Amendment No. 1 to Autobytel Inc. Amended and Restated 2001 Restricted Stock and Option Plan

Contract Categories: Human Resources › Bonus & Incentive Agreements
Summary

This amendment, dated May 1, 2009, modifies Autobytel Inc.'s 2001 Restricted Stock and Option Plan. The change allows participants to exercise stock options in full or in installments as determined by the plan administrator. If a participant does not purchase all available shares at a given time, their right to buy the remaining shares continues for the duration of the award term, unless ended earlier as specified in the plan. All other terms of the plan remain unchanged.

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EX-10.88 4 abtl_ex1088.htm 2001 STOCK AND OPTION PLAN AMENDMENT NUMBER 1 abtl_ex1088.htm
EXHIBIT 10.88
AMENDMENT NO. 1 TO THE
AUTOBYTEL INC.
AMENDED AND RESTATED 2001 RESTRICTED STOCK AND OPTION PLAN
 
This Amendment No. 1 (this “Amendment No. 1”), dated as of May 1, 2009, to the Autobytel Inc. Amended and Restated 2001 Restricted Stock and Option Plan, as amended (the “Plan”), is adopted by the Board of Directors (the “Board”) of Autobytel Inc., a Delaware corporation, pursuant to Section 8.1 of the Plan.
 
Effective as of the date hereof, the Plan is hereby amended by deleting Section 6.4(d)(ii) in its entirety and inserting in lieu thereof the following:
 
“(ii) Options shall be exercisable in full or in such equal or unequal installments as the Administrator shall determine; provided that if a Participant does not purchase all of the Shares which the Participant is entitled to purchase on a certain date or within an established installment period, the Participant’s right to purchase any unpurchased Shares shall continue during the Award Term (taking into account any early termination of such Award Term which may be provided for under this Plan).”
 
Except as specifically amended hereby, the Plan shall remain in full force and effect as in existence on the date hereof, and any reference to the Plan shall mean the Plan as amended hereby.
 
IN WITNESS WHEREOF, the Board has caused this Amendment No. 1 to be duly executed as of the day and year first above written.
 
AUTOBYTEL INC.


By: /s/ Glenn E. Fuller                                                                
Glenn E. Fuller
Its: Executive Vice President, Chief Legal and
Administrative Officer and Secretary