting securities of the Company entitled to vote generally in the
election of directors (the &#147;Outstanding Company Voting Securities&#148;), excluding, however, the
following (i)&nbsp;any acquisition directly from the Company, other than an acquisition by virtue of the
exercise of a conversion privilege where the security being so converted was not acquired directly
from the Company by the party exercising the conversion privilege, (ii)&nbsp;any acquisition by the
Company, (iii)&nbsp;any acquisition by any employee benefit plan (or related trust) sponsored or
maintained by the Company or any Related Company, or (iv)&nbsp;a Related Party Transaction; or
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">(b)&nbsp;a change in the composition of the Board during any two-year period such that the individuals
who, as of the beginning of such two-year period, constitute the Board (the &#147;Incumbent Board&#148;)
cease for any reason to constitute at least a majority of the Board; provided, however, that for
purposes of this definition, any individual who becomes a member of the Board subsequent to the
beginning of the two-year period, whose election, or nomination for election by the Company&#146;s
shareholders, was approved by a vote of at least two-thirds of those individuals who are members of
the Board and who were also members of the Incumbent Board (or deemed to be such pursuant to this
proviso) shall be considered as though such individual were a member of the Incumbent Board; and
provided further, however, that any such individual whose initial assumption of office occurs as a
result of or in connection with an actual or threatened solicitation of proxies or consents by or
on behalf of an Entity other than the Board shall not be considered a member of the Incumbent
Board.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>&#147;Committee&#148; </B>has the meaning set forth in Section&nbsp;3.1.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>&#147;Common Stock&#148; </B>means the common stock, par value $0.001 per share, of the Company.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>&#147;Company&#148; </B>means Teekay Corporation, a Republic of the Marshall Islands corporation.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>&#147;Company Transaction</B>,<B>&#148; </B>unless otherwise defined in the instrument evidencing the Award or in a
written employment, services or other agreement between the Participant and the Company or a
Related Company, means consummation of:
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">(a)&nbsp;a merger or consolidation of the Company with or into any other company or other entity;
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">(b)&nbsp;a sale in one transaction or a series of transactions undertaken with a common purpose of at
least 50% of the Company&#146;s outstanding voting securities, or
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">(c)&nbsp;a sale, lease, exchange or other transfer in one transaction or a series of related
transactions undertaken with a common purpose of all or substantially all of the Company&#146;s assets.
</DIV>





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</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">



<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Where a series of transactions undertaken with a common purpose is deemed to be a Company
Transaction, the date of such Company Transaction shall be the date on which the last of such
transactions is consummated.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>&#147;Disability</B>,<B>&#148; </B>unless otherwise defined by the Committee or in the instrument evidencing the Award
or in a written employment, services or other agreement between the Participant and the Company or
a Related Company, means a mental or physical impairment of the Participant that is expected to
result in death or that has lasted or is expected to last for a continuous period of 12&nbsp;months or
more and that causes the Participant to be unable to perform his or her material duties for the
Company or a Related Company and to be engaged in any substantial gainful activity, in each case as
determined by the Company&#146;s chief human resources officer or other person performing that function
or, in the case of directors and executive officers, the Committee, whose determination shall be
conclusive and binding.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>&#147;Effective Date&#148; </B>has the meaning set forth in Section&nbsp;16.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>&#147;Eligible Person&#148; </B>means any person eligible to receive an Award as set forth in Section&nbsp;5.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>&#147;Exchange Act&#148; </B>means the U.S. Securities Exchange Act of 1934, as amended from time to time.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>&#147;Fair Market Value&#148; </B>means the average of the high and low trading prices for the Common Stock on
any given date during regular trading, or if not trading on that date, such price on the last
preceding date on which the Common Stock was traded, unless determined otherwise by the Committee
using such methods or procedures as it may establish, including an average of trading days not to
exceed 30&nbsp;days from the Grant Date.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>&#147;Good Reason</B>,<B>&#148; </B>unless otherwise defined by the Committee or in the instrument evidencing the Award
or in a written employment, services or other agreement between the Participant and the Company or
a Related Company, means the Participant&#146;s voluntary resignation following any of the following
events or conditions and the failure of the Successor Company to cure such event or condition
within 30&nbsp;days after receipt of written notice from the Participant: (a)&nbsp;a change in the
Participant&#146;s position which materially reduces the Participant&#146;s level of responsibility; (b)&nbsp;a
reduction in the Participant&#146;s level of compensation (including base salary, fringe benefits or
participation in any corporate performance based bonus or incentive programs) by more than 15%; or
(c)&nbsp;a relocation of the Participant&#146;s place of employment by more than 50 miles; provided and only
if such change, reduction or relocation is effected without the Participant&#146;s consent.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>&#147;Grant Date&#148; </B>means the later of (a)&nbsp;the date on which the Committee completes the corporate action
authorizing the grant of an Award or such later date specified by the Committee or (b)&nbsp;the date on
which all conditions precedent to the Award have been satisfied, provided that conditions to the
exercisability or vesting of Awards shall not defer the Grant Date.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>&#147;Option&#148; </B>means a right to purchase shares of Common Stock granted under Section&nbsp;7.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>&#147;Participant&#148; </B>means any Eligible Person to whom an Award is granted.
</DIV>





