Second Amendment to Cornerstone Realty Income Trust, Inc. 1992 Non-Employee Directors Stock Option Plan

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Summary

This amendment, effective May 25, 2000, modifies the Cornerstone Realty Income Trust, Inc. 1992 Non-Employee Directors Stock Option Plan. It changes the terms so that each eligible director will automatically receive an option to purchase 0.02% of the company's outstanding common stock on each June 1 from 1994 through 2001. All other terms of the plan remain unchanged. The amendment is approved by the company's board and shareholders and is signed by the Chief Financial Officer.

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EX-10.14(B) 2 0002.txt EXHIBIT 10.14B EXHIBIT 10.14B SECOND AMENDMENT ---------------- TO THE ------ CORNERSTONE REALTY INCOME TRUST, INC. ------------------------------------- 1992 NON-EMPLOYEE DIRECTORS STOCK OPTION PLAN --------------------------------------------- SECOND AMENDMENT, dated as of May 25, 2000, to the Cornerstone Realty Income Trust, Inc. 1992 Non-Employee Directors Stock Option Plan, as amended and restated July 8, 1994, by Cornerstone Realty Income Trust, Inc. (the "Company"). The Company maintains the Cornerstone Realty Income Trust, Inc. 1992 Non-Employee Directors Stock Option Plan, as amended and restated effective as of July 8, 1994 (the "Plan"). The Company's Board of Directors and shareholders have approved an amendment to the Plan, as described herein. NOW, THEREFORE, the Plan is amended as follows: I. Plan Section 7(a)(iii) is amended to read as follows: (iii) As of each June 1 during the years 1994 through 2001 (inclusive), each Eligible Director shall automatically receive an Option to purchase 0.02% of the total number of shares of Common Stock issued and outstanding on that date. II. This Amendment shall be effective as of May 25, 2000. III. In all respects not amended, the Plan is hereby ratified and confirmed. * * * * * * To record the adoption of the Amendment as set forth above, the Company has caused this document to be signed as of the 25th day of May, 2000. Cornerstone Realty Income Trust, Inc. By: /s/ Stanley J. Olander, Jr. ---------------------------------- Chief Financial Officer