Amendment to 2005 Stock Incentive Plan by Board of Directors (January 20, 2006)
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Summary
On January 20, 2006, the company's board of directors approved an amendment to the 2005 Stock Incentive Plan. The amendment changes Section 7(d) to allow the plan administrator to impose additional penalties, such as forfeiture of profits from stock awards, if an award holder breaches obligations to the company, including non-competition, non-solicitation, or confidentiality agreements. This gives the company more authority to enforce compliance with these obligations by participants in the stock incentive plan.
EX-10.4III 5 v033932_ex10-4.htm Unassociated Document
Exhibit 10.4(iii)
Text of Amendment to 2005 Stock Incentive Plan.
On January 20, 2006, the Company’s board of directors approved the following amendment to the Company’s 2005 Stock Incentive Plan:
Section 7(d) of the Company’s 2005 Stock Incentive Plan be, and hereby is amended by (i) deleting the last sentence of such Section 7(d) in its entirety, and (ii) adding the following sentence immediately prior to the sentence which begins with "Any determination by the Administrator" and ends with "conclusive and binding on all interested parties":
"In addition, the Administrator shall have the authority to provide in any Contract for additional penalties, including, without limitation, forfeiture of any profits realized by an Award Holder from the grant, exercise or sale of an Award or the sale or other disposition of shares issued pursuant to an Award, as a result of any breach by an Award Holder of its obligations to the Company, including, without limitation, breaches of non-competition, non-solicitation or confidentiality obligations."