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<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>&#147;Performance Stock&#148; </B>means an Award granted under Section&nbsp;10.1.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>&#147;Performance Unit&#148; </B>means an Award granted under Section&nbsp;10.2.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>&#147;Plan&#148; </B>means the Teekay Corporation 2003 Equity Incentive Plan.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>&#147;Related Company&#148; </B>means any entity that is directly or indirectly controlled by the Company.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>&#147;Related Party Transaction&#148; </B>means a Company Transaction pursuant to which:
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">(a)&nbsp;all or substantially all of the individuals and entities who are the beneficial owners of the
Outstanding Company Common Stock and Outstanding Company Voting Securities immediately prior to
such Company Transaction will beneficially own, directly or indirectly, more than 50% of the
outstanding shares of common stock, and the combined voting power of the then outstanding voting
securities entitled to vote generally in the election of directors of the company resulting from
such Company Transaction (including a company or other entity which as a result of such transaction
owns the Company or all or substantially all of the Company&#146;s assets either directly or through one
or more subsidiaries (a &#147;Parent Company&#148;)) in substantially the same proportions as their
ownership, immediately prior to such Company Transaction, of the Outstanding Company Common Stock
and Outstanding Company Voting Securities;
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">(b)&nbsp;no Entity (other than the Company, any employee benefit plan (or related trust) of the Company
or a Related Company, the company resulting from such Company Transaction or, if reference was made
to equity ownership of any Parent Company for purposes of determining whether clause (a)&nbsp;above is
satisfied in connection with the applicable Company Transaction, such Parent Company) will
beneficially own, directly or indirectly, 40% or more of, respectively, the outstanding shares of
common stock of the company resulting from such Company Transaction or the combined voting power of
the outstanding voting securities of such company entitled to vote generally in the election of
directors unless such ownership resulted solely from ownership of securities of the Company prior
to the Company Transaction; and
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">(c)&nbsp;individuals who were members of the Incumbent Board will immediately after the consummation of
the Company Transaction constitute at least a majority of the members of the board of directors of
the company resulting from such Company Transaction (or, if reference was made to equity ownership
of any Parent Company for purposes of determining whether clause (a)&nbsp;above is satisfied in
connection with the applicable Company Transaction, of the Parent Company).
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>&#147;Restricted Stock&#148; </B>means an Award of shares of Common Stock granted under Section&nbsp;9, the rights of
ownership of which may be subject to restrictions prescribed by the Committee.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>&#147;Retirement</B>,<B>&#148; </B>unless otherwise defined in the instrument evidencing the Award or in a written
employment, services or other agreement between the Participant and the Company or a Related
Company, means &#147;Retirement&#148; as defined for purposes of the Plan by the Committee or the Company&#146;s
chief human resources officer or other person performing that function or, if not so defined, means
Termination of Service on or after the date the Participant reaches the Company&#146;s normal retirement
age.
</DIV>





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<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>&#147;Securities Act&#148; </B>means the U.S. Securities Act of 1933, as amended from time to time.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>&#147;Stock Appreciation Right&#148; </B>has the meaning set forth in Section&nbsp;8.1.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>&#147;Stock Unit&#148; </B>means an Award granted under Section&nbsp;9 denominated in units of Common Stock.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>&#147;Substitute Awards&#148; </B>means Awards granted or shares of Common Stock issued by the Company in
assumption of, or in substitution or exchange for, awards previously granted by a company acquired
by the Company or with which the Company combines.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>&#147;Successor Company&#148; </B>means the surviving company, the successor company or the Parent Company, as
applicable, in connection with a Company Transaction.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>&#147;Termination of Service&#148; </B>means a termination of employment or service relationship with the Company
or a Related Company for any reason, whether voluntary or involuntary, including by reason of
death, Disability or Retirement. Any question as to whether and when there has been a Termination
of Service for the purposes of an Award and the cause of such Termination of Service shall be
determined by the Company&#146;s chief human resources officer or other person performing that function
or by the Committee with respect to directors and executive officers, whose determination shall be
conclusive and binding. Transfer of a Participant&#146;s employment or service relationship between the
Company and any Related Company shall not be considered a Termination of Service for purposes of an
Award. Unless the Committee determines otherwise, a Termination of Service shall be deemed to
occur if the Participant&#146;s employment or service relationship is with an entity that has ceased to
be a Related Company.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>&#147;Vesting Commencement Date&#148; </B>means the Grant Date or such other date selected by the Committee as
the date from which the Option begins to vest for purposes of Section&nbsp;7.4.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>SECTION 3. ADMINISTRATION</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>3.1 Administration of the Plan</B>

</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The Plan shall be administered by a committee or committees (which term includes subcommittees)
appointed by, and consisting of two or more members of, the Board, or if no such committee has been
appointed, by the Board. All references in the Plan to the &#147;Committee&#148; shall be, as applicable, to
the Committee appointed by the Board pursuant to this Section&nbsp;3.1, to the Board, if no committee
has been appointed, or to any other committee or any officer to whom the Board or the Committee has
delegated authority to administer the Plan. Members of the Committee shall serve for such term as
the Board may determine, subject to removal by the Board at any time. To the extent consistent
with applicable law, the Board or the Committee may authorize one or more officers of the Company
to grant Awards to designated classes of Eligible Persons, within limits specifically prescribed by
the Board or the Committee; provided, however, that no such officer shall have or obtain authority
to grant Awards to himself or herself.
</DIV>





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<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>3.2 Administration and Interpretation by Committee</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Except for the terms and conditions explicitly set forth in the Plan, the Committee shall have full
power and exclusive authority, subject to such orders or resolutions not inconsistent with the
provisions of the Plan as may from time to time be adopted by the Board, to: (a)&nbsp;select the
Eligible Persons to whom Awards may from time to time be granted under the Plan; (b)&nbsp;determine the
type or types of Awards to be granted to each Participant under the Plan; (c)&nbsp;determine the number
of shares of Common Stock to be covered by each Award granted under the Plan; (d)&nbsp;determine the
terms and conditions of any Award granted under the Plan; (e)&nbsp;approve the forms of agreements for
use under the Plan; (f)&nbsp;determine whether, to what extent and under what circumstances Awards may
be settled in cash, shares of Common Stock or other property, or canceled or suspended; (g)
determine whether, to what extent and under what circumstances cash, shares of Common Stock, other
property and other amounts payable with respect to an Award shall be deferred either automatically
or at the election of the Participant; (h)&nbsp;interpret and administer the Plan and any instrument
evidencing an Award or agreement entered into under the Plan; (i)&nbsp;establish such rules and
regulations as it shall deem appropriate for the proper administration of the Plan; (j)&nbsp;delegate
ministerial duties to such of the Company&#146;s officers as it so determines; and (k)&nbsp;make any other
determination and take any other action that the Committee deems necessary or desirable for
administration of the Plan.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Decisions of the Committee shall be final, conclusive and binding on all persons, including the
Company, any Participant, any shareholder and any Eligible Person. A majority of the members of
the Committee may determine its actions and fix the time and place of its meetings.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>SECTION 4. SHARES SUBJECT TO THE PLAN</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>4.1 Authorized Number of Shares</B>

