Summary of Amendments to Cambridge Heart, Inc. 1996 and 2001 Equity Incentive Plans
Cambridge Heart, Inc. amended its 1996 and 2001 Equity Incentive Plans to increase the number of shares of common stock available for issuance. The 1996 Plan was amended to raise the authorized shares from 1,000,000 to 1,300,000, and the 2001 Plan was amended to increase the authorized shares from 1,700,000 to 5,000,000, including an increase in restricted shares from 170,000 to 770,000. Both amendments were approved by the company's stockholders at their respective meetings.
Exhibit 10.7
Summary of Amendments to Certain of the Registrant’s Equity Plans
1996 Equity Incentive Plan
On October 21, 1999, the Board of Director of Cambridge Heart, Inc. (the “Company”) adopted, subject to stockholder approval, an amendment to the Company’s 1996 Equity Incentive Plan (the “1996 Plan”) increasing the number of shares of common stock authorized for issuance under the 1996 Plan from 1,000,000 to 1,300,000. This amendment was approved by the stockholders of the Company at the Special Meeting of Stockholders held on December 21, 1999.
2001 Stock Incentive Plan
On April 23, 2003, the Board of Directors of the Company adopted, subject to stockholder approval, an amendment to the 2001 Stock Incentive Plan (the “2001 Plan”) to increase the total number of shares of common stock authorized for issuance under the 2001 Plan from 1,700,000 to 5,000,000 and to increase the number of restricted shares of common stock authorized for issuance under the 2001 Plan from 170,000 to 770,000 shares. This amendment was approved by the stockholders of the Company at the Annual Meeting of Stockholders held on June 16, 2003.
