Amendment to Boston Private Financial Holdings, Inc. Directors' Stock Option Plan (February 7, 2003)

Summary

This amendment updates the Boston Private Financial Holdings, Inc. Directors' Stock Option Plan, effective February 7, 2003. It changes the exercise period for non-qualified stock options to between one and ten years after grant, unless otherwise decided by the committee. It also grants 10,000 non-qualified stock options to directors who resign or retire after serving four three-year terms, subject to conditions set by the committee. All other terms of the plan remain unchanged.

EX-10.22 5 a2104909zex-10_22.txt EXHIBIT 10.22 Exhibit 10.22 AMENDMENT TO THE BOSTON PRIVATE FINANCIAL HOLDINGS, INC. DIRECTORS' STOCK OPTION PLAN February 7, 2003 This Amendment to the Boston Private Financial Holdings, Inc. Directors' Stock Option Plan (the "Plan") shall be effective as of February 7, 2003, upon ratification by the Board of Directors. 1. The third sentence of Section 7 of the Plan is hereby amended by deleting said sentence in its entirety and substituting therefore the following: "Non-qualified Stock Options will be exercisable not earlier than one year and not later than ten years after the date they are granted, UNLESS OTHERWISE PROVIDED BY THE COMMITTEE." 2. Section 8 of the Plan is hereby amended by adding a subsection (d) at the end thereof as follows: "(d) Upon resignation or retirement from the Board, and provided the Director has served four three-year terms as a Director of the Company, each Director shall be awarded Non-Qualified Stock Options to purchase a total of 10,000 shares of Common Stock hereunder, subject to such restrictions, exercise limitations or other conditions as may be established from time to time by the Committee." 3. Except as specifically amended hereby, the Plan shall continue in full force and effect. From and after the date hereof, all references in any agreements covering awards granted under the Plan shall be deemed to be references to the Plan as hereby amended.