Amendment to Restated 1997 Stock Option Plan of Appliance Recycling Centers of America, Inc.

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Summary

This amendment updates the Restated 1997 Stock Option Plan of Appliance Recycling Centers of America, Inc. by increasing the number of shares available under the plan by 200,000, for a new total of 600,000 shares. The amendment is effective March 4, 2002, but requires shareholder approval by March 3, 2003. If not approved by that date, the additional shares can only be used for nonqualified stock options.

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EX-10.2 5 arca022511_ex10-2.txt AMENDMENT TO RESTATED 1997 STOCK OPTION PLAN EXHIBIT 10.2 APPENDIX B APPLIANCE RECYCLING CENTERS OF AMERICA, INC. AMENDMENT TO RESTATED 1997 STOCK OPTION PLAN ("1997 PLAN") I. Section 2 of the 1997 Plan was amended, effective March 4, 2002 subject to shareholder approval, to add 200,000 shares to the 1997 Plan, bringing the total number of shares of Common Stock subject to the 1997 Plan to 600,000. To the extent that this amendment is not approved by the shareholders of the Company prior to March 3, 2003, these additional 200,000 shares may only be used for the grant of nonqualified options (whether pursuant to Section 4 or Section 6 of the 1997 Plan).