</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Subject to adjustment from time to time as provided in Section&nbsp;13.1, the number of shares of Common
Stock available for issuance under the Plan shall be
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">(a)&nbsp;8,000,000 shares; plus
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">(b)(i) the total number of authorized shares reserved for issuance under the Company&#146;s 1995 Stock
Option Plan (the &#147;Prior Plan&#148;), but not issued or subject to outstanding awards on the Effective
Date, and (ii)&nbsp;any shares subject to outstanding awards under the Prior Plan on such date that
cease to be subject to such awards (other than by reason of exercise or settlement of the awards to
the extent they are exercised for or settled in shares), up to an aggregate maximum of
10,684,138 shares, which shares shall cease, as of such date, to be available for grant and
issuance under the Prior Plan, but shall be available for issuance under the Plan.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Shares issued under the Plan shall be drawn from authorized and unissued shares or shares now held
or subsequently acquired by the Company.
</DIV>





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<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>4.2 Share Usage</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">(a)&nbsp;Shares of Common Stock covered by an Award shall not be counted as used unless and until they
are actually issued and delivered to a Participant. If any Award lapses, expires, terminates or is
canceled prior to the issuance of shares thereunder or if shares of Common Stock are issued under
the Plan to a Participant and thereafter are forfeited to or otherwise reacquired by the Company,
the shares subject to such Awards and the forfeited or reacquired shares shall again be available
for issuance under the Plan. Any shares of Common Stock (i)&nbsp;tendered by a Participant or retained
by the Company as full or partial payment to the Company for the purchase price of an Award or to
satisfy tax withholding obligations in connection with an Award or (ii)&nbsp;covered by an Award that is
settled in cash shall be available for Awards under the Plan. The number of shares available for
issuance under the Plan shall not be reduced to reflect any dividends or dividend equivalents that
are reinvested into additional shares or credited as additional Restricted Stock, Stock Units,
Performance Stock or Performance Units.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">(b)&nbsp;The Committee shall have the authority to grant Awards as an alternative to or as the form of
payment for grants or rights earned or due under other compensation plans or arrangements of the
Company.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">(c)&nbsp;Substitute Awards shall not reduce the number of shares authorized for issuance under the Plan.
In the event that an Acquired Entity has shares available for awards or grants under one or more
preexisting plans not adopted in contemplation of such acquisition or combination, then, to the
extent determined by the Board or the Committee, the shares available for grant pursuant to the
terms of such preexisting plans (as adjusted, to the extent appropriate, using the exchange ratio
or other adjustment or valuation ratio or formula used in such acquisition or combination to
determine the consideration payable to holders of common stock of the entities who are parties to
such acquisition or combination) may be used for Awards under the Plan and shall not reduce the
number of shares of Common Stock authorized for issuance under the Plan; provided, however, that
Awards using such available shares shall not be made after the date awards or grants could have
been made under the terms of such preexisting plans, absent the acquisition or combination, and
shall only be made to individuals who were not employees or nonemployee directors of the Company or
a Related Company prior to such acquisition or combination. Notwithstanding anything in the Plan
to the contrary, the Committee may grant Substitute Awards under the Plan. In the event that a
written agreement between the Company and an Acquired Entity pursuant to which a merger or
consolidation is completed is approved by the Board and said agreement sets forth the terms and
conditions of the substitution for or assumption of outstanding awards of the Acquired Entity, said
terms and conditions shall be deemed to be the action of the Committee without any further action
by the Committee and the persons holding such awards shall be deemed to be Participants.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>SECTION 5. ELIGIBILITY</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">An Award may be granted to any employee, officer or director of the Company or a Related Company
whom the Committee from time to time selects. An Award may also be granted to any consultant,
agent, advisor or independent contractor for bona fide services rendered to the Company or any
Related Company that (a)&nbsp;are not in connection with the offer and sale of the
</DIV>




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<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Company&#146;s securities in a capital-raising transaction and (b)&nbsp;do not directly or indirectly promote
or maintain a market for the Company&#146;s securities.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>SECTION 6. AWARDS</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>6.1 Form, Grant and Settlement of Awards</B>

</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The Committee shall have the authority, in its sole discretion, to determine the type or types of
Awards to be granted under the Plan. Such Awards may be granted either alone, in addition to, or
in tandem with, any other type of Award. Any Award settlement may be subject to such conditions,
restrictions and contingencies as the Committee shall determine.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>6.2 Evidence of Awards</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Awards granted under the Plan shall be evidenced by a written (including electronic) instrument
that shall contain such terms, conditions, limitations and restrictions as the Committee shall deem
advisable and that are not inconsistent with the Plan.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>6.3 Vesting of Awards</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The effect on the vesting of an Award of a Company-approved leave of absence or a Participant&#146;s
working less than full-time shall be determined by the Company&#146;s chief human resources officer or
other person performing that function or, with respect to directors or executive officers, by the
Committee or the Board, whose determination shall be final.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>6.4 Deferrals</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The Committee may permit or require a Participant to defer receipt of the payment of any Award. If
any such deferral election is permitted or required, the Committee, in its sole discretion, shall
establish rules and procedures for such payment deferrals, which may include the grant of
additional Awards or provisions for the payment or crediting of interest or dividend equivalents,
including converting such credits to deferred share unit equivalents.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>SECTION 7. OPTIONS</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>7.1 Grant of Options</B>

</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The Committee may grant Options.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>7.2 Option Exercise Price</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The exercise price for shares purchased under an Option shall be as determined by the Committee.
</DIV>


