First Amendment to the Alpha Pro Tech, Ltd. 2020 Omnibus Incentive Plan
FIRST AMENDMENT TO THE
ALPHA PRO TECH, LTD. 2020 OMNIBUS INCENTIVE PLAN
(December 14, 2020)
WHEREAS, the Board of Directors (the “Board”) of Alpha Pro Tech, Ltd., a Delaware corporation (the “Company”), adopted the Alpha Pro Tech, Ltd. 2020 Omnibus Incentive Plan (the “Plan”) on April 20, 2020, and the Company’s stockholders approved the adoption of the Plan at the 2020 Annual Meeting of Stockholders on June 9, 2020; and
WHEREAS, the Board has determined it to be in the best interests of the Company and its stockholders to amend the Plan in order to revise Section 4.4 of the Plan to clarify that the annual limit on awards that may be granted during a single fiscal year to any “Director,” together with any cash fees paid to such “Director” during the fiscal year, was intended to apply solely to any “Non-Employee Director” instead of any “Director” (as such terms are defined in the Plan); and
WHEREAS, under the terms of the Plan, the Board has the ability to amend the Plan in order to provide for such clarification.
NOW, THEREFORE, BE IT RESOLVED, that the Plan is hereby amended as follows:
Amendment to the Plan. Section 4.4 of the Plan is hereby deleted in its entirety and replaced with the following:
“4.4 The maximum number of shares of Common Stock subject to Awards granted during a single Fiscal Year to any Non-Employee Director, together with any cash fees paid to such Non-Employee Director during the Fiscal Year, shall not exceed a total value of $400,000 (calculating the value of any Awards based on the grant date fair value for financial reporting purposes).”
2. Effectiveness of Amendment. This Amendment shall be effective as of the date hereof. In the event of any inconsistency or conflict between the Plan and this Amendment, the terms, conditions and provisions of this Amendment shall govern and control.
3. Miscellaneous. Except as herein expressly amended, the Plan is ratified and confirmed in all respects and shall remain in full force and effect in accordance with its terms.