Second Amendment to the Fortune Brands, Inc. 2007 Long-Term Incentive Plan
This amendment, adopted by the Board of Directors of Fortune Brands, Inc., changes the company's 2007 Long-Term Incentive Plan. The key change is reducing the minimum duration for performance periods on performance awards from two years to one year. This allows the company to grant performance-based awards with shorter evaluation periods, effective January 1, 2009. The amendment was made to provide greater flexibility in administering the plan.
Exhibit 10.1
SECOND AMENDMENT
TO THE
FORTUNE BRANDS, INC. 2007
LONG-TERM INCENTIVE PLAN
WHEREAS, Fortune Brands, Inc. (“Fortune”) maintains the Fortune Brands, Inc. 2007 Long-Term Incentive Plan (the “Plan”); and
WHEREAS, Fortune considers it necessary and desirable to amend the Plan to change the minimum duration of a performance period from two years to one year for performance awards under the Plan.
NOW, THEREFORE, by virtue and in exercise of the power reserved to the Board of Directors of Fortune by Section 13 of the Plan, the Plan be and is hereby amended, effective as of January 1, 2009, in the following particulars:
1. By deleting the second sentence of Section 7(a) of the Plan in its entirety and inserting the following in lieu thereof:
“The Committee shall determine the nature, length and starting date of the Performance Period for each Performance Award, which shall be at least one year (subject to Sections 12(c) and 12(d)) and shall determine the Performance Goals to be used in valuing Performance Awards and determining the extent to which such Performance Awards have been earned.”
IN WITNESS WHEREOF, the foregoing amendment was duly adopted by the Board of Directors this day of , 2009.
