2007 Amendment to Directors Deferred Compensation Stock Plan
This amendment, effective February 12, 2007, modifies the Directors Deferred Compensation Stock Plan of the company. It updates Section 10(a) to clarify how stock-related corporate actions—such as stock dividends, splits, recapitalizations, or mergers—will result in appropriate adjustments to the number of shares issuable under the plan and in each participant's account. The amendment ensures that these adjustments do not increase the rights or benefits of existing stock awards.
EXHIBIT 10.3(b)
2007 AMENDMENT TO
THE DIRECTORS DEFERRED
COMPENSATION STOCK PLAN
The Board amends the Plan, effective February 12, 2007, as follows:
Section 10(a) is hereby amended by replacing the current text with the following text:
In the event of a stock dividend, stock split, recapitalization, merger in which the Company is the surviving corporation or other capital adjustment affecting shares of the Common Stock outstanding, an appropriate adjustment shall be made to the aggregate number of shares the Company may issue under the Plan and the number of shares in each Share Account. All such adjustments will be effected in a manner that precludes the enlargement of rights and benefits under outstanding stock awards.