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<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>7.3 Term of Options</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Subject to earlier termination in accordance with the terms of the Plan and the instrument
evidencing the Option, the maximum term of an Option shall be as established for that Option by the
Committee or, if not so established, shall be ten years from the Grant Date.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>7.4 Exercise of Options</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The Committee shall establish and set forth in each instrument that evidences an Option the time at
which, or the installments in which, the Option shall vest and become exercisable, any of which
provisions may be waived or modified by the Committee at any time. If not so established in the
instrument evidencing the Option, the Option shall vest and become exercisable according to the
following schedule, which may be waived or modified by the Committee at any time:
</DIV>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="70%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="25%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="left"><B>Period of Participant&#146;s Continuous</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="left"><B>Employment or Service With the Company</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="left"><B>or Its Related Companies From the Vesting</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left"><B>Portion of Total Option</B></TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="left"><B>Commencement Date</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left"><B>That Is Vested and Exercisable</B></TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">After 1&nbsp;year
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">1/3&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">After each additional year of continuous
service completed thereafter
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">An additional 1/3</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">After 3&nbsp;years
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">100%&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">To the extent an Option has vested and become exercisable, the Option may be exercised in whole or
from time to time in part by delivery to the Company of a properly executed option exercise
agreement or notice, in a form and in accordance with procedures established by the Committee,
setting forth the number of shares with respect to which the Option is being exercised, the
restrictions imposed on the shares purchased under such exercise agreement, if any, and such
representations and agreements as may be required by the Committee, accompanied by payment in full
as described in Section&nbsp;7.5. An Option may be exercised only for whole shares and may not be
exercised for less than a reasonable number of shares at any one time, as determined by the
Committee.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>7.5 Payment of Exercise Price</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The exercise price for shares purchased under an Option shall be paid in full to the Company by
delivery of consideration equal to the product of the Option exercise price and the number of
shares purchased. Such consideration must be paid before the Company will issue the shares being
purchased and must be in a form or a combination of forms acceptable to the Committee for that
purchase, which forms may include:
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">(a)&nbsp;cash;
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">(b)&nbsp;check or wire transfer;
</DIV>


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</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">



<DIV align="left" style="font-size: 10pt; margin-top: 6pt">(c)&nbsp;tendering (either actually or, if the Common Stock is registered under Section 12(b) or 12(g)
of the Exchange Act, by attestation) shares of Common Stock already owned by the Participant for at
least six months (or any shorter period necessary to avoid a charge to the Company&#146;s earnings for
financial reporting purposes) that on the day prior to the exercise date
have a Fair Market Value equal to the aggregate exercise price of the shares being purchased under
the Option;
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">(d)&nbsp;if the Common Stock is registered under Section 12(b) or 12(g) of the Exchange Act and to the
extent permitted by law, delivery of a properly executed exercise notice, together with irrevocable
instructions to a brokerage firm designated by the Company to deliver promptly to the Company the
aggregate amount of sale or loan proceeds to pay the Option exercise price and any withholding tax
obligations that may arise in connection with the exercise, all in accordance with the regulations
of the Federal Reserve Board; or
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">(e)&nbsp;such other consideration as the Committee may permit.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>7.6 Post-Termination Exercise</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The Committee shall establish and set forth in each instrument that evidences an Option whether the
Option shall continue to be exercisable, and the terms and conditions of such exercise, after a
Termination of Service, any of which provisions may be waived or modified by the Committee at any
time. If not so established in the instrument evidencing the Option, the Option shall be
exercisable according to the following terms and conditions, which may be waived or modified by the
Committee at any time:
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">(a)&nbsp;Any portion of an Option that is not vested and exercisable on the date of a Participant&#146;s
Termination of Service shall expire on such date.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">(b)&nbsp;Any portion of an Option that is vested and exercisable on the date of a Participant&#146;s
Termination of Service shall expire on the earliest to occur of
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)&nbsp;if the Participant&#146;s Termination of Service occurs for reasons other than Cause,
Retirement, Disability or death, the date that is three months after such Termination of Service;
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)&nbsp;if the Participant&#146;s Termination of Service occurs by reason of Retirement or Disability,
the five-year anniversary of such Termination of Service;
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii)&nbsp;if the Participant&#146;s Termination of Service occurs by reason of death, the two-year
anniversary of such Termination of Service; and
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv)&nbsp;the last day of the maximum term of the Option (the &#147;Option Expiration Date&#148;).
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Notwithstanding the foregoing, if a Participant dies after his or her Termination of Service but
while an Option is otherwise exercisable, the portion of the Option that is vested and exercisable
on the date of such Termination of Service shall expire upon the earlier to occur of (y)&nbsp;the
</DIV>
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<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Option
Expiration Date and (z)&nbsp;the two-year anniversary of the date of death, unless the Committee
determines otherwise.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Also notwithstanding the foregoing, in case a Participant&#146;s Termination of Service occurs for
Cause, all Options granted to the Participant shall automatically expire upon first notification to
the Participant of such termination, unless the Committee determines otherwise. If a Participant&#146;s
employment or service relationship with the Company is suspended pending an investigation of
whether the Participant shall be terminated for Cause, all the Participant&#146;s rights under any
Option shall likewise be suspended during the period of investigation. If any facts that would
constitute termination for Cause are discovered after a Participant&#146;s Termination of Service, any
Option then held by the Participant may be immediately terminated by the Committee, in its sole
discretion.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">(c)&nbsp;A Participant&#146;s change in status from an employee to a consultant, advisor or independent
contractor or a change in status from a consultant, advisor or independent contractor to an
employee shall not be considered a Termination of Service for purposes of this Section&nbsp;7.6.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>SECTION 8. STOCK APPRECIATION RIGHTS</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>8.1 Grant of Stock Appreciation Rights</B>

