Amendment No. 7 to Burlington Resources Inc. 1997 Employee Stock Incentive Plan
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Summary
This amendment updates the Burlington Resources Inc. 1997 Employee Stock Incentive Plan, effective January 1, 2005. It adds a new section that restricts the Plan Administrator, Committee, and Board of Directors from modifying outstanding options or restricted stock in a way that would make them subject to deferred compensation rules under Section 409A of the Internal Revenue Code. The amendment is intended to ensure compliance with tax regulations and protect participants from unintended tax consequences.
EX-10.18 19 ex10_18.htm EXHIBIT 10.18 Exhibit 18
AMENDMENT NO. 7
TO
BURLINGTON RESOURCES INC.
1997 EMPLOYEE STOCK INCENTIVE PLAN
The Burlington Resources Inc. 1997 Employee Stock Incentive Plan (the "Plan") is hereby amended, effective as of January 1, 2005, as follows:
A new section 3.4 is added to the Plan to read as follows:
“3.4 Anything in this plan to the contrary notwithstanding, the Plan Administrator, the Committee and the Board of Directors shall neither have nor exercise any authority under this Plan to modify outstanding options or Restricted Stock so as to cause any such options or Restricted Stock to provide for a deferral of compensation subject to Section 409A of the Code.”
