Amendment No. 1 to Darling International Inc. Non-Employee Director Restricted Stock Award Plan

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Summary

Darling International Inc. has amended its Non-Employee Director Restricted Stock Award Plan, effective January 15, 2009. The amendment changes the date when stock awards are granted to non-employee directors and updates how the number of shares is calculated, basing it on $20,000 divided by the share price after annual results are released. If the plan's share limit is exceeded, awards will be reduced proportionally. All other terms of the plan remain unchanged.

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EX-10.04 5 amend1.htm AMENDMENT NO 1 amend1.htm
 
 

EXHIBIT 10.04 
 
 

Amendment No. 1 to
Non-Employee Director
Restricted Stock Award Plan
 

Darling International Inc., a Delaware corporation, hereby amends the Non-Employee Director Restricted Stock Award Plan approved March 9, 2006 (the “Non-Employee Director Plan”) as follows, effective as of January 15, 2009.
 
 
1.  
The third paragraph of the Non-Employee Director Plan is amended and restated to read in its entirety as follows:
 
Date of Award:  The fourth business day after the Company releases its annual financial results for its last completed fiscal year.
 
 
2.  
The fourth paragraph of the Non-Employee Director Plan is amended and restated to read in its entirety as follows:
 
Number of Shares Granted:  $20,000 divided by the Fair Market Value per Share on the third business day after the Company releases its annual financial results for its last completed fiscal year; provided, however, that if the maximum aggregate Share limit for issuance to Non-Employee Directors under the Plan is exceeded on the Date of Award, each Non-Employee Director shall receive his pro-rata share of the then-remaining Shares issuable under the Plan.
 
 
Except as expressly amended above, the Non-Employee Director Plan shall remain in full force and effect and is herby ratified and confirmed.