</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The Committee may grant share appreciation rights (&#147;Stock Appreciation Rights&#148; or &#147;SARs&#148;) to
Participants at any time. An SAR may be granted in tandem with an Option or alone
(&#147;freestanding&#148;). The grant price of a tandem SAR shall be equal to the exercise price of the
related Option, and the grant price of a freestanding SAR shall be equal to the Fair Market Value
of the Common Stock on the Grant Date. An SAR may be exercised upon such terms and conditions and
for such term as the Committee determines in its sole discretion; provided, however, that, subject
to earlier termination in accordance with the terms of the Plan and the instrument evidencing the
SAR, the term of a freestanding SAR shall be as established for that SAR by the Committee or, if
not so established, shall be ten years, and in the case of a tandem SAR, (a)&nbsp;the term shall not
exceed the term of the related Option and (b)&nbsp;the tandem SAR may be exercised for all or part of
the shares subject to the related Option upon the surrender of the right to exercise the equivalent
portion of the related Option, except that the tandem SAR may be exercised only with respect to the
shares for which its related Option is then exercisable.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>8.2 Payment of SAR Amount</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Upon the exercise of an SAR, a Participant shall be entitled to receive payment from the Company in
an amount determined by multiplying (a)&nbsp;the difference between the Fair Market Value of the Common
Stock on the date of exercise over the grant price by (b)&nbsp;the number of shares with respect to
which the SAR is exercised. At the discretion of the Committee as set forth in the instrument
evidencing the Award, the payment upon exercise of an SAR may be in cash, in shares of equivalent
value, in some combination thereof or in any other manner approved by the Committee in its sole
discretion.
</DIV>



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<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>SECTION 9. RESTRICTED STOCK AND STOCK UNITS</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>9.1 Grant of Restricted Stock and Stock Units</B>

</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The Committee may grant Restricted Stock and Stock Units on such terms and conditions and subject
to such repurchase or forfeiture restrictions, if any (which may be based on continuous
service with the Company or a Related Company or the achievement of any performance criteria, as
the Committee shall determine in its sole discretion), which terms, conditions and restrictions
shall be set forth in the instrument evidencing the Award.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>9.2 Issuance of Shares; Settlement of Awards</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Upon the satisfaction of any terms, conditions and restrictions prescribed with respect to
Restricted Stock or Stock Units, or upon a Participant&#146;s release from any terms, conditions and
restrictions of Restricted Stock or Stock Units, as determined by the Committee, and subject to the
provisions of Section&nbsp;11, (a)&nbsp;the shares of Restricted Stock covered by each Award of Restricted
Stock shall become freely transferable by the Participant and (b)&nbsp;Stock Units shall be paid in
shares of Common Stock or, if set forth in the instrument evidencing the Awards, in a combination
of cash and shares of Common Stock as the Committee shall determine in its sole discretion. Any
fractional shares subject to such Awards shall be paid to the Participant in cash.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>9.3 Dividends and Distributions</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Participants holding shares of Restricted Stock or Stock Units may, if the Committee so determines,
be credited with dividends paid with respect to the underlying shares or dividend equivalents while
they are so held in a manner determined by the Committee in its sole discretion. The Committee may
apply any restrictions to the dividends or dividend equivalents that the Committee deems
appropriate. The Committee, in its sole discretion, may determine the form of payment of dividends
or dividend equivalents, including cash, shares of Common Stock, Restricted Stock or Stock Units.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>9.4 Waiver of Restrictions</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Notwithstanding any other provisions of the Plan, the Committee, in its sole discretion, may waive
the repurchase or forfeiture period and any other terms, conditions or restrictions on any
Restricted Stock or Stock Unit under such circumstances and subject to such terms and conditions as
the Committee shall deem appropriate.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>SECTION 10. PERFORMANCE STOCK AND PERFORMANCE UNITS</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>10.1 Grant of Performance Stock</B>

</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The Committee may grant Awards of Performance Stock and designate the Participants to whom
Performance Stock is to be awarded and determine the number of shares of Performance Stock, the
length of the performance period and the other terms and conditions of each such Award. Each Award
of Performance Stock shall entitle the Participant to a payment in the form of Common Stock, cash
or a combination, as the Committee may determine, upon the attainment of performance goals and
other terms and conditions specified by the Committee. Notwithstanding
</DIV>
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<DIV align="left" style="font-size: 10pt; margin-top: 6pt">the satisfaction of any
performance goals, the number of shares to be issued or the amount of cash to be paid under an
Award of Performance Stock may be adjusted on the basis of such further consideration as the
Committee shall determine in its sole discretion.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>10.2 Grant of Performance Units</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The Committee may grant Awards of Performance Units and designate the Participants to whom
Performance Units are to be awarded and determine the number of Performance Units, the length of
the performance period and the terms and conditions of each such Award. Each Award of Performance
Units shall entitle the Participant to a payment in the form of Common Stock, cash or a
combination, as the Committee may determine, upon the attainment of performance goals and other
terms and conditions specified by the Committee. Notwithstanding the satisfaction of any
performance goals, the number of shares to be issued or the amount of cash to be paid under an
Award of Performance Units may be adjusted on the basis of such further consideration as the
Committee shall determine in its sole discretion.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>SECTION 11. WITHHOLDING</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The Company may require a Participant to pay to the Company the amount of (a)&nbsp;any taxes that the
Company is required by applicable law to withhold with respect to the grant, vesting or exercise of
an Award (&#147;tax withholding obligations&#148;) and (b)&nbsp;any amounts due from the Participant to the
Company or to any Related Company (&#147;other obligations&#148;). The Company shall not be required to
issue any shares of Common Stock or otherwise settle an Award under the Plan until such tax
withholding obligations and other obligations are satisfied.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The Committee may permit or require a Participant to satisfy all or part of the Participant&#146;s tax
withholding obligations and other obligations by (a)&nbsp;paying cash to the Company, (b)&nbsp;having the
Company withhold an amount from any cash amounts otherwise due or to become due from the Company to
the Participant, (c)&nbsp;having the Company withhold a number of shares of Common Stock that would
otherwise be issued to the Participant (or become vested in the case of Restricted Stock) having a
Fair Market Value equal to the tax withholding obligations and other obligations, or
(d)&nbsp;surrendering a number of shares of Common Stock the Participant already owns having a value
equal to the tax withholding obligations and other obligations. The value of the shares so
withheld may not exceed the employer&#146;s minimum required tax withholding rate, and the value of the
shares so tendered may not exceed such rate to the extent the Participant has owned the tendered
shares for less than six months, if such limitation is necessary to avoid a charge to the Company
for financial reporting purposes.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>SECTION 12. ASSIGNABILITY</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">No Award or interest in an Award may be sold, assigned, pledged (as collateral for a loan or as
security for the performance of an obligation or for any other purpose) or transferred by a
Participant or made subject to attachment or similar proceedings otherwise than by will or by the
applicable laws of descent and distribution, except to the extent the Participant designates one or
more beneficiaries on a Company-approved form who may exercise the Award or receive payment under
the Award after the Participant&#146;s death. During a Participant&#146;s lifetime, an Award may be
exercised only by the Participant. Notwithstanding the foregoing, the Committee, in its
</DIV>
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<DIV align="left" style="font-size: 10pt; margin-top: 6pt">sole
discretion, may permit a Participant to assign or transfer an Award; provided, however, that any
Award so assigned or transferred shall be subject to all the terms and conditions of the Plan and
the instrument evidencing the Award.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>SECTION 13. ADJUSTMENTS</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>13.1 Adjustment of Shares</B>

