First Amendment to Cornell Companies, Inc. Amended and Restated 1996 Stock Option Plan
Cornell Companies, Inc. has amended its 1996 Stock Option Plan to clarify that if an employee leaves the company without cause or resigns, their stock options can be exercised for 90 days after their employment ends. The company's committee may extend this period at its discretion. This amendment was approved by the Board of Directors and is effective as of April 30, 2009.
EXHIBIT 10.5
CORNELL COMPANIES, INC.
FIRST AMENDMENT TO THE
AMENDED AND RESTATED 1996 STOCK OPTION PLAN
Article VII (A) (ii) of the Amended and Restated 1996 Stock Option Plan is clarified and amended to provide as follows:
“(ii) In the event of the Participant’s Termination of Employment without Cause or a Termination of Employment due to Participant’s resignation from employment with the Company, such Options shall remain exercisable for ninety (90) days from the date of the Participant’s Termination of Employment, provided that the Committee, in its sole discretion, may at any time extend such time period.”
All capitalized terms used in this First Amendment shall have the meanings attributed to them in the Amended and Restated 1996 Stock Option Plan.
Effective April 30, 2009.
By Resolution of the Board of Directors of Cornell Companies, Inc. on April 29, 2009.
