Amendment No. 1 to Covenant Transport, Inc. Outside Director Stock Option Plan

Contract Categories: Business Finance › Modification Agreements
Summary

This amendment updates the Covenant Transport, Inc. Outside Director Stock Option Plan by revising the definition of "Fair Market Value" for stock options granted to outside directors. The new definition specifies that the fair market value is the closing price of the company's common stock on the grant date, as reported by Nasdaq or other relevant exchanges. The amendment was approved by the Board of Directors on July 27, 2000, and signed by the Assistant Secretary.

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EX-10.11 3 0003.txt AMENDMENT NO. 1 TO THE OUTSIDE DIRECTOR STOCK PLAN AMENDMENT NO. 1 TO THE COVENANT TRANSPORT, INC. OUTSIDE DIRECTOR STOCK OPTION PLAN This Amendment No. 1 to the Covenant Transport, Inc. Outside Director Stock Option Plan (the "Amendment"), pursuant to Section [6.4] of the Plan, is made as of July 27, 2000. All terms in this Amendment shall have the meaning ascribed in the Plan, unless otherwise defined herein. Background. On May 18, 2000, the Board of Directors recommended approval and all voting stockholders of Covenant Transport, Inc., a Nevada corporation (the "Company"), adopted the Outside Director Stock Option Plan (the "Plan"). The following Amendment was adopted and approved by the Board of Directors on July 27, 2000. In accordance with the foregoing, the Plan is hereby amended as set forth below: Paragraphs 2(1) is deleted in its entirety and replaced with the following: "Fair Market Value" means the closing price of the Common Stock on the date the Award is granted, as such price is reported by The Nasdaq Stock Market, other over-the-counter market, or stock exchange, as applicable. If no reported quotation or sale of Common Stock takes place on the date in question, the last reported closing price of the Common Stock shall be determinative. This Amendment was duly adopted and approved by a vote of the Board of Directors of the Company on July 27, 2000. /s/ Mary B. Roseman -------------------------- Mary B. Roseman, Assistant Secretary