</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">In the event, at any time or from time to time, a stock dividend, stock split, spin-off,
combination or exchange of shares, recapitalization, merger, consolidation, distribution to
shareholders other than a normal cash dividend, or other change in the Company&#146;s corporate or
capital structure results in (a)&nbsp;the outstanding shares of Common Stock, or any securities
exchanged therefor or received in their place, being exchanged for a different number or kind of
securities of the Company or any other company or (b)&nbsp;new, different or additional securities of
the Company or any other company being received by the holders of shares of Common Stock, then the
Committee shall make proportional adjustments in (i)&nbsp;the maximum number and kind of securities
available for issuance under the Plan; and (ii)&nbsp;the number and kind of securities that are subject
to any outstanding Award and the per share price of such securities, without any change in the
aggregate price to be paid therefor.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The determination by the Committee as to the terms of any of the foregoing adjustments shall be
conclusive and binding.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Notwithstanding the foregoing, the issuance by the Company of shares of any class, or securities
convertible into shares of any class, for cash or property, or for labor or services rendered,
either upon direct sale or upon the exercise of rights or warrants to subscribe therefor, or upon
conversion of shares or obligations of the Company convertible into such shares or other
securities, shall not affect, and no adjustment by reason thereof shall be made with respect to,
outstanding Awards. Also notwithstanding the foregoing, a dissolution or liquidation of the
Company or a Company Transaction or Change in Control shall not be governed by this Section&nbsp;13.1
but shall be governed by Sections&nbsp;13.2 and 13.3, respectively.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>13.2 Dissolution or Liquidation</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">To the extent not previously exercised or settled, and unless otherwise determined by the Committee
in its sole discretion, Options, Stock Appreciation Rights and Stock Units shall terminate
immediately prior to the dissolution or liquidation of the Company. To the extent a forfeiture
provision or repurchase right applicable to an Award has not been waived by the Committee, the
Award shall be forfeited immediately prior to the consummation of the dissolution or liquidation.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>13.3 Company Transaction; Change in Control</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>13.3.1 Effect of a Company Transaction That Is Not a Change in Control or a Related Party
Transaction. </B>Notwithstanding any other provision of the Plan to the contrary, unless the Committee
shall determine otherwise at the time of grant with respect to a particular Award, in
</DIV>
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<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">the event of
a Company Transaction that is not a Change in Control or a Related Party Transaction:
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">(a)&nbsp;All outstanding Awards, other than Performance Stock and Performance Units, shall become fully
and immediately exercisable, and all applicable deferral and restriction limitations
shall lapse immediately prior to the Company Transaction, unless such Awards are converted,
assumed, or replaced by the Successor Company. Notwithstanding the foregoing, with respect to
Options or Stock Appreciation Rights, the Committee, in its sole discretion, may instead provide
that a Participant&#146;s outstanding Options shall terminate upon consummation of such Company
Transaction and that each such Participant shall receive, in exchange therefor, a cash payment
equal to the amount (if any) by which (a)&nbsp;the Acquisition Price multiplied by the number of shares
of Common Stock subject to such outstanding Options or SARs (whether or not then exercisable)
exceeds (b)&nbsp;the aggregate exercise price for such Options or SARs.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">For the purposes of this Section&nbsp;13.3.1, an Award shall be considered assumed or substituted for if
following the Company Transaction the option or right confers the right to purchase or receive, for
each Common Share subject to the Award immediately prior to the Company Transaction, the
consideration (whether stock, cash, or other securities or property) received in the Company
Transaction by holders of Common Stock for each share held on the effective date of the transaction
(and if holders were offered a choice of consideration, the type of consideration chosen by the
holders of a majority of the outstanding shares); provided, however, that if such consideration
received in the Company Transaction is not solely common stock of the Successor Company, the
Committee may, with the consent of the Successor Company, provide for the consideration to be
received upon the exercise of the Option, for each share of Common Stock subject thereto, to be
solely common stock of the Successor Company substantially equal in fair market value to the per
share consideration received by holders of Common Stock in the Company Transaction. The
determination of such substantial equality of value of consideration shall be made by the Committee
and its determination shall be conclusive and binding.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">(b)&nbsp;All Performance Stock or Performance Units earned and outstanding as of the date the Company
Transaction is determined to have occurred shall be payable in full in accordance with the payout
schedule pursuant to the Award agreement. Any remaining Performance Stock or Performance Units
(including any applicable performance period) for which the payout level has not been determined
shall be prorated at the target payout level up to and including the date of such Company
Transaction and shall be payable in full in accordance with the payout schedule pursuant to the
Award agreement.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Any existing deferrals or other restrictions shall remain in effect. If the Participant&#146;s
employment is terminated without Cause following the Company Transaction, any Awards remaining to
be paid will be paid in accordance with the employment termination provision of the Award
agreement. If the Participant&#146;s employment is terminated for Good Reason following the Company
Transaction, any Awards remaining to be paid will be paid in accordance with the payout schedule
pursuant to the Award agreement.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>13.3.2 Effect of a Change in Control. </B>Notwithstanding any other provision of the Plan to the
contrary, unless the Committee shall determine otherwise at the time of grant with respect to a
particular Award, in the event of a Change in Control:
</DIV>


