First Amendment to Zhone Technologies, Inc. 1999 Stock Option Plan
This amendment, approved by the Board of Directors of Zhone Technologies, Inc., modifies the company's 1999 Stock Option Plan. It allows the Board, with the consent of the option holder, to cancel existing stock options and issue new ones, possibly for a different number of shares and at a new price based on the current market value. The amendment was executed on October 16, 2008, by the company's Chief Financial Officer.
EXHIBIT 10.2
FIRST AMENDMENT TO THE
ZHONE TECHNOLOGIES, INC. 1999 STOCK OPTION PLAN
This First Amendment (the “Amendment”) to the Zhone Technologies, Inc. 1999 Stock Option Plan (the “1999 Zhone Plan”), approved by the Board of Directors of Zhone Technologies, Inc. (the “Company”) on August 7, 2008, amends Section 6 of the 1999 Zhone Plan by adding the following Section 6.8:
“6.8 Cancellation and Regrant of Options. The Board may with the consent of the affected Optionee cancel any or all outstanding Options and grant in substitution therefor new Options covering the same or a different number of shares of the Company’s common stock but with an option price based on the Fair Market Value per share of the Company’s common stock on the new grant date.”
IN WITNESS WHEREOF, the undersigned, a duly authorized officer of the Company, has caused this First Amendment to be executed on this 16th day of October, 2008.
| ZHONE TECHNOLOGIES, INC. | ||
| By: | /s/ Kirk Misaka | |
| Name: | Kirk Misaka | |
| Title: | Chief Financial Officer | |