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<DIV align="left" style="font-size: 10pt; margin-top: 6pt">(a)&nbsp;any Options and Stock Appreciation Rights outstanding as of the date such Change in Control is
determined to have occurred, and which are not then exercisable and vested, shall become fully
exercisable and vested to the full extent of the original grant;
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">(b)&nbsp;any restrictions and deferral limitations applicable to any Restricted Stock or Stock Units
shall lapse, and such Restricted Stock or Stock Units shall become free of all restrictions and
limitations and become fully vested and transferable to the full extent of the original grant;
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">(c)&nbsp;all Performance Stock and Performance Units shall be considered to be earned and payable in
full, and any deferral or other restriction shall lapse and such Performance Stock and Performance
Units shall be immediately settled or distributed; and
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">(d)&nbsp;any restrictions and deferral limitations and other conditions applicable to any other Awards
shall lapse, and such other Awards shall become free of all restrictions, limitations or conditions
and become fully vested and transferable to the full extent of the original grant.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>13.3.3 Change in Control Cash-Out. </B>Notwithstanding any other provision of the Plan, during the
60-day period from and after a Change in Control (the &#147;Exercise Period&#148;), if the Committee shall so
determine at, or at any time after, the time of grant, a Participant holding an Option or SAR shall
have the right, whether or not the Option or SAR is fully exercisable and in lieu of the payment of
the purchase price for the shares of Common Stock being purchased under the Option, and by giving
notice to the Company, to elect (within the Exercise Period) to surrender all or part of the Option
or SAR to the Company and to receive cash, within 30&nbsp;days of such notice, in an amount equal to the
amount by which the Acquisition Price per share of Common Stock on the date of such election shall
exceed the exercise price per share of Common Stock under the Option or SAR multiplied by the
number of shares of Common Stock granted under the Option or SAR as to which the right granted
under this Section&nbsp;13.3.3 shall have been exercised.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>13.3.4 Acceleration and Exercise Following a Company Transaction. </B>If following a Change in Control
or a Company Transaction that is not a Related Party Transaction, a Participant&#146;s employment is
subsequently terminated without Cause or for Good Reason within 24&nbsp;months of the Change in Control
or Company Transaction, any such Awards (other than Performance Awards) that remain unvested shall
become fully and immediately exercisable upon the date of the Participant&#146;s termination, all
applicable deferral and restriction limitations shall lapse, and an Award that is an Option or a
Stock Appreciation Right shall remain exercisable until the later of the date five years after the
date of such termination and the date the Award would have expired by its terms if the
Participant&#146;s employment had not been terminated.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>13.4 Further Adjustment of Awards</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Subject to Sections&nbsp;13.2 and 13.3, the Committee shall have the discretion, exercisable at any time
before a sale, merger, consolidation, reorganization, liquidation, dissolution or change of control
of the Company, as defined by the Committee, to take such further action as it determines to be
necessary or advisable with respect to Awards. Such authorized action may include (but shall not
be limited to) establishing, amending or waiving the type, terms, conditions or duration of, or
restrictions on, Awards so as to provide for earlier, later, extended
</DIV>
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<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">or additional time for
exercise, lifting restrictions and other modifications, and the Committee may take such actions
with respect to all Participants, to certain categories of Participants or only to individual
Participants. The Committee may take such action before or after granting Awards to which the
action relates and before or after any public announcement with respect to such sale, merger,
consolidation, reorganization, liquidation, dissolution or change of control that is the reason for
such action.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>13.5 No Limitations</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The grant of Awards shall in no way affect the Company&#146;s right to adjust, reclassify, reorganize or
otherwise change its capital or business structure or to merge, consolidate, dissolve, liquidate or
sell or transfer all or any part of its business or assets.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>13.6 Fractional Shares</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">In the event of any adjustment in the number of shares covered by any Award, each such Award shall
cover only the number of full shares resulting from such adjustment.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>SECTION 14. AMENDMENT AND TERMINATION</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>14.1 Amendment, Suspension or Termination</B>

</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The Board may amend, suspend or terminate the Plan or any portion of the Plan at any time and in
such respects as it shall deem advisable; provided, however, that, to the extent required by
applicable law, regulation or stock exchange rule, shareholder approval shall be required for any
amendment to the Plan. Subject to Section&nbsp;14.3, the Board may amend the terms of any outstanding
Award, prospectively or retroactively.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>14.2 Term of the Plan</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Unless sooner terminated as provided herein, the Plan shall terminate ten years from the Effective
Date. After the Plan is terminated, no future Awards may be granted, but Awards previously granted
shall remain outstanding in accordance with their applicable terms and conditions and the Plan&#146;s
terms and conditions.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>14.3 Consent of Participant</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The amendment, suspension or termination of the Plan or a portion thereof or the amendment of an
outstanding Award shall not, without the Participant&#146;s consent, materially adversely affect any
rights under any Award theretofore granted to the Participant under the Plan. Notwithstanding the
foregoing, any adjustments made pursuant to Section&nbsp;13 shall not be subject to these restrictions.
</DIV>


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<DIV style="font-family: 'Times New Roman',Times,serif">




<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>SECTION 15. GENERAL</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>15.1 No Individual Rights</B>

</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">No individual or Participant shall have any claim to be granted any Award under the Plan, and the
Company has no obligation for uniformity of treatment of Participants under the Plan.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Furthermore, nothing in the Plan or any Award granted under the Plan shall be deemed to constitute
an employment contract or confer or be deemed to confer on any Participant any right
to continue in the employ of, or to continue any other relationship with, the Company or any
Related Company or limit in any way the right of the Company or any Related Company to terminate a
Participant&#146;s employment or other relationship at any time, with or without cause.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>15.2 Issuance of Shares</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Notwithstanding any other provision of the Plan, the Company shall have no obligation to issue or
deliver any shares of Common Stock under the Plan or make any other distribution of benefits under
the Plan unless, in the opinion of the Company&#146;s counsel, such issuance, delivery or distribution
would comply with all applicable laws (including, without limitation, the requirements of the
Securities Act or the laws of any state or foreign jurisdiction) and the applicable requirements of
any securities exchange or similar entity.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The Company shall be under no obligation to any Participant to register for offering or resale or
to qualify for exemption under the Securities Act, or to register or qualify under the laws of any
state or foreign jurisdiction, any shares of Common Stock, security or interest in a security paid
or issued under, or created by, the Plan, or to continue in effect any such registrations or
qualifications if made.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">As a condition to the exercise of an Option or any other receipt of Common Stock pursuant to an
Award under the Plan, the Company may require (a)&nbsp;the Participant to represent and warrant at the
time of any such exercise or receipt that such shares are being purchased or received only for the
Participant&#146;s own account and without any present intention to sell or distribute such shares and
(b)&nbsp;such other action or agreement by the Participant as may from time to time be necessary to
comply with the federal, state and foreign securities laws. At the option of the Company, a
stop-transfer order against any such shares may be placed on the official stock books and records
of the Company, and a legend indicating that such shares may not be pledged, sold or otherwise
transferred, unless an opinion of counsel is provided (concurred in by counsel for the Company)
stating that such transfer is not in violation of any applicable law or regulation, may be stamped
on stock certificates to ensure exemption from registration. The Committee may also require the
Participant to execute and deliver to the Company a purchase agreement or such other agreement as
may be in use by the Company at such time that describes certain terms and conditions applicable to
the shares.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">To the extent the Plan or any instrument evidencing an Award provides for issuance of stock
certificates to reflect the issuance of shares of Common Stock, the issuance may be effected on a
noncertificated basis, to the extent not prohibited by applicable law or the applicable rules of
any stock exchange.
</DIV>



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</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">




<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>15.3 Indemnification</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Each person who is or shall have been a member of the Board, or a committee appointed by the Board,
or an officer of the Company to whom authority was delegated in accordance with Section&nbsp;3 shall be
indemnified and held harmless by the Company against and from any loss, cost, liability or expense
that may be imposed upon or reasonably incurred by such person in connection with or resulting from
any claim, action, suit or proceeding to which such person may be a party or in which such person
may be involved by reason of any action taken or failure to act
under the Plan and against and from any and all amounts paid by such person in settlement thereof,
with the Company&#146;s approval, or paid by such person in satisfaction of any judgment in any such
claim, action, suit or proceeding against such person; provided, however, that such person shall
give the Company an opportunity, at its own expense, to handle and defend the same before such
person undertakes to handle and defend it on such person&#146;s own behalf, unless such loss, cost,
liability or expense is a result of such person&#146;s own willful misconduct or except as expressly
provided by statute.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The foregoing right of indemnification shall not be exclusive of any other rights of
indemnification to which such person may be entitled under the Company&#146;s certificate of
incorporation or bylaws, as a matter of law, or otherwise, or of any power that the Company may
have to indemnify or hold harmless.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>15.4 No Rights as a Shareholder</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Unless otherwise provided by the Committee or in the instrument evidencing the Award or in a
written employment, services or other agreement, no Option, Stock Appreciation Right, or Award
denominated in units shall entitle the Participant to any cash dividend, voting or other right of a
shareholder unless and until the date of issuance under the Plan of the shares that are the subject
of such Award.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>15.5 Global Participants</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The Committee shall have the authority to adopt such modifications, procedures and subplans as may
be necessary or desirable to comply with provisions of the laws of any countries in which the
Company or any Related Company may operate, to ensure the viability of the benefits from Awards
granted to Participants employed in such countries, to comply with applicable laws and to meet the
objectives of the Plan.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>15.6 No Trust or Fund</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The Plan is intended to constitute an &#147;unfunded&#148; plan. Nothing contained herein shall require the
Company to segregate any monies or other property, or shares of Common Stock, or to create any
trusts, or to make any special deposits for any immediate or deferred amounts payable to any
Participant, and no Participant shall have any rights that are greater than those of a general
unsecured creditor of the Company.
</DIV>


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</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">




<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>15.7 Successors</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">All obligations of the Company under the Plan with respect to Awards shall be binding on any
successor to the Company, whether the existence of such successor is the result of a direct or
indirect purchase, merger, consolidation, or otherwise, of all or substantially all the business
and/or assets of the Company.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>15.8 Severability</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">If any provision of the Plan or any Award is determined to be invalid, illegal or unenforceable in
any jurisdiction, or as to any person, or would disqualify the Plan or any Award under any law
deemed applicable by the Committee, such provision shall be construed or deemed amended to conform
to applicable laws, or, if it cannot be so construed or deemed amended without, in the Committee&#146;s
determination, materially altering the intent of the Plan or the Award, such provision shall be
stricken as to such jurisdiction, person or Award, and the remainder of the Plan and any such Award
shall remain in full force and effect.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>15.9 Choice of Law</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The Plan, all Awards granted thereunder and all determinations made and actions taken pursuant
hereto shall be governed by the laws of the Commonwealth of the Bahamas.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>SECTION 16. EFFECTIVE DATE</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The effective date (the &#147;Effective Date&#148;) is the date on which the Plan is adopted by the Board.
</DIV>


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</DIV>

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